<SEC-DOCUMENT>0001104659-26-020667.txt : 20260226
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<ACCEPTANCE-DATETIME>20260226173111
ACCESSION NUMBER:		0001104659-26-020667
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20260225
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20260226
DATE AS OF CHANGE:		20260226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PALVELLA THERAPEUTICS, INC.
		CENTRAL INDEX KEY:			0001583648
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				300784346
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37471
		FILM NUMBER:		26690697

	BUSINESS ADDRESS:	
		STREET 1:		353 W. LANCASTER AVENUE
		STREET 2:		SUITE 200
		CITY:			WAYNE
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		(484) 253-1461

	MAIL ADDRESS:	
		STREET 1:		353 W. LANCASTER AVENUE
		STREET 2:		SUITE 200
		CITY:			WAYNE
		STATE:			PA
		ZIP:			19087

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Pieris Pharmaceuticals, Inc.
		DATE OF NAME CHANGE:	20241213

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIERIS PHARMACEUTICALS, INC.
		DATE OF NAME CHANGE:	20141218

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Marika Inc.
		DATE OF NAME CHANGE:	20130805
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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any of the following provisions:</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Securities registered
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant is an emerging growth
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Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If an emerging growth company, indicate by check mark if the registrant
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to Section&#160;13(a)&#160;of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 0"/><td style="width: 1in"><b>Item 1.01</b></td><td><b>Entry into a Material Definitive Agreement </b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On February 25, 2026, Palvella Therapeutics, Inc. (the &#8220;Company&#8221;)
entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with TD Securities (USA) LLC, Cantor Fitzgerald &amp;
Co. and Stifel, Nicolaus &amp; Company, Incorporated, as representatives (the &#8220;Representatives&#8221;) of the underwriters listed
in Schedule A thereto (the &#8220;Underwriters&#8221;), pursuant to which the Company agreed to issue and sell an aggregate of 1,600,000
shares (the &#8220;Firm Shares&#8221;) of its common stock, par value $0.001 per share (the &#8220;Common Stock&#8221;), at a price to
the public of $125.00 (the &#8220;Offering&#8221;). Under the terms of the Underwriting Agreement, the Company granted the Underwriters
an option, for a period of 30 days after the date of the Prospectus Supplement (as defined below), to purchase up to an additional 240,000
shares of the Company&#8217;s Common Stock (the &#8220;Option Shares&#8221;, together with the Firm Shares, the &#8220;Shares&#8221;)
at the public offering price, less underwriting discounts and commissions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company estimates that the net proceeds of this offering,
after deducting underwriting discounts and commissions and estimated offering expenses, will be approximately $187.3 million. The
Company intends to use the net proceeds from the Offering, together with existing cash, cash equivalents and marketable securities,
to support the development of its programs, including QTORIN rapamycin and QTORIN pitavastatin, and for working capital and other
general corporate purposes, including research and development expenses. The Company expects the Offering to close on or about February 27,
2026, subject to the satisfaction of customary closing conditions. All of the Shares are being sold by the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company made certain customary representations, warranties and
covenants concerning the Company, the registration statement and the Prospectus Supplement in the Underwriting Agreement and also agreed
to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;). The Offering is being made pursuant to a prospectus supplement, dated February 25, 2026 (the &#8220;Prospectus Supplement&#8221;),
filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on February 26. 2026 and an accompanying base prospectus that forms
a part of the registration statement on Form S-3 (File No. 333-292544), filed with the SEC on January 2, 2026 and declared effective
by the SEC on January 29, 2026. This Current Report on Form 8-K does not constitute an offer to sell or a solicitation of an offer to
buy any of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the Underwriting Agreement does not purport
to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by reference to
the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated by reference
herein. A copy of the opinion of Brownstein Hyatt Farber-Schreck, LLP, relating to the validity of the Shares in connection with the Offering
is filed as Exhibit 5.1 to this Current Report on Form 8-K.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>Item 9.01</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(d) Exhibits</b></p>

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No.</b></span></td>
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    <td style="padding-top: 0.7pt; padding-right: 0.7pt; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
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    <td style="padding-top: 0.7pt; padding-right: 0.7pt"><a href="tm2534019d6_ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></a></td>
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    <td style="padding-top: 0.7pt; padding-right: 0.7pt"><a href="tm2534019d6_ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement, dated February 25, 2026, by and among Palvella Therapeutics, Inc. and TD Securities (USA) LLC, Cantor Fitzgerald &amp; Co. and Stifel, Nicolaus &amp; Company, Incorporated. </span></a></td></tr>
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    <td style="padding-top: 0.7pt; padding-right: 0.7pt"><a href="tm2534019d6_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></a></td>
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    <td style="padding-top: 0.7pt; padding-right: 0.7pt"><a href="tm2534019d6_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Brownstein Hyatt Farber-Schreck, LLP</span></a></td></tr>
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    <td style="padding-top: 0.7pt; padding-right: 0.7pt"><a href="tm2534019d6_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></a></td>
    <td style="padding-top: 0.7pt; padding-right: 0.7pt">&#160;</td>
    <td style="padding-top: 0.7pt; padding-right: 0.7pt"><a href="tm2534019d6_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Brownstein Hyatt Farber-Schreck, LLP (contained in Exhibit 5.1)</span></a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Furnished herewith</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Palvella Therapeutics, Inc.</b></span></td></tr>
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    <td style="text-align: left; vertical-align: top; width: 50%">&#160;</td>
    <td style="text-align: left; vertical-align: bottom; width: 3%">&#160;</td>
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    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&#8239;&#8239;&#8239;&#8239; February 26, 2026</span></td>
    <td style="text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Matthew Korenberg </span></td></tr>
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    <td style="text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matthew Korenberg</span></td></tr>
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    <td style="text-align: left; vertical-align: top">&#160;</td>
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    <td style="text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Chief
    Financial Officer</i></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<DOCUMENT>
<TYPE>EX-1.1
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<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="margin: 0">&#8239;</P>

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

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,600,000 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PALVELLA THERAPEUTICS,&#8239;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">February&#8239;25, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">TD Securities (USA) LLC<BR>
Cantor Fitzgerald&#8239;&amp; Co.<BR>
Stifel, Nicolaus&#8239;&amp; Company,&#8239;Incorporated</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As Representatives of the
several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c/o</TD><TD>TD Securities (USA) LLC<BR>
1 Vanderbilt Avenue<BR>
New York, New York 10017</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c/o</TD><TD>Cantor Fitzgerald&#8239;&amp; Co.<BR>
110 East 59th Street, 6th Floor<BR>
New York, New York 10022</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c/o</TD><TD>Stifel, Nicolaus&#8239;&amp; Company,&#8239;Incorporated<BR>
787 7th Avenue, 4th Floor<BR>
New York, NY 10019</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Introductory</I></FONT>.
Palvella Therapeutics,&#8239;Inc., a Nevada corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), proposes to sell, pursuant to the terms
of this Agreement, to the several underwriters named in <U>Schedule A</U> hereto (the &ldquo;<B><I>Underwriters</I></B>,&rdquo; or, each,
an &ldquo;<B><I>Underwriter</I></B>&rdquo;), an aggregate of 1,600,000 shares of common stock, $0.001 par value per share (the &ldquo;<B><I>Common
Stock</I></B>&rdquo;) of the Company. The aggregate of 1,600,000 shares of Common Stock so proposed to be sold is hereinafter referred
to as the &ldquo;<B><I>Firm Stock.</I></B>&rdquo; The Company also proposes to sell to the Underwriters, upon the terms and conditions
set forth in Section&#8239;3 hereof, up to an additional 240,000 shares of Common Stock (the &ldquo;<B><I>Optional Stock</I></B>&rdquo;).
The Firm Stock and the Optional Stock are hereinafter collectively referred to as the &ldquo;<B><I>Stock.</I></B>&rdquo; TD Securities
(USA) LLC (&ldquo;<B><I>TD Cowen</I></B>&rdquo;), Cantor Fitzgerald&#8239;&amp; Co. and Stifel, Nicolaus&#8239;&amp; Company Incorporated
are acting as representatives of the several Underwriters and in such capacity are hereinafter referred to as the &ldquo;<B><I>Representatives</I></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps; text-transform: uppercase"><I>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</I></FONT><I><FONT STYLE="font-variant: small-caps">Representations
and Warranties of the Company. </FONT></I>The Company represents and warrants to the several Underwriters, as of the date hereof and as
of each Closing Date (as defined below), and agrees with the several Underwriters, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-variant: small-caps">(</FONT>a<FONT STYLE="font-variant: small-caps">)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Registration
Statement</U>. A registration statement of the Company on Form&#8239;S-3 (File No.&#8239;333-292544) (including all amendments thereto,
the &ldquo;<B><I>Initial Registration Statement</I></B>&rdquo;) in respect of the Stock has been filed with the Securities and Exchange
Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;), The Company meets the requirements for use of Form&#8239;S-3 under the Securities
Act of 1933, as amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;), and the rules&#8239;and regulations of the Commission thereunder
(the &ldquo;<B><I>Rules&#8239;and Regulations</I></B>&rdquo;). The Initial Registration Statement and any post-effective amendment thereto,
each in the form heretofore delivered to you, and, excluding exhibits thereto, to you for each of the other Underwriters, have been declared
effective by the Commission in such form and meet the requirements of the Securities Act and the Rules&#8239;and Regulations. The proposed
offering of the Securities may be made pursuant to General Instruction I.B.1 of Form&#8239;S-3. Other than (i)&#8239;the Initial Registration
Statement, (ii)&#8239;a registration statement, if any, increasing the size of the offering filed pursuant to Rule&#8239;462(b)&#8239;under
the Securities Act and the Rules&#8239;and Regulations (a &ldquo;<B><I>Rule&#8239;462(b)&#8239;Registration Statement</I></B>&rdquo;),
(iii)&#8239;any Preliminary Prospectus (as defined below) and (iv)&#8239;the Prospectus (as defined below) contemplated by this Agreement
to be filed pursuant to Rule&#8239;424(b)&#8239;of the Rules&#8239;and Regulations in accordance with Section&#8239;4(a)&#8239;hereof,
no other document with respect to the offer or sale of the Securities has heretofore been filed with the Commission. No stop order suspending
the effectiveness of the Initial Registration Statement, any post-effective amendment thereto or the Rule&#8239;462(b)&#8239;Registration
Statement, if any, has been issued and no proceeding for that purpose or pursuant to Section&#8239;8A of the Securities Act has been
initiated or, to the Company&rsquo;s Knowledge (as defined below), threatened by the Commission (any preliminary prospectus included
in the Initial Registration Statement or filed with the Commission pursuant to Rule&#8239;424 of the Rules&#8239;and Regulations is hereinafter
called a &ldquo;<B><I>Preliminary Prospectus</I></B>&rdquo;). The Initial Registration Statement including all exhibits thereto and including
the information contained or incorporated by reference in the Prospectus filed with the Commission pursuant to Rule&#8239;424(b)&#8239;of
the Rules&#8239;and Regulations and deemed by virtue of Rules&#8239;430A or Rule&#8239;430C under the Securities Act to be part of the
Initial Registration Statement at the time it became effective is hereinafter collectively called the &ldquo;<B><I>Registration Statement</I></B>.&rdquo;
If the Company has filed a Rule&#8239;462(b)&#8239;Registration Statement, then any reference herein to the term &ldquo;Registration
Statement&rdquo; shall be deemed to include such Rule&#8239;462 Registration Statement. The base prospectus included in the Initial Registration
Statement at the time of effectiveness thereof, as supplemented by the final prospectus supplement relating to the offer and sale of
the Securities, in the form filed pursuant to and within the time limits described in Rule&#8239;424(b)&#8239;under the Rules&#8239;and
Regulations, is hereinafter called the &ldquo;<B><I>Prospectus</I></B>.&rdquo; As used in this this Agreement: &ldquo;<B><I>Company&rsquo;s
Knowledge</I></B>&rdquo; means with respect to any statement made to the Company&rsquo;s Knowledge, that the statement is based upon
the actual knowledge, or knowledge that would have been acquired after reasonable inquiry, of the executive officers or directors of
the Company having responsibility for the matter or matters that are the subject of the statement. With respect to any matters relating
to Intellectual Property (as defined below), such awareness or reasonable expectation to have knowledge does not require any such individual
to conduct or have conducted or obtain or have obtained any freedom to operate opinions of counsel or any Intellectual Property rights
clearance searches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any reference herein to the Registration
Statement, Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein.
Any reference to any amendment or supplement to any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any
documents filed after the date of such Preliminary Prospectus or the Prospectus under the Securities Exchange Act of 1934, as amended
(the &ldquo;<B><I>Exchange Act</I></B>&rdquo;), and incorporated by reference in such Preliminary Prospectus or Prospectus, as the case
may be. Any reference to any amendment to the Registration Statement shall be deemed to refer to and include any annual report on Form&#8239;10-K
of the Company filed pursuant to Section&#8239;13(a)&#8239;or 15(d)&#8239;of the Exchange Act after the date of this Agreement that is incorporated
by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>General
Disclosure Package</U>. As of the Applicable Time (as defined below) and as of the Closing Date or the Option Closing Date (as defined
below), as the case may be, neither the Pricing Prospectus (as defined below), (the &ldquo;<B><I>General Disclosure Package</I></B>&rdquo;),
nor the bona fide electronic roadshow (as defined in Rule&#8239;433(h)(5)&#8239;of the Rules&#8239;and Regulations), when considered together
with the General Disclosure Package, included or will include any untrue statement of a material fact or omitted or will omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
<I>provided, however</I>, that the Company makes no representations or warranties as to information contained or incorporated by reference
in or omitted from the Pricing Prospectus, in reliance upon, and in conformity with, written information furnished to the Company through
the Representatives by or on behalf of any Underwriter specifically for inclusion therein, which information the parties hereto agree
is limited to the Underwriter&rsquo;s Information (as defined in Section&#8239;18). As used in this this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Applicable
Time</I></B>&rdquo; means 6:15 P.M., New York time, on the date of this Agreement or such other time as agreed to by the Company and the
Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Pricing
Prospectus</I></B>&rdquo; means the Base Prospectus, as amended and supplemented immediately prior to the Applicable Time, including any
document incorporated by reference therein and any prospectus supplement deemed to be a part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Stop Orders; No Material Misstatements</U>. No order preventing or suspending the use of any Preliminary Prospectus or the Prospectus
relating to the proposed offering of the Securities has been issued by the Commission, and no proceeding for that purpose or pursuant
to Section&#8239;8A of the Securities Act has been instituted or, to the Company&rsquo;s Knowledge, threatened by the Commission, and each
Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Securities Act and
the Rules&#8239;and Regulations, and did not contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
<I>provided, however</I>, that the Company makes no representations or warranties as to information contained or incorporated by reference
in or omitted from any Preliminary Prospectus, in reliance upon, and in conformity with, written information furnished to the Company
through the Representatives by or on behalf of any Underwriter specifically for inclusion therein, which information the parties hereto
agree is limited to the Underwriters&rsquo; Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Statement and Prospectus Contents</U>. At the respective times, the Registration Statement and any amendments thereto became or has become
effective as to the Underwriters and at each Closing Date, the Registration Statement and any amendments thereto conformed and will conform
in all material respects to the requirements of the Securities Act and the Rules&#8239;and Regulations and did not and will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading; and the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement
thereto was issued and at each Closing Date, conformed and will conform in all material respects to the requirements of the Securities
Act and the Rules&#8239;and Regulations and did not and will not contain an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; <I>provided</I>,
<I>however</I>, that the foregoing representations and warranties in this paragraph (d)&#8239;shall not apply to information contained
or incorporated by reference in or omitted from the Registration Statement, Pricing Prospectus or the Prospectus, or any amendment or
supplement thereto, in reliance upon, and in conformity with, written information furnished to the Company through the Representatives
by or on behalf of any Underwriter specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriter&rsquo;s
Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Documents
Incorporated by Reference</U>. <U></U>The documents incorporated by reference in the Prospectus, when they became effective or were filed
with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange
Act, as applicable, and the rules&#8239;and regulations of the Commission thereunder and none of such documents contained any untrue
statement of a material fact or omitted to state any material fact required to be stated therein, or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; and any further documents so filed and incorporated
by reference in the Prospectus, when such documents are filed with the Commission will conform in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and the rules&#8239;and regulations of the Commission thereunder and will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Distribution
of Offering Materials</U>. The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection
with the offering and sale of the Securities other than any Preliminary Prospectus, the Prospectus and other materials, if any, permitted
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Due
Organization; Subsidiaries</U>. Each of the Company and its Subsidiaries (as defined in Section&#8239;16) is a corporation or limited liability
company duly incorporated or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or
organization and has all necessary corporate power and authority: (i)&#8239;to conduct its business in the manner in which its business
is currently being conducted and as proposed to be conducted as described in the General Disclosure Package, the Prospectus and in the
Registration Statement, (ii)&#8239;to own or lease and use its property and assets in the manner in which its property and assets are currently
owned or leased and used and (iii)&#8239;to perform its obligations under all Contracts by which it is bound. All of the Subsidiaries are
wholly owned by the Company. Each of the Company and the Subsidiaries is licensed and qualified to do business, and is in good standing
(to the extent applicable in such jurisdiction), under the Laws of all jurisdictions where the nature of its business or the manner in
which its business is currently being conducted requires such licensing or qualification other than in jurisdictions where the failure
to be so qualified individually or in the aggregate would not have or reasonably be expected to have a Material Adverse Effect. As used
in this this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Contract</I></B>&rdquo;
means, with respect to any Person, any written, oral or other agreement, contract, subcontract, lease (whether for real or personal property),
mortgage, understanding, arrangement, instrument, note, option, warranty, license, sublicense, insurance policy, benefit plan or commitment
or undertaking of any nature to which such Person is a party or by which such person or any of its assets are bound under applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Governmental
Authority</I></B>&rdquo; means any: (a)&#8239;nation, state, commonwealth, province, territory, county, municipality, district or other
jurisdiction of any nature, (b)&#8239;federal, state, local, municipal, foreign, supra-national or other government, (c)&#8239;governmental
or quasi-governmental authority of any nature (including any governmental division, department, agency, commission, bureau, instrumentality,
official, ministry, fund, foundation, center, organization, unit, body or entity and any court or other tribunal, and any taxing authority)
or (d)&#8239;self-regulatory organization (including the Nasdaq Stock Market).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Law</I></B>&rdquo;
means each applicable transnational, domestic or foreign federal, state or local laws (statutory, common or otherwise), order, judgment,
rule, code, statute, regulation, requirement, variance, decree, writ, injunction, award, ruling, Permit or ordinance of any Governmental
Authority, including any applicable stock exchange rule&#8239;or requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Material
Adverse Effect</I></B>&rdquo; means a material adverse effect on the business, properties, management, financial position, stockholders&rsquo;
equity, results of operations or prospects of the Company and its Subsidiaries taken as a whole, or impairment in any material respect
on the ability of the Company to perform its obligations under this Agreement or to consummate any transactions contemplated by this Agreement,
the General Disclosure Package or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Permit</I></B>&rdquo;
means all required permits, licenses, registrations, authorizations, certificates, orders, approvals, franchises, variances and other
similar rights issued by or obtained from any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Person</I></B>&rdquo;
means an individual or a corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Authorization;
Enforcement; Validity</U>. The Company has the requisite corporate power and authority to enter into the Transaction Documents and to
perform its obligations hereunder and thereunder. All corporate action on the part of the Company, its directors and stockholders necessary
for the authorization, execution, sale, issuance and delivery of the Securities has been or will be taken prior to the Closing Date. Each
of the Transaction Documents have been (or upon delivery will have been) duly authorized, executed and delivered by the Company and is,
or when delivered in accordance with the terms hereof or thereof, will constitute the legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its respective terms, except (i)&#8239;as such enforceability may be limited by applicable
bankruptcy, examinership, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the
enforcement of, creditors&rsquo; rights and remedies or by other equitable principles of general application, (ii)&#8239;as limited by
Laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)&#8239;insofar as indemnification
and contribution provisions may be limited by applicable law. As used in this this Agreement: &ldquo;<B><I>Transaction Documents</I></B>&rdquo;
means this Agreement, the schedules and exhibits attached hereto, and any other documents or agreements explicitly contemplated hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Conflicts</U>. The execution, delivery and performance by the Company of the Transaction Documents and the issuance, sale and delivery
of the securities to be sold by the Company under the Transaction Documents (including the issuance of the Securities), the performance
by the Company of its obligations under the Transaction Documents and the consummation of the transactions contemplated hereby or thereby
(including without limitation, the issuance of the Securities) do not and will not conflict with, result in the breach or violation of,
or constitute (with or without the giving of notice or the passage of time or both) a violation of, or default under, (i)&#8239;any bond,
debenture, note or other evidence of indebtedness, or under any lease, license, franchise, permit, indenture, mortgage, deed of trust,
loan agreement, joint venture or other Contract, agreement or instrument to which the Company or any of its Subsidiaries is a party or
by which it or its properties may be bound or affected, (ii)&#8239;the Company&rsquo;s articles of incorporation (as amended, the &ldquo;<B><I>Articles
of Incorporation</I></B>&rdquo;), the Company&rsquo;s bylaws (as amended, the &ldquo;<B><I>Bylaws</I></B>&rdquo;), or the equivalent document
with respect to any of the Company&rsquo;s Subsidiaries, as amended and as in effect on the date hereof, or (iii)&#8239;any statute or
Law, judgment, decree, rule, regulation, ordinance or order of any Governmental Authority applicable to the Company, any of its Subsidiaries
or their respective properties, except in the case of clauses (i)&#8239;and (iii)&#8239;for such conflicts, breaches, violations or defaults
that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Filings,
Consents and Approvals</U>. Except for the registration of the Securities under the Securities Act and applicable state securities laws,
any Current Report on Form&#8239;8-K to be filed by the Company in connection with the transaction contemplated hereby, such consents,
approvals, authorizations, orders and registrations or qualifications as may be required by the Financial Industry Regulatory Authority
(&ldquo;<B><I>FINRA</I></B>&rdquo;) and any required filing with the Nasdaq Capital Market (the &ldquo;<B><I>Exchange</I></B>&rdquo;),
neither the Company nor any of its Subsidiaries is required to give any notice to, or make any filings with, or obtain any authorization,
consent, or approval of any Governmental Authority in order to consummate the transactions contemplated by the Transaction Documents,
and no consent, approval, authorization or other order of, or registration, qualification or filing with any Governmental Authority is
required for the execution and delivery of the Transaction Documents, the valid issuance, sale and delivery of the Securities to be sold
pursuant to the Transaction Documents other than such as have been or will be made or obtained, or for any securities filings required
to be made under federal or state securities laws applicable to the offering of the Securities (other than filings that have been made,
or will be made, pursuant to the rules&#8239;and regulations of the Exchange). The Company and its Subsidiaries are unaware of any facts
or circumstances that might prevent the Company from obtaining or effecting any of the registration, application or filings pursuant to
this Section&#8239;2(j).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Issuance
of the Securities</U>. The issuance of the Stock has been duly authorized, and the Stock, when issued and paid for in accordance with
the terms of this Agreement, will be duly and validly issued, fully paid and nonassessable and free and clear of any Encumbrances and
will conform to the descriptions thereof in the Registration Statement, the General Disclosure Package and the Prospectus, preemptive
rights or restrictions (other than any restrictions on transfer generally imposed under applicable securities laws). As used in this this
Agreement: &ldquo;<B><I>Encumbrance</I></B>&rdquo; means any lien, pledge, hypothecation, charge, mortgage, security interest, lease,
exclusive license, option, easement, reservation, servitude, adverse title, claim, infringement, interference, option, right of first
refusal, preemptive right, community property interest or restriction or encumbrance of any nature (including any restriction on the voting
of any security, any restriction on the transfer of any security or other asset, any restriction on the receipt of any income derived
from any asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of any other attribute
of ownership of any asset).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Capitalization</U>.
The Company has an authorized capitalization as set forth in the General Disclosure Package, the Prospectus and in the Registration Statement.
All outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable.
None of the outstanding shares of capital stock of the Company were issued in violation of the preemptive or other similar rights of any
securityholder of the Company which have not been waived. There are no securities or instruments issued by or to which the Company is
a party containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>SEC
Reports; Disclosure Materials</U>. The Company has filed or furnished, as applicable, on a timely basis all forms, statements, schedules,
certifications, reports and other documents required to be filed or furnished by it with the Commission under the Exchange Act or the
Securities Act since December&#8239;13, 2024 (collectively, and in each case including all exhibits and schedules thereto and documents
incorporated by reference therein, the &ldquo;<B><I>SEC Reports</I></B>&rdquo;). As of the time it was filed with the Commission (or,
if amended or superseded by a filing prior to the Closing Date, then on the date of such filing), each of the SEC Reports complied in
all material respects with the applicable requirements of the Securities Act or the Exchange Act (as the case may be) and as of the time
they were filed, none of the SEC Reports contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. There are no material outstanding or unresolved comments in comment letters from the staff of the Division of Corporation
Finance of the Commission with respect to any of the SEC Reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Financial
Statements</U>. As of their respective filing dates, the financial statements (including any related notes) contained or incorporated
by reference in the General Disclosure Package, the Prospectus and in the Registration Statement (i)&#8239;complied as to form in all material
respects with the Securities Act and the Exchange Act, as applicable, and the published rules&#8239;and regulations of the Commission applicable
thereto, (ii)&#8239;were prepared in accordance with U.S. generally accepted accounting principals (&ldquo;<B><I>GAAP</I></B>&rdquo;) (except
as may be indicated in the notes to such financial statements or, in the case of unaudited financial statements, as permitted by Form&#8239;10-Q
of the Commission, and except that the unaudited financial statements may not contain footnotes and are subject to normal and recurring
year-end adjustments that are not reasonably expected to be material in amount) applied on a consistent basis unless otherwise noted therein
throughout the periods indicated and (iii)&#8239;fairly present, in all material respects, the consolidated financial position of the Company
as of the respective dates thereof and the results of operations and cash flows of the Company for the periods covered thereby. There
has been no material change in the Company&rsquo;s accounting methods or principles that would be required to be disclosed in the Company&rsquo;s
financial statements in accordance with GAAP. The Company has not incurred any liabilities, contingent or otherwise, except those incurred
in the ordinary course of business, consistent (as to amount and nature) with past practices since the date of such financial statements,
and those incurred in connection with the transactions contemplated hereby, none of which, individually or in the aggregate, have had
or would reasonably be expected to have a Material Adverse Effect. The books of account and other financial records of the Company and
each of its Subsidiaries are true and complete in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Independent
Accountants</U>. Ernst&#8239;&amp; Young LLP, who have certified certain financial statements of the Company, audited the Company&rsquo;s
internal control over financial reporting and management&rsquo;s assessment thereof and delivered their report with respect to the audited
financial statements included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus,
have at all times since the date of enactment of the Sarbanes-Oxley Act been (i)&#8239;a registered public accounting firm (as defined
in Section&#8239;2(a)(12) of the Sarbanes-Oxley Act), (ii)&#8239;&ldquo;independent&rdquo; with respect to the Company within the meaning
of Regulation S-X under the Exchange Act and (iii)&#8239;to the Company&rsquo;s Knowledge, in compliance with subsections (g)&#8239;through
(l)&#8239;of Section&#8239;10A of the Exchange Act and the rules&#8239;and regulations promulgated by the Commission and the Public Accounting
Oversight Board thereunder. As used in this this Agreement: &ldquo;<B><I>Company&rsquo;s Knowledge</I></B>&rdquo; means with respect to
any statement made to the Company&rsquo;s Knowledge, that the statement is based upon the actual knowledge, or knowledge that would have
been acquired after reasonable inquiry, of the executive officers or directors of the Company having responsibility for the matter or
matters that are the subject of the statement. With respect to any matters relating to Intellectual Property (as defined below), such
awareness or reasonable expectation to have knowledge does not require any such individual to conduct or have conducted or obtain or have
obtained any freedom to operate opinions of counsel or any Intellectual Property rights clearance searches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Absence
of Certain Changes</U>. Since the date of the consolidated balance sheets of the Company and its Subsidiaries as of December&#8239;31,
2024 included in the Company&rsquo;s Annual Report on Form&#8239;10-K filed with the Commission on March&#8239;31, 2025 (the &ldquo;<B><I>Audited
Balance Sheet</I></B>&rdquo;), there has been (i)&#8239;no material adverse change to, and no material adverse development in, the assets,
liabilities, business, properties, operations, condition (financial or otherwise), results of operations or prospects of the Company or
its Subsidiaries, (ii)&#8239;no Material Adverse Effect, (iii)&#8239;no satisfaction or discharge of any material lien, claim or encumbrance
or payment of any obligation by the Company, except in the ordinary course of business and the Contingent Value Rights Agreement, dated
as of December&#8239;13, 2024, by and among the Company, Shareholder Representative Services LLC, Computershare Inc. and Computershare
Trust Company, N.A. (the &ldquo;<B><I>CVRs</I></B>&rdquo;) and (iv)&#8239;no waiver, not in the ordinary course of business, by the Company
or any Subsidiary of a material right or of a material debt owed to it. Since the date of the Audited Balance Sheet, neither the Company
nor any of its Subsidiaries has (i)&#8239;purchased any of its outstanding Common Stock (other than from its employees or other service
providers in connection with the termination of their service pursuant to the terms of its equity compensation plans or agreements) or
declared or paid any dividends or distributions, other than payments under the CVRs, (ii)&#8239;sold any material assets, individually
or in the aggregate, outside of the ordinary course of business, (iii)&#8239;made any material change or material amendment to, or waiver
of any material right, or termination of, any Material Contract (as defined below), (iv)&#8239;entered into any material transaction or
made any material capital expenditures, individually or in the aggregate, outside of the ordinary course of business or (v)&#8239;experienced
any loss of services of any executive officer (as defined in Rule&#8239;405 under the Securities Act). Neither the Company nor any of its
Subsidiaries has taken any steps to seek protection pursuant to any bankruptcy law, nor does the Company have any knowledge or reason
to believe that its creditors (if any) intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact that
would reasonably lead any such creditor to do so. The Company and its Subsidiaries, individually and on a consolidated basis, are not
as of the date hereof, and after giving effect to the transactions contemplated hereby to occur at the Closing, will not be Insolvent
(as defined below). As used in this this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Insolvent</I></B>&rdquo;
means, with respect to any Person, (i)&#8239;the present fair saleable value of such Person&rsquo;s assets is less than the amount required
to pay such Person&rsquo;s total indebtedness, (ii)&#8239;such Person is unable to pay its debts and liabilities, subordinated, contingent
or otherwise, as such debts and liabilities become absolute and matured, (iii)&#8239;such Person intends to incur or believes that it will
incur debts that would be beyond its ability to pay as such debts mature or (iv)&#8239;such Person has unreasonably small capital with
which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Material
Contract</I></B>&rdquo; means any Contract to which the Company or any Subsidiary is a party or by which either is bound that is material
to the business of the Company, including those that have been filed as an exhibit to the SEC Reports pursuant to Item 601(b)(10)&#8239;of
Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Litigation</U>.
There is no action, suit, proceeding, audit, or investigation pending or, to the Company&rsquo;s Knowledge, currently threatened against
the Company, any of its Subsidiaries or any of their respective directors and officers that questions the validity of the Transaction
Documents or the right of the Company to enter into the Transaction Documents or to consummate the transactions contemplated hereby and
thereby. There is no action, suit, proceeding or investigation pending or, to the Company&rsquo;s Knowledge, currently threatened against
the Company or any Subsidiary or any of their respective directors and officers which would, if there were an unfavorable decision, have
or reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Employment
Matters</U>. No material labor dispute exists or, to the Company&rsquo;s Knowledge, is threatened with respect to any of the employees
of the Company or any of its Subsidiaries which would have or would reasonably be expected to result in a Material Adverse Effect. None
of the Company&rsquo;s or any Subsidiary&rsquo;s employees is a member of a labor union that relates to such employee&rsquo;s relationship
with the Company, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement. To the Company&rsquo;s
Knowledge, no executive officer or key employee of the Company or any Subsidiary, is, or is now expected to be, in violation of any material
term of any employment Contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any
other Contract or agreement or any restrictive covenant in favor of any third party, and to the Company&rsquo;s Knowledge, the continued
employment of each such executive officer or key employee does not subject the Company or any Subsidiary to any liability with respect
to any of the foregoing matters, except, in each case, matters that, individually or in the aggregate, would not reasonably be expected
to result in a Material Adverse Effect. The Company is in compliance in all material respects with all U.S. federal, state, local and
foreign Laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours.
Any Employee Plans that are &ldquo;employee pension benefit plans&rdquo; within the meaning of Section&#8239;3(2)&#8239;of ERISA and which
are intended to meet the qualification requirements of Section&#8239;401(a)&#8239;of the Internal Revenue Code of 1986, as amended (the
 &ldquo;<B><I>Code</I></B>&rdquo;) have received determination or opinion letters from the Internal Revenue Service on which they may currently
rely to the effect that such plans are qualified under Section&#8239;401(a)&#8239;of the Code and the related trusts are exempt from federal
income Taxes under Section&#8239;501(a)&#8239;of the Code, respectively, and nothing has occurred that would reasonably be expected to materially
adversely affect the qualification of such Employee Plan or the tax exempt status of the related trust. As used in this this Agreement:
 &ldquo;<B><I>Employee Plan</I></B>&rdquo; means any &ldquo;employee benefit plan&rdquo; as defined in Section&#8239;3(3)&#8239;of the Employee
Retirement Income Security Act of 1974, as amended (&ldquo;<B><I>ERISA</I></B>&rdquo;) and any other pension, retirement, deferred compensation,
excess benefit, profit-sharing, bonus, incentive, equity or equity-based, phantom equity, employment, consulting, severance, change-of-control,
retention, health, life, disability, group insurance, paid time off, holiday, welfare and fringe benefit plan, program, agreement, Contract,
or arrangement (whether written or unwritten, qualified or nonqualified, funded or unfunded, subject or not subject to ERISA and including
any that have been frozen) that the Company or any of its Subsidiaries (i)&#8239;sponsors, maintains, administers, or contributes to, (ii)&#8239;provides
benefits under or through, (iii)&#8239;has any obligation to contribute to or provide benefits under or through, (iv)&#8239;with respect
to which have any liability, or (v)&#8239;utilizes to provide benefits to or otherwise cover any current or former employee, officer, director
or other service provider of the Company or any of its Subsidiaries (or their spouses, dependents, or beneficiaries).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Conduct
of Business; Regulatory Permits</U>. Neither the Company nor any of its Subsidiaries is in violation of any term of or in default under
its Articles of Incorporation or the Bylaws or their organizational charter or bylaws, respectively. Neither the Company nor any of its
Subsidiaries (i)&#8239;is in default of or in violation of, nor has the Company or any of its Subsidiaries received notice of a claim that
it is in default under or that it is in violation of, any Material Contract (whether or not such default or violation has been waived),
or (ii)&#8239;is in violation of any judgment, decree or order or any statute, ordinance, rule&#8239;or regulation applicable to the Company
or its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its business in violation of any of the foregoing,
except for possible violations which would not, individually or in the aggregate, have or reasonably be expected to have a Material Adverse
Effect. Without limiting the generality of the foregoing, the Company is not in violation of any of the rules, regulations or requirements
of the Exchange and, to the Company&rsquo;s Knowledge, there exist no facts or circumstances that would reasonably lead to delisting or
suspension of the Common Stock by the Exchange in the foreseeable future. The Company and its Subsidiaries (i)&#8239;possess all certificates,
licenses, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses
as currently conducted, except where the failure to possess such certificates, authorizations or permits would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect, and (ii)&#8239;have made all required reports, notices, submissions
required thereunder, and neither the Company nor any such Subsidiary has received any written notice of any proceedings relating to the
revocation or modification of any such certificate, authorization or permit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Title
to Properties and Assets</U>. None of the Company or its Subsidiaries owns, or has ever owned, any real property. The Company&rsquo;s
or its Subsidiaries&rsquo; possession, occupancy, lease, use and/or operation of each such leased property conforms to all applicable
Laws in all material respects, and the Company or its Subsidiary, as applicable, has exclusive possession of each such leased property
and leasehold interest and has not granted any occupancy rights to tenants or licensees with respect to such leased property or leasehold
interest. In addition, each such leased property and leasehold interest is free and clear of all Encumbrances other than Permitted Liens.
The Company and each of its Subsidiaries owns, and has good and marketable title to, or, in the case of leased properties and assets,
valid leasehold interests in, all tangible properties or tangible assets and equipment, which are material to the business of the Company,
including: (a)&#8239;all tangible assets reflected on the Audited Balance Sheet and (b)&#8239;all other tangible assets reflected in the
books and records of the Company as being owned by the Company or any of its Subsidiaries. All of such assets are owned or, in the case
of leased assets, leased by the Company or any of its Subsidiaries free and clear of any Encumbrances, other than Permitted Liens. As
used in this this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Permitted
Liens</I></B>&rdquo; means: (a)&#8239;liens of landlords, carriers, warehousemen, mechanics, vendors, materialmen or other Persons securing
obligations arising in the ordinary course of business that are not yet due and payable, (b)&#8239;liens incurred in the ordinary course
of business in connection with workers&rsquo; compensation, unemployment insurance and other types of social security, (c)&#8239;liens
incurred to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance
and return of money bonds and similar obligations in the ordinary course of business, (d)&#8239;liens for Taxes (i)&#8239;not yet due, or
(ii)&#8239;being contested through appropriate proceedings and for which adequate reserves are reflected on the Audited Balance Sheet,
(e)&#8239;liens expressly set forth in any Contract that is not a Material Contract, and (f)&#8239;other liens that are not material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Taxes</I></B>&rdquo;
shall mean any taxes, charges, fees, duties, contributions, levies or other similar assessments or liabilities in the nature of a tax,
including, without limitation, income, gross receipts, corporation, ad valorem, premium, value-added, net worth, capital stock, capital
gains, documentary, recapture, alternative or add-on minimum, disability, estimated, registration, recording, excise, real property, personal
property, sales, use, license, lease, service, service use, transfer, withholding, employment, unemployment, insurance, social security,
national insurance, business license, business organization, environmental, workers compensation, payroll, profits, severance, stamp,
occupation, windfall profits, escheat or unclaimed property, customs duties, franchise and other taxes of any kind imposed by the United
States of America or any state, local or non-U.S. government, or any agency or political subdivision thereof, and any interest, fines,
penalties, assessments or additions to tax imposed with respect to such items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Intellectual
Property Rights</U>. The Company and its Subsidiaries own, or have obtained valid and enforceable licenses for, the inventions, patent
applications, patents, trademarks, trade names, service names, copyrights, trade secrets and other intellectual property described in
the General Disclosure Package, the Prospectus and in the Registration Statement as being owned or licensed by them, other than intellectual
property of the Company no longer used that has been abandoned or granted back to the licensor (collectively, &ldquo;<B><I>Intellectual
Property</I></B>&rdquo;). To the Company&rsquo;s Knowledge, the operation of the business of the Company and its Subsidiaries, as now
conducted or as proposed to be conducted in the General Disclosure Package, the Prospectus and in the Registration Statement, together
with the Company&rsquo;s use of the Company&rsquo;s Intellectual Property, does not conflict with, infringe, misappropriate or otherwise
violate the valid and enforceable Intellectual Property of any third party. No actions, suits, claims or proceedings have been asserted,
or, to the Company&rsquo;s Knowledge, threatened against the Company or any of its Subsidiaries alleging any of the foregoing or seeking
to challenge, deny or restrict the operation of the business of the Company or its Subsidiaries, and the Company is unaware of any facts
which would form a reasonable basis for any such claim. None of the Company or any of its Subsidiaries has received any notice of a claim
of infringement, misappropriation or conflict with Intellectual Property rights of others, except for such claims that would not, individually
or the in aggregate, have or reasonably be expected to have a Material Adverse Effect. The Intellectual Property rights owned by the Company
and its Subsidiaries and, to the Company&rsquo;s Knowledge, any Intellectual Property rights licensed to the Company or its Subsidiaries,
have not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to the Company&rsquo;s Knowledge, threatened
action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property rights (except standard
prosecution before a patent office), and the Company is unaware of any facts which would form a reasonable basis for any such challenge,
except for such actions, suits, proceedings, or claims that would not, individually or the in aggregate, be reasonably expected to have
a Material Adverse Effect. None of the Company or any of its Subsidiaries is a party to or bound by any options, licenses or agreements
with respect to the Intellectual Property rights of any other person or entity that are required to be set forth in the General Disclosure
Package, the Prospectus and in the Registration Statement. None of the Intellectual Property used by the Company or its Subsidiaries in
their respective businesses has been obtained or is being used by the Company in violation of any contractual obligation binding on the
Company or any of its Subsidiaries or, to the Company&rsquo;s Knowledge, any of their respective officers, directors or employees or otherwise
in violation of the rights of any persons, except as would not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Insurance</U>.
Each of the Company and its Subsidiaries are insured by recognized, financially sound and reputable institutions with policies in such
amounts and with such deductibles and covering such risks as are generally deemed adequate and commercially reasonable in accordance with
customary practices for companies engaged in similar businesses and similar industries for the conduct of its businesses and the value
of its properties. The Company has no reason to believe that it or any of its Subsidiaries will not be able to (i)&#8239;renew its existing
insurance coverage as and when such policies expire or (ii)&#8239;obtain comparable coverage from similar institutions as may be necessary
or appropriate to conduct its business as now conducted and at a cost that could not reasonably be expected to result in a Material Adverse
Effect. Neither the Company nor any of its Subsidiaries has been denied any insurance coverage which it has sought or for which it has
applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Transactions
with Affiliates and Employees</U>. Except as set forth in the General Disclosure Package, none of the officers or directors of the Company
is presently a party to any transaction with the Company (other than for services as officers and directors) that would be required to
be reported by the Company pursuant to Item 404 of Regulation S-K promulgated by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Company&rsquo;s
Accounting System</U>. The Company and each of its Subsidiaries makes and keeps accurate books and records and maintains a system of internal
control over financial reporting (as defined in Rules&#8239;13a-15 and 15d-15 under the Exchange Act) sufficient to provide reasonable
assurance that: (i)&#8239;transactions are executed in accordance with management&rsquo;s general or specific authorization; (ii)&#8239;transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as
applied in the United States and to maintain accountability for assets; (iii)&#8239;access to assets is permitted only in accordance with
management&rsquo;s general or specific authorization; (iv)&#8239;the recorded accountability for assets is compared with existing assets
at reasonable intervals and appropriate action is taken with respect to any differences; and (v)&#8239;the interactive data in eXtensible
Business Reporting Language included or incorporated by reference in the General Disclosure Package, the Prospectus and in the Registration
Statement fairly presents the information called for in all material respects and is prepared in accordance with the Commission&rsquo;s
rules&#8239;and guidelines applicable thereto, except as would not, individually or the in aggregate, be reasonably expected to have a
Material Adverse Effect. Since the end of the Company&rsquo;s most recent audited fiscal year, neither the Company nor any Subsidiary
nor, to the Company&rsquo;s Knowledge, any director, officer, employee, auditor, accountant or representative of the Company or any Subsidiary
has received or otherwise had or obtained knowledge of any material complaint, allegation, assertion or claim, whether written or oral,
regarding the accounting or auditing practices, procedures, methodologies or methods of the Company or any Subsidiary or their respective
internal accounting controls, including any material complaint, allegation, assertion or claim that the Company or any Subsidiary has
engaged in questionable accounting or auditing practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(y)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Sarbanes-Oxley;
Disclosure Controls</U>. The Company is in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act
of 2002 (the &ldquo;<B><I>Sarbanes-Oxley Act</I></B>&rdquo;) and the rules&#8239;and regulations promulgated thereunder. To the Company&rsquo;s
Knowledge, there has been no failure on the part of any of the Company&rsquo;s officers or directors, in their capacities as such, to
comply with any provision of the Sarbanes-Oxley Act, including Section&#8239;402 related to loans and Sections 302 and 906 related to certifications.
The Company maintains a system of internal accounting controls designed to ensure that (a)&#8239;material information relating to the Company
and its Subsidiaries, is made known to the Company&rsquo;s principal executive officer and its principal financial officer by others within
those entities and (b)&#8239;that information required to be disclosed by the Company in reports that it files, furnishes or submits under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission&rsquo;s rules&#8239;and
forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company&rsquo;s
management as appropriate to allow timely decisions regarding required disclosure. The Company has established and maintains disclosure
controls and procedures (as defined in Exchange Act Rules&#8239;13a-15(e)&#8239;and 15d-15(e)) for the Company and designed such disclosure
controls and procedures to ensure that material information relating to the Company is made known to the certifying officers by others
within those entities, particularly during the period in which the Company&rsquo;s most recently filed periodic report under the Exchange
Act, as the case may be, is being prepared. The Company has established internal control over financial reporting (as defined in Exchange
Act Rules&#8239;13a-15(f)&#8239;and 15d-15(f)) to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with GAAP. The Company&rsquo;s certifying officers have evaluated
the effectiveness of the Company&rsquo;s disclosure controls and procedures and the Company&rsquo;s internal control over financial reporting
(collectively, &ldquo;<B><I>internal controls</I></B>&rdquo;) as of the end of the period covered by the most recently filed periodic
report under the Exchange Act (such date, the &ldquo;<B><I>Evaluation Date</I></B>&rdquo;). The Company presented in its most recently
filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of such internal controls
based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no significant changes in the Company&rsquo;s
internal controls or, to the Company&rsquo;s Knowledge, in other factors that could materially affect the Company&rsquo;s internal controls
and there have been no material weaknesses in the Company&rsquo;s internal control over financial reporting (whether or not remediated).
The Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with GAAP
and the applicable requirements of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(z)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Certain
Fees</U>. No person or entity will have, as a result of the transactions contemplated by this Agreement, any valid right, interest or
claim against or upon the Company or any Underwriter for any commission, fee or other compensation pursuant to any agreement, arrangement
or understanding entered into by or on behalf of the Company, other than the Underwriters with respect to the offer and sale of the Securities
(which underwriting fees are being paid by the Company). The Underwriters shall have no obligation with respect to any fees or with respect
to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section&#8239;2(z)&#8239;that may be due in
connection with the transactions contemplated by the Transaction Documents. The Company shall indemnify, pay, and hold each Underwriter
harmless against, any liability, loss or expense (including, without limitation, attorneys&rsquo; fees and out-of-pocket expenses) arising
in connection with any such right, interest or claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(aa)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Company
Not an &ldquo;Investment Company&rdquo;</U>. The Company is not, and will not be, after giving effect to the offering of Securities and
application of the proceeds thereof, required to register as an &ldquo;investment company&rdquo; under the Investment Company Act of 1940,
as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(bb)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Rights</U>. No Person has any right to cause the Company to effect the registration under the Securities Act of the offer and sale of
any securities of the Company other than those offers and sales which are currently registered on an effective registration statement
on file with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(cc)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>[Reserved</U>].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(dd)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Tax
Matters</U>. The Company and each of its Subsidiaries has timely filed all income Tax returns and all other material Tax returns that
were required to be filed by or with respect to it under applicable Law (taking into account applicable extensions). All such Tax returns
were correct and complete in all material respects and have been prepared in material compliance with all applicable Law. Subject to exceptions
as would not be material, no claim has ever been made by a Governmental Authority in a jurisdiction where the Company or any of its Subsidiaries
does not file Tax returns that the Company or any of its Subsidiaries is subject to Taxation by that jurisdiction. Neither the Company
nor any of its Subsidiaries has any Taxes due that would, singularly or in the aggregate, have a Material Adverse Effect. The Company
is classified as a Subchapter C corporation for U.S. federal Tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ee)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Environmental Laws</U>. Since December&#8239;13, 2024, the Company and each of its Subsidiaries has complied with all applicable federal,
state, local or foreign Law relating to pollution or protection of human health or the environment (including ambient air, surface water,
ground water, land surface or subsurface strata), including any law or regulation relating to emissions, discharges, releases or threatened
releases of Hazardous Materials, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials (&ldquo;<B><I>Environmental Laws</I></B>&rdquo;), which compliance includes the possession
by the Company of all permits and other governmental authorizations required under applicable Environmental Laws and compliance with the
terms and conditions thereof, except for any failure to be in compliance that, individually or in the aggregate, would not result in or
reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received since December&#8239;13,
2024, any written notice or other communication (in writing or otherwise), whether from a Governmental Authority, citizens group, employee
or otherwise, that alleges that the Company or any of its Subsidiaries is not in compliance with any Environmental Law, and, to the Company&rsquo;s
Knowledge, there are no circumstances that may prevent or interfere with the Company&rsquo;s or any of its Subsidiaries&rsquo; compliance
with any Environmental Law in the future, except where such failure to comply would not reasonably be expected to have a Material Adverse
Effect. To the Company&rsquo;s Knowledge: (i)&#8239;no current or prior owner of any property leased or controlled by the Company or any
of its Subsidiaries has received, since December&#8239;13, 2024, any written notice or other communication relating to property owned or
leased at any time by the Company or any of its Subsidiaries, whether from a Governmental Authority, citizens group, employee or otherwise,
that alleges that such current or prior owner or the Company or any of its Subsidiaries is not in compliance with or violated any Environmental
Law relating to such property and neither the Company nor any of its Subsidiaries has any material liability under any Environmental Law.
As used in this this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Hazardous
Materials</I></B>&rdquo; means any pollutant, chemical, substance and any toxic, infectious, carcinogenic, reactive, corrosive, ignitable
or flammable chemical, or chemical compound, or hazardous substance, material or waste, whether solid, liquid or gas, that is subject
to regulation, control or remediation under any Environmental Law, including without limitation, crude oil or any fraction thereof, and
petroleum products or by-products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ff)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Anti-Corruption
and Anti-Bribery Laws</U>. Neither the Company nor any of its Subsidiaries nor any director, officer, or employee of the Company or any
of its Subsidiaries, nor to the Company&rsquo;s Knowledge, any agent, Affiliate or other person acting on behalf of the Company or any
of its Subsidiaries has, in the course of its actions for, or on behalf of, the Company or any of its Subsidiaries (i)&#8239;used any corporate
funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii)&#8239;made or
taken any act in furtherance of an offer, promise, or authorization of any direct or indirect unlawful payment or benefit to any non-U.S.
or domestic government official or employee, including of any government-owned or controlled entity or public international organization,
or any political party, party official, or candidate for political office; (iii)&#8239;violated or is in violation of any provision of
the U.S. Foreign Corrupt Practices Act of 1977, as amended (the &ldquo;<B><I>FCPA</I></B>&rdquo;), the UK Bribery Act 2010, or any other
applicable anti-bribery or anti-corruption Law; or (iv)&#8239;made, offered, authorized, requested, or taken an act in furtherance of any
unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment or benefit. The Company and its Subsidiaries and,
to the Company&rsquo;s Knowledge, the Company&rsquo;s Affiliates have conducted their respective businesses in compliance with the FCPA
and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(gg)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Money
Laundering Laws</U>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements of the USA Patriot Act, the Bank Secrecy Act of 1970, as amended, the money laundering
statutes of all jurisdictions, the rules&#8239;and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency (collectively, the &ldquo;<B><I>Money Laundering Laws</I></B>&rdquo;); and
no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator or non-governmental authority
involving the Company or its Subsidiaries with respect to the Money Laundering Laws is pending or, to the Company&rsquo;s Knowledge, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(hh)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>OFAC</U>.
Neither the Company nor its Subsidiaries nor any of their respective directors, officers, nor to the Company&rsquo;s Knowledge, any Affiliate,
agent or employee of the Company or its Subsidiaries is subject to any sanctions administered or enforced by the Office of Foreign Assets
Control (&ldquo;<B><I>OFAC</I></B>&rdquo;) of the United States Treasury Department, the U.S. Department of State, the United Nations
Security Council, the European Union, His Majesty&rsquo;s Treasury or any other relevant sanctions authority (&ldquo;<B><I>Sanctions</I></B>&rdquo;);
and the Company will not directly or indirectly use the proceeds of the offering of the securities contemplated hereby, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity for the purpose of financing
the activities of any person that is the target of Sanctions or in connection with any country or territory that is the target of country-
or territory-wide OFAC sanctions (currently,&#8239;Iran, Syria, Cuba, North Korea, the Crimea, so-called Donetsk People&rsquo;s Republic,
and so-called Luhansk People&rsquo;s Republic regions of Ukraine) (collectively, &ldquo;<B><I>Sanctioned Countries</I></B>&rdquo;). Since
April&#8239;24, 2019, the Company and its Subsidiaries have not engaged in and are not now engaged in any dealings or transactions with
any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Outbound
Investment Security Program</U><I>.</I> Neither the Company nor any of its Subsidiaries is a &ldquo;covered foreign person,&rdquo; as
that term is defined in 31 C.F.R. &sect; 850.209. Neither the Company nor any of its Subsidiaries currently engages, or has plans to engage,
directly or indirectly, in a &ldquo;covered activity,&rdquo; as that term is defined in in 31 C.F.R. &sect; 850.208 (&ldquo;<B><I>Covered
Activity</I></B>&rdquo;). The Company does not have any joint ventures that engage in or plan to engage in any Covered Activity. The Company
also does not, directly or indirectly, hold a board seat on, have a voting or equity interest in, or have any contractual power to&#8239;direct
or cause the direction of the management or policies of any person or persons that engages or plans to engage in any Covered Activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(jj)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Off
Balance Sheet Arrangements</U>. There is no transaction, arrangement, or other relationship between the Company (or any Subsidiary) and
an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in the General Disclosure Package,
the Prospectus and in the Registration Statement and is not so disclosed and would have or reasonably be expected to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(kk)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Price Stabilization or Manipulation; Compliance with Regulation M</U>. Neither the Company nor any of its Subsidiaries has taken, directly
or indirectly, any action designed or intended to stabilize or manipulate the price of any security of the Company to facilitate the sale
or resale of the Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M under the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ll)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Clinical
Data and Regulatory Compliance</U>. The preclinical tests, clinical trials and other studies (collectively, &ldquo;<B><I>studies</I></B>&rdquo;)
that are described in, or the results of which are referred to in, the General Disclosure Package, the Prospectus and in the Registration
Statement were and, if still pending, are being conducted in all material respects in accordance with the protocols, procedures and controls
designed and approved for such studies. Each description of the results of such studies is accurate and complete in all material respects,
and the Company and its Subsidiaries have no knowledge of any other studies the results of which are materially inconsistent with, or
otherwise call into question, the results described or referred to in the General Disclosure Package, the Prospectus and in the Registration
Statement. The Company and its Subsidiaries have made all such filings and obtained all such approvals and authorizations as may be required
by the U.S. Food and Drug Administration of the U.S. Department of Health and Human Services or any committee thereof or from any other
U.S. or non-U.S. government or drug regulatory agency, or health care facility Institutional Review Board (collectively, the &ldquo;<B><I>Regulatory
Agencies</I></B>&rdquo;). Neither the Company nor any of its Subsidiaries has received any written notice of, or correspondence from,
any Regulatory Agency requiring the termination, suspension or material modification of any clinical trials that are described or referred
to in the General Disclosure Package, the Prospectus and in the Registration Statement and are currently being conducted. The Company
and its Subsidiaries have each operated and currently are in compliance in all material respects with all applicable rules, regulations
and policies of the Regulatory Agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(mm)&#9;&#8239;&#8239;&#8239;<U>Compliance
with Healthcare Laws.</U> The Company and its subsidiaries, and, to the Company&rsquo;s knowledge, their respective directors, officers,
and employees have operated and currently operate in compliance in all material respects with the following, to the extent applicable
to the Company&rsquo;s business as currently conducted: (i)&#8239;all laws applicable to ownership, testing, development, manufacturing,
packaging, processing, use, distribution, storage, import, export or disposal of the Company&rsquo;s products; (ii)&#8239;the Federal,
Food, Drug and Cosmetic Act, 21 U.S.C. &sect;&sect; 301 et seq.; (iii)&#8239;Title XVIII of the Social Security Act, 42 U.S.C. &sect;&sect;
1395-1395mmm (the Medicare statute); (iv)&#8239;Title XIX of the Social Security Act, 42 U.S.C. &sect;&sect; 1396-1396w-8 (the Medicaid
statute); (v)&#8239;the Federal Anti-Kickback Statute, 42 U.S.C. &sect; 1320a-7b(b); (vi)&#8239;the civil False Claims Act, 31 U.S.C.
 &sect;&sect; 3729 et seq.; (vii)&#8239;the criminal False Claims Act 42 U.S.C. 1320a-7b(a); (viii)&#8239;any criminal laws relating to
health care fraud and abuse, including but not limited to 18 U.S.C. Sections 286 and 287 and the health care fraud criminal provisions
under HIPAA, 42 U.S.C. &sect;&sect; 1320d et seq.; (ix)&#8239;the Civil Monetary Penalties Law, 42 U.S.C. &sect;&sect; 1320a-7a; (x)&#8239;the
Physician Payments Sunshine Act, 42 U.S.C Section&#8239;1320-7h; (xi)&#8239;the exclusion law, 42 U.S.C. &sect; 1320a-7; (xii)&#8239;HIPAA,
as amended by the Health Information Technology for Economic and Clinical Health Act, 42 U.S.C. &sect;&sect; 17921 et seq.; (xiii)&#8239;the
regulations promulgated pursuant to such laws and any similar federal, state and local laws and regulations; and (xiv)&#8239;licensure,
quality, safety, and accreditation requirements under applicable federal, state, and local laws and Governmental Authorities (collectively,
the &ldquo;<B><I>Healthcare Laws</I></B>&rdquo;). Additionally, neither the Company nor its Subsidiaries or any of their respective employees,
officers or directors, or to the Company&rsquo;s knowledge, any of their respective agents or independent contractors, have been excluded,
suspended, debarred from or otherwise ineligible for participation in any U.S. state or federal government health care program. Neither
the Company nor any Subsidiary is a party to, or have any ongoing reporting obligations pursuant to, any corporate integrity agreement,
deferred prosecution agreement, monitoring agreement, consent decree, settlement order, plan of correction or similar agreement imposed
by any Governmental Authority</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(nn)&#9;&#8239;&#8239;&#8239;&#8239;<U>Security</U>.
Except as would not reasonably be expected to have a Material Adverse Effect, the Company and its Subsidiaries&rsquo; information technology
assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, &ldquo;<B><I>IT
Systems</I></B>&rdquo;) are adequate for, and operate and perform in all respects as required in connection with the operation of the
business of the Company and its Subsidiaries as currently conducted, and, to the Company&rsquo;s knowledge, are free and clear of all
material Trojan horses, time bombs, malware and other malicious code. The Company and its Subsidiaries have implemented and maintained
commercially reasonable physical, technical and administrative controls designed to protect the confidentiality, integrity, availability,
privacy and security of all confidential or Personal Data (&ldquo;<B><I>Confidential Data</I></B>&rdquo;) used or maintained in connection
with their businesses, and the integrity, availability continuous operation, redundancy and security of all IT Systems. As used in this
this Agreement: &ldquo;<B><I>Personal Data</I></B>&rdquo; means, in addition to any information defined as &ldquo;personal data,&rdquo;
 &ldquo;protected health information,&rdquo; &ldquo;personal information,&rdquo; or &ldquo;personally identifiable information&rdquo; or
other equivalent terms as such terms are defined under applicable Privacy Laws, any information that identifies, relates to, or may reasonably
be used to identify an individual. To the Company&rsquo;s Knowledge, there have been no breaches, outages or unauthorized uses of or accesses
to the IT Systems or Confidential Data. The Company and its Subsidiaries are in material compliance with their published policies and
material contractual obligations relating to the Processing, privacy and security of Confidential Data, the privacy and security of IT
Systems and the protection of such IT Systems and Confidential Data from unauthorized use, access, misappropriation or modification.<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(oo)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Data Privacy Laws</U>. The Company and its Subsidiaries are, and at all times since December&#8239;13, 2024 have been, in material
compliance with all applicable state and federal data privacy and security Laws and regulations regarding the collection, use, storage,
retention, disclosure, transfer, disposal, or any other processing (collectively &ldquo;<B><I>Process</I></B>&rdquo; or &ldquo;<B><I>Processing</I></B>&rdquo;)
of Personal Data, including, as applicable, HIPAA, the California Consumer Privacy Act, and the European Union General Data Protection
Regulation (EU 2016/679) (collectively, the &ldquo;<B><I>Privacy Laws</I></B>&rdquo;). To ensure compliance with the Privacy Laws, the
Company and its Subsidiaries have in place, comply with, and take all appropriate steps necessary to ensure compliance in all material
respects with their policies and procedures relating to data privacy and security, and the Processing of Personal Data and Confidential
Data (the &ldquo;<B><I>Privacy Statements</I></B>&rdquo;). The Company and its Subsidiaries have, except as would not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect, provided accurate notice of its Privacy Statements then in effect
to its clients, employees, third party vendors and representatives. None of such disclosures made or contained in any Privacy Statements
have been materially inaccurate, misleading, incomplete, or in material violation of any Privacy Laws. The Company further certifies that
neither it nor any of its Subsidiaries: (i)&#8239;has received notice of any actual or potential claim, complaint, proceeding, regulatory
proceeding or liability under or relating to, or actual or potential violation of, any of the Privacy Laws, contracts related to the Processing
of Personal Data, or Privacy Statements, and to the Company&rsquo;s Knowledge, there are no events or conditions that would reasonably
be expected to result in any such notice; (ii)&#8239;is currently conducting or paying for, in whole or in part, any investigation, remediation,
or other corrective action pursuant to any Privacy Law or contract; or (iii)&#8239;is a party to any order, decree, or agreement that imposes
any obligation or liability under any Privacy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>1</SUP> <B>Note to Draft</B></I>: The term Confidential Data
is defined to include Personal Data, so we eliminated the redundancies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(pp)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Minute
Books</U>. The requested minute books of the Company have been made available to the Underwriters and counsel for the Underwriters, and
such books (i)&#8239;contain a complete summary of all meetings and actions of the board of directors (including each board committee)
and stockholders of the Company (or analogous governing bodies and interest holders, as applicable) and (ii)&#8239;accurately in all material
respects reflect all transactions referred to in such minutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(qq)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Undisclosed Relationships</U>. No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries on
the one hand, and the directors, officers, stockholders (or analogous interest holders), customers or suppliers of the Company or any
of its affiliates on the other hand, which is required to be described in the General Disclosure Package and the Prospectus or a document
incorporated by reference therein and which is not so described.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(rr)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Margin
Rules</U>. The application of the proceeds received by the Company from the issuance, sale and delivery of the Securities as described
in the General Disclosure Package and the Prospectus will not violate Regulation T, U or X of the Board of Governors of the Federal Reserve
system or any other regulation of such Board of Governors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ss)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Broker&rsquo;s Fees</U>. Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with any
person (other than this Agreement) that would give rise to a valid claim against the Company or any of its Subsidiaries or the Underwriters
for a brokerage commission, finder&rsquo;s fee or like payment in connection with the offering and sale of the Securities or any transaction
contemplated by this Agreement, the Registration Statement, the General Disclosure Package or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(tt)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Restrictions on Subsidiaries</U>. No Subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or
other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on
such Subsidiary&rsquo;s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from
transferring any of such Subsidiary&rsquo;s properties or assets to the Company or any other Subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(uu)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>PFIC</U>.
The Company is not a Passive Foreign Investment Company (&ldquo;<B><I>PFIC</I></B>&rdquo;) within the meaning of Section&#8239;1296 of
the United States Internal Revenue Code of 1966, and the Company is not likely to become a PFIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(vv)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Forward-Looking
Statements</U>. No forward-looking statement (within the meaning of Section&#8239;27A of the Securities Act and Section&#8239;21E of the
Exchange Act) contained or incorporated by reference in either the General Disclosure Package, the Registration Statement or the Prospectus
has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ww)&#9;&#8239;&#8239;&#8239;<U>Listing</U>.
The Company is subject to and in compliance in all material respects with the reporting requirements of Section&#8239;13 or Section&#8239;15(d)&#8239;of
the Exchange Act. The Common Stock is registered pursuant to Section&#8239;12(b)&#8239;or 12(g)&#8239;of the Exchange Act and is listed on
the Exchange, and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act or delisting the Common Stock from the Exchange, nor has the Company received any notification
that the Commission or FINRA is contemplating terminating such registration or listing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(xx)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Statistical
and Market Data</U>. The statistical and market related data included in the Registration Statement, the General Disclosure Package and
the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate, and such data agree with the
sources from which they are derived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(yy)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Associated Persons; FINRA Matters</U>. Neither the Company nor any of its affiliates (within the meaning of FINRA Rule&#8239;5121(f)(1))
directly or indirectly controls, is controlled by, or is under common control with, or is an associated person (within the meaning of
Article&#8239;I, Section&#8239;1(ee) of the By-laws of FINRA) of, any member firm of FINRA. The Company qualifies as an &ldquo;experienced
issuer&rdquo; (within the meaning of FINRA Conduct Rule&#8239;5110(j)(6)) for purposes of the exemption from filing under FINRA Conduct
Rule&#8239;5110(h)(1)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(zz)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Acquisitions or Dispositions</U>. There are no contracts, letters of intent, term sheets, agreement, arrangements or understandings with
respect to the direct or indirect acquisition or disposition by the Company of material interests in real or personal property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(aaa)&#9;&#8239;&#8239;&#8239;<U>Export
and Import Laws</U>. Each of the Company and the subsidiaries, and, to the Company&rsquo;s knowledge, each of their affiliates and any
director, officer, agent or employee of, or other person associated with or acting on behalf of, the Company has acted at all times in
compliance with applicable Export and Import Laws (as defined below) and there are no claims, complaints, charges, investigations or proceedings
pending or expected or, to the knowledge of the Company, threatened between the Company or any of the subsidiaries and any governmental
authority under any Export or Import Laws. As used in this this Agreement: &ldquo;<B><I>Export and Import Laws</I></B>&rdquo; means the
Arms Export Control Act, the International Traffic in Arms Regulations, the Export Administration Act of 1979, as amended, the Export
Administration Regulations, and all other laws and regulations of the United States government regulating the provision of services to
non-U.S. parties or the export and import of articles or information from and to the United States of America, and all similar laws and
regulations of any foreign government regulating the provision of services to parties not of the foreign country or the export and import
of articles and information from and to the foreign country to parties not of the foreign country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(bbb)&#9;&#8239;&#8239;<U>Ineligible
Issuer</U>. The Company currently is an &ldquo;ineligible issuer,&rdquo; as defined in Rule&#8239;405 of the Rules&#8239;and Regulations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ccc)&#9;&#8239;&#8239;&#8239;<U>Free
Writing Prospectus</U>. In connection with the offering of Securities, the Company has not used any issuer free writing prospectuses,
as defined in Rule&#8239;433 under the Securities Act (an &ldquo;<B><I>Issuer Free Writing Prospectus</I></B>&rdquo;) or any electronic
road shows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any certificate signed by or on behalf of the
Company and delivered to the Representatives or to counsel for the Underwriters shall be deemed to be a representation and warranty by
the Company to each Underwriter as to the matters covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Purchase,
Sale and Delivery of Offered Securities</I></FONT>. On the basis of the representations, warranties and agreements herein contained, but
subject to the terms and conditions herein set forth, the Company agrees to sell to the Underwriters, and the Underwriters agree, severally
and not jointly, to purchase from the Company the respective numbers of shares of Firm Stock set forth opposite the names of the Underwriters
in <U>Schedule A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purchase price per share
to be paid by the Underwriters to the Company for the Stock will be $117.50 per share (the &ldquo;<B><I>Purchase Price</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will deliver the
Firm Stock to the Representatives for the respective accounts of the several Underwriters, through the facilities of The Depository Trust
Company, issued in such names and in such denominations as the Representatives may direct by notice in writing to the Company given at
or prior to 12:00 Noon, New York time, on the second (2<SUP>nd</SUP>) full business day preceding the Closing Date against payment of
the aggregate Purchase Price therefor by wire transfer in federal (same day) funds to an account at a bank specified by the Company payable
to the order of the Company for the Firm Stock sold by them all at the offices of Cooley LLP, 3 Embarcadero Center, 20<SUP>th</SUP> Floor,
San Francisco, California 94111. Time shall be of the essence, and delivery at the time and place specified pursuant to this Agreement
is a further condition of the obligations of each Underwriter hereunder. The time and date of the delivery and closing shall be at 10:00
A.M., New York time, on February&#8239;27, 2026, in accordance with Rule&#8239;15c6-1 of the Exchange Act. The time and date of such payment
and delivery are herein referred to as the &ldquo;<B><I>Closing Date</I></B>&rdquo;. The Closing Date and the location of delivery of,
and the form of payment for, the Stock may be varied by agreement between the Company and the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriters may purchase
all or less than all of the Optional Stock. The price per share to be paid for the Optional Stock shall be the Purchase Price. The Company
agrees to sell to the Underwriters the number of shares of Optional Stock specified in the written notice delivered by the Representatives
to the Company described below and the Underwriters agree, severally and not jointly, to purchase such shares of Optional Stock. Such
shares of Optional Stock shall be purchased from the Company for the account of each Underwriter in the same proportion as the number
of shares of Firm Stock set forth opposite such Underwriter&rsquo;s name on Schedule A bears to the total number of shares of Firm Stock
(subject to adjustment by the Representatives to eliminate fractions). The option granted hereby may be exercised as to all or any part
of the Optional Stock at any time, and from time to time, <I>provided however</I>, that notice of such exercise must be delivered not
more than thirty (30) days subsequent to the date of this Agreement. No Optional Stock shall be sold and delivered unless the Firm Stock
previously has been, or simultaneously is, sold and delivered. The right to purchase the Optional Stock or any portion thereof may be
surrendered and terminated at any time upon notice by Representatives to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The option granted hereby
shall be exercised by written notice being given to the Company by Representatives setting forth the number of shares of the Optional
Stock to be purchased by the Underwriters and the date and time for delivery of and payment for the Optional Stock. Each date and time
for delivery of and payment for the Optional Stock (which may be the Closing Date, but not earlier) is herein called the &ldquo;<B><I>Option
Closing Date</I></B>&rdquo; and shall in no event be earlier than one (1)&#8239;business days nor later than five (5)&#8239;business days
after written notice is given. The Option Closing Date and the Closing Date are herein called the &ldquo;<B><I>Closing Dates</I></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will deliver the
Optional Stock to the Representatives for the respective accounts of the several Underwriters in the case of the Company, through the
facilities of The Depository Trust Company or, at the election of the Representatives, in each such case, issued in such names and in
such denominations as the Representatives may direct by notice in writing to the Company given at or prior to 12:00 Noon, New York time,
on the second (2<SUP>nd</SUP>) full business day preceding the Option Closing Date against payment of the aggregate Purchase Price therefor
by wire transfer in federal (same day) funds to an account at a bank acceptable to the Representatives payable to the order of the Company
all at the offices of Cooley LLP, 3 Embarcadero Center, 20<SUP>th</SUP> Floor, San Francisco, California 94111. Time shall be of the essence,
and delivery at the time and place specified pursuant to this Agreement is a further condition of the obligations of each Underwriter
hereunder. The Option Closing Date and the location of delivery of, and the form of payment for, the Optional Stock may be varied by agreement
between the Company and the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The several Underwriters propose
to offer the Stock for sale upon the terms and conditions set forth in the Prospectus. The Company acknowledges and agrees that the Underwriters
may offer and sell the Stock to or through any affiliate of an Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Further
Agreements Of The Company. </I></FONT>The Company agrees with the several Underwriters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Required
Filings; Amendments or Supplements; Notice to the Representatives</U>. To prepare the Rule&#8239;462(b)&#8239;Registration Statement, if
necessary, in a form approved by the Representatives and file such Rule&#8239;462(b)&#8239;Registration Statement with the Commission by
10:00 P.M., New York time, on the date hereof, and the Company shall at the time of filing either pay to the Commission the filing fee
for the Rule&#8239;462(b)&#8239;Registration Statement or give irrevocable instructions for the payment of such fee pursuant to Rule&#8239;111(b)&#8239;under
the Rules&#8239;and Regulations; to prepare the Prospectus in a form approved by the Representatives containing information previously
omitted at the time of effectiveness of the Registration Statement in reliance on Rule&#8239;430A of the Rules&#8239;and Regulations and
to file such Prospectus pursuant to Rule&#8239;424(b)&#8239;of the Rules&#8239;and Regulations not later than the second (2<SUP>nd</SUP>)
business day following the execution and delivery of this Agreement or, if applicable, such earlier time as may be required by the Securities
Act; to notify the Representatives immediately of the Company&rsquo;s intention to file or prepare any supplement or amendment to the
Registration Statement or to the Prospectus and to make no amendment or supplement to the Registration Statement, the General Disclosure
Package or to the Prospectus to which the Representatives shall reasonably object by notice to the Company after a reasonable period to
review; to advise the Representatives, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement
has been filed or becomes effective or any supplement to the General Disclosure Package or the Prospectus or any amended Prospectus has
been filed and to furnish the Underwriters with copies thereof; to file promptly all material required to be filed by the Company with
the Commission pursuant to Rules&#8239;433(d)&#8239;or 163(b)(2)&#8239;of the Rules&#8239;and Regulations, as the case may be; to file promptly
all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Section&#8239;13(a),
13(c), 14 or 15(d)&#8239;of the Exchange Act subsequent to the date of the Prospectus and for so long as the delivery of a prospectus (or
in lieu thereof, the notice referred to in Rule&#8239;173(a)&#8239;of the Rules&#8239;and Regulations) is required in connection with the
offering or sale of the Stock; to advise the Representatives, promptly after it receives notice thereof, of the issuance by the Commission
of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus, of the suspension
of the qualification of the Stock for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any
such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement, the General Disclosure
Package or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing
or suspending the use of any Preliminary Prospectus or the Prospectus or suspending any such qualification, and promptly to use its reasonable
best efforts to obtain the withdrawal of such order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Free
Writing Prospectus</U>. The Company has not made and will not make any offer relating to the Stock that would constitute an Issuer Free
Writing Prospectus or that would otherwise constitute a free writing prospectus, as defined in Rule&#8239;405 under the Securities Act
(a &ldquo;<B><I>Free Writing Prospectus</I></B>&rdquo;) required to be filed by the Company with the SEC or retained by the Company under
Rule&#8239;433 under the Securities Act (&ldquo;<B><I>Rule&#8239;433</I></B>&rdquo;) or use any electronic road show in connection with
the offering and sale of the Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Ongoing
Compliance</U>. If at any time prior to the date when a prospectus relating to the Stock is required to be delivered (or in lieu thereof,
the notice referred to in Rule&#8239;173(a)&#8239;under the Securities Act) any event occurs or condition exists as a result of which the
Prospectus as then amended or supplemented would include any untrue statement of a material fact, or omit to state any material fact necessary
to make the statements therein, in light of the circumstances under which they were made when the Prospectus is delivered (or in lieu
thereof, the notice referred to in Rule&#8239;173(a)&#8239;of the Rules&#8239;and Regulations), not misleading, or if it is necessary at
any time to amend or supplement the Registration Statement or the Prospectus or to file under the Exchange Act any document incorporated
by reference in the Prospectus to comply with the Securities Act or the Exchange Act, that the Company will promptly notify the Representatives
thereof and upon their request will prepare an appropriate amendment or supplement or upon their request make an appropriate filing pursuant
to Section&#8239;13 or 14 of the Exchange Act in form and substance reasonably satisfactory to the Representatives which will correct such
statement or omission or effect such compliance and will use its reasonable best efforts to have any amendment to the Registration Statement
declared effective as soon as possible. The Company will furnish without charge to each Underwriter and to any dealer in securities as
many copies as the Representatives may from time to time reasonably request of such amendment or supplement. In case any Underwriter is
required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule&#8239;173(a)&#8239;of the Rules&#8239;and Regulations)
relating to the Stock, the Company upon the request of the Representatives will prepare promptly an amended or supplemented Prospectus
as may be necessary to permit compliance with the requirements of Section&#8239;10(a)(3)&#8239;of the Securities Act and deliver to such
Underwriter as many copies as such Underwriter may reasonably request of such amended or supplemented Prospectus complying with Section&#8239;10(a)(3)&#8239;of
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment
to General Disclosure Package</U>. If the General Disclosure Package is being used to solicit offers to buy the Stock at a time when the
Prospectus is not yet available to prospective purchasers and any event shall occur as a result of which, in the judgment of the Company
or in the reasonable opinion of the Underwriters, it becomes necessary to amend or supplement the General Disclosure Package in order
to make the statements therein, in the light of the circumstances then prevailing, not misleading, or to make the statements therein not
conflict with the information contained or incorporated by reference in the Registration Statement then on file and not superseded or
modified, or if it is necessary at any time to amend or supplement the General Disclosure Package to comply with any law, the Company
promptly will either (i)&#8239;prepare, file with the Commission (if required) and furnish to the Underwriters and any dealers an appropriate
amendment or supplement to the General Disclosure Package or (ii)&#8239;prepare and file with the Commission an appropriate filing under
the Exchange Act which shall be incorporated by reference in the General Disclosure Package so that the General Disclosure Package as
so amended or supplemented will not, in the light of the circumstances then prevailing, be misleading or conflict with the Registration
Statement then on file, or so that the General Disclosure Package will comply with law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
of Registration Statement</U>. To the extent not available on the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval
system or any successor system (&ldquo;<B><I>EDGAR</I></B>&rdquo;), upon the request of the Representatives, to furnish promptly to the
Representatives and to counsel for the Underwriters a signed copy of the Registration Statement as originally filed with the Commission,
and of each amendment thereto filed with the Commission, including all consents and exhibits filed therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
of Copies</U>. Upon request of the Representatives, to the extent not available on EDGAR, to deliver promptly to the Representatives in
New York City such number of the following documents as the Representatives shall reasonably request: (i)&#8239;conformed copies of the
Registration Statement as originally filed with the Commission (in each case excluding exhibits), (ii)&#8239;each Preliminary Prospectus,
(iii)&#8239;the Prospectus (the delivery of the documents referred to in clauses (i), (ii)&#8239;and (iii)&#8239;of this paragraph (f)&#8239;to
be made not later than 10:00 A.M., New York time, on the business day following the execution and delivery of this Agreement), (iv)&#8239;conformed
copies of any amendment to the Registration Statement (excluding exhibits), (v)&#8239;any amendment or supplement to the General Disclosure
Package or the Prospectus (the delivery of the documents referred to in clauses (iv)&#8239;and (v)&#8239;of this paragraph (f)&#8239;to be
made not later than 10:00 A.M., New York City time, on the business day following the date of such amendment or supplement) and (vi)&#8239;any
document incorporated by reference in the General Disclosure Package or the Prospectus (excluding exhibits thereto) (the delivery of the
documents referred to in clause (vi)&#8239;of this paragraph (f)&#8239;to be made not later than 10:00 A.M., New York City time, on the
business day following the date of such document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Earnings
Statement</U>. To make generally available to its stockholders as soon as practicable, but in any event not later than sixteen (16) months
after the effective date of the Registration Statement (as defined in Rule&#8239;158(c)&#8239;of the Rules&#8239;and Regulations), an earnings
statement of the Company and its subsidiaries (which need not be audited) complying with Section&#8239;11(a)&#8239;of the Securities Act
(including, at the option of the Company, Rule&#8239;158).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Blue
Sky Compliance</U>. To take promptly from time to time such actions as the Representatives may reasonably request to qualify the Stock
for offering and sale under the securities or Blue Sky laws of such jurisdictions (domestic or foreign) as the Representatives may reasonably
designate and to continue such qualifications in effect, and to comply with such laws, for so long as required to permit the offer and
sale of Stock in such jurisdictions; <I>provided</I> that the Company and its subsidiaries shall not be obligated to (i)&#8239;qualify
as foreign corporations in any jurisdiction in which they are not so qualified, (ii)&#8239;file a general consent to service of process
in any jurisdiction or (iii)&#8239;subject itself to taxation in any such jurisdiction if it is not otherwise so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reports</U>.
Upon request, during the period of three (3)&#8239;years from the date hereof, to deliver to each of the Underwriters, (i)&#8239;as soon
as they are available, copies of all reports or other communications (financial or other) furnished to stockholders of the Company, and
(ii)&#8239;as soon as they are available, copies of any reports and financial statements furnished or filed with the Commission or any
national securities exchange on which the Stock is listed. However, so long as the Company is subject to the reporting requirements of
either Section&#8239;13 or Section&#8239;15(d)&#8239;of the Exchange Act and is timely filing reports with the Commission on its EDGAR system,
it is not required to furnish such reports or statements to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Lock-Up</U>.
During the period commencing on and including the date hereof and ending on and including the 60<SUP>th</SUP> day following the date of
this Agreement, (the &ldquo;<B><I>Lock-Up Period</I></B>&rdquo;) the Company will not, without the prior written consent of TD Cowen (which
consent may be withheld at the sole discretion of TD Cowen), directly or indirectly offer, sell (including, without limitation, any short
sale), assign, transfer, pledge, contract to sell, establish an open &ldquo;put equivalent position&rdquo; within the meaning of Rule&#8239;16a-1(h)&#8239;under
the Exchange Act, or otherwise dispose of, or announce the offering of, or submit or file any registration statement under the Securities
Act in respect of, any Common Stock, options, rights or warrants to acquire Common Stock or securities exchangeable or exercisable for
or convertible into Common Stock (other than is contemplated by this Agreement with respect to the Stock) or publicly announce any intention
to do any of the foregoing; <I>provided, however</I>, that the Company may (i)&#8239;effect the transactions contemplated hereby; (ii)&#8239;issue
Common Stock and options to purchase Common Stock, shares of Common Stock underlying options granted and other securities, each pursuant
to any director or employee stock option plan, stock ownership plan or dividend reinvestment plan of the Company in effect on the date
hereof and described in the General Disclosure Package; (iii)&#8239;issue Common Stock pursuant to the conversion of securities or the
exercise of warrants, which securities or warrants are outstanding on the date hereof and described in the General Disclosure Package;
(iv)&#8239;adopt a new equity incentive plan, including an inducement plan, and file a registration statement on Form&#8239;S-8 under the
Securities Act to register the offer and sale of securities to be issued pursuant to such new equity incentive plan, and issue securities
pursuant to such new equity incentive plan or inducement plan (including, without limitation, the issuance of shares of Common Stock upon
the exercise of options or other securities issued pursuant to such new equity incentive plan or inducement plan) , <I>provided</I> that
(1)&#8239;such new equity incentive plan or inducement plan satisfies the transaction requirements of General Instruction A.1 of Form&#8239;S-8
under the Securities Act and (2)&#8239;this clause (iv)&#8239;shall not be available unless each recipient of shares of Common Stock, or
securities exchangeable or exercisable for or convertible into Common Stock, pursuant to such new equity incentive plan shall be contractually
prohibited from selling, offering, disposing of or otherwise transferring any such shares or securities during the remainder of the Lock-Up
Period; and (v)&#8239;the sale or issuance of or entry into an agreement to sell or issue shares of Common Stock in connection with the
Company&rsquo;s acquisition of one or more businesses, products, assets or technologies (whether by means of merger, stock purchase, asset
purchase or otherwise) or in connection with joint ventures, collaboration or licensing agreements, marketing or distribution arrangements,
commercial relationships or other strategic transactions; provided, that, the aggregate number of shares of Common Stock that the Company
may sell or issue or agree to sell or issue pursuant to this clause (v)&#8239;shall not exceed 5% of the total number of shares of Common
Stock issued and outstanding immediately following the completion of the transactions contemplated by this Agreement and provided further
that the Company shall cause each recipient of such shares to execute and deliver to you, on or prior to such issuance, a &ldquo;lock-up&rdquo;
agreement, substantially in the form of <U>Exhibit&#8239;A</U> hereto. The Company will cause each person and entity listed in <U>Schedule
C</U> to furnish to the Representative, prior to the Closing Date, a &ldquo;lock-up&rdquo; agreement, substantially in the form of <U>Exhibit&#8239;A</U>
hereto. In addition, the Company will direct the transfer agent to place stop transfer restrictions upon any such securities of the Company
that are bound by such &ldquo;lock-up&rdquo; agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
of SEC Correspondence</U>. To supply the Underwriters with copies of all correspondence to and from, and all documents issued to and by,
the Commission in connection with the registration of the Stock under the Securities Act or any of the Registration Statement, any Preliminary
Prospectus or the Prospectus, or any amendment or supplement thereto or document incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Press
Releases</U>. Prior to the Closing Date, not to issue any press release or other communication directly or indirectly or hold any press
conference with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except
for routine oral marketing communications in the ordinary course of business and consistent with the past practices of the Company and
of which the Representatives are notified), without the prior consent of the Representatives, unless in the judgment of the Company and
its counsel, and after notification to the Representatives, such press release or communication is required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Regulation M</U>. Until the Underwriters shall have notified the Company of the completion of the resale of the Stock, that the Company
will not, and will use its reasonable best efforts to cause its affiliated purchasers (as defined in Regulation M under the Exchange Act)
not to, either alone or with one or more other persons, bid for or purchase, for any account in which it or any of its affiliated purchasers
has a beneficial interest, any Stock, or attempt to induce any person to purchase any Stock; and not to, and to use its reasonable best
efforts to cause its affiliated purchasers not to, make bids or purchase for the purpose of creating actual, or apparent, active trading
in or of raising the price of the Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registrar
and Transfer Agent</U>. To maintain, at its expense, a registrar and transfer agent for the Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Use
of Proceeds</U>. To apply the net proceeds from the sale of the Stock as set forth in the Registration Statement, the General Disclosure
Package and the Prospectus under the heading &ldquo;Use of Proceeds,&rdquo; and the Company does not intend to use any of the proceeds
from the sale of the Stock hereunder to repay any outstanding debt owed to any affiliate of any Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Exchange
Listing</U>. To use its reasonable best efforts to list, subject to notice of issuance, and to maintain the listing of the Stock on the
Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Performance
of Covenants and Satisfaction of Conditions</U>. To use its reasonable best efforts to do and perform all things required to be done or
performed under this Agreement by the Company prior to each Closing Date and to satisfy all conditions precedent to the delivery of the
Firm Stock and the Optional Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Rated Securities</U>. The Company does not have any debt securities or preferred stock that are rated by any &ldquo;nationally recognized
statistical rating organization&rdquo; (as defined in Section&#8239;3(a)(62) of the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps">Payment
of Expenses</FONT></I>. The Company agrees to pay, or reimburse if paid by any Underwriter, whether or not the transactions contemplated
hereby are consummated or this Agreement is terminated: (a)&#8239;the costs incident to the authorization, issuance, sale, preparation
and delivery of the Stock and any taxes payable in that connection; (b)&#8239;the costs incident to the registration of the Stock under
the Securities Act and the Exchange Act; (c)&#8239;the costs incident to the preparation, printing and distribution of the Registration
Statement, the Base Prospectus, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, any amendments, supplements
and exhibits thereto or any document incorporated by reference therein and the costs of printing, reproducing and distributing, the &ldquo;Agreement
Among Underwriters&rdquo; between the Representatives and the Underwriters, the Master Selected Dealers&rsquo; Agreement, the Underwriters&rsquo;
Questionnaire, this Agreement and any closing documents by mail, telex or other means of communications; (d)&#8239;the fees and expenses
(including related reasonably incurred and documented fees and expenses of counsel for the Underwriters) incurred in connection with securing
any required review by FINRA of the terms of the sale of the Stock and any filings made with FINRA; (e)&#8239;any applicable listing or
other fees; (f)&#8239;the fees and expenses (including related reasonably incurred and documented fees and expenses of counsel to the Underwriters)
of qualifying the Stock under the securities laws of the several jurisdictions as provided in Section&#8239;4(h)(i)) and of preparing,
printing and distributing wrappers, Blue Sky Memoranda and Legal Investment Surveys; provided, however, that the reasonably incurred and
documented fees and expenses of counsel for the Underwriters relating to clauses (d)&#8239;and (f)&#8239;shall not exceed $40,000 in the
aggregate (h)&#8239;all fees and expenses of the registrar and transfer agent of the Stock; and (i)&#8239;the costs and expenses of the
Company relating to investor presentations on any &ldquo;road show&rdquo; undertaken in connection with the marketing of the offering
of the Stock, including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses
associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road
show presentations with the prior approval of the Company, travel and lodging expenses of the officers of the Company and such consultants,
including the cost of any aircraft chartered in connection with the road show; <I>provided</I> that, except to the extent otherwise provided
in this Section&#8239;5 and in Sections 9 and 10, the Underwriters shall pay their own costs and expenses, including the fees and expenses
of their counsel not contemplated herein, any transfer taxes on the resale of any Stock by them and the expenses of advertising any offering
of the Stock made by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Conditions
of Underwriters&rsquo; Obligations. </I></FONT>The respective obligations of the several Underwriters hereunder are subject to the accuracy,
when made and as of the Applicable Time and on each Closing Date, of the representations and warranties of the Company contained herein,
to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the
Company of its obligations hereunder, and to each of the following additional terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Compliance; No Stop Orders</U>. The Registration Statement has become effective under the Securities Act, and no stop order suspending
the effectiveness of the Registration Statement or any part thereof, preventing or suspending the use of any Base Prospectus, any Preliminary
Prospectus or the Prospectus or any part thereof shall have been issued and no proceedings for that purpose or pursuant to Section&#8239;8A
under the Securities Act shall have been initiated or threatened by the Commission, and all requests for additional information on the
part of the Commission (to be included or incorporated by reference in the Registration Statement or the Prospectus or otherwise) shall
have been complied with to the reasonable satisfaction of the Representatives; the Rule&#8239;462(b)&#8239;Registration Statement, if any,
and the Prospectus shall have been filed with, the Commission within the applicable time period prescribed for such filing by, and in
compliance with, the Rules&#8239;and Regulations and in accordance with Section&#8239;4(a), and the Rule&#8239;462(b)&#8239;Registration Statement,
if any, shall have become effective immediately upon its filing with the Commission; and FINRA shall have raised no unresolved objection
to the fairness and reasonableness of the terms of this Agreement or the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Material Misstatements</U>. None of the Underwriters shall have discovered and disclosed to the Company on or prior to such Closing Date
that the Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of
counsel for the Underwriters, is material or omits to state any fact which, in the opinion of such counsel, is material and is required
to be stated therein or is necessary to make the statements therein not misleading, or that the General Disclosure Package or the Prospectus
or any amendment or supplement thereto contains an untrue statement of fact which, in the opinion of such counsel, is material or omits
to state any fact which, in the opinion of such counsel, is material and is necessary in order to make the statements, in the light of
the circumstances in which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Corporate
Proceedings</U>. All corporate proceedings incident to the authorization, form and validity of each of this Agreement, the Stock, the
Registration Statement, the General Disclosure Package and the Prospectus and the transactions contemplated hereby shall be reasonably
satisfactory in all material respects to counsel for the Underwriters, and the Company shall have furnished to such counsel all documents
and information that they may reasonably request to enable them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Opinion
and 10b-5 Statement of Counsel for the Company</U><I>. </I>Goodwin Procter LLP shall have furnished to the Representatives such counsel&rsquo;s
written opinion and 10b-5 Statement and Brownstein Hyatt Farber Schreck LLP shall have furnished to the Representatives such counsel&rsquo;s
written opinion, each as counsel to the Company, addressed to the Underwriters and dated such Closing Date, each in form and substance
reasonably satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Opinion
of Intellectual Property Counsel for the Company</U>. DLA Piper LLP (US) shall have furnished to the Representatives such counsel&rsquo;s
written opinion, as intellectual property counsel to the Company, addressed to the Underwriters and dated such Closing Date, in form and
substance reasonably satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Opinion
and 10b-5 Statement of Counsel for the Underwriters</U>. The Representatives shall have received from Cooley LLP, counsel for the Underwriters,
such opinion or opinions and 10b-5 Statement, dated such Closing Date, with respect to such matters as the Underwriters may reasonably
require, and the Company shall have furnished to such counsel such documents as they request for enabling them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Comfort
Letter</U>. At the time of the execution of this Agreement, the Representatives shall have received from Ernst&#8239;&amp; Young LLP a
letter, addressed to the Underwriters, executed and dated such date, in form and substance satisfactory to the Representatives (i)&#8239;confirming
that they are an independent registered accounting firm with respect to the Company and its subsidiaries within the meaning of the Securities
Act and the Rules&#8239;and Regulations and PCAOB and (ii)&#8239;stating the conclusions and findings of such firm, of the type ordinarily
included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters, with respect to the financial statements and certain financial
information contained or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Bring
Down Comfort Letter</U>. On the effective date of any post-effective amendment to the Registration Statement and on such Closing Date,
the Representatives shall have received a letter (the &ldquo;<B><I>bring-down letter</I></B>&rdquo;) from Ernst&#8239;&amp; Young LLP addressed
to the Underwriters and dated such Closing Date confirming, as of the date of the bring-down letter (or, with respect to matters involving
changes or developments since the respective dates as of which specified financial information is given in the General Disclosure Package
and the Prospectus, as the case may be, as of a date not more than three (3)&#8239;business days prior to the date of the bring-down letter),
the conclusions and findings of such firm, of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters,
with respect to the financial information and other matters covered by its letter delivered to the Representatives concurrently with the
execution of this Agreement pursuant to paragraph (g)&#8239;of this Section&#8239;6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Officer&rsquo;s
Certificate</U>. The Company shall have furnished to the Representatives a certificate, dated such Closing Date, of its Chief Executive
Officer and its Chief Financial Officer stating in their respective capacities as officers of the Company on behalf of the Company that
(i)&#8239;no stop order suspending the effectiveness of the Registration Statement (including, for avoidance of doubt, any Rule&#8239;462(b)&#8239;Registration
Statement), or any post-effective amendment thereto, shall be in effect and no proceedings for such purpose shall have been instituted
or, to their knowledge, threatened by the Commission, (ii)&#8239;for the period from and including the date of this Agreement through and
including such Closing Date, there has not occurred any Material Adverse Effect, (iii)&#8239;to their knowledge, after reasonable investigation,
as of such Closing Date, the representations and warranties of the Company in this Agreement are true and correct and the Company has
complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to such Closing
Date, and (iv)&#8239;there has not been, subsequent to the date of the most recent audited financial statements included or incorporated
by reference in the General Disclosure Package, any Material Adverse Effect in the financial position or results of operations of the
Company, or any change or development that, singularly or in the aggregate, would reasonably be expected to involve a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Material Adverse Effect</U>. Since the date of the latest audited financial statements included in the General Disclosure Package or incorporated
by reference in the General Disclosure Package as of the date hereof, (i)&#8239;neither the Company nor any of its subsidiaries shall have
sustained any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance,
or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in the General Disclosure Package,
and (ii)&#8239;there shall not have been any change in the capital stock or long-term debt of the Company or any of its subsidiaries, or
any change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial position,
stockholders&rsquo; equity or results of operations of the Company and its subsidiaries, otherwise than as set forth in the General Disclosure
Package, the effect of which, in any such case described in clause (i)&#8239;or (ii)&#8239;of this paragraph (j), is, in the judgment of
the Representatives, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or delivery of the Stock
on the terms and in the manner contemplated in the General Disclosure Package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Legal Impediment to Issuance</U>. No action shall have been taken and no law, statute, rule, regulation or order shall have been enacted,
adopted or issued by any governmental or regulatory agency or body which would prevent the issuance or sale of the Stock; and no injunction,
restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued which would
prevent the issuance or sale of the Stock or materially and adversely affect or potentially materially and adversely affect the business
or operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Market
Conditions</U>. Subsequent to the execution and delivery of this Agreement there shall not have occurred any of the following: (i)&#8239;trading
in any of the Company&rsquo;s securities shall have been suspended or materially limited by the Commission or the Exchange, or trading
in securities generally on the New York Stock Exchange, Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Capital Market or the
NYSE MKT LLC or in the over-the-counter market, or trading in any securities of the Company on any exchange or in the over-the-counter
market, shall have been suspended or materially limited, or minimum or maximum prices or maximum range for prices shall have been established
on any such exchange or such market by the Commission, by such exchange or market or by any other regulatory body or governmental authority
having jurisdiction, (ii)&#8239;a banking moratorium shall have been declared by federal or state authorities or a material disruption
has occurred in commercial banking or securities settlement or clearance services in the United States, (iii)&#8239;the United States shall
have become engaged in hostilities, or the subject of an act of terrorism, or there shall have been an outbreak of or escalation in hostilities
involving the United States, or there shall have been a declaration of a national emergency or war by the United States or (iv)&#8239;there
shall have occurred such a material adverse change in general economic, political or financial conditions (or the effect of international
conditions on the financial markets in the United States shall be such) as to make it, in the judgment of the Representatives, impracticable
or inadvisable to proceed with the sale or delivery of the Stock on the terms and in the manner contemplated in the General Disclosure
Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Exchange
Listing</U>. On or prior to the Closing Date, the Company shall have filed a Listing of Additional Shares Notification Form&#8239;with
the Exchange and shall have received no objection thereto from the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Good
Standing</U>. The Representatives shall have received on and as of such Closing Date satisfactory evidence of the good standing of the
Company and its subsidiaries in their respective jurisdictions of organization and their good standing in such other jurisdictions as
the Representatives may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate Governmental
Authorities of such jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Lock-Up
Agreements</U>. The Representatives shall have received the written agreements, substantially in the form of <U>Exhibit&#8239;I</U> hereto,
of the officers, directors and certain stockholders of the Company listed in <U>Schedule C</U> to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Secretary&rsquo;s
Certificate</U>. The Company shall have furnished to the Representatives a Secretary&rsquo;s Certificate of the Company, in form and substance
reasonably satisfactory to counsel for the Underwriters and customary for the type of offering contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Chief
Financial Officer Certificate</U>. The Company shall have furnished to the Representatives a certificate, on the date of this Agreement,
the Closing Date or the applicable Option Closing Date, as the case may be, of its Chief Financial Officer, in form and substance reasonably
satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Additional
Document</U>. On or prior to such Closing Date, the Company shall have furnished to the Representatives such further certificates and
documents as the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><I>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Indemnification
and Contribution.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
of Underwriters by the Company</U>. The Company shall indemnify and hold harmless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">each Underwriter, its affiliates, directors,
officers, managers, members, employees, representatives and agents and each person, if any, who controls any Underwriter within the meaning
of Section&#8239;15 of the Securities Act or Section&#8239;20 of the Exchange Act (collectively the &ldquo;<B><I>Underwriter Indemnified
Parties</I></B>,&rdquo; and each an &ldquo;<B><I>Underwriter Indemnified Party</I></B>&rdquo;) against any loss, claim, damage, expense
or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Underwriter Indemnified
Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation
or proceeding arises out of or is based upon (A)&#8239;any untrue statement or alleged untrue statement of a material fact contained in
any Preliminary Prospectus, the Registration Statement, the Prospectus, or in any amendment or supplement thereto or document incorporated
by reference therein or in any materials or information provided to investors by, or with the approval of, the Company in connection with
the marketing of the offering of the Stock, including any roadshow or investor presentations made to investors by the Company (whether
in person or electronically) (&ldquo;<B><I>Marketing Materials</I></B>&rdquo;) or (B)&#8239;the omission or alleged omission to state in
any Preliminary Prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto or document incorporated
by reference therein, or in any Marketing Materials, a material fact required to be stated therein or necessary to make the statements
therein not misleading, and shall reimburse each Underwriter Indemnified Party promptly upon demand for any legal fees or other expenses
reasonably incurred by that Underwriter Indemnified Party in connection with investigating, or preparing to defend, or defending against,
or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense,
liability, action, investigation or proceeding, as such fees and expenses are incurred; <I>provided</I>, <I>however</I>, that the Company
shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon
an untrue statement or alleged untrue statement in, or omission or alleged omission from any Preliminary Prospectus, the Registration
Statement or the Prospectus, or any such amendment or supplement thereto or any Marketing Materials made in reliance upon and in conformity
with written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for use
therein, which information the parties hereto agree is limited to the Underwriter&rsquo;s Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The indemnity agreement in this Section&#8239;7(a)&#8239;is
not exclusive and is in addition to each other liability which the Company might have under this Agreement or otherwise, and shall not
limit any rights or remedies which may otherwise be available under this Agreement, at law or in equity to any Underwriter Indemnified
Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
of Company by the Underwriters</U>. Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company and its
directors, its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of
Section&#8239;15 of the Securities Act or Section&#8239;20 of the Exchange Act (collectively the &ldquo;<B>Company Indemnified Parties</B>&rdquo;
and each a &ldquo;<B><I>Company Indemnified Party</I></B>&rdquo;) against any loss, claim, damage, expense or liability whatsoever (or
any action, investigation or proceeding in respect thereof), joint or several, to which such Company Indemnified Party may become subject,
under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises
out of or is based upon (i)&#8239;any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus,
the Registration Statement or the Prospectus, or in any amendment or supplement thereto, or (ii)&#8239;the omission or alleged omission
to state in any Preliminary Prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, a material
fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that
the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written
information furnished to the Company through the Representatives by or on behalf of that Underwriter specifically for use therein, which
information the parties hereto agree is limited to the Underwriter&rsquo;s Information, and shall reimburse the Company Indemnified Parties
for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or defending
against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding,
as such fees and expenses are incurred. This indemnity agreement is not exclusive and will be in addition to any liability which the Underwriters
might otherwise have and shall not limit any rights or remedies which may otherwise be available under this Agreement, at law or in equity
to the Company Indemnified Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Promptly
after receipt by an indemnified party under this Section&#8239;7 of notice of the commencement of any action, the indemnified party shall,
if a claim in respect thereof is to be made against an indemnifying party under this Section&#8239;7, notify such indemnifying party in
writing of the commencement of that action; <I>provided, however,</I> that the failure to notify the indemnifying party shall not relieve
it from any liability which it may have under this Section&#8239;7 except to the extent it has been materially prejudiced by such failure;
and, <I>provided, further,</I> that the failure to notify an indemnifying party shall not relieve it from any liability which it may have
to an indemnified party otherwise than under this Section&#8239;7. If any such action shall be brought against an indemnified party, and
it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that
it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably
satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to
the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such
action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under Section&#8239;7 for any legal
or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs
of investigation; <I>provided, however,</I> that any indemnified party shall have the right to employ separate counsel in any such action
and to participate in the defense of such action but the fees and expenses of such counsel (other than reasonable costs of investigation)
shall be at the expense of such indemnified party unless (i)&#8239;the employment thereof has been specifically authorized in writing by
the Company in the case of a claim for indemnification under Section&#8239;7(a)&#8239;or the Representatives in the case of a claim for
indemnification under Section&#8239;7(b), (ii)&#8239;such indemnified party shall have been advised by its counsel that there may be one
or more legal defenses available to it which are different from or additional to those available to the indemnifying party or (iii)&#8239;the
indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party
within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend
the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it
elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume
the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such
action on behalf of such indemnified party and the indemnifying party shall be responsible for legal or other expenses subsequently incurred
by such indemnified party in connection with the defense of such action; <I>provided</I>, <I>however</I>, that the indemnifying party
shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of
attorneys at any time for all such indemnified parties (in addition to any local counsel), which firm shall be designated in writing by
the Representatives if the indemnified parties under this Section&#8239;7 consist of any Underwriter Indemnified Party or by the Company
if the indemnified parties under this Section&#8239;7 consist of any Company Indemnified Parties. Subject to this Section&#8239;7(c), the
amount payable by an indemnifying party under Section&#8239;7 shall include, but not be limited to, (x)&#8239;reasonable legal fees and
expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or
appearing as a third party witness in respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim,
and (y)&#8239;all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of
the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or
any claim whatsoever, in respect of which indemnification or contribution could be sought under this Section&#8239;7 (whether or not the
indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&#8239;includes an unconditional
release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out
of such action or claim and (ii)&#8239;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. Subject to the provisions of the following sentence, no indemnifying party shall be liable for
settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall
not be unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed
or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified
party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party
shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party
agrees that it shall be liable for any settlement of the nature contemplated by Section&#8239;7(a)&#8239;effected without its written consent
if (i)&#8239;such settlement is entered into more than forty-five (45) days after receipt by such indemnifying party of the request for
reimbursement, (ii)&#8239;such indemnifying party shall have received notice of the terms of such settlement at least thirty (30) days
prior to such settlement being entered into and (iii)&#8239;such indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the indemnification provided for in this Section&#8239;7 is unavailable or insufficient to hold harmless an indemnified party under Section&#8239;7(a)&#8239;or
7(b), then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise
incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding
in respect thereof), as incurred, (i)&#8239;in such proportion as shall be appropriate to reflect the relative benefits received by the
Company on the one hand and the Underwriters on the other from the offering of the Stock, or (ii)&#8239;if the allocation provided by clause
(i)&#8239;of this Section&#8239;7(d)&#8239;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i)&#8239;of this Section&#8239;7(d)&#8239;but also the relative fault of the Company on the one
hand and the Underwriters on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss,
claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to such offering
shall be deemed to be in the same proportion as the total net proceeds from the offering of the Stock purchased under this Agreement (before
deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters with
respect to the Stock purchased under this Agreement, in each case as set forth in the table on the cover page&#8239;of the Prospectus.
The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative
knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; <I>provided</I>
that the parties hereto agree that the written information furnished to the Company through the Representatives by or on behalf of the
Underwriters for use in the Preliminary Prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto,
consists solely of the Underwriter&rsquo;s Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to Section&#8239;7(d)&#8239;above were
to be determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations
referred to Section&#8239;7(d)&#8239;above. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense,
liability, action, investigation or proceeding referred to in Section&#8239;7(d)&#8239;above shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating,
preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with,
any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this Section&#8239;7,
no Underwriters shall be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions
received by such Underwriter with respect to the offering of the Stock exceeds the amount of any damages which the Underwriter has otherwise
paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or
failure to act or alleged failure to act. No person guilty of fraudulent misrepresentation (within the meaning of Section&#8239;11(f)&#8239;of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo;
obligations to contribute as provided in this Section&#8239;7 are several in proportion to their respective underwriting obligations and
not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Termination</I>.
</FONT>The obligations of the Underwriters hereunder may be terminated by the Representatives, in their absolute discretion by notice
given to the Company prior to delivery of and payment for the Firm Stock if, prior to that time, any of the events described in Sections
6(j), 6(k)&#8239;or 6(l)&#8239;have occurred or if the Underwriters shall decline to purchase the Stock for any reason permitted under this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Reimbursement
of Underwriters&rsquo; Expenses</I></FONT>. Notwithstanding anything to the contrary in this Agreement, if (a)&#8239;this Agreement shall
have been terminated pursuant to Section&#8239;8 or 10, (b)&#8239;the Company shall fail to tender the Stock for delivery to the Underwriters
for any reason not permitted under this Agreement, (c)&#8239;the Underwriters shall decline to purchase the Stock for any reason permitted
under this Agreement or (d)&#8239;the sale of the Stock is not consummated because any condition to the obligations of the Underwriters
set forth herein is not satisfied or because of the refusal, inability or failure on the part of the Company to perform any agreement
herein or to satisfy any condition or to comply with the provisions hereof, then in addition to the payment of amounts in accordance with
Section&#8239;5, the Company shall, pro rata based on the number of such Stock it agreed to purchase hereunder, reimburse the Underwriters
for the reasonably incurred and documented fees and expenses of Underwriters&rsquo; counsel and for such other out-of-pocket expenses
as shall have been reasonably incurred by them in connection with this Agreement and the proposed purchase of the Stock, and upon demand
the Company shall pay the full amount thereof to the Representatives; <I>provided</I> that if this Agreement is terminated pursuant to
Section&#8239;10 by reason of the default of one or more Underwriters, the Company shall not be obligated to reimburse any defaulting Underwriter
on account of expenses to the extent incurred by such defaulting Underwriter, <I>provided further</I> that the foregoing shall not limit
any reimbursement obligation of the Company to any non-defaulting Underwriter under this Section&#8239;9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Substitution
of Underwriters</I></FONT>. If any Underwriter or Underwriters shall default in its or their obligations to purchase Stock hereunder on
any Closing Date and the aggregate number of shares of Stock, which such defaulting Underwriter or Underwriters agreed but failed to purchase
does not exceed ten percent (10%) of the total number of shares of Stock to be purchased by all Underwriters on such Closing Date, the
other Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Stock, which
such defaulting Underwriter or Underwriters agreed but failed to purchase on such Closing Date. If any Underwriter or Underwriters shall
so default and the aggregate number of shares of Stock with respect to which such default or defaults occur is more than ten percent (10%)
of the total number of shares of Stock to be purchased by all Underwriters on such Closing Date and arrangements satisfactory to the Representatives
and the Company for the purchase of such Stock by other persons are not made within forty-eight (48) hours after such default, this Agreement
shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the remaining Underwriters
or substituted Underwriters are required hereby or agree to take up all or part of the Stock of a defaulting Underwriter or Underwriters
on such Closing Date as provided in this Section&#8239;10, (i)&#8239;the Company shall have the right to postpone such Closing Dates for
a period of not more than five (5)&#8239;full business days in order that the Company may effect whatever changes may thereby be made necessary
in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Company agrees promptly to file any
amendments to the Registration Statement or supplements to the Prospectus which may thereby be made necessary, and (ii)&#8239;the respective
numbers of shares of Stock to be purchased by the remaining Underwriters or substituted Underwriters shall be taken as the basis of their
underwriting obligation for all purposes of this Agreement. Nothing herein contained shall relieve any defaulting Underwriter of its liability
to the Company or the other Underwriters for damages occasioned by its default hereunder. Any termination of this Agreement pursuant to
this Section&#8239;10 shall be without liability on the part of any non-defaulting Underwriter or the Company, except that the representations,
warranties, covenants, indemnities, agreements and other statements set forth in Section&#8239;2, the obligations with respect to expenses
to be paid or reimbursed pursuant to Sections 5 and 9 and the provisions of Section&#8239;7 and Sections 11 through 21, inclusive, shall
not terminate and shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Absence
of Fiduciary Relationship. </I></FONT>The Company acknowledges and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;each
Underwriter&rsquo;s responsibility to the Company is solely contractual in nature, the Representatives have been retained solely to act
as underwriters in connection with the sale of the Stock and no fiduciary, advisory or agency relationship between the Company and the
Representatives have been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether any of
the Representatives has advised or is advising the Company on other matters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
price of the Stock set forth in this Agreement was established by the Company following discussions and arms-length negotiations with
the Representatives, and the Company is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions
of the transactions contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;it
has been advised that the Representatives and their affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company and that the Representatives have no obligation to disclose such interests and transactions to the
Company by virtue of any fiduciary, advisory or agency relationship; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;it
waives, to the fullest extent permitted by law, any claims it may have against the Representatives for breach of fiduciary duty or alleged
breach of fiduciary duty and agrees that the Representatives shall have no liability (whether direct or indirect) to the Company in respect
of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders,
employees or creditors of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Successors;
Persons Entitled to Benefit of Agreement</I></FONT>. This Agreement shall inure to the benefit of and be binding upon the several Underwriters,
the Company and their respective successors and assigns. Nothing expressed or mentioned in this Agreement is intended or shall be construed
to give any person, other than the persons mentioned in the preceding sentence, any legal or equitable right, remedy or claim under or
in respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being intended
to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person; except that the representations,
warranties, covenants, agreements and indemnities of the Company contained in this Agreement shall also be for the benefit of the Underwriter
Indemnified Parties, and the indemnities of the several Underwriters shall be for the benefit of the Company Indemnified Parties. It is
understood that each Underwriter&rsquo;s responsibility to the Company is solely contractual in nature and the Underwriters do not owe
the Company, or any other party, any fiduciary duty as a result of this Agreement. No purchaser of any of the Stock from any Underwriter
shall be deemed to be a successor or assign by reason merely of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Survival
of Indemnities, Representations, Warranties,&#8239;etc</I></FONT><I>. </I>The respective indemnities, covenants, agreements, representations,
warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by them respectively,
pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter,
the Company or any person controlling any of them and shall survive delivery of and payment for the Stock. Notwithstanding any termination
of this Agreement, including without limitation any termination pursuant to Section&#8239;8 or Section&#8239;10, the indemnities, covenants,
agreements, representations, warranties and other statements forth in Sections 2, 5, 7 and 9 and Sections 11 through 21, inclusive, of
this Agreement shall not terminate and shall remain in full force and effect at all times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><I>14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Recognition
of the U.S. Special Resolution Regimes</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Notices</I></FONT>.
All statements, requests, notices and agreements hereunder shall be in writing, and:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
to the Underwriters, shall be delivered or sent by mail, telex, facsimile transmission or email to (i)&#8239;TD Securities (USA) LLC, 1
Vanderbilt Avenue, New York, New York 10017, Attention: Head of Equity Capital Markets, with a copy to <FONT STYLE="text-decoration: underline">CIBLegal@tdsecurities.com</FONT>;
(ii)&#8239;Cantor Fitzgerald&#8239;&amp; Co., 110 E. 59th St., 6th Floor New York, NY 10022 Attention: General Counsel, Facsimile: (212)
829-4708, Email: <FONT STYLE="text-decoration: underline">#legal-IBD@cantor.com</FONT>; and (iii)&#8239;Stifel, Nicolaus&#8239;&amp; Company,&#8239;Incorporated,
787 7th Avenue, 4th Floor, New York, NY 10019; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
to the Company shall be delivered or sent by mail, telex, facsimile transmission or email to 353 W. Lancaster Ave, Suite&#8239;200 Wayne,
Pennsylvania 19087, Attention: Wesley H. Kaupinen, Chief Executive Officer, Email [***];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided, however,</I> that any notice to an
Underwriter pursuant to Section&#8239;7 shall be delivered or sent by mail, or facsimile transmission to such Underwriter at its address
set forth in its acceptance telex to the Representatives, which address will be supplied to any other party hereto by the Representatives
upon request. Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Definition
of Certain Terms</I></FONT>. For purposes of this Agreement, (a)&#8239;&ldquo;<B><I>affiliate</I></B>&rdquo; has the meaning set forth
in Rule&#8239;405 under the Securities Act, (b)&#8239;&ldquo;<B><I>business day</I></B>&rdquo; means any day on which the New York Stock
Exchange,&#8239;Inc. is open for trading (c)&#8239;&ldquo;<B><I>subsidiary</I></B>&rdquo; has the meaning set forth in Rule&#8239;405 of
the Rules&#8239;and Regulations, (d)&#8239;&ldquo;<B><I>BHC Act Affiliate</I></B>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k), (e)&#8239;&ldquo;<B><I>Covered Entity</I></B>&rdquo; means any
of the following: (i)&#8239;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&#8239;252.82(b);
(ii)&#8239;a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&#8239;47.3(b);
or (iii)&#8239;a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&#8239;382.2(b),
(f)&#8239;&ldquo;<B><I>Default Right</I></B>&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with,
12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable, and (g)&#8239;&ldquo;<B><I>U.S. Special Resolution Regime</I></B>&rdquo; means
each of (i)&#8239;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#8239;Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Governing
Law, Jurisdiction, Waiver of Jury Trial. </I></FONT>This Agreement shall be governed by and construed in accordance with the laws of the
State of New York, including without limitation Section&#8239;5-1401 of the New York General Obligations. The Company irrevocably (a)&#8239;submits
to the exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in The City of New York for the purpose of any
suit, action or other proceeding arising out of this Agreement or the transactions contemplated by this Agreement, the Registration Statement
and any Preliminary Prospectus or the Prospectus, (b)&#8239;agrees that all claims in respect of any such suit, action or proceeding may
be heard and determined by any such court, (c)&#8239;waives to the fullest extent permitted by applicable law, any immunity from the jurisdiction
of any such court or from any legal process, (d)&#8239;agrees not to commence any such suit, action or proceeding other than in such courts,
and (e)&#8239;waives, to the fullest extent permitted by applicable law, any claim that any such suit, action or proceeding is brought
in an inconvenient forum. <B>Each of the parties to this Agreement hereby waives any right to trial by jury in any suit or proceeding
arising out of or relating to this Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Underwriters&rsquo;
Information</I></FONT><I>. </I>The parties hereto acknowledge and agree that, for all purposes of this Agreement, the Underwriters&rsquo;
Information consists solely of the following information in the Prospectus: (i)&#8239;the last paragraph on the front cover page&#8239;concerning
the terms of the offering by the Underwriters; and (ii)&#8239;the statements concerning the Underwriters contained in the ninth, thirteenth
and fourteenth paragraphs under the heading &ldquo;Underwriting.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Authority
of the Representatives</I></FONT>. In connection with this Agreement, the Representatives will act for and on behalf of the several Underwriters,
and any action taken under this Agreement by the Representatives, will be binding on all the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Partial
Unenforceability</I>. </FONT>The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall
not affect the validity or enforceability of any other section, paragraph, clause or provision hereof. If any section, paragraph, clause
or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor
changes (and only such minor changes) as are necessary to make it valid and enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>General</I></FONT>.
This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous
oral agreements, understandings and negotiations with respect to the subject matter hereof. In this Agreement, the masculine, feminine
and neuter genders and the singular and the plural include one another. The section headings in this Agreement are for the convenience
of the parties only and will not affect the construction or interpretation of this Agreement. This Agreement may be amended or modified,
and the observance of any term of this Agreement may be waived, only by a writing signed by the Company and the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps"><I>Counterparts</I></FONT>.
This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. This Agreement may be delivered via facsimilie, electronic mail (including pdf or any
electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[remainder of page&#8239;intentionally left blank]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">PALVELLA THERAPEUTICS,&#8239;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Wesley H. Kaupinen</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Wesley H. Kaupinen</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&#8239;to Underwriting Agreement]</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;2</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">TD Securities (USA) LLC<BR>
Cantor Fitzgerald&#8239;&amp; Co.<BR>
Stifel, Nicolaus&#8239;&amp; Company,&#8239;Incorporated</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As Representatives of the
several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">By:<FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"> TD Securities (USA) LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><FONT STYLE="font-size: 10pt">/s/
    Mariel Healy<FONT STYLE="font-size: 10pt">&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Mariel Healy</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt">By: <FONT STYLE="font-size: 10pt; font-variant: small-caps">Cantor Fitzgerald&#8239;&amp; Co.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Jason
    Fenton</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Jason Fenton</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Managing Director, co-head equity
    capital markets</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt">By:<FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"> Stifel, Nicolaus&#8239;&amp; Company,&#8239;Incorporated</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Ken
    Clausman</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Ken Clausman</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&#8239;to Underwriting Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#8239;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Shares of <BR>
Firm Stock to be<BR>
 Purchased</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#8239;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#8239;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Shares of<BR>
 Optional Stock to be<BR>
 Purchased</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font: 10pt Times New Roman, Times, Serif; text-align: justify">TD Securities (USA) LLC</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">432,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">64,800</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cantor Fitzgerald&#8239;&amp; Co.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">336,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Stifel, Nicolaus&#8239;&amp; Company,&#8239;Incorporated</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">336,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Mizuho Securities USA LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">120,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">LifeSci Capital LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">112,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,800</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Oppenheimer&#8239;&amp; Co. Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">81,600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,240</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Canaccord Genuity LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">64,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">H.C. Wainwright&#8239;&amp; Co., LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">64,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Lucid Capital Markets, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">JonesTrading Institutional Services LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,800</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,920</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Clear Street LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,800</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,920</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Craig-Hallum Capital Group LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,800</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,920</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#8239;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,600,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#8239;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">240,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&#8239;to Underwriting Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Firm Stock to be Sold: 1,600,000 shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering Price per Share of Firm Stock: $125.00
per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriting Discounts and Commissions: 6.00%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Estimated Net Proceeds to the Company (after underwriting discounts
and commissions, but before transaction expenses): $188,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Elaine J. Heron, Ph.D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petrichor Opportunities Fund I LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&#8239;I</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&#8239;of Lock-Up Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">___________________, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">TD Securities
(USA) LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">Cantor
Fitzgerald&#8239;&amp; Co.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">Stifel,
Nicolaus&#8239;&amp; Company,&#8239;Incorporated</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As Representatives of the
several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c/o</TD><TD>TD Securities (USA) LLC<BR>
1 Vanderbilt Avenue<BR>
New York, New York 10017</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c/o</TD><TD>Cantor Fitzgerald&#8239;&amp; Co.<BR>
110 East 59th Street, 6th Floor<BR> New York, NY 10022</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c/o</TD><TD>Stifel, Nicolaus&#8239;&amp; Company,&#8239;Incorporated</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">787 7th Avenue, 4th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re: Palvella Therapeutics,&#8239;Inc. &ndash; Public
Offering</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter agreement (&ldquo;Agreement&rdquo;)
is being delivered to you in connection with the proposed Underwriting Agreement (the &ldquo;Underwriting Agreement&rdquo;) by and among
Palvella Therapeutics,&#8239;Inc., a Nevada corporation (the &ldquo;Company&rdquo;), and TD Securities (USA) LLC (&ldquo;TD Cowen&rdquo;),
Cantor Fitzgerald&#8239;&amp; Co. and Stifel, Nicolaus&#8239;&amp; Company Incorporated as representatives (the &ldquo;Representatives&rdquo;)
of a group of underwriters (collectively, the &ldquo;Underwriters&rdquo;), to be named therein, and the other parties thereto (if any),
relating to the proposed public offering of shares of common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;), of the
Company and pre-funded warrants to purchase shares of Common Stock at an exercise price equal to $0.001 per share (the &ldquo;Pre-Funded
Warrants&rdquo;) (the &ldquo;Offering&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to induce the Underwriters to enter into
the Underwriting Agreement, and in light of the benefits that the Offering will confer upon the undersigned in his, her or its capacity
as a securityholder and/or an officer or director of the Company, and for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned agrees with each Underwriter that, during the period beginning on the date hereof through
and including the date that is the 60th day after the date of the Underwriting Agreement (the &ldquo;Lock-Up Period&rdquo;), the undersigned
will not, and will not cause or direct any of its affiliates to, without the prior written consent of TD Cowen, directly or indirectly,
(i)&#8239;offer, sell, assign, transfer, pledge, contract to sell, lend or otherwise dispose of, or announce the intention to otherwise
dispose of, any shares of Common Stock (including, without limitation, Common Stock which may be deemed to be beneficially owned by the
undersigned in accordance with the rules&#8239;and regulations promulgated under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;) as the same may be amended or supplemented from time to time (such shares, the &ldquo;Beneficially Owned Shares&rdquo;)) or
securities convertible into or exercisable or exchangeable for Common Stock, (ii)&#8239;enter into, or announce the intention to enter
into, any swap, hedge or similar agreement or arrangement (including, without limitation, the purchase or sale of, or entry into, any
put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined)
that transfers, is designed to transfer or reasonably could be expected to transfer (whether by the undersigned or someone other than
the undersigned) in whole or in part, directly or indirectly, the economic risk of ownership of the Beneficially Owned Shares or securities
convertible into or exercisable or exchangeable for Common Stock, whether now owned or hereafter acquired by the undersigned or with respect
to which the undersigned has or hereafter acquires the power of disposition (the &ldquo;Prohibited Activity&rdquo;), or (iii)&#8239;engage
in, or announce the intention to engage in, any short selling of the Common Stock or securities convertible into or exercisable or exchangeable
for Common Stock. The undersigned represents and warrants that the undersigned is not, and has not caused or directed any of its affiliates
to be or become, currently a party to any agreement or arrangement that is designed to or which reasonably could be expected to lead to
or result in any Prohibited Activity during the Lock-Up Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the undersigned is not a natural person, the
undersigned represents and warrants that no single natural person, entity or &ldquo;group&rdquo; (within the meaning of Section&#8239;13(d)(3)&#8239;of
the Securities Exchange Act of 1934, as amended, and the rules&#8239;and regulations promulgated thereunder (the &ldquo;Exchange Act&rdquo;)),
other than a natural person, entity or &ldquo;group&rdquo; (as described above) that has executed an Agreement in substantially the same
form as this Agreement, beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting
power, in the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The restrictions set forth in the immediately
preceding paragraphs shall not apply to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">transfers of the Undersigned&rsquo;s Shares:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">if the undersigned is a natural person, (A)&#8239;to any person related to the undersigned by blood or
adoption who is an immediate family member of the undersigned, or by marriage or domestic partnership (a &ldquo;Family Member&rdquo;),
or to a trust formed for the benefit of the undersigned or any Family Member, (B)&#8239;to the undersigned&rsquo;s estate, following the
death of the undersigned, by will, intestacy or other operation of law, (C)&#8239;as a bona fide gift or a charitable contribution, (D)&#8239;by
operation of law pursuant to a qualified domestic order or in connection with a divorce settlement or (E)&#8239;to any partnership, corporation
or limited liability company which is controlled by the undersigned and/or by any such Family Member;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">if the undersigned is a corporation, partnership, limited liability company or other entity, (A)&#8239;to
another corporation, partnership, or other entity that is a direct or indirect affiliate (as defined under Rule&#8239;12b-2 of the Exchange
Act) of the undersigned, including investment funds or other entities that control or manage, are under common control or management with,
or are controlled or managed by the undersigned (including, for the avoidance of doubt, a fund managed by the same manager or managing
member or general partner or management company or by an entity controlling, controlled by or under common control with such manager or
managing member or general partner or management company as the undersigned), (B)&#8239;as a distribution or dividend to equity holders,
current or former general or limited partners, members or managers (or to the estates of any of the foregoing), as applicable, of the
undersigned (including upon the liquidation and dissolution of the undersigned pursuant to a plan of liquidation approved by the undersigned&rsquo;s
equity holders), (C)&#8239;as a bona fide gift or a charitable contribution or (D)&#8239;transfers or dispositions not involving a change
in beneficial ownership; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">if the undersigned is a trust, to any grantors or beneficiaries of the trust;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the exercise or settlement of any options, warrants, restricted stock awards or restricted stock units,
in each case to purchase, receive in the future or otherwise acquire shares of Common Stock (collectively, the &ldquo;Equity Rights&rdquo;)
(including a net or cashless exercise), and any related transfer of shares of Common Stock to the Company for the purpose of paying the
exercise price of such Equity Rights or for paying taxes (including estimated taxes or tax withholding obligations) due as a result of
such exercise; provided that, for the avoidance of doubt, the underlying shares of Common Stock shall continue to be subject to the restrictions
on transfer set forth in this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the establishment of a trading plan pursuant to Rule&#8239;10b5-1 under the Exchange Act for the transfer
of shares of Common Stock; provided that such plan does not provide for any transfers of shares of Common Stock during the Lock-Up Period;
provided further, that if any announcement or filing under the Exchange Act regarding the establishment or existence of such 10b5-1 plan
shall be required by the undersigned or the Company prior to the expiration of the Lock-Up Period, such announcement shall include a statement
that sales under such 10b5-1 plan will not occur until after the expiration of the Lock-Up Period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">transfers by the undersigned of shares of Common Stock purchased by the undersigned on the open market
or in a public offering by the Company, in each case following the date hereof, provided that no filing by any party (including any donor,
donee, transferor, transferee, distributor or distributee) under the Exchange Act or other public announcement shall be required or shall
be made voluntarily in connection with such transfer or disposition (whether on Form&#8239;4, Form&#8239;5 or otherwise) during the Lock-Up
Period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">pursuant to a bona-fide third party tender offer, merger, consolidation or other similar transaction made
to all holders of the Company&rsquo;s capital stock involving a change of control of the Company, pursuant to which more than fifty percent
(50%) of the ownership of the Company is transferred to such third party, provided that in the event that such tender offer, merger, consolidation
or other such transaction is not completed, the undersigned&rsquo;s shares shall remain subject to the restrictions contained in this
Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">pursuant to an order of a governmental entity, provided that no filing by any party under the Exchange
Act shall be voluntarily made or other public announcement shall be required or shall be made voluntarily in connection with such transfer
or disposition during the Lock-Up Period and in respect of a required filing, the undersigned shall include a statement in such required
filing to the effect that the disposition relates to the circumstances described in this paragraph (f); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the sale of shares of Common Stock pursuant to a trading plan established pursuant to Rule&#8239;10b5-1(c)&#8239;under
the Exchange Act (provided that such plan was established prior to the execution of this Agreement by the undersigned) (&ldquo;Existing
10b5-1 Plan&rdquo;), provided that no filing by any party under the Exchange Act shall be voluntarily made or other public announcement
shall be required or shall be made voluntarily in connection with such transfer or disposition during the Lock-Up Period and in respect
of a required filing, the undersigned shall include a statement in such required filing that such sale was effected pursuant to such Existing
10b5-1 Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and provided, further, that, with respect to transfers
described in clause&#8239;(a)&#8239;above, it shall be a condition to the transfer that (A)&#8239;the transferee executes and delivers to
the Representatives, acting on behalf of the Underwriters, not later than one business day prior to such transfer, a written agreement,
in substantially the form of this Agreement (it being understood that any references to &ldquo;Family Member&rdquo; in the agreement executed
by such transferee shall expressly refer only to the Family Member of the undersigned and not to the immediate family of the transferee)
and otherwise satisfactory in form and substance to the Representatives, and (B)&#8239;any such transfer shall not involve a disposition
for value; and with respect to each of (a), (b), and (c), above, no filing by any party (including any donor, donee, transferor, transferee,
distributor or distributee) under the Exchange Act or other public announcement shall be required or shall be made voluntarily in connection
with such transfer or disposition during the Lock-Up Period (other than (x)&#8239;any exit filings or public announcements that may be
required under applicable federal and state securities laws or (y)&#8239;in respect of a required filing under the Exchange Act in connection
with the exercise or the net settlement of any Equity Right, settled in shares of Common Stock, that would otherwise expire during the
Lock-Up Period, provided that reasonable notice shall be provided to the Representatives prior to any such filing) and provided further
that the undersigned shall include a statement in such required filing to the effect that the disposition relates to the exercise or vesting,
as applicable, of an option, warrant, restricted stock award or restricted stock unit, and that the shares of Common Stock received upon
exercise or vesting are subject to the restrictions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 43 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For avoidance of doubt, nothing in this Agreement
prohibits the undersigned from exercising any options or warrants to purchase Common Stock (which exercises may be effected on a cashless
basis to the extent the instruments representing such options or warrants permit exercises on a cashless basis), it being understood that
any Common Stock issued upon such exercises will be subject to the restrictions of this Agreement and provided, however, that no public
announcement or filing is voluntarily made regarding such exercise during the Lock-Up Period and provided that if the undersigned is required
to file a report under Section&#8239;16(a)&#8239;of the Exchange Act reporting a reduction in beneficial ownership of such options or warrants
during the Lock-Up Period, the undersigned shall include a statement in such report to the effect that the disposition relates to the
exercise of an option or warrant, as applicable, and that the shares of Common Stock received upon exercise are subject to the restrictions
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned further agrees that it will not,
during the Lock-Up Period, make any demand or request for or exercise any right with respect to the registration under the Securities
Act, of any shares of Common Stock or other Beneficially Owned Shares or any securities convertible into or exercisable or exchangeable
for shares of Common Stock or other Beneficially Owned Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby represents and warrants
that the undersigned has full power and authority to enter into this Agreement and that this Agreement has been duly authorized (if the
undersigned is not a natural person), executed and delivered by the undersigned and is a valid and binding agreement of the undersigned.
This Agreement and all authority herein conferred are irrevocable and shall survive the death or incapacity of the undersigned (if a natural
person) and shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned acknowledges and agrees that the
Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned
with respect to the Offering and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to
the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Representatives may be required or choose
to provide certain Regulation Best Interest and Form&#8239;CRS disclosures to you in connection with the Offering, the Representatives
and the other Underwriters are not making a recommendation to you to enter into this Agreement and nothing set forth in such disclosures
is intended to suggest that the Representatives or any Underwriter is making such a recommendation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement shall be governed by and construed
in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in such state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement may be delivered via facsimile,
electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or
www.echosign.com) or other transmission method and any copy so delivered shall be deemed to have been duly and validly delivered and be
valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If (i)&#8239;the Company notifies the Representatives
in writing that it does not intend to proceed with the Offering, (ii)&#8239;the Underwriting Agreement is not executed by March&#8239;31,
2026, or (iii)&#8239;the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated
for any reason prior to payment for and delivery of any securities to be sold thereunder, then this Agreement shall immediately be terminated
and the undersigned shall automatically be released from all of his, her or its obligations under this Agreement. The undersigned acknowledges
and agrees that whether or not any public offering of securities actually occurs depends on a number of factors, including market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature page&#8239;follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%; text-align: left"><IMG SRC="tm2534019d6_ex5-1img001.jpg" ALT=""></TD><TD STYLE="text-align: left; width: 30%"><B>Brownstein
                                            Hyatt Farber Schreck, LLP</B><BR>
                                            702.382.2101 main<BR>
                                            100 North City Parkway, Suite 1600<BR>
                                            Las Vegas, Nevada 89106&nbsp;</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;25, 2026</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">353 W. Lancaster Ave., Suite&nbsp;200<BR>
Wayne, PA 19087</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the addressee set forth above:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as local Nevada counsel to Palvella
Therapeutics,&nbsp;Inc., a Nevada corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the transactions contemplated by
that certain Underwriting Agreement, dated as of February&nbsp;25, 2026 (the &ldquo;<U>Underwriting Agreement</U>&rdquo;), by and between
the Company and TD Securities (USA) LLC, Cantor Fitzgerald&nbsp;&amp; Co. and Stifel, Nicolaus&nbsp;&amp; Company,&nbsp;Incorporated,
for themselves and as representatives of the several underwriters named in <U>Schedule A</U> thereto, relating to the issuance, offering
and sale by the Company of an aggregate of 1,600,000 shares (the &ldquo;<U>Firm Shares</U>&rdquo;) of the Company&rsquo;s common stock,
par value $0.001 per share (the &ldquo;<U>Common Stock</U>&rdquo;) and up to an additional 240,000 shares of Common Stock (the &ldquo;<U>Option
Shares</U>&rdquo;, and together with the Firm Shares, the &ldquo;<U>Shares</U>&rdquo;) pursuant to an over-allotment option under the
Underwriting Agreement, as described in the Company&rsquo;s Registration Statement on Form&nbsp;S-3 (File No.&nbsp;333-292544) (the &ldquo;<U>Registration
Statement</U>&rdquo;), including the base prospectus, dated January&nbsp;29, 2026, contained therein (the &ldquo;<U>Base Prospectus</U>&rdquo;),
as supplemented by the preliminary prospectus supplement, dated February&nbsp;24, 2026, and the final prospectus supplement, dated February&nbsp;25,
2026 (together with the Base Prospectus, the &ldquo;<U>Prospectus</U>&rdquo;), each as filed with Securities and Exchange Commission (the
&ldquo;<U>Commission</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Act</U>&rdquo;). This opinion letter is being
delivered at your request pursuant to the requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our capacity as such counsel, we are familiar
with the proceedings taken and proposed to be taken by the Company in connection with the authorization, issuance, offering and sale of
the Shares as contemplated by the Underwriting Agreement and as described in the Registration Statement and the Prospectus. For purposes
of this opinion letter, and except to the extent set forth in the opinions expressed below, we have assumed that all such proceedings
have been or will be timely completed in the manner presently proposed in the Underwriting Agreement, the Registration Statement and the
Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of issuing this opinion letter, (a)&nbsp;we
have made such legal and factual examinations and inquiries, including an examination of originals or copies certified or otherwise identified
to our satisfaction as being true copies of (i)&nbsp;the Underwriting Agreement, (ii)&nbsp;the Registration Statement and the Prospectus,
(iii)&nbsp;the articles of incorporation and bylaws of the Company, each as amended, and (iv)&nbsp;such agreements, instruments, resolutions
of the board of directors of the Company and committees thereof and other corporate records, and other documents, as we have deemed necessary
or appropriate for the purpose of issuing this opinion letter, and (b)&nbsp;we have obtained from officers and other representatives and
agents of the Company and from public officials, and have relied upon, such certificates, representations and assurances, and public filings,
as we have deemed necessary or appropriate.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;25, 2026&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limiting the generality of the foregoing,
in our examination, we have, with your permission, assumed without independent verification, that (i)&nbsp;the statements of fact and
all representations and warranties set forth in the documents we have reviewed are and will be true and correct as to factual matters,
in each case as of the date or dates of such documents and as of the date hereof; (ii)&nbsp;each natural person executing a document has,
or at all relevant times had, sufficient legal capacity to do so; (iii)&nbsp;all documents submitted to us as originals are authentic,
the signatures on all documents that we have examined are genuine and all documents submitted to us as certified, conformed, photostatic,
facsimile or electronic copies conform to the original document; (iv)&nbsp;all corporate records made available to us by the Company,
and all public records we have reviewed, are accurate and complete; (v)&nbsp;the obligations of each party set forth in the Underwriting
Agreement are such party&rsquo;s valid and binding obligations, enforceable against such party in accordance with their respective terms;
and (vi)&nbsp;after any issuance of Shares, the total number of issued and outstanding shares of Common Stock, together with the total
number of shares of Common Stock then reserved for issuance or obligated to be issued by the Company pursuant to any agreement, arrangement,
plan or otherwise (including under the Underwriting Agreement), will not exceed the total number of shares of Common Stock then authorized
under the Company&rsquo;s articles of incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are qualified to practice law in the State of
Nevada. The opinions set forth herein are expressly limited to and based exclusively on the general corporate laws of the State of Nevada,
and we do not purport to be experts on, or to express any opinion with respect to the applicability thereto or the effect thereon of,
the laws of any other jurisdiction. We express no opinion concerning, and we assume no responsibility as to laws or judicial decisions
related to, or any orders, consents or other authorizations or approvals as may be required by, any federal laws, rules&nbsp;or regulations,
including, without limitation, any federal securities laws, rules&nbsp;or regulations, or any state securities or &ldquo;blue sky&rdquo;
laws, rules&nbsp;or regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon the foregoing and in reliance thereon,
and having regard to legal considerations and other information that we deem relevant, we are of the opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares have been duly authorized by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
when and to the extent any Shares are issued and sold in accordance with all applicable terms and conditions set forth in, and in the
manner contemplated by, the Underwriting Agreement, including payment in full to the Company of all consideration required therefor, and
as described in the Registration Statement and the Prospectus, such Shares will be validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinions expressed herein are based upon the
applicable laws of the State of Nevada and the facts in existence on the date of this opinion letter. In delivering this opinion letter
to you, we disclaim any obligation to update or supplement the opinions set forth herein or to apprise you of any changes in any laws
or facts after the date hereof. No opinion is offered or implied as to any matter, and no inference may be drawn, beyond the strict scope
of the specific issues expressly addressed by the opinions set forth herein.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;25, 2026&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion letter as an exhibit to the Current Report on Form&nbsp; 8-K being filed on the date hereof and incorporated by reference
into the Registration Statement and to the reference to our firm in the Prospectus under the heading &ldquo;Legal Matters&rdquo;. In
giving this consent, we do not admit that we are within the category of persons whose consent is required under Section&nbsp;7 of
the Act or the rules&nbsp;and regulations of the Commission promulgated thereunder.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Brownstein Hyatt Farber Schreck, LLP</P>

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

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

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          <link:usedOn>link:calculationLink</link:usedOn>
          <link:usedOn>link:definitionLink</link:usedOn>
        </link:roleType>
        <link:linkbaseRef xlink:type="simple" xlink:href="pvla-20260225_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
        <link:linkbaseRef xlink:type="simple" xlink:href="pvla-20260225_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2025" schemaLocation="https://xbrl.sec.gov/dei/2025/dei-2025.xsd" />
    <import namespace="http://fasb.org/us-gaap/2025" schemaLocation="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd" />
    <import namespace="http://fasb.org/us-types/2025" schemaLocation="https://xbrl.fasb.org/us-gaap/2025/elts/us-types-2025.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2025" schemaLocation="https://xbrl.sec.gov/country/2025/country-2025.xsd" />
    <import namespace="http://fasb.org/srt/2025" schemaLocation="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd" />
    <import namespace="http://fasb.org/srt-types/2025" schemaLocation="https://xbrl.fasb.org/srt/2025/elts/srt-types-2025.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>pvla-20260225_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 6.4a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>pvla-20260225_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Feb. 25, 2026</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb. 25,  2026<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-37471<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Palvella Therapeutics, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001583648<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">30-0784346<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NV<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">353 W. Lancaster Ave<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Wayne<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">PA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">19087<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">484<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">253-1461<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.001 par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PVLA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
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