<SEC-DOCUMENT>0001731122-20-000432.txt : 20200501
<SEC-HEADER>0001731122-20-000432.hdr.sgml : 20200501
<ACCEPTANCE-DATETIME>20200501070650
ACCESSION NUMBER:		0001731122-20-000432
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200501
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200501
DATE AS OF CHANGE:		20200501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANAVEX LIFE SCIENCES CORP.
		CENTRAL INDEX KEY:			0001314052
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				208365999
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37606
		FILM NUMBER:		20838324

	BUSINESS ADDRESS:	
		STREET 1:		51 W 52ND STREET,
		STREET 2:		7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019-6163
		BUSINESS PHONE:		800-689-3939

	MAIL ADDRESS:	
		STREET 1:		51 W 52ND STREET,
		STREET 2:		7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019-6163

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Thrifty Printing Inc.
		DATE OF NAME CHANGE:	20050111
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e1889_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
8-K</B></FONT><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Current Report<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Date of Report (Date of earliest event
reported): <B><U>May 1, 2020</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>ANAVEX LIFE SCIENCES CORP.</U></B><BR>
(Exact name of registrant as specified in its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B><U>Nevada </U></B></FONT></TD>
    <TD STYLE="width: 33%; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B><U>001-37606 </U></B></FONT></TD>
    <TD STYLE="width: 33%; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B><U>98-0608404 </U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">(State or other jurisdiction </FONT></TD>
    <TD STYLE="line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">(Commission </FONT></TD>
    <TD STYLE="line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">(IRS Employer </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">of incorporation) </FONT></TD>
    <TD STYLE="line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">File Number) </FONT></TD>
    <TD STYLE="line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Identification No.) </FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-right: 0; margin-left: 0; color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-right: 0; margin-left: 0"><B><U>51
West 52nd Street, 7th Floor, New York, NY USA 10019</U></B><BR>
(Address of principal executive offices) (Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Registrant's telephone number, including
area code <B><U>1-844-689-3939</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>Not Applicable</U></B><BR>
(Former name or former address, if changed since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Securities registered pursuant to Section 12(b)
of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Trading symbol(s)</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which<BR>
registered</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Stock, $0.001 par value</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>AVXL</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>The Nasdaq Stock Market LLC</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: white">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR &sect;240.12b-2).</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Emerging growth company <FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>

<P STYLE="text-align: justify; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">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 13(a) of the Exchange Act. <FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive
Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On May 1,
2020, Anavex Life Sciences Corp. (the &ldquo;Company&rdquo;) entered into an Amended and Restated&nbsp;Sales Agreement (the
&ldquo;Sales Agreement&rdquo;) with Cantor Fitzgerald&nbsp;&amp; Co. and SVB Leerink LLC (&ldquo;Leerink&rdquo;), as agents
(the &ldquo;Sales Agents&rdquo;), to add Leerink as agent under the Sales Agreement. Pursuant to the Sales Agreement, the
Company may offer and sell shares of common stock, par value $0.001 per share (the &ldquo;Shares&rdquo;), from time to time
through the Sales Agents.&nbsp; The Company is also filing a prospectus supplement with the Securities and Exchange
Commission in connection with the offering (the &ldquo;Offering&rdquo;) of the Shares for aggregate gross sale proceeds of up
to $50,000,000 (the &ldquo;Prospectus Supplement&rdquo;) under the Company&rsquo;s shelf Registration Statement on
Form&nbsp;S-3 (File No.&nbsp;333- 232550), which became effective on July 15, 2019 (the &ldquo;Registration
Statement&rdquo;). Any Shares offered and sold in the Offering will be issued pursuant to such Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon delivery of
a placement notice based on the Company&rsquo;s instructions and subject to the terms and conditions of the Sales Agreement, the
Sales Agents may sell the Shares by methods deemed to be an &ldquo;at the market offering&rdquo; as defined in Rule&nbsp;415(a)(4)&nbsp;promulgated
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), including sales made directly on or through The
Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;), on any other existing trading market for the Company&rsquo;s ordinary shares, in
negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices,
or by any other method permitted by law, including negotiated transactions, subject to the prior written consent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company is not
obligated to make any sales of Shares under the Agreement. The Company or the Sales Agents may suspend or terminate the offering
of Shares upon notice to the other party, subject to certain conditions.&nbsp; The Sales Agents will act as sales agents on a commercially
reasonable efforts basis consistent with its normal trading and sales practices and applicable state and federal law, rules&nbsp;and
regulations and the rules&nbsp;of Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company has
agreed to pay the Sales Agents commissions for its services of acting as agent of 3.0% of the gross proceeds from the sale of the
Shares pursuant to the Sales Agreement.&nbsp; The Company has also agreed to provide the Sales Agents with customary indemnification
and contribution rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A copy of the Sales
Agreement is attached as Exhibit&nbsp;1.1 hereto and is incorporated herein by reference.&nbsp; The foregoing description of the
material terms of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Snell &amp; Wilmer,
L.L.P.,&nbsp;Nevada counsel to the Company, has issued a legal opinion relating to the Shares.&nbsp; A copy of such legal opinion,
including the consent included therein, is attached as Exhibit&nbsp;5.1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Shares will
be sold pursuant to the Registration Statement, and offerings of the Shares will be made only by means of the Prospectus Supplement.&nbsp;
This Current Report on Form&nbsp;8-K shall not constitute an offer to sell or solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities law of such state or jurisdiction.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
8.01 Other Events.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 1, 2020, the Company filed a prospectus supplement to the registration statement registering shares of the Company&rsquo;s
common stock issuable pursuant to its purchase agreement with Lincoln Park Capital Fund, LLC. Snell &amp; Wilmer, L.L.P.,&nbsp;Nevada
counsel to the Company, has issued a legal opinion relating to the Shares issuable under the purchase agreement with Lincoln Park
Capital Fund, LLC.&nbsp; A copy of such legal opinion, including the consent included therein, is attached as Exhibit&nbsp;5.2
hereto.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    9.01</B></FONT></TD>
    <TD STYLE="width: 90%; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
    Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(d)
Exhibits </I></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="width: 5%"><A HREF="e1889_ex1-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="width: 95%; text-align: justify"><A HREF="e1889_ex1-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
    Agreement, dated May 1, 2020, by and among Anavex Life Sciences Corp., Cantor Fitzgerald&nbsp;&amp; Co. and SVB Leerink
    LLC</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD><A HREF="e1889_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="e1889_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    by Snell &amp; Wilmer L.L.P.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD><A HREF="e1889_ex5-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="e1889_ex5-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    by Snell &amp; Wilmer L.L.P.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD><A HREF="e1889_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="e1889_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Snell &amp; Wilmer L.L.P. (contained in Exhibit 5.1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD><A HREF="e1889_ex5-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="e1889_ex5-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Snell &amp; Wilmer L.L.P. (contained in Exhibit 5.2)</FONT></A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 50%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>ANAVEX LIFE SCIENCES CORP.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><I><U>/s/ Christopher Missling</U></I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Name: Christopher Missling, PhD </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Title: Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Date: May 1, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANAVEX LIFE SCIENCES CORP.</B><BR>
Shares of Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(par value $0.001 per share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>Amended and Restated Sales Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0.5in">May 1, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4in 0 0; text-align: justify">Cantor Fitzgerald &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4in 0 0; text-align: justify">499 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4in 0 0; text-align: justify">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4in 0 0; text-align: justify">SVB Leerink LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4in 0 0; text-align: justify">1301 Avenue of the Americas,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4in 0 0; text-align: justify">12<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4in 0 0; text-align: justify">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4in 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is
made to the Controlled Equity Offering<SUP>SM</SUP> Sales Agreement, dated as of July 6, 2018 (the &ldquo;<B><U>Original
Agreement</U></B>&rdquo;), by and between Anavex Life Sciences Corp., a Nevada corporation (the
&ldquo;<B><U>Company</U></B>&rdquo;) and Cantor Fitzgerald &amp; Co. (the &ldquo;<B><U>Cantor</U></B>&rdquo;), pursuant to
which the Company proposed to issue and sell through the Cantor, from time to time during the term of the Original Agreement,
on the terms and subject to the conditions set forth in the Original Agreement, shares of common stock of the Company, par
value $0.001&nbsp;per share. The Company, Cantor and SVB Leerink LLC (together with Cantor, collectively, the
&ldquo;<B><U>Agents</U></B>&rdquo;, and each individually an &ldquo;<B><U>Agent</U></B>&rdquo;) wish to amend and restate the
Original Agreement in its entirety as provided hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company confirms
its agreement (as such agreement may be amended from time to time, this &ldquo;<B><U>Agreement</U></B>&rdquo;) with the Agents
as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Issuance and Sale of Shares</U>. The Company agrees that, from time to time during the
term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through the Agents,
shares of common stock (the &ldquo;<B><U>Placement Shares</U></B>&rdquo;) of the Company, par value $0.001 per share (the &ldquo;<B><U>Common
Stock</U></B>&rdquo;); <I>provided</I>, <I>however</I>, that in no event shall the Company issue or sell through the Agents such
number or dollar amount of Placement Shares that would (a) exceed the number or dollar amount of shares of Common Stock registered
on the effective Registration Statement (defined below) pursuant to which the offering is being made, (b) exceed the number of
authorized but unissued shares of Common Stock (less shares of Common Stock issuable upon exercise, conversion or exchange of any
outstanding securities of the Company or otherwise reserved from the Company&rsquo;s authorized capital stock), (c) exceed the
number or dollar amount of shares of Common Stock permitted to be sold under Form S-3 (including General Instruction I.B.6 thereof,
if applicable) or (d) exceed the number or dollar amount of shares of Common Stock for which the Company has filed a Prospectus
Supplement (defined below) (the lesser of (a), (b), (c) and (d), the &ldquo;<B><U>Maximum Amount</U></B>&rdquo;). Notwithstanding
anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this <U>Section
1</U> on the amount of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company and
that the Agents shall have no obligation in connection with such compliance. The offer and sale of Placement Shares through the
Agents will be effected pursuant to the Registration Statement (as defined below) filed by the Company and which will be declared
effective by the Securities and Exchange Commission (the &ldquo;<B><U>Commission</U></B>&rdquo;), although nothing in this Agreement
shall be construed as requiring the Company to use the Registration Statement to issue Common Stock. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company has
filed, in accordance with the provisions of the Securities Act of 1933, as amended (the &ldquo;<B><U>Securities Act</U></B>&rdquo;)
and the rules and regulations thereunder (the &ldquo;<B><U>Securities Act Regulations</U></B>&rdquo;), with the Commission a registration
statement on Form S-3 (File No. 333- 232550), including a base prospectus, relating to certain securities, including the Placement
Shares to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed
or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended (the &ldquo;<B><U>Exchange Act</U></B>&rdquo;),
and the rules and regulations thereunder. The Company has prepared a prospectus or a prospectus supplement to the base prospectus
included as part of the registration statement, which prospectus or prospectus supplement relates to the Placement Shares to be
issued from time to time by the Company (the &ldquo;<B><U>Prospectus Supplement</U></B>&rdquo;). The Company will furnish to the
Agents, for use by the Agents, copies of the prospectus included as part of such registration statement, as supplemented, by the
Prospectus Supplement, relating to the Placement Shares to be issued from time to time by the Company. The Company may file one
or more additional registration statements from time to time that will contain a base prospectus and related prospectus or prospectus
supplement, if applicable (which shall be a Prospectus Supplement), with respect to the Placement Shares. Except where the context
otherwise requires, such registration statement(s), including all documents filed as part thereof or incorporated by reference
therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant
to Rule&nbsp;424(b) under the Securities Act Regulations or deemed to be a part of such registration statement pursuant to Rule&nbsp;430B
of the Securities Act Regulations, is herein called the &ldquo;<B><U>Registration Statement</U></B>.&rdquo; The base prospectus
or base prospectuses, including all documents incorporated therein by reference, included in the Registration Statement, as it
may be supplemented, if necessary, by the Prospectus Supplement, in the form in which such prospectus or prospectuses and/or Prospectus
Supplement have most recently been filed by the Company with the Commission pursuant to Rule&nbsp;424(b) under the Securities Act
Regulations, together with the then issued Issuer Free Writing Prospectus(es), is herein called the &ldquo;<B><U>Prospectus</U></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any reference herein
to the Registration Statement, any Prospectus Supplement, Prospectus or any Issuer Free Writing Prospectus (defined below) shall
be deemed to refer to and include the documents, if any, incorporated by reference therein (the &ldquo;<B><U>Incorporated Documents</U></B>&rdquo;),
including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any
reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration
Statement, any Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer to and include
the filing of any document under the Exchange Act on or after the most-recent effective date of the Registration Statement, or
the date of the Prospectus Supplement, Prospectus or such Issuer Free Writing Prospectus, as the case may be, and incorporated
therein by reference. For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment
or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data
Gathering Analysis and Retrieval system, or if applicable, the Interactive Data Electronic Application system when used by the
Commission (collectively, &ldquo;<B><U>EDGAR</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Placements</U>. Each time that the Company, in its sole discretion, wishes to issue and
sell Placement Shares hereunder (each, a &ldquo;<B><U>Placement</U></B>&rdquo;), it will notify an Agent (the &ldquo;<B><U>Designated
Agent</U></B>&rdquo;) by email notice (or other method mutually agreed to in writing by the parties) of the number of Placement
Shares to be issued, the time period during which sales are requested to be made, any limitation on the number of Placement Shares
that may be sold in any one day and any minimum price below which sales may not be made (a &ldquo;<B><U>Placement Notice</U></B>&rdquo;),
the form of which is attached hereto as <U>Schedule 1</U>. The Placement Notice shall originate from any of the individuals from
the Company set forth on <U>Schedule 3</U> (with a copy to each of the other individuals from the Company listed on such schedule),
and shall be addressed to each of the individuals from the Designated Agent set forth on <U>Schedule 3</U>, as such <U>Schedule
3</U> may be amended from time to time. The Placement Notice shall be effective unless and until (i)&nbsp;the Designated Agent
declines to accept the terms contained therein for any reason, in its sole discretion within two (2) Business Days (defined below)
of receipt, (ii)&nbsp;the entire amount of the Placement Shares thereunder have been sold, (iii)&nbsp;the Company suspends or terminates
the Placement Notice or (iv)&nbsp;this Agreement has been terminated under the provisions of <U>Section 13</U>. The amount of any
discount, commission or other compensation to be paid by the Company to Designated Agent in connection with the sale of the Placement
Shares shall be calculated in accordance with the terms set forth in <U>Schedule 2</U>. It is expressly acknowledged and agreed
that neither the Company nor the Agents will have any obligation whatsoever with respect to a Placement or any Placement Shares
unless and until the Company delivers a Placement Notice to the Designated Agent and the Designated Agent does not decline such
Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event
of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.
</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sale of Placement Shares by Agent</U>. Subject to the provisions of <U>Section 5(a)</U>,
the Designated Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent
with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Nasdaq
Capital Market (the &ldquo;<B><U>Exchange</U></B>&rdquo;), to sell the Placement Shares up to the amount specified in, and otherwise
in accordance with the terms of such Placement Notice. The Designated Agent will provide written confirmation to the Company no
later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of
Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation payable by the Company
to the Designated Agent pursuant to <U>Section 2</U> with respect to such sales, and the Net Proceeds (as defined below) payable
to the Company, with an itemization of the deductions made by the Designated Agent (as set forth in <U>Section 5(b)</U>) from the
gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice, the Designated Agent may sell Placement
Shares by any method permitted by law deemed to be an &ldquo;at the market offering&rdquo; as defined in Rule&nbsp;415(a)(4) of
the Securities Act Regulations, including sales made directly on or through the Exchange or any other existing trading market for
the Common Stock, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing
market prices and/or any other method permitted by law. &ldquo;<B><U>Trading Day</U></B>&rdquo; means any day on which Common Stock
is traded on the Exchange. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Suspension of Sales</U>. The Company or the Designated Agent may, upon notice to the other
party in writing (including by email correspondence to each of the individuals of the other party set forth on <U>Schedule 3</U>,
if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via
auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the
individuals of the other party set forth on <U>Schedule 3</U>), suspend any sale of Placement Shares (a &ldquo;<B><U>Suspension</U></B>&rdquo;);
<I>provided</I>, <I>however</I>, that such Suspension shall not affect or impair any party&rsquo;s obligations with respect to
any Placement Shares sold hereunder prior to the receipt of such notice. While a Suspension is in effect any obligation under <U>Sections
7(l)</U>, <U>7(m)</U>, and <U>7(n)</U> with respect to the delivery of certificates, opinions, or comfort letters to the Agents,
shall be waived. Each of the parties agrees that no such notice under this <U>Section 4</U> shall be effective against any other
party unless it is made to one of the individuals named on <U>Schedule 3</U> hereto, as such Schedule may be amended from time
to time. While a Placement Notice is in effect, neither the Agent nor any of its subsidiaries shall, for its own account, engage
in (i) any short sale of any security of the Company, as defined in Regulation SHO under the Exchange Act or (ii) any market making
bidding, stabilization or other trading activity with regard to the Common Stock or related derivative securities, in each case,
if such activity would be prohibited under Regulation M under the Exchange Act or other antimanipulation rules under the Securities
Act. For the avoidance of doubt, this restriction shall not apply to transactions by or on behalf of any customer of such Agent
or transactions by such Agent to facilitate any such transactions by or on behalf of any customer of such Agent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sale and Delivery to the Designated Agent; Settlement</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sale of Placement Shares</U><I>. </I> On the basis of the representations and warranties
herein contained and subject to the terms and conditions herein set forth, upon the Designated Agent&rsquo;s acceptance of the
terms of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise
terminated in accordance with the terms of this Agreement, the Designated Agent, for the period specified in the Placement Notice,
will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations
to sell such Placement Shares up to the amount specified in, and otherwise in accordance with the terms of such Placement Notice.
The Company acknowledges and agrees that (i) there can be no assurance that the Designated Agent will be successful in selling
Placement Shares, (ii) the Designated Agent will incur no liability or obligation to the Company or any other person or entity
if it does not sell Placement Shares for any reason other than a failure by the Designated Agent to use its commercially reasonable
efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Shares
as required under this Agreement and (iii) the Designated Agent shall be under no obligation to purchase Placement Shares on a
principal basis pursuant to this Agreement, except as otherwise agreed by the Designated Agent and the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Settlement of Placement Shares</U><I>. </I> Unless otherwise specified in the applicable
Placement Notice, settlement for sales of Placement Shares will occur on the second (2<SUP>nd</SUP>) Trading Day (or such earlier
day as is industry practice for regular-way trading) following the date on which such sales are made (each, a &ldquo;<B><U>Settlement
Date</U></B>&rdquo;). The Designated Agent shall notify the Company of each sale of Placement Shares no later than the opening
of the Trading Day immediately following the Trading Day on which it has made sales of Placement Shares hereunder. The amount of
proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the &ldquo;<B><U>Net
Proceeds</U></B>&rdquo;) will be equal to the aggregate sales price received by the Designated Agent, after deduction for (i) the
Designated Agent&rsquo;s commission, discount or other compensation for such sales payable by the Company pursuant to <U>Section
2</U> hereof, and (ii) any transaction fees imposed by any Governmental Authority in respect of such sales. </FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-size: 10pt"><U>Delivery of Placement Shares</U>. On or before each Settlement Date, the Company will,
or will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting the Designated Agent&rsquo;s
or its designee&rsquo;s account (provided the Designated Agent shall have given the Company written notice of such designee at
least one Trading Day prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian
System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely
tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Designated Agent will deliver
the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company
agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a
Settlement Date through no fault of the Designated Agent, the Company agrees that in addition to and in no way limiting the rights
and obligations set forth in <U>Section 11(a)</U> hereto, it will (i) hold the Designated Agent harmless against any loss, claim,
damage, or reasonable and documented expense (including reasonable and documented legal fees and expenses), as incurred, arising
out of or in connection with such default by the Company or its transfer agent (if applicable) and (ii) pay to the Designated Agent
(without duplication) any commission, discount, or other compensation to which it would otherwise have been entitled absent such
default.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Denominations; Registration</U><I>. </I>Certificates for the Placement Shares, if any,
shall be in such denominations and registered in such names as the Designated Agent may request in writing at least one full Business
Day (as defined below) before the Settlement Date. The certificates for the Placement Shares, if any, will be made available by
the Company for examination and packaging by the Designated Agent in The City of New York not later than&nbsp;noon (New York time)
on the Business Day prior to the Settlement Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Limitations on Offering Size</U><I>. </I>Under no circumstances shall the Company cause
or request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate
gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A)&nbsp;together with all
sales of Placement Shares under this Agreement, the Maximum Amount and (B)&nbsp;the amount authorized from time to time to be issued
and sold under this Agreement by the Company&rsquo;s board of directors, a duly authorized committee thereof or a duly authorized
executive committee, and notified to the Designated Agent in writing. Under no circumstances shall the Company cause or request
the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time
to time by the Company&rsquo;s board of directors, a duly authorized committee thereof or a duly authorized executive committee.
Further, under no circumstances shall the Company cause or permit the aggregate offering amount of Placement Shares sold pursuant
to this Agreement to exceed the Maximum Amount. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sales Through Agents</U>. With respect to the offering and sale of Placement Shares pursuant
to this Agreement, the Company agrees that any offer to sell Placement Shares, any solicitation of an offer to buy Placement Shares,
and any sales of Placement Shares shall only be effected by or through a single Agent on any single given day, and the Company
shall in no event request that more than one Agent offer or sell Placement Shares pursuant to this Agreement on the same day. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representations and Warranties of the Company</U>. The Company represents and warrants
to, and agrees with each of the Agents that as of the date of this Agreement and as of each Applicable Time (as defined below),
except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined
as of that specified date in all respects:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Registration Statement and Prospectus</U>. The Company and the transactions contemplated
by this Agreement meet the requirements for and comply with the applicable conditions set forth in Form S-3 (including General
Instructions I.A and I.B) under the Securities Act. The Registration Statement has been filed with the Commission and has been
declared effective by the Commission under the Securities Act prior to the issuance of any Placement Notices by the Company. The
Prospectus Supplement will name the Agents as the agents in the section entitled &ldquo;Plan of Distribution.&rdquo; The Company
has not received, and has no notice of, any order of the Commission preventing or suspending the use of the Registration Statement,
or threatening or instituting proceedings for that purpose. The Registration Statement and the offer and sale of Placement Shares
as contemplated hereby meet the requirements of Rule&nbsp;415 under the Securities Act and comply in all material respects with
said Rule. Any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement
or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed. Copies of the Registration
Statement, the Prospectus, and any such amendments or supplements and all Incorporated Documents that were filed with the Commission
on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to the Agents and their counsel.
The Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the distribution of
the Placement Shares, will not distribute any offering material in connection with the offering or sale of the Placement Shares
other than the Registration Statement and the Prospectus and any Issuer Free Writing Prospectus (as defined below) to which the
Agents have consented. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is currently listed on
the Exchange under the trading symbol &ldquo;AVXL.&rdquo; The Company has taken no action designed to, or likely to have the effect
of, terminating the registration of the Common Stock under the Exchange Act, delisting the Common Stock from the Exchange, nor
has the Company received any notification that the Commission or the Exchange is contemplating terminating such registration or
listing. To the Company&rsquo;s knowledge, it is in compliance with all applicable listing requirements of the Exchange. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Misstatement or Omission</U>. The Registration Statement, when it became or becomes
effective, and the Prospectus, and any amendment or supplement thereto, on the date of such Prospectus or amendment or supplement,
conformed and will conform in all material respects with the requirements of the Securities Act. At each Settlement Date, the Registration
Statement and the Prospectus, as of such date, will conform in all material respects with the requirements of the Securities Act.
The Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
The Prospectus and any amendment and supplement thereto, on the date thereof and at each Applicable Time (defined below), did not
or will not include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. The Incorporated Documents did not, and any Incorporated
Documents filed after the date hereof will not, when filed with the Commission, contain an untrue statement of a material fact
or omit to state a material fact required to be stated in such document or necessary to make the statements in such document, in
light of the circumstances under which they were made, not misleading. The foregoing shall not apply to statements in, or omissions
from, any such document made in reliance upon, and in conformity with, information furnished to the Company by either of the Agents
specifically for use in the preparation thereof. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Conformity with Securities Act and Exchange Act</U>. The Registration Statement, the Prospectus,
any Issuer Free Writing Prospectus or any amendment or supplement thereto, and the Incorporated Documents, when such documents
were or are filed with the Commission under the Securities Act or the Exchange Act or became or become effective under the Securities
Act, as the case may be, conformed or will conform in all material respects with the requirements of the Securities Act and the
Exchange Act, as applicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Financial Information</U>. The consolidated financial statements of the Company included
or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, together
with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company
and the Subsidiaries (as defined below) as of the dates indicated and the consolidated results of operations, cash flows and changes
in stockholders&rsquo; equity of the Company for the periods specified (subject to normal year-end adjustments for interim financial
statements) and have been prepared in compliance with the requirements of the Securities Act and Exchange Act and in conformity
with GAAP (as defined below) applied on a consistent basis during the periods involved (except for such adjustments to accounting
standards and practices as are noted therein and except in the case of unaudited financial statements to the extent they may exclude
footnotes or may be condensed or summary statements); the other financial and statistical data with respect to the Company and
the Subsidiaries (as defined below) contained or incorporated by reference in the Registration Statement, the Prospectus and the
Issuer Free Writing Prospectuses, if any, are accurately and fairly presented and prepared on a basis consistent with the financial
statements and accounting books and records of the Company; there are no financial statements (historical or pro forma) that are
required to be included or incorporated by reference in the Registration Statement, or the Prospectus that are not included or
incorporated by reference as required; the Company and the Subsidiaries (as defined below) do not have any material liabilities
or obligations, direct or contingent (including any off-balance sheet obligations), not described in the Registration Statement
(excluding the exhibits thereto) and the Prospectus; and all disclosures contained or incorporated by reference in the Registration
Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, regarding &ldquo;non-GAAP financial measures&rdquo;
(as such term is defined by the rules and regulations of the Commission) comply, in all material respects, with Regulation G of
the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible
Business Reporting Language included or incorporated by reference in the Registration Statement and the Prospectus fairly presents
the information called for in all material respects and has been prepared in accordance with the Commission&rsquo;s rules and guidelines
applicable thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Conformity with EDGAR Filing</U>. The Prospectus delivered to the Agents for use in connection
with the sale of the Placement Shares pursuant to this Agreement will be identical to the versions of the Prospectus created to
be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation S-T.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Organization</U>. The Company and each of its Subsidiaries are duly organized, validly
existing as a corporation and in good standing under the laws of their respective jurisdictions of organization. The Company and
each of its Subsidiaries are duly licensed or qualified as a foreign corporation for transaction of business and in good standing
under the laws of each other jurisdiction in which their respective ownership or lease of property or the conduct of their respective
businesses requires such license or qualification, and have all corporate power and authority necessary to own or hold their respective
properties and to conduct their respective businesses as described in the Registration Statement and the Prospectus, except where
the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate,
have a material adverse effect or would reasonably be expected to have a material adverse effect on or affecting the assets, business,
operations, earnings, properties, condition (financial or otherwise), prospects, stockholders&rsquo; equity or results of operations
of the Company and the Subsidiaries taken as a whole, or would reasonably be expected to prevent or materially interfere with consummation
of the transactions contemplated hereby (a &ldquo;<B><U>Material Adverse Effect</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Subsidiaries</U>. The subsidiaries set forth on <U>Schedule 4</U> (collectively, the &ldquo;<B><U>Subsidiaries</U></B>&rdquo;),
are the Company&rsquo;s only significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the
Commission). Except as set forth in the Registration Statement and in the Prospectus, the Company owns, directly or indirectly,
all of the equity interests of the Subsidiaries free and clear of any lien, charge, security interest, encumbrance, right of first
refusal or other restriction, and all the equity interests of the Subsidiaries are validly issued and are fully paid, nonassessable
and free of preemptive and similar rights. No Subsidiary is currently prohibited, directly or indirectly, from paying any dividends
to the Company, from making any other distribution on such Subsidiary&rsquo;s capital stock, from repaying to the Company any loans
or advances to such Subsidiary from the Company or from transferring any of such Subsidiary&rsquo;s property or assets to the Company
or any other Subsidiary of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Violation or Default</U>. Neither the Company nor any of its Subsidiaries is (i)&nbsp;in
violation of its charter or by-laws or similar organizational documents; (ii)&nbsp;in default, and no event has occurred that,
with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant
or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the
Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of the
property or assets of the Company or any of its Subsidiaries are subject; or (iii)&nbsp;in violation of any law or statute or any
judgment, order, rule or regulation of any Governmental Authority, except, in the case of each of clauses (ii) and (iii) above,
for any such violation or default that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. To the Company&rsquo;s knowledge, no other party under any material contract or other agreement to which it or any of its
Subsidiaries is a party is in default in any respect thereunder where such default would have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Material Adverse Change</U>. Subsequent to the respective dates as of which information
is given in the Registration Statement, the Prospectus and the Free Writing Prospectuses, if any (including any Incorporated Document),
there has not been (i) any Material Adverse Effect or the occurrence of any development that the Company reasonably expects will
result in a Material Adverse Effect, (ii) any transaction which is material to the Company and the Subsidiaries taken as a whole,
(iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company
or any Subsidiary, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material change in the capital
stock or outstanding long-term indebtedness of the Company or any of its Subsidiaries or (v) any dividend or distribution of any
kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than in each case above in the ordinary
course of business or as otherwise disclosed in the Registration Statement or Prospectus (including any Incorporated Document).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Capitalization</U>. The issued and outstanding shares of capital stock of the Company have
been validly issued, are fully paid and nonassessable and, other than as disclosed in the Registration Statement or the Prospectus,
are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued and
outstanding capitalization as set forth in the Registration Statement and the Prospectus as of the dates referred to therein (other
than the grant of additional options under the Company&rsquo;s existing stock option plans, or changes in the number of outstanding
shares of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for,
or convertible into, Common Stock outstanding on the date hereof) and such authorized capital stock conforms to the description
thereof set forth in the Registration Statement and the Prospectus in all material respects. The description of the securities
of the Company in the Registration Statement and the Prospectus is complete and accurate in all material respects. Except as disclosed
in or contemplated by the Registration Statement or the Prospectus, as of the date referred to therein, the Company does not have
outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into,
or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Authorization; Enforceability</U>. The Company has full legal right, power and authority
to enter into this Agreement and perform the transactions contemplated hereby. This Agreement has been duly authorized, executed
and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable in accordance with its terms,
except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors&rsquo; rights generally and by general equitable principles and the enforceability of the indemnification and contribution
provisions in this Agreement may be limited by federal or state securities laws and public policy considerations in respect thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Authorization of Placement Shares</U>. The Placement Shares, when issued and delivered
pursuant to the terms approved by the board of directors of the Company or a duly authorized committee thereof, or a duly authorized
executive committee, against payment therefor as provided herein, will be duly and validly authorized and issued and fully paid
and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, including any statutory or
contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant
to Section 12 of the Exchange Act. The Placement Shares, when issued, will conform in all material respects to the description
thereof set forth in or incorporated into the Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Consents Required</U>. No consent, approval, authorization, order, registration or qualification
of or with any Governmental Authority is required for the execution, delivery and performance by the Company of this Agreement,
the issuance and sale by the Company of the Placement Shares, except for such consents, approvals, authorizations, orders and registrations
or qualifications as may be required under applicable state securities laws or by the by-laws and rules of the Financial Industry
Regulatory Authority (&ldquo;<B><U>FINRA</U></B>&rdquo;) or the Exchange in connection with the sale of the Placement Shares by
the Agent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Preferential Rights</U>. Except as set forth in the Registration Statement and the Prospectus,
(i)&nbsp;no person, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a &ldquo;<B><U>Person</U></B>&rdquo;),
has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Stock or shares of any
other capital stock or other securities of the Company, (ii)&nbsp;no Person has any preemptive rights, resale rights, rights of
first refusal, rights of co-sale, or any other rights (whether pursuant to a &ldquo;poison pill&rdquo; provision or otherwise)
to purchase any Common Stock or shares of any other capital stock or other securities of the Company, (iii)&nbsp; no Person has
the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Placement
Shares, and (iv)&nbsp;except for any rights that have been waived, no Person has the right, contractual or otherwise, to require
the Company to register under the Securities Act any Common Stock or shares of any other capital stock or other securities of the
Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated thereby,
whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Placement Shares as contemplated
thereby or otherwise.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Independent Public Accounting Firm</U>. BDO USA, LLP (the &ldquo;<B><U>Accountant</U></B>&rdquo;),
whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Company&rsquo;s
most recent Annual Report on Form 10-K filed with the Commission and incorporated by reference into the Registration Statement
and the Prospectus, are and, during the periods covered by their report, were an independent registered public accounting firm
within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company&rsquo;s
knowledge, the Accountant is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the &ldquo;<B><U>Sarbanes-Oxley
Act</U></B>&rdquo;) with respect to the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Enforceability of Agreements</U>. All agreements between the Company and third parties
expressly referenced in the Prospectus are legal, valid and binding obligations of the Company enforceable in accordance with their
respective terms, except to the extent that (i)&nbsp;enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors&rsquo; rights generally and by general equitable principles and (ii)&nbsp;the indemnification
provisions of certain agreements may be limited by federal or state securities laws or public policy considerations in respect
thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(q)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Litigation</U>. Except as set forth in the Registration Statement or the Prospectus,
there are no actions, suits or proceedings by or before any Governmental Authority pending, nor, to the Company&rsquo;s knowledge,
any audits or investigations by or before any Governmental Authority, to which the Company or a Subsidiary is a party or to which
any property of the Company or any of its Subsidiaries is the subject that, individually or in the aggregate, would have a Material
Adverse Effect and, to the Company&rsquo;s knowledge, no such actions, suits, proceedings, audits or investigations are threatened
or contemplated by any Governmental Authority or threatened by others that, individually or in the aggregate, would have a Material
Adverse Effect; and (i)&nbsp;there are no current or pending audits, investigations, actions, suits or proceedings by or before
any Governmental Authority that are required under the Securities Act to be described in the Prospectus that are not so described;
and (ii)&nbsp;there are no contracts or other documents that are required under the Securities Act to be filed as exhibits to the
Registration Statement that are not so filed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(r)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Consents and Permits</U>. Except as disclosed in the Registration Statement and the Prospectus,
the Company and its Subsidiaries have made all filings, applications and submissions required by, possesses and is operating in
compliance with, all approvals, licenses, certificates, certifications, clearances, consents, grants, exemptions, marks, notifications,
orders, permits and other authorizations issued by, the appropriate federal, state or foreign Governmental Authority (including,
without limitation, the United States Food and Drug Administration (the &ldquo;<B><U>FDA</U></B>&rdquo;), the United States Drug
Enforcement Administration or any other foreign, federal, state, provincial, court or local government or regulatory authorities
including self-regulatory organizations engaged in the regulation of clinical trials, pharmaceuticals, biologics or biohazardous
substances or materials) necessary for the ownership or lease of their respective properties or to conduct its businesses as described
in the Registration Statement and the Prospectus (collectively, &ldquo;<B><U>Permits</U></B>&rdquo;), except for such Permits the
failure of which to possess, obtain or make the same would not reasonably be expected to have a Material Adverse Effect; the Company
and its Subsidiaries are in compliance with the terms and conditions of all such Permits, except where the failure to be in compliance
would not reasonably be expected to have a Material Adverse Effect; all of the Permits are valid and in full force and effect,
except where any invalidity, individually or in the aggregate, would not be reasonably expected to have a Material Adverse Effect;
and neither the Company nor any of its Subsidiaries has received any written notice from FDA, or other, local or foreign Government
Authority relating to the limitation, revocation, cancellation, suspension, modification or non-renewal of any such Permit which,
individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would be reasonably be expected
to have a Material Adverse Effect, or has any reason to believe that any such license, certificate, permit or authorization will
not be renewed in the ordinary course. To the extent required by applicable laws and regulations of the FDA, the Company or the
applicable Subsidiary has submitted to the FDA an Investigational New Drug Application or amendment or supplement thereto for a
clinical trial it has planned to conduct or sponsor or is planning to conduct or sponsor; all such submissions were in material
compliance with applicable laws and rules and regulations when submitted and no material deficiencies have been asserted by the
FDA with respect to any such submissions. </FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(s)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Regulatory Filings</U>. Except as disclosed in the Registration Statement and the Prospectus,
neither the Company nor any of its Subsidiaries has failed to file with the applicable Governmental Authorities (including, without
limitation, the FDA, or any foreign, federal, state, provincial or local Governmental Authority performing functions similar to
those performed by the FDA) any required filing, declaration, listing, registration, report or submission, except for such failures
that, individually or in the aggregate, would not have a Material Adverse Effect; except as disclosed in the Registration Statement
and the Prospectus, all such filings, declarations, listings, registrations, reports or submissions were in compliance with applicable
laws when filed and no deficiencies have been asserted by any applicable regulatory authority with respect to any such filings,
declarations, listings, registrations, reports or submissions, except for any deficiencies that, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect. The Company has operated and currently is, in all material
respects, in compliance with the United States Federal Food, Drug, and Cosmetic Act, all applicable rules and regulations of the
FDA and other federal, state, local and foreign Governmental Authority exercising comparable authority. The Company has no knowledge
of any studies, tests or trials not described in the Prospectus the results of which reasonably call into question in any material
respect the results of the studies, tests and trials described in the Prospectus. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(t)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Intellectual Property</U>. Except as disclosed in the Registration Statement and the Prospectus,
to the Company&rsquo;s knowledge, the Company and its Subsidiaries own, possess, license or have other rights to use all foreign
and domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade names, registered
copyrights, licenses, inventions, trade secrets, technology, Internet domain names, know-how and other intellectual property (collectively,
the &ldquo;<B><U>Intellectual Property</U></B>&rdquo;), necessary for the conduct of their respective businesses as now conducted
except to the extent that the failure to own, possess, license or otherwise hold adequate rights to use such Intellectual Property
would not, individually or in the aggregate, have a Material Adverse Effect. To the Company&rsquo;s knowledge, except as disclosed
in the Registration Statement and the Prospectus, the commercialization of any of the product candidates described in the Registration
Statement and the Prospectus as currently being under development by the Company would not infringe, misappropriate or otherwise
conflict in any material respect with any Intellectual Property of another. Except as disclosed in the Registration Statement and
the Prospectus (i) to the Company&rsquo;s knowledge, there are no rights of third parties to any such Intellectual Property owned
by the Company and its Subsidiaries; (ii) to the Company&rsquo;s knowledge, there is no infringement by third parties of any such
Intellectual Property owned by the Company and its Subsidiaries; (iii) there is no pending or, to the Company&rsquo;s knowledge,
threatened action, suit, proceeding or claim by others challenging the Company&rsquo;s and its Subsidiaries&rsquo; rights in or
to any such Intellectual Property, and the Company is unaware of any facts which could form a reasonable basis for any such action,
suit, proceeding or claim; (iv) 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; (v) there is no pending or, to the Company&rsquo;s
knowledge, threatened action, suit, proceeding or claim by others that the Company and its Subsidiaries infringe or otherwise violate
any patent, trademark, copyright, trade secret or other proprietary rights of others; (vi) to the Company&rsquo;s knowledge, there
is no third-party U.S. patent or published U.S. patent application which contains claims for which an Interference Proceeding (as
defined in 35 U.S.C. &sect; 135) has been commenced against any patent or patent application described in the Prospectus as being
owned by or licensed to the Company; and (vii) the Company and its Subsidiaries have complied with the terms of each agreement
pursuant to which Intellectual Property has been licensed to the Company or such Subsidiary, and, to the Company&rsquo;s knowledge,
all such agreements are in full force and effect, except, in the case of any of clauses (i)-(vii) above, for any such infringement
by third parties or any such pending or threatened suit, action, proceeding or claim as would not, individually or in the aggregate,
result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(u)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Clinical Studies</U>. The preclinical studies and tests and clinical trials conducted or,
to the Company&rsquo;s knowledge, sponsored by the Company and described in the Prospectus were, and, if still pending, are being
conducted in all material respects in accordance with the experimental protocols, procedures and controls pursuant to, where applicable,
accepted professional and scientific standards for products or product candidates comparable to those being developed by the Company;
the descriptions of such studies, tests and trials, and the results thereof, contained in the Prospectus are accurate and complete
in all material respects; the Company is not aware of any tests, studies or trials not described in the Prospectus, the results
of which reasonably call into question the results of the tests, studies and trials described in the Prospectus; and the Company
has not received any written notice or correspondence from the FDA or any foreign, state or local Governmental Authority exercising
comparable authority or any institutional review board or comparable authority requiring the termination, suspension, clinical
hold or material modification of any tests, studies or trials, except where such requirement would not reasonably be expected to
have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Market Capitalization</U>. At the time the Registration Statement was or will be originally
declared effective, and at the time the Company&rsquo;s most recent Annual Report on Form 10-K was filed with the Commission, the
Company met or will meet the then applicable requirements for the use of Form S-3 under the Securities Act, including, but not
limited to, General Instruction I.B.1 of Form S-3. The Company satisfies the pre-1992 eligibility requirements for the use of a
registration statement on Form S-3 in connection with this offering (the pre-1992 eligibility requirements for the use of the registration
statement on Form S-3 include (i) having a non-affiliate, public common equity float of at least $150 million or a non-affiliate,
public common equity float of at least $100 million and annual trading volume of at least three million shares and (ii) having
been subject to the Exchange Act reporting requirements for a period of 36 months). The Company is not a shell company (as defined
in Rule 405 under the Securities Act) and has not been a shell company for at least 12 calendar months previously and if it has
been a shell company at any time previously, has filed current Form 10 information (as defined in Instruction I.B.6 of Form S-3)
with the Commission at least 12 calendar months previously reflecting its status as an entity that is not a shell company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(w)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Material Defaults</U>. Neither the Company nor any of the Subsidiaries has defaulted
on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually
or in the aggregate, would have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d)
of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i)&nbsp;has failed to pay any
dividend or sinking fund installment on preferred stock or (ii)&nbsp;has defaulted on any installment on indebtedness for borrowed
money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would have a Material
Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(x)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Certain Market Activities</U>. Neither the Company, nor any of the Subsidiaries, nor any
of their respective directors, officers or controlling persons has taken, directly or indirectly, any action designed, or that
has constituted or would reasonably be expected to cause or result in, under the Exchange Act or otherwise, the stabilization or
manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(y)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Broker/Dealer Relationships</U>. Neither the Company nor any of the Subsidiaries (i)&nbsp;is
required to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with the provisions of the Exchange Act or
(ii)&nbsp;directly or indirectly through one or more intermediaries, controls or is a &ldquo;person associated with a member&rdquo;
or &ldquo;associated person of a member&rdquo; (within the meaning set forth in the FINRA Manual).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(z)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Reliance</U>. The Company has not relied upon the Agents or legal counsel for the Agents
for any legal, tax or accounting advice in connection with the offering and sale of the Placement Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(aa)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Taxes</U>. The Company and each of its Subsidiaries have filed all federal, state, local
and foreign tax returns which have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent
that such taxes have become due and are not being contested in good faith, except where the failure to so file or pay would not
have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus,
no tax deficiency has been determined adversely to the Company or any of its Subsidiaries which has had, or would have, individually
or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency,
penalty or assessment which has been or might be asserted or threatened against it which would have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(bb)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Title to Real and Personal Property</U>. Except as set forth in the Registration Statement
or the Prospectus, the Company and its Subsidiaries have good and marketable title in fee simple to all items of real property
owned by them, good and valid title to all personal property described in the Registration Statement or Prospectus as being owned
by them, in each case free and clear of all liens, encumbrances and claims, except those matters that (i) do not materially interfere
with the use made and proposed to be made of such property by the Company and any of its Subsidiaries or (ii) would not, individually
or in the aggregate, have a Material Adverse Effect. Any real or personal property described in the Registration Statement or Prospectus
as being leased by the Company and any of its Subsidiaries is held by them under valid, existing and enforceable leases, except
those that (A) do not materially interfere with the use made or proposed to be made of such property by the Company or any of its
Subsidiaries or (B) would not be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect. Each
of the properties of the Company and its Subsidiaries complies with all applicable codes, laws and regulations (including, without
limitation, building and zoning codes, laws and regulations and laws relating to access to such properties), except if and to the
extent disclosed in the Registration Statement or Prospectus or except for such failures to comply that would not, individually
or in the aggregate, reasonably be expected to interfere in any material respect with the use made and proposed to be made of such
property by the Company and its Subsidiaries or otherwise have a Material Adverse Effect. None of the Company or its subsidiaries
has received from any Governmental Authorities any notice of any condemnation of, or zoning change affecting, the properties of
the Company and its Subsidiaries, and the Company knows of no such condemnation or zoning change which is threatened, except for
such that would not reasonably be expected to interfere in any material respect with the use made and proposed to be made of such
property by the Company and its Subsidiaries or otherwise have a Material Adverse Effect, individually or in the aggregate.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(cc)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Environmental Laws</U>. Except as set forth in the Registration Statement or the Prospectus,
the Company and its Subsidiaries (i)&nbsp;are in compliance with any and all applicable federal, state, local and foreign laws,
rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or
toxic substances or wastes, pollutants or contaminants (collectively, &ldquo;<B><U>Environmental Laws</U></B>&rdquo;); (ii)&nbsp;have
received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws
to conduct their respective businesses as described in the Registration Statement and the Prospectus; and (iii)&nbsp;have not received
notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic
substances or wastes, pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such
failure to comply or failure to receive required permits, licenses, other approvals or liability as would not, individually or
in the aggregate, have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(dd)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Disclosure Controls</U>. The Company and each of its Subsidiaries maintain systems of internal
accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&rsquo;s
general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements
in conformity with generally accepted accounting principles and to maintain asset accountability; (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 the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company&rsquo;s internal control over financial reporting is effective and the Company is not aware of any material weaknesses
in its internal control over financial reporting (other than as set forth in the Prospectus). Since the date of the latest audited
financial statements of the Company included in the Prospectus, there has been no change in the Company&rsquo;s internal control
over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal
control over financial reporting (other than as set forth in the Prospectus). The Company has established disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such disclosure controls and procedures
to ensure that material information relating to the Company and each of its Subsidiaries is made known to the certifying officers
by others within those entities, particularly during the period in which the Company&rsquo;s Annual Report on Form 10-K or Quarterly
Report on Form 10-Q, as the case may be, is being prepared. The Company&rsquo;s certifying officers have evaluated the effectiveness
of the Company&rsquo;s disclosure controls and procedures as of a date within 90 days prior to the filing date of the Form 10-K
for the fiscal year most recently ended (such date, the <B>&ldquo;<U>Evaluation Date</U></B>&rdquo;). The Company presented in
its Form 10-K for the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the
disclosure controls and procedures based on their evaluations as of the Evaluation Date and the disclosure controls and procedures
are effective. Since the Evaluation Date, there have been no significant changes in the Company&rsquo;s internal controls (as such
term is defined in Item 307(b) of Regulation S-K under the Securities Act) or, to the Company&rsquo;s knowledge, in other factors
that could significantly affect the Company&rsquo;s internal controls.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ee)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sarbanes-Oxley</U>. There is and has been no failure on the part of the Company or any
of the Company&rsquo;s directors or officers, in their capacities as such, to comply in all material respects with any applicable
provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the principal executive officer
and the principal financial officer of the Company (or each former principal executive officer of the Company and each former principal
financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley
Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it
to the Commission. For purposes of the preceding sentence, &ldquo;principal executive officer&rdquo; and &ldquo;principal financial
officer&rdquo; shall have the meanings given to such terms in the Sarbanes-Oxley Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ff)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Finder&rsquo;s Fees</U>. Neither the Company nor any of the Subsidiaries has incurred any
liability for any finder&rsquo;s fees, brokerage commissions or similar payments in connection with the transactions herein contemplated,
except as may otherwise exist with respect to the Agents pursuant to this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(gg)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Labor Disputes</U>. No labor disturbance by or dispute with employees of the Company or
any of its Subsidiaries exists or, to the knowledge of the Company, is threatened which would result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(hh)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Investment Company Act</U>. Neither the Company nor any of the Subsidiaries is or, after
giving effect to the offering and sale of the Placement Shares, will be an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo;
by an &ldquo;investment company,&rdquo; as such terms are defined in the Investment Company Act of 1940, as amended (the &ldquo;<B><U>Investment
Company Act</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Operations</U>. The operations of the Company and its Subsidiaries are and have been conducted
at all times in compliance with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company or its Subsidiaries
are subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any Governmental Authority (collectively, the &ldquo;<B><U>Money Laundering Laws</U></B>&rdquo;); and no action,
suit or proceeding by or before any Governmental Authority involving the Company or any of its Subsidiaries with respect to the
Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(jj)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Off-Balance Sheet Arrangements</U>. There are no transactions, arrangements and other relationships
between and/or among the Company and/or, to the knowledge of the Company, any of its affiliates and any unconsolidated entity,
including, but not limited to, any structured finance, special purpose or limited purpose entity (each, an &ldquo;<B><U>Off-Balance
Sheet Transaction</U></B>&rdquo;) that could reasonably be expected to affect materially the Company&rsquo;s liquidity or the availability
of or requirements for its capital resources, including those Off-Balance Sheet Transactions described in the Commission&rsquo;s
Statement about Management&rsquo;s Discussion and Analysis of Financial Conditions and Results of Operations (Release Nos. 33-8056;
34-45321; FR-61), required to be described in the Prospectus which have not been described as required.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(kk)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Underwriter Agreements</U>. The Company is not a party to any agreement with an agent or
underwriter for any other &ldquo;at the market&rdquo; or continuous equity transaction other than that with Lincoln Park Capital
Fund, LLC.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ll)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>ERISA</U>. To the knowledge of the Company, each material employee benefit plan, within
the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (&ldquo;<B><U>ERISA</U></B>&rdquo;),
that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of
the Company and any of its Subsidiaries has been maintained in material compliance with its terms and the requirements of any applicable
statutes, orders, rules and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the
&ldquo;<B><U>Code</U></B>&rdquo;); no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the
Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding transactions
effected pursuant to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section
412 of the Code or Section 302 of ERISA, no &ldquo;accumulated funding deficiency&rdquo; as defined in Section 412 of the Code
has been incurred, whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes
accrued but unpaid contributions) exceeds the present value of all benefits accrued under such plan determined using reasonable
actuarial assumptions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(mm)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Forward-Looking Statements</U>. No forward-looking statement (within the meaning of Section
27A of the Securities Act and Section 21E of the Exchange Act) (a &ldquo;<B><U>Forward-Looking Statement</U></B>&rdquo;) contained
in the Registration Statement and the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other
than in good faith. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(nn)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Agent Purchases</U>. The Company acknowledges and agrees that each Agent has informed the
Company that such Agent may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell Common Stock
for its own account while this Agreement is in effect, <I>provided</I>, that the Company shall not be deemed to have authorized
or consented to any such purchases or sales by the Agents.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(oo)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Margin Rules</U>. Neither the issuance, sale and delivery of the Placement Shares nor the
application of the proceeds thereof by the Company as described in the Registration Statement and the Prospectus will violate Regulation
T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(pp)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Insurance</U>. The Company and each of its Subsidiaries carry, or are covered by, insurance
in such amounts and covering such risks as the Company and each of its Subsidiaries reasonably believe are adequate for the conduct
of their properties and as is customary for companies engaged in similar businesses in similar industries.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(qq)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Improper Practices</U>. (i)&nbsp;Neither the Company nor the Subsidiaries, nor any director,
officer, or employee of the Company or any Subsidiary nor, to the Company&rsquo;s knowledge, any agent, affiliate, or other person
acting on behalf of the Company or any Subsidiary has, in the past five years, made any unlawful contributions to any candidate
for any political office (or failed fully to disclose any contribution in violation of applicable law) or made any contribution
or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged
with similar public or quasi-public duty in violation of any applicable law or of the character required to be disclosed in the
Prospectus; (ii)&nbsp;no relationship, direct or indirect, exists between or among the Company or any Subsidiary, or to the Company&rsquo;s
knowledge, any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or any Subsidiary,
on the other hand, that is required by the Securities Act to be described in the Registration Statement and the Prospectus that
is not so described; (iii)&nbsp;no relationship, direct or indirect, exists between or among the Company or any Subsidiary or to
the Company&rsquo;s knowledge, any affiliate of them, on the one hand, and the directors, officers, or stockholders of the Company
or any Subsidiary, on the other hand, that is required by the rules of FINRA to be described in the Registration Statement and
the Prospectus that is not so described; (iv)&nbsp;except as described in the Registration Statement and the Prospectus, there
are no material outstanding loans or advances or material guarantees of indebtedness by the Company or any Subsidiary to or for
the benefit of any of their respective officers or directors or any of the members of the families of any of them; (v) the Company
has not offered, or caused any placement agent to offer, Common Stock to any person with the intent to influence unlawfully (A)&nbsp;a
customer or supplier of the Company or any Subsidiary to alter the customer&rsquo;s or supplier&rsquo;s level or type of business
with the Company or any Subsidiary or (B)&nbsp;a trade journalist or publication to write or publish favorable information about
the Company or any Subsidiary or any of their respective products or services, and (vi) neither the Company nor any Subsidiary
nor to the Company&rsquo;s knowledge any director, officer, or employee of the Company or any Subsidiary nor, any agent, affiliate,
or other person acting on behalf of the Company or any Subsidiary has (A) violated or is in violation of any applicable provision
of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or any other applicable anti-bribery or anti-corruption law (collectively,
&ldquo;<B><U>Anti-Corruption Laws</U></B>&rdquo;), (B) promised, offered, provided, attempted to provide, or authorized the provision
of anything of value, directly or indirectly, to any person for the purpose of obtaining or retaining business, influencing any
act or decision of the recipient, or securing any improper advantage; or (C) made any payment of funds of the Company or any Subsidiary
or received or retained any funds in violation of any Anti-Corruption Laws.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(rr)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Status Under the Securities Act</U>. The Company was not and is not an ineligible issuer
as defined in Rule 405 under the Securities Act at the times specified in Rules 164 and 433 under the Securities Act in connection
with the offering of the Placement Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ss)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Misstatement or Omission in an Issuer Free Writing Prospectus</U>. Each Issuer Free
Writing Prospectus, as of its issue date and as of each Applicable Time (as defined in <U>Section 24</U> below), did not, does
not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration
Statement or the Prospectus, including any Incorporated Document deemed to be a part thereof that has not been superseded or modified.
The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity
with written information furnished to the Company by the Agents specifically for use therein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(tt)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Conflicts</U>. Neither the execution of this Agreement, nor the issuance, offering or
sale of the Placement Shares, nor the consummation of any of the transactions contemplated herein and therein, nor the compliance
by the Company with the terms and provisions hereof and thereof will conflict with, or will result in a breach of, any of the terms
and provisions of, or has constituted or will constitute a default under, or has resulted in or will result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any contract
or other agreement to which the Company may be bound or to which any of the property or assets of the Company is subject, except
(i) such conflicts, breaches or defaults as may have been waived and (ii) such conflicts, breaches and defaults that would not
have a Material Adverse Effect; nor will such action result (x) in any violation of the provisions of the organizational or governing
documents of the Company, or (y) in any material violation of the provisions of any statute or any order, rule or regulation applicable
to the Company or of any Governmental Authority having jurisdiction over the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(uu)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">&nbsp;<U>Sanctions</U>. (i) The Company represents that, neither the Company nor any of its
Subsidiaries (collectively, the &ldquo;<B><U>Entity</U></B>&rdquo;) or, to the Entity&rsquo;s knowledge, any director, officer,
employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in this paragraph (uu), &ldquo;<B><U>Person</U></B>&rdquo;)
that is, or is owned or controlled by a Person that is:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;the
subject of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s Office of Foreign Assets Control (&ldquo;<B><U>OFAC</U></B>&rdquo;),
the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authorities,
including, without limitation, designation on OFAC&rsquo;s Specially Designated Nationals and Blocked Persons List or OFAC&rsquo;s
Foreign Sanctions Evaders List (as amended, collectively, &ldquo;<B><U>Sanctions</U></B>&rdquo;), nor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;located,
organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country
or territory (including, without limitation, Cuba, Iran, North Korea, Syria, and the Crimea Region of the Ukraine) (the &ldquo;<B><U>Sanctioned
Countries</U></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 12pt; text-align: justify; text-indent: 24pt">&#9;(ii)&nbsp;&nbsp;The
Entity represents and covenants that it will not, directly or indirectly, use the proceeds of the offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;to
fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding
or facilitation, is the subject of Sanctions or is a Sanctioned Country; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;in
any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering,
whether as underwriter, advisor, investor or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 12pt; text-align: justify; text-indent: 24pt">&#9;(iii)&nbsp;&nbsp;The
Entity represents and covenants that, except as detailed in the Registration Statement and the Prospectus, for the past 5 years,
it has not knowingly engaged in, is not now knowingly engaging in, and will not knowingly engage in, any dealings or transactions
with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions
or is or was a Sanctioned Country.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Stock Transfer Taxes</U>. On each Settlement Date, all stock transfer or other taxes (other
than income taxes) which are required to be paid in connection with the sale and transfer of the Placement Shares to be sold hereunder
will be, or will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been
fully complied with.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ww)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Compliance with Laws</U>. Each of the Company and its Subsidiaries: (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 or its Subsidiaries (&ldquo;<B><U>Applicable Laws</U></B>&rdquo;), except
as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; (B) has not received
any FDA Form 483, notice of adverse finding, warning letter, untitled letter or other written correspondence or notice from the
FDA or 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;<B><U>Authorizations</U></B>&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 written 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 written 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 material 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, &ldquo;dear healthcare provider&rdquo; letter, 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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(xx)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Statistical and Market-Related Data</U>.&nbsp; The statistical, demographic and market-related
data included in the Registration Statement and Prospectus are based on or derived from sources that the Company believes to be
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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(yy)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Cyber Security</U>. Except as may be included or incorporated by reference in the Registration
Statement and the Prospectus, (x) to the Company&rsquo;s knowledge, there has been no material security breach or other material
compromise of or relating to any of the Company&rsquo;s information technology and computer systems, networks, hardware, software,
data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or
on behalf of them), equipment or technology (collectively, &ldquo;<B><U>IT Systems and Data</U></B>&rdquo;) and (y) the Company
has not been notified of, and have no knowledge of any event or condition that would reasonably be expected to result in, any material
security breach or other material compromise to their IT Systems and Data; (ii) the Company is presently in compliance with all
applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory
authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the
protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in
the case of this clause (ii), individually or in the aggregate, result in a Material Adverse Effect; and (iii) the Company has
implemented backup and disaster recovery technology consistent with industry standards and practices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any certificate
signed by an officer of the Company and delivered to the Agents or to counsel for the Agents pursuant to or in connection with
this Agreement shall be deemed to be a representation and warranty by the Company, as applicable, to the Agents as to the matters
set forth therein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Covenants of the Company</U>. The Company covenants and agrees with each of the Agents
that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Registration Statement Amendments</U>. After the date of this Agreement and during any
period in which a Prospectus relating to any Placement Shares is required to be delivered by the Agents under the Securities Act
(including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act or similar rule),
(i)&nbsp;the Company will notify the Agents promptly of the time when any subsequent amendment to the Registration Statement, other
than Incorporated Documents, has been filed with the Commission and/or has become effective or any subsequent supplement to the
Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or
Prospectus or for additional information, (ii)&nbsp;the Company will prepare and file with the Commission, promptly upon the Agents&rsquo;
request, any amendments or supplements to the Registration Statement or Prospectus that, in the Agents&rsquo; reasonable opinion,
may be necessary or advisable in connection with the distribution of the Placement Shares by the Agents (<I>provided</I>, <I>however</I>,
that the failure of the Agents to make such request shall not relieve the Company of any obligation or liability hereunder, or
affect the Agents&rsquo; right to rely on the representations and warranties made by the Company in this Agreement and <I>provided</I>,
<I>further</I>, that the only remedy the Agents shall have with respect to the failure to make such filing shall be to cease making
sales under this Agreement until such amendment or supplement is filed); (iii)&nbsp;the Company will not file any amendment or
supplement to the Registration Statement or Prospectus relating to the Placement Shares or a security convertible into the Placement
Shares unless a copy thereof has been submitted to Agents within a reasonable period of time before the filing and the Agents has
not objected in writing thereto within two (2) Business Days (<I>provided</I>, <I>however</I>, that (A) the failure of the Agents
to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agents&rsquo; right
to rely on the representations and warranties made by the Company in this Agreement and (B) the Company has no obligation to provide
the Agents any advance copy of such filing or to provide the Agents an opportunity to object to such filing, if such filing does
not name the Agents and does not reference the transactions contemplated under this Agreement; and <I>provided</I>, <I>further</I>,
that the only remedy the Agents shall have with respect to the failure by the Company to obtain such consent shall be to cease
making sales under this Agreement) and the Company will furnish to the Agents at the time of filing thereof a copy of any document
that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents
available via EDGAR; and (iv)&nbsp;the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission
as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be incorporated
therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed
(the determination to file or not file any amendment or supplement with the Commission under this <U>Section 7(a)</U>, based on
the Company&rsquo;s reasonable opinion or reasonable objections, shall be made exclusively by the Company).</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Notice of Commission Stop Orders</U>. The Company will advise the Agents, promptly after
it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering or
sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use
its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order
should be issued. The Company will advise the Agents promptly after it receives any request by the Commission for any amendments
to the Registration Statement or any amendment or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional
information related to the offering of the Placement Shares or for additional information related to the Registration Statement,
the Prospectus or any Issuer Free Writing Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Delivery of Prospectus; Subsequent Changes</U>. During any period in which a Prospectus
relating to the Placement Shares is required to be delivered by the Agents under the Securities Act with respect to the offer and
sale of the Placement Shares, (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the
Securities Act or similar rule), the Company will comply with all requirements imposed upon it by the Securities Act, as from time
to time in force, and to file on or before their respective due dates all reports and any definitive proxy or information statements
required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of
or under the Exchange Act. If the Company has omitted any information from the Registration Statement pursuant to Rule 430B under
the Securities Act, it will use its best efforts to comply with the provisions of and make all requisite filings with the Commission
pursuant to said Rule 430B and to notify the Agents promptly of all such filings. If during such period any event occurs as a result
of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if
during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities
Act, the Company will promptly notify the Agents to suspend the offering of Placement Shares during such period and the Company
will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such
statement or omission or effect such compliance; <I>provided</I>, <I>however</I>, that the Company may delay any such amendment
or supplement if, in the reasonable judgment of the Company, it is in the best interest of the Company to do so.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Listing of Placement Shares</U>. Prior to the date of the first Placement Notice, the Company
will use its reasonable best efforts to cause the Placement Shares to be listed on the Exchange.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Delivery of Registration Statement and Prospectus</U>. The Company will furnish to the
Agents and their counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all Incorporated
Documents) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during
any period in which a Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including
all Incorporated Documents filed with the Commission during such period), in each case as soon as reasonably practicable and in
such quantities as the Agents may from time to time reasonably request and, at the Agents&rsquo; request, will also furnish copies
of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; <I>provided</I>, <I>however</I>,
that the Company shall not be required to furnish any document (other than the Prospectus) to the Agents to the extent such document
is available on EDGAR.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Earning Statement</U>. To the extent not available on EDGAR, the Company will make generally
available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company&rsquo;s
current fiscal quarter, an earning statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule
158 of the Securities Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Use of Proceeds</U>. The Company will use the Net Proceeds as described in the Prospectus
in the section entitled &ldquo;Use of Proceeds.&rdquo;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Notice of Other Sales</U>. Without the prior written consent of the Agents, the Company
will not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common
Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common
Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the fifth (5<SUP>th</SUP>) Trading
Day immediately prior to the date on which any Placement Notice is delivered to the Agents hereunder and ending on the fifth (5<SUP>th</SUP>)
Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice
(or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement
Notice, the date of such suspension or termination); and will not directly or indirectly in any other &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 any Common
Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common
Stock, warrants or any rights to purchase or acquire, Common Stock prior to the later of the termination of this Agreement and
the sixtieth (60<SUP>th</SUP>) day immediately following the final Settlement Date with respect to Placement Shares sold pursuant
to such Placement Notice; <I>provided</I>, <I>however</I>, that such restrictions will not be required in connection with the Company&rsquo;s
issuance or sale of (i)&nbsp;Common Stock, options to purchase Common Stock or Common Stock issuable upon the exercise of options,
pursuant to any employee or director stock option or benefits plan, stock ownership plan or dividend reinvestment plan (but not
Common Stock subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect
or hereafter implemented, (ii)&nbsp;Common Stock issuable upon conversion of securities or the exercise of warrants, options or
other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing to the
Agents and (iii) Common Stock or securities convertible into or exchangeable for shares of Common Stock as consideration for mergers,
acquisitions, other business combinations or strategic alliances occurring after the date of this Agreement which are not issued
for capital raising purposes.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Change of Circumstances</U>. The Company will, at any time during the pendency of a Placement
Notice advise the Agents promptly after it shall have received notice or obtained knowledge thereof, of any information or fact
that would alter or affect in any material respect any opinion, certificate, letter or other document required to be provided to
the Agents pursuant to this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Due Diligence Cooperation</U>. The Company will cooperate with any reasonable due diligence
review conducted by the Agents or their representatives in connection with the transactions contemplated hereby, including, without
limitation, providing information and making available documents and senior corporate officers, during regular business hours and
at the Company&rsquo;s principal offices, as the Agents may reasonably request.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Required Filings Relating to Placement of Placement Shares</U>. The Company shall disclose,
in its quarterly reports on Form 10-Q and in its annual report on Form 10-K to be filed by the Company with the Commission from
time to time, the number of the Placement Shares sold through the Agents under this Agreement, and the net proceeds to the Company
from the sale of the Placement Shares pursuant to this Agreement during the relevant quarter or, in the case of an Annual Report
on Form 10-K, during the fiscal year covered by such Annual Report and the fourth quarter of such fiscal year. The Company agrees
that on such dates as the Securities Act shall require, the Company will (i)&nbsp;file a prospectus supplement with the Commission
under the applicable paragraph of Rule 424(b) under the Securities Act (each and every filing date under Rule 424(b), a &ldquo;<B><U>Filing
Date</U></B>&rdquo;), which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold
through the Agents, the Net Proceeds to the Company and the compensation payable by the Company to the Agents with respect to such
Placement Shares, and (ii)&nbsp;deliver such number of copies of each such prospectus supplement to each exchange or market on
which such sales were effected as may be required by the rules or regulations of such exchange or market.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representation Dates; Certificate</U>. (1) Prior to the date of the first Placement Notice
and (2) each time the Company:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(i) files the
Prospectus relating to the Placement Shares or amends or supplements (other than a prospectus supplement relating solely to an
offering of securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement
Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference
into the Registration Statement or the Prospectus relating to the Placement Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(ii) files an
annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information or a material
amendment to the previously filed Form 10-K);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(iii) files
its quarterly reports on Form 10-Q under the Exchange Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(iv) files a
current report on Form 8-K containing amended financial information (other than information &ldquo;furnished&rdquo; pursuant to
Items 2.02 or 7.01 of Form&nbsp;8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification
of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under
the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a &ldquo;<B><U>Representation
Date</U></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">the Company shall
furnish the Agents (but in the case of clause (iv) above only if the Agents reasonably determines that the information contained
in such Form 8-K is material) with a certificate dated the Representation Date, in the form and substance satisfactory to the Agents
and its counsel, substantially similar to the form previously provided to the Agents and their counsel, modified, as necessary,
to relate to the Registration Statement and the Prospectus as amended or supplemented. The requirement to provide a certificate
under this <U>Section 7(l)</U> shall be waived for any Representation Date occurring at a time a Suspension is in effect, which
waiver shall continue until the earlier to occur of the date the Company delivers instructions for the sale of Placement Shares
hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.
Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when
a Suspension was in effect and did not provide the Agents with a certificate under this <U>Section 7(l)</U>, then before the Company
delivers the instructions for the sale of Placement Shares or either of the Agents sell any Placement Shares pursuant to such instructions,
the Company shall provide the Agents with a certificate in conformity with this <U>Section 7(l)</U> dated as of the date that the
instructions for the sale of Placement Shares are issued.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Legal Opinion</U>. (1) Prior to the date of the first Placement Notice and (2) within five
(5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant to
<U>Section 7(l)</U> for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause to be furnished
to the Agents a written opinion of each of (A) K&amp;L Gates LLP, (B) Snell &amp; Wilmer L.L.P. (&ldquo;<B><U>Company Counsel</U></B>&rdquo;),
or other counsel satisfactory to the Agents, in form and substance satisfactory to Agent and its counsel, substantially similar
to the form previously provided to the Agents and their counsel, modified, as necessary, to relate to the Registration Statement
and the Prospectus as then amended or supplemented; <I>provided</I>, <I>however</I>, the Company shall be required to furnish to
Agents no more than one opinion hereunder per calendar quarter; <I>provided</I>, <I>further</I>, that in lieu of such opinions
for subsequent periodic filings under the Exchange Act, counsel may furnish the Agents with a letter (a &ldquo;<B><U>Reliance Letter</U></B>&rdquo;)
to the effect that the Agents may rely on a prior opinion delivered under this <U>Section 7(m)</U> to the same extent as if it
were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Comfort Letter</U>. (1) Prior to the date of the first Placement Notice and (2) within
five (5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant
to <U>Section 7(l)</U> for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause its
independent registered public accounting firm to furnish the Agents letters (the &ldquo;<B><U>Comfort Letters</U></B>&rdquo;),
dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this <U>Section 7(n)</U>; <I>provided</I>,
that if requested by the Agents, the Company shall cause a Comfort Letter to be furnished to the Agents within ten (10) Trading
Days of the date of occurrence of any material transaction or event requiring the filing of a Current Report on Form 8-K containing
material financial information (including the restatement of the Company&rsquo;s financial statements). The Comfort Letter from
the Company&rsquo;s independent registered public accounting firm shall be in a form and substance reasonably satisfactory to the
Agents, (i) confirming that they are an independent registered public accounting firm within the meaning of the Securities Act
and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information
and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters in connection with registered
public offerings (the first such letter, the &ldquo;<B><U>Initial Comfort Letter</U></B>&rdquo;) and (iii) updating the Initial
Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date
and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of
such letter.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Market Activities; Compliance with Regulation M</U>. The Company will not, directly or
indirectly, (i)&nbsp;take any action designed to cause or result in, or that constitutes or would reasonably be expected to constitute,
the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Common Stock
or (ii)&nbsp;sell, bid for, or purchase Common Stock in violation of Regulation M, or pay anyone any compensation for soliciting
purchases of the Placement Shares other than the Agents.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Investment Company Act</U>. The Company will conduct its affairs in such a manner so as
to reasonably ensure that neither it nor any of its Subsidiaries will be or become, at any time prior to the termination of this
Agreement, required to register as an &ldquo;investment company,&rdquo; as such term is defined in the Investment Company Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(q)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Offer to Sell</U>. Other than an Issuer Free Writing Prospectus approved in advance
by the Company and the Agents in their capacity as agents hereunder, neither the Agents nor the Company (including its agents and
representatives, other than the Agents in their capacity as such) will make, use, prepare, authorize, approve or refer to any written
communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an
offer to sell or solicitation of an offer to buy Placement Shares hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(r)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Blue Sky and Other Qualifications</U><I>. </I> The Company will use its commercially reasonable
efforts, in cooperation with the Agents, to qualify the Placement Shares for offering and sale, or to obtain an exemption for the
Placement Shares to be offered and sold, under the applicable securities laws of such states and other jurisdictions (domestic
or foreign) as the Agents may designate and to maintain such qualifications and exemptions in effect for so long as required for
the distribution of the Placement Shares (but in no event for less than one year from the date of this Agreement); <I>provided</I>,
<I>however</I>, 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. In each jurisdiction in which the Placement
Shares have been so qualified or exempt, the Company will file such statements and reports as may be required by the laws of such
jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the distribution
of the Placement Shares (but in no event for less than one year from the date of this Agreement).</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(s)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sarbanes-Oxley Act</U>. The Company and the Subsidiaries will maintain and keep accurate
books and records reflecting their assets and maintain internal accounting controls in a manner designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles and including those policies and procedures that (i)&nbsp;pertain to the
maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of the Company, (ii)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit the preparation of
the Company&rsquo;s consolidated financial statements in accordance with generally accepted accounting principles, (iii)&nbsp;that
receipts and expenditures of the Company are being made only in accordance with management&rsquo;s and the Company&rsquo;s directors&rsquo;
authorization, and (iv)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of the Company&rsquo;s assets that could have a material effect on its financial statements. The Company and
the Subsidiaries will maintain such controls and other procedures, including, without limitation, those required by Sections 302
and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to ensure that information required
to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission&rsquo;s rules and forms, including, without limitation, controls
and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits
under the Exchange Act is accumulated and communicated to the Company&rsquo;s management, including its principal executive officer
and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure and to ensure that material information relating to the Company or the Subsidiaries is made known to them by others
within those entities, particularly during the period in which such periodic reports are being prepared.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(t)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Secretary&rsquo;s Certificate; Further Documentation</U>. Prior to the date of the first
Placement Notice, the Company shall deliver to the Agents a certificate of the Secretary of the Company and attested to by an executive
officer of the Company, dated as of such date, certifying as to (i) the Articles of Incorporation of the Company, (ii) the By-laws
of the Company, (iii) the resolutions of the Board of Directors of the Company authorizing the execution, delivery and performance
of this Agreement and the issuance of the Placement Shares and (iv) the incumbency of the officers duly authorized to execute this
Agreement and the other documents contemplated by this Agreement. Within five (5) Trading Days of each Representation Date, the
Company shall have furnished to the Agents such further information, certificates and documents as the Agents may reasonably request.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Payment of Expenses</U>. The Company will pay all expenses incident to the performance
of its obligations under this Agreement, including (i)&nbsp;the preparation and filing of the Registration Statement, including
any fees required by the Commission, and the printing or electronic delivery of the Prospectus as originally filed and of each
amendment and supplement thereto, in such number as the Agents shall deem necessary, (ii) the printing and delivery to the Agents
of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery
of the Placement Shares, (iii)&nbsp;the preparation, issuance and delivery of the certificates, if any, for the Placement Shares
to the Agents, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable
upon the sale, issuance or delivery of the Placement Shares to the Agents, (iv)&nbsp;the fees and disbursements of the counsel,
accountants and other advisors to the Company, (v)&nbsp;the fees and expenses of Agents including but not limited to the fees and
expenses of the counsel to the Agents, payable upon the execution of this Agreement, in an amount not to exceed $50,000, (vi)&nbsp;the
qualification or exemption of the Placement Shares under state securities laws in accordance with the provisions of <U>Section&nbsp;7(r)</U>
hereof, including filing fees, but excluding fees of the Agents&rsquo; counsel, (vii)&nbsp;the printing and delivery to the Agents
of copies of any Permitted Issuer Free Writing Prospectus and the Prospectus and any amendments or supplements thereto in such
number as the Agents shall deem necessary, (viii)&nbsp;the preparation, printing and delivery to the Agents of copies of the blue
sky survey, (ix)&nbsp;the fees and expenses of the transfer agent and registrar for the Common Stock, (x)&nbsp;the filing and other
fees incident to any review by FINRA of the terms of the sale of the Placement Shares including the fees of the Agents&rsquo; counsel
(subject to the cap, set forth in clause (v) above), and (xi)&nbsp;the fees and expenses incurred in connection with the listing
of the Placement Shares on the Exchange.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representations and Covenants of Agents</U>. Each Agent represents and warrants that it
is duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in
which the Placement Shares will be offered and sold, except such states in which such Agent is exempt from registration or such
registration is not otherwise required. Each Agent shall continue, for the term of this Agreement, to be duly registered as a broker-dealer
under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered
and sold, except such states in which such Agent is exempt from registration or such registration is not otherwise required, during
the term of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Conditions to Agents&rsquo; Obligations</U>. The obligations of the Agents hereunder with
respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by
the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by the Agents of a due
diligence review satisfactory to it in its reasonable judgment, and to the continuing satisfaction (or waiver by each of the Agents
in its sole discretion) of the following additional conditions:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Registration Statement Effective</U>. The Registration Statement shall have become effective
and shall be available for the (i)&nbsp;resale of all Placement Shares issued to the an Agent and not yet sold by such Agent and
(ii) sale of all Placement Shares contemplated to be issued by any Placement Notice.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Material Notices</U>. None of the following events shall have occurred and be continuing:
(i)&nbsp;receipt by the Company of any request for additional information from the Commission or any other federal or state Governmental
Authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective
amendments or supplements to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other
federal or state Governmental Authority of any stop order suspending the effectiveness of the Registration Statement or the initiation
of any proceedings for that purpose; (iii)&nbsp;receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose; or (iv)&nbsp;the occurrence of any event that makes any statement of a material
fact made in the Registration Statement or the Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue or that requires the making of any changes in the Registration Statement, the Prospectus or documents so that,
in the case of the Registration Statement, it will not contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus,
it will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Misstatement or Material Omission</U>. The Agents shall not have advised the Company
that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that
in the Agents&rsquo; reasonable opinion is material, or omits to state a fact that in the Agents&rsquo; reasonable opinion is material
and is required to be stated therein or is necessary to make the statements therein not misleading.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Material Changes</U>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s
reports filed with the Commission, there shall not have been any material adverse change in the authorized capital stock of the
Company or any Material Adverse Effect or any development that would reasonably be expected to cause a Material Adverse Effect,
or a downgrading in or withdrawal of the rating assigned to any of the Company&rsquo;s securities (other than asset backed securities)
by any rating organization or a public announcement by any rating organization that it has under surveillance or review its rating
of any of the Company&rsquo;s securities (other than asset backed securities), the effect of which, in the case of any such action
by a rating organization described above, in the reasonable judgment of the Agents (without relieving the Company of any obligation
or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of
the Placement Shares on the terms and in the manner contemplated in the Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Legal Opinions</U>. The Agents shall have received the opinions of Company Counsel required
to be delivered pursuant to <U>Section 7(m)</U> on or before the date on which such delivery of such opinions is required pursuant
to <U>Section 7(m)</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Comfort Letter</U>. The Agents shall have received the Comfort Letter required to be delivered
pursuant to <U>Section 7(n)</U> on or before the date on which such delivery of such Comfort Letter is required pursuant to <U>Section
7(n)</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representation Certificate</U>. The Agents shall have received the certificate required
to be delivered pursuant to <U>Section 7(l)</U> on or before the date on which delivery of such certificate is required pursuant
to <U>Section 7(l)</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Suspension</U>. Trading in the Common Stock shall not have been suspended on the Exchange
and the Common Stock shall not have been delisted from the Exchange.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Other Materials</U>. On each date on which the Company is required to deliver a certificate
pursuant to <U>Section 7(l)</U>, the Company shall have furnished to the Agents such appropriate further information, opinions,
certificates, letters and other documents as the Agents may reasonably request. All such opinions, certificates, letters and other
documents will be in compliance with the provisions hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Securities Act Filings Made</U>. All filings with the Commission required by Rule 424 under
the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable
time period prescribed for such filing by Rule 424.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Approval for Listing</U>. The Placement Shares shall either have been (i) approved for
listing on the Exchange, subject only to notice of issuance, or (ii) the Company shall have filed an application for listing of
the Placement Shares on the Exchange at, or prior to, the issuance of any Placement Notice and the Exchange shall have reviewed
such application and not provided any objections thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>FINRA</U>. If applicable, FINRA shall have raised no objection to the terms of this offering
and the amount of compensation allowable or payable to the Agents as described in the Prospectus. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Termination Event</U>. There shall not have occurred any event that would permit the
Agents to terminate this Agreement pursuant to <U>Section 13(a)</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Indemnification and Contribution</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Company Indemnification</U>. The Company agrees to indemnify and hold harmless the Agents,
their affiliates and their respective partners, members, directors, officers, employees and agents and each person, if any, who
controls the applicable Agent or any affiliate within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of
the Exchange Act as follows: </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint
or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement
of a material fact included in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto),
or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint
or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any
Governmental Authority, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or
any such alleged untrue statement or omission; <I>provided</I> that (subject to <U>Section&nbsp;11(d)</U> below) any such settlement
is effected with the written consent of the Company, which consent shall not unreasonably be delayed or withheld; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">against any and all expense whatsoever, as incurred (including the fees and disbursements
of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding
by any Governmental Authority, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission (whether or not a party), to the extent that any such expense is not paid under
(i)&nbsp;or (ii)&nbsp;above,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>provided</I>, <I>however</I>,
that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any
untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with the Agent
Information (as defined below).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Indemnification by the Agents</U>. Each respective Agent, severally but not jointly, agrees
to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration Statement,
and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in <U>Section 11(a)</U>,
as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendments thereto), the Prospectus (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus
(or any amendment or supplement thereto) in reliance upon and in conformity with information relating to such Agent and furnished
to the Company in writing by such Agent expressly for use therein. The Company hereby acknowledges that the only information that
the Agents have furnished to the Company expressly for use in the Registration Statement, the Prospectus or any Issuer Free Writing
Prospectus (or any amendment or supplement thereto) are the statements set forth in the eighth and ninth paragraphs under the caption
&ldquo;Plan of Distribution&rdquo; in the Prospectus (the &ldquo;<B><U>Agent Information</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Procedure</U>. Any party that proposes to assert the right to be indemnified under this
<U>Section 11</U> will, promptly after receipt of notice of commencement of any action against such party in respect of which a
claim is to be made against an indemnifying party or parties under this <U>Section 11</U>, notify each such indemnifying party
of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party
will not relieve the indemnifying party from (i)&nbsp;any liability that it might have to any indemnified party otherwise than
under this <U>Section 11</U> and (ii)&nbsp;any liability that it may have to any indemnified party under the foregoing provision
of this <U>Section 11</U> unless, and only to the extent that, such omission results in the forfeiture of substantive rights or
defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying
party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering
written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified
party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably
satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to
assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided
below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the
defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other
charges of such counsel will be at the expense of such indemnified party unless (1)&nbsp;the employment of counsel by the indemnified
party has been authorized in writing by the indemnifying party, (2)&nbsp;the indemnified party has reasonably concluded (based
on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or
in addition to those available to the indemnifying party, (3)&nbsp;a conflict or potential conflict exists (based on advice of
counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party
will not have the right to direct the defense of such action on behalf of the indemnified party) or (4)&nbsp;the indemnifying party
has not in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party,
in each case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable
fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood
that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees, disbursements and other charges of more than one separate firm (plus local counsel) admitted
to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other
charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will not, in any event,
be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without
the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending
or threatened claim, action or proceeding relating to the matters contemplated by this <U>Section 11</U> (whether or not any indemnified
party is a party thereto), unless such settlement, compromise or consent (1)&nbsp;includes an express and unconditional release
of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising
out of such litigation, investigation, proceeding or claim and (2)&nbsp;does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Settlement Without Consent if Failure to Reimburse</U><I>. </I> If an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party for reasonable fees and expenses of counsel, such
indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by <U>Section&nbsp;11(a)(ii)</U>
effected without its written consent if (1)&nbsp;such settlement is entered into more than 45 days after receipt by such indemnifying
party of the aforesaid request, (2)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into and (3)&nbsp;such indemnifying party shall not have reimbursed such indemnified
party in accordance with such request prior to the date of such settlement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Contribution</U>. In order to provide for just and equitable contribution in circumstances
in which the indemnification provided for in the foregoing paragraphs of this <U>Section 11</U> is applicable in accordance with
its terms but for any reason is held to be unavailable or insufficient from the Company or an Agent, the Company and such Agent
will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses
reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted)
to which the Company and the Agents may be subject in such proportion as shall be appropriate to reflect the relative benefits
received by the Company on the one hand and the Agents on the other hand. The relative benefits received by the Company on the
one hand and the Agents on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale
of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation received by the Agents
from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence
is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect
not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand,
and such Agent, on the other hand, with respect to the statements or omission that resulted in such loss, claim, liability, expense
or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering.
Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of
a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or such
Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and each Agent agree that it would not be just and equitable if contributions pursuant to this
<U>Section 11(e)</U> were to be determined by pro rata allocation or by any other method of allocation that does not take into
account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the
loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this <U>Section 11(e)</U> shall
be deemed to include, for the purpose of this <U>Section 11(e)</U>, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim to the extent consistent with <U>Section 11(c)</U>
hereof. Notwithstanding the foregoing provisions of this <U>Section 11(e)</U>, no Agent shall not be required to contribute any
amount in excess of the commissions received by such Agent under this Agreement and no person found guilty of fraudulent misrepresentation
(within the meaning of <U>Section 11(f)</U> of the Securities Act) will be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this <U>Section 11(e)</U>, any person who controls a party to this
Agreement within the meaning of the Securities Act, any affiliates of an Agent and any officers, directors, partners, employees
or agents of an Agent or any of its affiliates, will have the same rights to contribution as that party, and each director of the
Company and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the
Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of
commencement of any action against such party in respect of which a claim for contribution may be made under this <U>Section 11(e)</U>,
will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that
party or parties from whom contribution may be sought from any other obligation it or they may have under this <U>Section 11(e)</U>
except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of
the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of <U>Section 11(c)</U>
hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such
consent is required pursuant to <U>Section 11(c)</U> hereof. The Agents&rsquo; respective obligations to contribute pursuant to
this Section 11(e) are several in proportion to the respective number of Placement Shares they have sold hereunder, and not joint.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representations and Agreements to Survive Delivery</U>. The indemnity and contribution
agreements contained in <U>Section 11</U> of this Agreement and all representations and warranties of the Company herein or in
certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i)&nbsp;any investigation made
by or on behalf of any Agent, any controlling persons, or the Company (or any of their respective officers, directors, employees
or controlling persons), (ii)&nbsp;delivery and acceptance of the Placement Shares and payment therefor or (iii)&nbsp;any termination
of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Termination</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">An Agent may terminate this Agreement, by notice to the Company, as hereinafter specified
at any time (1)&nbsp;if there has been, since the time of execution of this Agreement or since the date as of which information
is given in the Prospectus, any change, or any development or event involving a prospective change, in the condition, financial
or otherwise, or in the business, properties, earnings, results of operations or prospects of the Company and its Subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of business, which individually or in the aggregate,
in the sole judgment of such Agent is material and adverse and makes it impractical or inadvisable to market the Placement Shares
or to enforce contracts for the sale of the Placement Shares, (2)&nbsp;if there has occurred any material adverse change in the
financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof
or other calamity or crisis or any change or development involving a prospective change in national or international political,
financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of such Agent, impracticable
or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (3)&nbsp;if trading
in the Common Stock has been suspended or limited by the Commission or the Exchange, or if trading generally on the Exchange has
been suspended or limited, or minimum prices for trading have been fixed on the Exchange, (4) if any suspension of trading of any
securities of the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major
disruption of securities settlements or clearance services in the United States shall have occurred and be continuing, or (6)&nbsp;if
a banking moratorium has been declared by either U.S. Federal or New York authorities. Any such termination shall be without liability
of any party to any other party except that the provisions of <U>Section 8</U> (Payment of Expenses), <U>Section 11</U> (Indemnification
and Contribution), <U>Section 12</U> (Representations and Agreements to Survive Delivery), <U>Section 18</U> (Governing Law and
Time; Waiver of Jury Trial) and <U>Section 19</U> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding
such termination. If an Agent elects to terminate this Agreement as provided in this <U>Section 13(a)</U>, such Agent shall provide
the required notice as specified in <U>Section 14</U> (Notices). For the avoidance of doubt, the termination by one Agent of its
rights and obligations under this Agreement pursuant to this Section 13(a) shall not affect the rights and obligations of the other
Agent under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Company shall have the right, by giving ten (10) days notice as hereinafter specified
to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be
without liability of any party to any other party except that the provisions of <U>Section 8</U>, <U>Section 11</U>, <U>Section
12</U>, <U>Section 18</U> and <U>Section 19</U> hereof shall remain in full force and effect notwithstanding such termination.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each of the Agents shall have the right, by giving ten (10) days&rsquo; notice as hereinafter
specified to terminate this Agreement, with respect to such Agent&rsquo;s rights and obligations under this Agreement, in its sole
discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other
party except that the provisions of <U>Section 8</U>, <U>Section 11</U>, <U>Section 12</U>, <U>Section 18</U> and <U>Section 19</U>
hereof shall remain in full force and effect notwithstanding such termination. For the avoidance of doubt, the termination by one
Agent of its rights and obligations under this Agreement pursuant to this Section 13(c) shall not affect the rights and obligations
of the other Agent under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">This Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections
13(a)</U>, <U>(b)</U> or <U>(c)</U> above or otherwise by mutual agreement of the parties; <I>provided</I>, <I>however</I>, that
any such termination by mutual agreement shall in all cases be deemed to provide that <U>Section 8</U>, <U>Section 11</U>, <U>Section
12</U>, <U>Section 18</U> and <U>Section 19</U> shall remain in full force and effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any termination of this Agreement shall be effective on the date specified in such notice
of termination; <I>provided</I>, <I>however</I>, that such termination shall not be effective until the close of business on the
date of receipt of such notice by an Agent or the Company, as the case may be. If such termination shall occur prior to the Settlement
Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>. All notices or other communications required or permitted to be given by any
party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified, and if sent to
the Agents, shall be delivered to: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Cantor Fitzgerald
&amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">499 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Attention:&#9;Capital
Markets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Facsimile:&#9;(212)
307-3730</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Cantor Fitzgerald
&amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">499 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Attention:&#9;General
Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Facsimile:&#9;(212)
829-4708</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4in 0 1in; text-align: justify">SVB Leerink LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">1301 Avenue of the
Americas, 12<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Attention: Equity
Capital Markets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Facsimile: (646)
499-7122</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">SVB Leerink LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">1301 Avenue of the
Americas, 12<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Attention: Legal
/ Stuart R. Nayman, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Email: stuart.nayman@svbleerink.com</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">55 Hudson Yards</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">New York, NY
10001</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">Attention:&#9;Daniel
I. Goldberg, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">Facsimile:&#9;(212) 479-6275</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: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">and if to
the Company, shall be delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Anavex Life Sciences
Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: 0in">51 West 52nd Street,
7<SUP>th</SUP> Floor<BR>
New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: 0in">Attention:&#9;Christopher
Missling, PhD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">Facsimile:&#9;(646)
952-7817</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">K&amp;L Gates LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">200 S. Biscayne Blvd.,
Suite 3900</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Miami, Florida 33131</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Attention:&#9;Clayton
Parker, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">Facsimile:&#9;(305)
358-7095</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each party to this
Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such
purpose. Each such notice or other communication shall be deemed given (i)&nbsp;when delivered personally or by verifiable facsimile
transmission (with an original to follow) on or before 4:30&nbsp;p.m., New York City time, on a Business Day or, if such day is
not a Business Day, on the next succeeding Business Day, (ii)&nbsp;by Electronic Notice, as set forth below, (iii) on the next
Business Day after timely delivery to a nationally-recognized overnight courier and (iv)&nbsp;on the Business Day actually received
if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement,
&ldquo;<B><U>Business Day</U></B>&rdquo; shall mean any day on which the Exchange and commercial banks in the City of New York
are open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">An electronic communication
(&ldquo;<B><U>Electronic Notice</U></B>&rdquo;) shall be deemed written notice for purposes of this Section 14 if sent to the electronic
mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the
party sending Electronic Notice receives verification of receipt by the receiving party. Any party receiving Electronic Notice
may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&ldquo;<B><U>Nonelectronic Notic</U>e</B>&rdquo;)
which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Successors and Assigns</U>. This Agreement shall inure to the benefit of and be binding
upon the Company and the Agents and their respective successors and the parties referred to in Section 11 hereof. References to
any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent
of the other party; <I>provided</I>, <I>however</I>, that each Agent may assign its rights and obligations hereunder to an affiliate
thereof without obtaining the Company&rsquo;s consent so long as such affiliate is a registered broker dealer and such Agent provides
notice of such assignment to the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all share-related
numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected
with respect to the Placement Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Entire Agreement; Amendment; Severability; Waiver</U>. This Agreement (including all schedules
and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all
other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the
subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed
by the Company and each of the Agents. In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such
provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the
remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision
was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions
hereof shall be in accordance with the intent of the parties as reflected in this Agreement. No implied waiver by a party shall
arise in the absence of a waiver in writing signed by such party. No failure or delay in exercising any right, power, or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any right, power, or privilege hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B><U>GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL</U>. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED
TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY 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.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">19.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B><U>CONSENT TO JURISDICTION</U>. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT
IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH
SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER.
EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION
OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS
AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED
BY LAW.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts</U>. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement
by one party to the other may be made by facsimile or electronic transmission.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Construction</U>. The section and exhibit&nbsp;headings herein are for convenience only
and shall not affect the construction hereof. References herein to any law, statute, ordinance, code, regulation, rule or other
requirement of any Governmental Authority shall be deemed to refer to such law, statute, ordinance, code, regulation, rule or other
requirement of any Governmental Authority as amended, reenacted, supplemented or superseded in whole or in part and in effect from
time to time and also to all rules and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">22.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Permitted Free Writing Prospectuses</U>. The Company represents, warrants and agrees that,
unless it obtains the prior written consent of each of the Agents, and each of the Agents represents, warrants and agrees that,
unless it obtains the prior written consent of the Company, it has not made and will not make any offer relating to the Placement
Shares that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo;
as defined in Rule&nbsp;405, required to be filed with the Commission. Any such free writing prospectus consented to by the Agents
or by the Company, as the case may be, is hereinafter referred to as a &ldquo;Permitted Free Writing Prospectus.&rdquo; The Company
represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer
free writing prospectus,&rdquo; as defined in Rule&nbsp;433, and has complied and will comply with the requirements of Rule&nbsp;433
applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and
record keeping. For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <U>Exhibit&nbsp;22</U>
hereto are Permitted Free Writing Prospectuses.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">23.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Absence of Fiduciary Relationship</U>. The Company acknowledges and agrees that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">each Agent is acting solely as agent in connection with the public offering of the Placement
Shares and in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and
no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders),
creditors or employees or any other party, on the one hand, and the Agents, on the other hand, has been or will be created in respect
of any of the transactions contemplated by this Agreement, irrespective of whether or not such Agent has advised or is advising
the Company on other matters, and no Agent has any obligation to the Company with respect to the transactions contemplated by this
Agreement except the obligations expressly set forth in this Agreement; </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">it is capable of evaluating and understanding, and understands and accepts, the terms, risks
and conditions of the transactions contemplated by this Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">neither the Agents nor their affiliates have provided any legal, accounting, regulatory or
tax advice with respect to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory
and tax advisors to the extent it has deemed appropriate;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">it is aware that each Agent and its respective affiliates are engaged in a broad range of
transactions which may involve interests that differ from those of the Company and such Agent and its affiliates have no obligation
to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise;
and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">it waives, to the fullest extent permitted by law, any claims it may have against an Agent
or its affiliates for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares
under this Agreement and agrees that such Agent and its affiliates shall not have any liability (whether direct or indirect, in
contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim
on its behalf or in right of it or the Company, employees or creditors of Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">24.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Definitions</U>. As used in this Agreement, the following terms have the respective meanings
set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Applicable
Time</U></B>&rdquo; means (i) each Representation Date, (ii) the time of each sale of any Placement Shares pursuant to this Agreement
and (iii) each Settlement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Governmental
Authority</U></B>&rdquo; means (i) any federal, provincial, state, local, municipal, national or international government or governmental
authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality,
court, tribunal, arbitrator or arbitral body (public or private); (ii) any self-regulatory organization; or (iii) any political
subdivision of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Issuer
Free Writing Prospectus</U></B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433, relating
to the Placement Shares that (1)&nbsp;is required to be filed with the Commission by the Company, (2)&nbsp;is a &ldquo;road show&rdquo;
that is a &ldquo;written communication&rdquo; within the meaning of Rule&nbsp;433(d)(8)(i) whether or not required to be filed
with the Commission, or (3)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i) because it contains a description of
the Placement Shares or of the offering that does not reflect the final terms, in each case in the form filed or required to be
filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule
433(g) under the Securities Act Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">&ldquo;<B><U>Rule 164</U></B>,&rdquo;
&ldquo;<B><U>Rule 172</U></B>,&rdquo; &ldquo;<B><U>Rule 405</U></B>,&rdquo; &ldquo;<B><U>Rule 415</U></B>,&rdquo; &ldquo;<B><U>Rule
424</U></B>,&rdquo; &ldquo;<B><U>Rule&nbsp;424(b)</U></B>,&rdquo; &ldquo;<B><U>Rule&nbsp;430B</U></B>,&rdquo; and &ldquo;<B><U>Rule&nbsp;433</U></B>&rdquo;
refer to such rules under the Securities Act Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All references in
this Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo;
or &ldquo;stated&rdquo; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All references in
this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed
to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus
(other than any Issuer Free Writing Prospectuses that, pursuant to Rule&nbsp;433, are not required to be filed with the Commission)
shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to
&ldquo;supplements&rdquo; to the Prospectus shall include, without limitation, any supplements, &ldquo;wrappers&rdquo; or similar
materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agents outside of
the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">[<B><I>Signature Page
Follows</I></B>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the foregoing
correctly sets forth the understanding between the Company and the Agents, please so indicate in the space provided below for that
purpose, whereupon this letter shall constitute a binding agreement between the Company and the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 225pt; text-align: left; text-indent: 0in">Very truly yours,</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 55%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANAVEX
                                         LIFE SCIENCES CORP.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-right: 5.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Christopher Missling</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Christopher
    Missling, PhD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;Chief
    Executive Officer</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 225pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACCEPTED
as of the date first-above written:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 55%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CANTOR
                                         FITZGERALD &amp; CO.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-right: 5.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Sage Kelly</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Sage
    Kelly</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;
    Senior Managing Director</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 55%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVB
                                         LEERINK LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-right: 5.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Peter M. Fry</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;
    Peter M. Fry</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;
    Managing Director</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">__________________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Form of Placement Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">__________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">From: &#9;Anavex Life
Sciences Corp.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">To:</TD><TD STYLE="text-align: left">[Designated Agent] (the &ldquo;Designated Agent&rdquo;)<BR>
Attention: [&bull;]</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">Subject: &#9;Placement
Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">Date:&#9;[&bull;],
20[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
terms and subject to the conditions contained in the Amended and Restated Sales Agreement between Anavex Life Sciences Corp., a
Nevada corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), and Cantor Fitzgerald &amp; Co. and SVB Leerink LLC (&ldquo;each
individually an &ldquo;<B><U>Agent</U></B>&rdquo; and, collectively, the &ldquo;<B><U>Agents</U></B>&rdquo;)&rdquo;), dated May
1, 2020, the Company hereby requests that the Designated Agent sell up to [&bull;] of the Company&rsquo;s common stock, par value
$0.001 per share, at a minimum market price of $[&bull;] per share, during the time period beginning [month, day, time] and ending
[month, day, time].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">__________________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">__________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
pay to the Designated Agent in cash, upon each sale of Placement Shares pursuant to this Agreement, an amount equal to 3.0% of
the aggregate gross proceeds from each sale of Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">__________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>Notice Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">__________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><U>The Company</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Christopher Missling,
PhD (info@anavex.com)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><U>Cantor Fitzgerald
&amp; Co.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Sameer Vasudev (svasudev@cantor.com)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">CFControlledEquityOffering@cantor.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><U>SVB Leerink LLC</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Gabriel Cavazos (gabriel.cavazos@svbleerink.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Brian Swanson (brian.swanson@svbleerink.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">atm@svbleerink.com</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">__________________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">__________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Incorporated by reference to Exhibit 21.1 of the
Company&rsquo;s most recently filed Form 10-K.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><U>Exhibit 22</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>Permitted Free Writing
Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">&nbsp;</P>

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

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



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>e1889_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 5.1</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
1, 2020</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
Life Sciences Corp.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51
West 52<SUP>nd</SUP> Street, 7<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10019-6163</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:&#9;Prospectus
Supplement &#9;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as your counsel in connection with the Registration Statement on Form&nbsp;S-3 (File No. 333-232550) filed with the
Securities and Exchange Commission on July 3, 2019 under the Securities Act of 1933, as amended, (the &ldquo;Securities Act&rdquo;),
and declared effective on July 15, 2019 (the &ldquo;Registration Statement&rdquo;), and the related prospectus supplement filed
pursuant to Rule 424(b)(5) of the Securities Act dated May 1, 2020 (the &ldquo;Prospectus Supplement&rdquo;) relating to the registration
of up to $50,000,000 of shares of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;Shares&rdquo;), which
may be sold and issued to Cantor Fitzgerald &amp; Co. and SVB Leerink LLC (collectively, the &ldquo;Sales Agents&rdquo;) pursuant
to an amended and restated sales agreement between the Sales Agents and Anavex Life Sciences Corp. (the &ldquo;Company&rdquo;)
dated as of May 1, 2020 (the &ldquo; Sales Agreement&rdquo;). Capitalized terms used in this letter which are not otherwise defined
shall have the meanings given to such terms in the Prospectus Supplement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
have requested our opinion as to the matters set forth below in connection with the Prospectus Supplement. For purposes of rendering
this opinion, we have examined the Registration Statement, the Prospectus Supplement, the Sales Agreement, the Company&rsquo;s
articles of incorporation, as amended, and bylaws, as amended, and the corporate action of the Company that provides for the issuance
of the Shares, and we have made such other investigation as we have deemed appropriate. We have examined and relied upon certificates
of public officials and, as to certain matters of fact that are material to our opinion, we have also relied on certificates made
by officers of the Company. In rendering our opinion, in addition to the assumptions that are customary in opinion letters of
this kind, we have assumed the genuineness of signatures on the documents we have examined, the conformity to authentic original
documents of all documents submitted to us as copies, and that the Company will have sufficient authorized and unissued shares
of common stock available with respect to any of the Shares issued after the date of this letter. We have not verified any of
these assumptions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is rendered as of the date of this letter and is limited to matters of Nevada corporate law, including applicable provisions
of the Nevada Constitution and reported judicial decisions interpreting those laws. We express no opinion as to the laws of any
other state, the federal law of the United States, or the effect of any applicable federal or state securities laws.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon and subject to the foregoing, it is our opinion that the Shares are duly authorized for issuance by the Company and, when
issued and paid for as described in the Prospectus Supplement and Sales Agreement, will be validly issued, fully paid, and nonassessable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the filing of this opinion as an exhibit to the Prospectus Supplement and to the reference to this firm under the caption
&ldquo;Legal Matters&rdquo;. In giving our consent we do not admit that we are in the category of persons whose consent is required
under Section 7 of the Securities Act or the rules and regulations under such act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
Snell &amp; Wilmer L.L.P.</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Snell
&amp; Wilmer L.L.P.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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<DESCRIPTION>EXHIBIT 5.2
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 5.2</B></FONT></P>

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

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

<P STYLE="text-align: center; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
1, 2020</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
Life Sciences Corp.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51
West 52<SUP>nd</SUP> Street, 7<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10019-6163</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:&#9;Prospectus
Supplement &#9;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as your counsel in connection with the prospectus supplement filed pursuant to Rule 424(b)(5) of the Securities Act
dated May 1, 2020 (the &ldquo;Prospectus Supplement&rdquo;), which is related to the Registration Statement on Form&nbsp;S-3 (File
No. 333-232550) filed with the Securities and Exchange Commission on July 3, 2019 under the Securities Act of 1933, as amended,
(the &ldquo;Securities Act&rdquo;), and declared effective on July 15, 2019 (the &ldquo;Registration Statement&rdquo;). The Prospectus
Supplement relates to the registration of: (i) up to $30,000,000 of shares of the Company&rsquo;s common stock, par value $0.001
per share (the &ldquo;Purchase Shares&rdquo;), and (ii) up to 97,318 shares of the Company&rsquo;s common stock, par value $0.001
per share (the &ldquo;Commitment Shares&rdquo;) (all collectively, the &ldquo;Shares&rdquo;), which may be sold and issued to
Lincoln Park Capital Fund, LLC (&ldquo;Lincoln Park&rdquo;) pursuant to a purchase agreement between Lincoln Park and Anavex Life
Sciences Corp. (the &ldquo;Company&rdquo;) dated as of June 7, 2019 (the &ldquo;Purchase Agreement&rdquo;), and which may be resold
by Lincoln Park. Capitalized terms used in this letter which are not otherwise defined shall have the meanings given to such terms
in the Prospectus Supplement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
have requested our opinion as to the matters set forth below in connection with the Prospectus Supplement. For purposes of rendering
this opinion, we have examined the Registration Statement, the Prospectus Supplement, the Purchase Agreement, the Company&rsquo;s
articles of incorporation, as amended, and bylaws, as amended, and the corporate action of the Company that provides for the issuance
of the Shares, and we have made such other investigation as we have deemed appropriate. We have examined and relied upon certificates
of public officials and, as to certain matters of fact that are material to our opinion, we have also relied on certificates made
by officers of the Company. In rendering our opinion, in addition to the assumptions that are customary in opinion letters of
this kind, we have assumed the genuineness of signatures on the documents we have examined, the conformity to authentic original
documents of all documents submitted to us as copies, and that the Company will have sufficient authorized and unissued shares
of common stock available with respect to any of the Shares issued after the date of this letter. We have not verified any of
these assumptions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is rendered as of the date of this letter and is limited to matters of Nevada corporate law, including applicable provisions
of the Nevada Constitution and reported judicial decisions interpreting those laws. We express no opinion as to the laws of any
other state, the federal law of the United States, or the effect of any applicable federal or state securities laws.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon and subject to the foregoing, it is our opinion that the Shares are duly authorized for issuance by the Company and, when
issued and paid for as described in the Prospectus Supplement and Purchase Agreement, will be validly issued, fully paid, and
nonassessable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the filing of this opinion as an exhibit to the Prospectus Supplement and to the reference to this firm under the caption
&ldquo;Legal Matters&rdquo;. In giving our consent we do not admit that we are in the category of persons whose consent is required
under Section 7 of the Securities Act or the rules and regulations under such act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
Snell &amp; Wilmer L.L.P.</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Snell
&amp; Wilmer L.L.P.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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