<SEC-DOCUMENT>0001193125-25-230466.txt : 20251003
<SEC-HEADER>0001193125-25-230466.hdr.sgml : 20251003
<ACCEPTANCE-DATETIME>20251003172423
ACCESSION NUMBER:		0001193125-25-230466
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20251003
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251003
DATE AS OF CHANGE:		20251003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XOMA Royalty Corp
		CENTRAL INDEX KEY:			0000791908
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				522154066
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39801
		FILM NUMBER:		251375036

	BUSINESS ADDRESS:	
		STREET 1:		2200 POWELL STREET
		STREET 2:		SUITE 310
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608
		BUSINESS PHONE:		510-204-7239

	MAIL ADDRESS:	
		STREET 1:		2200 POWELL STREET
		STREET 2:		SUITE 310
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XOMA Corp
		DATE OF NAME CHANGE:	20120119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XOMA LTD /DE/
		DATE OF NAME CHANGE:	19990107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XOMA CORP /DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>8-K
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<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title&#160;of&#160;each&#160;class</p></td>
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<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trading</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">symbol(s)</p></td>
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<td style="vertical-align:bottom">&#160;</td>
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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;1.01</span></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Entry Into a Material Definitive Agreement </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Common Stock Sales Agreement </span></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&#160;3, 2025, XOMA Royalty Corporation (the &#8220;<span style="text-decoration:underline">Company</span>&#8221;) entered into an &#8220;at the market&#8221; sales agreement (the &#8220;<span style="text-decoration:underline">Common Stock Sales Agreement</span>&#8221;) with Leerink Partners LLC (&#8220;<span style="text-decoration:underline">Leerink</span>&#8221;), pursuant to which the Company may offer and sell from time to time up to $75,000,000 of shares of the Company&#8217;s common stock, par value $0.0075 (the &#8220;<span style="text-decoration:underline">Common Shares</span>&#8221;), through Leerink, as the Company&#8217;s sales agent. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sales of the Common Shares, if any, pursuant to the Common Stock Sales Agreement, may be made in transactions that are deemed to be an &#8220;at the market offering&#8221; as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the &#8220;<span style="text-decoration:underline">Securities Act</span>&#8221;), including sales made directly on or through The Nasdaq Global Market (&#8220;<span style="text-decoration:underline">Nasdaq</span>&#8221;) or on any other existing trading market for the Common Shares. 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The Company currently intends to use the net proceeds of the offering of Common Shares, if any, to acquire additional potential royalty and milestone revenue streams, for working capital and other general corporate purposes. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of Common Stock Sales Agreement, the Company will pay Leerink a commission of up to 3.0% of the aggregate gross proceeds from each Common Share sold through it under the Common Stock Sales Agreement. In addition, the Company has also provided Leerink with customary representations, warranties and indemnification rights and has agreed to reimburse certain expenses incurred by Leerink in connection with the offering of Common Shares. The Common Stock Sales Agreement may be terminated by Leerink or the Company at any time upon notice to the other party, as set forth in the Common Stock Sales Agreement, or by Leerink at any time in certain circumstances, including the occurrence of a material and adverse change in the Company&#8217;s business or financial condition that may materially impair Leerink&#8217;s ability to sell the Common Shares. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Preferred Stock Sales Agreement </span></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also on October&#160;3, 2025, the Company entered into an &#8220;at the market&#8221; sales agreement (the &#8220;<span style="text-decoration:underline">Preferred Stock Sales Agreement</span>&#8221; and together with the Common Stock Sales Agreement, the &#8220;<span style="text-decoration:underline">Sales Agreements</span>&#8221;) with H.C. 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The Company has no obligation to sell any of the Depositary Shares under the Preferred Stock Sales Agreement, and may at any time suspend offers under the Preferred Stock Sales Agreement or terminate the Preferred Stock Sales Agreement. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Wainwright will act as a sales agent and will use commercially reasonable efforts to sell on the Company&#8217;s behalf all of the Depositary Shares requested to be sold by the Company, consistent with their normal trading and sales practices, on mutually agreed terms between Wainwright and the Company. The Company currently intends to use the net proceeds of the offering of Depositary Shares, if any, to fund future dividends and any remaining net proceeds to acquire additional potential royalty and milestone revenue streams, for working capital and other general corporate purposes. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Preferred Stock Sales Agreement, the Company will pay Wainwright a commission of up to 3.0% of the aggregate gross proceeds from each Depositary Share sold through it under the Preferred Stock Sales Agreement. In addition, the Company has also provided Wainwright with customary representations, warranties and indemnification rights and has agreed to reimburse certain expenses incurred by Wainwright in </p>
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connection with the offering of Depositary Shares. The Preferred Stock Sales Agreement may be terminated by Wainwright or the Company at any time upon notice to the other party, as set forth in the Preferred Stock Sales Agreement, or by Wainwright at any time in certain circumstances, including the occurrence of a material and adverse change in the Company&#8217;s business or financial condition that may materially impair Wainwright&#8217;s ability to sell the Depositary Shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The offering and sale of the Shares has been registered under the Securities Act, pursuant to the Company&#8217;s Registration Statement on Form <span style="white-space:nowrap">S-3</span> (File <span style="white-space:nowrap">No.&#160;333-277794)</span> (the &#8220;<span style="text-decoration:underline">Registration Statement</span>&#8221;), which was originally filed with the Securities and Exchange Commission (&#8220;<span style="text-decoration:underline">SEC</span>&#8221;) on March&#160;8, 2024 and declared effective by the SEC on June&#160;17, 2024, the base prospectus contained within the Registration Statement, and prospectus supplements that were filed with the SEC on October&#160;3, 2025 in connection with the offer and sale of the Shares under each applicable Sales Agreement. Brownstein Hyatt Farber Schreck, LLP, Nevada counsel to the Company, has issued a legal opinion regarding the validity of the Company&#8217;s securities that may be sold pursuant to the Registration Statement. A copy of the legal opinion is filed as Exhibit 5.1 to this Current Report on Form <span style="white-space:nowrap">8-K.</span> </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Current Report on Form <span style="white-space:nowrap">8-K</span> shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Brownstein Hyatt Farber Schreck, LLP has issued legal opinions regarding the validity of the Common Shares that may be sold pursuant to the Common Stock Sales Agreement and the shares of the Company&#8217;s 8.375% Series B cumulative perpetual preferred stock underlying the Depositary Shares that may be sold pursuant to the Preferred Stock Sales Agreement. Copies of the legal opinions are filed as Exhibit 5.2 and 5.3 to this Current Report on Form <span style="white-space:nowrap">8-K,</span> respectively. Gibson, Dunn&#160;&amp; Crutcher LLP has issued a legal opinion regarding the validity of the Depositary Shares that may be sold pursuant to the Preferred Stock Sales Agreement. A copy of the legal opinion is filed as Exhibit 5.4 to this Current Report on Form <span style="white-space:nowrap">8-K.</span> </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing descriptions of the Sales Agreements do not purport to be complete and are qualified in their entirety by reference to the Sales Agreements, copies of which are filed as Exhibit 1.1 and 1.2 to this Current Report on Form <span style="white-space:nowrap">8-K</span> and incorporated by reference herein. </p>
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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;9.01</span></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d)<span style="font-style:italic"> </span>Exhibits. </p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center"><span style="text-decoration:underline">EXHIBIT INDEX </span></p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom;white-space:nowrap;text-align:center"><span style="font-weight:bold">Description</span></td></tr>


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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d64736dex11.htm">Sales Agreement, dated October&#160;3, 2025, by and between XOMA Royalty Corporation and Leerink Partners LLC.</a></td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d64736dex12.htm">Sales Agreement, dated October&#160;3, 2025, by and between XOMA Royalty Corporation and H.C. Wainwright&#160;&amp; Co., LLC.</a></td></tr>
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<td style="vertical-align:top"><a href="d64736dex51.htm">Opinion of Brownstein Hyatt Farber Schreck, LLP as to the validity of the shares of capital stock registered under the Registration Statement on Form <span style="white-space:nowrap">S-3</span> under Nevada law.</a></td></tr>
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<td style="vertical-align:top"><a href="d64736dex52.htm">Opinion of Brownstein Hyatt Farber Schreck, LLP as to the validity of the Common Shares.</a></td></tr>
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<td style="vertical-align:top"><a href="d64736dex53.htm">Opinion of Brownstein Hyatt Farber Schreck, LLP as to the validity of the 8.375% Series B cumulative perpetual preferred stock underlying the Depositary Shares.</a></td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d64736dex54.htm">Opinion of Gibson, Dunn&#160;&amp; Crutcher LLP as to the legality of the Depositary Shares.</a></td></tr>
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<td style="vertical-align:top;white-space:nowrap">23.1</td>
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<td style="vertical-align:top">Consent of Brownstein Hyatt Farber Schreck, LLP (contained in Exhibit&#160;<a href="d64736dex51.htm">5.1</a>, <a href="d64736dex52.htm">5.2</a> and <a href="d64736dex53.htm">5.3</a>).</td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d64736dex54.htm">Consent of Gibson, Dunn&#160;&amp; Crutcher LLP (contained in Exhibit&#160;5.4)</a>.</td></tr>
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<td style="vertical-align:top;white-space:nowrap">104</td>
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<td style="vertical-align:top">Cover Page Interactive Data File (embedded within the Inline XBRL document).</td></tr>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURES </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom" colspan="3"><span style="font-weight:bold">XOMA&#160;ROYALTY&#160;CORPORATION</span></td></tr>
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<td style="vertical-align:bottom">Date: October&#160;3, 2025</td>
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<td style="vertical-align:top">By:</td>
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<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas Burns</p></td></tr>
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<td style="vertical-align:top">Name:</td>
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<td style="vertical-align:bottom">Thomas Burns</td></tr>
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<td style="vertical-align:top">Title:</td>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Execution Version</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>XOMA
ROYALTY CORPORATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Shares of Common Stock </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">($0.0075 par value per share) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SALES AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">October&nbsp;3, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LEERINK PARTNERS LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1301 Avenue of the Americas, 5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation, a Nevada corporation (the &#8220;<B><U>Company</U></B>&#8221;), confirms its agreement (this
&#8220;<B><U>Agreement</U></B>&#8221;) with Leerink Partners LLC (the &#8220;<B><U>Agent</U></B>&#8221;), as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Issuance and
Sale of Shares</U>. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through or to the Agent, as sales agent or principal, shares of
common stock, $0.0075 par value per share, of the Company (the &#8220;<B><U>Common Stock</U></B>&#8221;), subject to the limitations set forth in Section&nbsp;5(c) (the &#8220;<B><U>Placement Shares</U></B>&#8221;). Notwithstanding anything to the
contrary contained herein, the parties hereto agree that compliance with the limitation set forth in this Section&nbsp;1 on the aggregate gross sales price of Placement Shares that may be issued and sold under this Agreement from time to time shall
be the sole responsibility of the Company, and that the Agent shall have no obligation in connection with such compliance. The issuance and sale of Placement Shares through the Agent will be effected pursuant to the Registration Statement (as
defined below) filed by the Company with the Securities and Exchange Commission (the &#8220;<B><U>Commission</U></B>&#8221;) on March&nbsp;8, 2024 and initially declared effective by the Commission on June&nbsp;17, 2024, although nothing in this
Agreement shall be construed as requiring the Company to issue any Placement Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has prepared and filed, in accordance
with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the &#8220;<B><U>Securities Act</U></B>&#8221;), with the Commission a registration statement on Form <FONT
STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-277794),</FONT> including a base prospectus, relating to certain securities, including the Common Stock, to be issued from time to time by the Company, and
which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;<B><U>Exchange
Act</U></B>&#8221;). The Company has prepared a prospectus supplement to the base prospectus included as part of such registration statement at the time the registration statement became effective, which prospectus supplement specifically relates to
the Placement Shares to be issued from time to time pursuant to this Agreement (the &#8220;<B><U>Prospectus Supplement</U></B>&#8221;). The Company will furnish to the Agent, for use by the Agent, copies of the base prospectus included as part of
such registration statement at the time it became effective, as supplemented by the Prospectus Supplement. The Company may file one or more additional registration statements from time to time that will contain a base prospectus and related
prospectus or prospectus supplement, if applicable (which shall be a Prospectus Supplement), with respect to the Placement Shares. Except where </P>
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the context otherwise requires, such registration statement(s), including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a
Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B or Rule 462(b) under the Securities Act, is herein
called the &#8220;<B><U>Registration Statement</U></B>.&#8221; The base prospectus, including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the
form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together with any &#8220;issuer free writing prospectus&#8221; (as used
herein, as defined in Rule 433 under the Securities Act (&#8220;<B><U>Rule 433</U></B>&#8221;)), relating to the Placement Shares that (i)&nbsp;is required to be filed with the Commission by the Company or (ii)&nbsp;is exempt from filing pursuant to
Rule&nbsp;433(d)(5)(i), in each case, in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&#8217;s records pursuant to Rule 433(g), is herein called the
&#8220;<B><U>Prospectus</U></B>.&#8221; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any reference herein to the Registration Statement, the Prospectus Supplement, the Prospectus or
any issuer free writing prospectus shall be deemed to refer to and include the documents, if any, that are or are deemed to be incorporated by reference therein (the &#8220;<B><U>Incorporated Documents</U></B>&#8221;), including, unless the context
otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement, the
Prospectus Supplement, the Prospectus or any issuer free writing prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act on or after the most-recent effective date of the Registration Statement, or the
respective dates of the Prospectus Supplement, Prospectus or such issuer free writing prospectus, as the case may be, and incorporated therein by reference. For purposes of this Agreement, all references to the Registration Statement, the Prospectus
or any amendment or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System or, if applicable, the Interactive Data Electronic Application
system when used by the Commission (collectively, &#8220;<B><U>EDGAR</U></B>&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Placements</U>. Each time that the Company
wishes to issue and sell any Placement Shares through the Agent hereunder (each, a &#8220;<B><U>Placement</U></B>&#8221;), it will notify the Agent by email notice (or other method mutually agreed to in writing by the parties) (each such notice, a
&#8220;<B><U>Placement Notice</U></B>&#8221;) containing the parameters in accordance with which it desires such Placement Shares to be sold, which at a minimum shall include the maximum number or amount of Placement Shares to be sold, the time
period during which sales are requested to be made, any limitation on the number or amount of Placement Shares that may be sold in any one Trading Day (as defined in Section&nbsp;3) and any minimum price below which sales may not be made, a form of
which containing such minimum sales parameters is attached hereto as <B><U>Schedule 1</U></B>. The Placement Notice must originate from one of the individuals authorized to act on behalf of the Company and set forth on <B><U>Schedule 2</U></B> (with
a copy to each of the other individuals from the Company listed on such <B><U>Schedule 2</U></B>), and shall be addressed to each of the recipients from the Agent set forth on <B><U>Schedule 2</U></B>, as such <B><U>Schedule 2</U></B> may be updated
by either party from time to time by sending a written notice containing a revised <B><U>Schedule 2</U></B> to the other party in the manner provided in Section&nbsp;12 (including by email correspondence to each of the individuals of the Company set
forth on <B><U>Schedule 2</U></B>, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply). The Placement Notice shall be effective upon receipt by the Agent unless
and until (i)&nbsp;in accordance with the notice requirements set forth in Section&nbsp;4, the Agent declines to accept the terms contained therein for any reason, in its sole discretion, within two Trading Days of the date the Agent receives the
Placement Notice, (ii)&nbsp;in accordance with the notice requirements set forth in Section&nbsp;4, the Agent suspends sales under the Placement Notice for any reason in its sole discretion, (iii)&nbsp;the entire amount of the Placement Shares has
been sold pursuant to this Agreement, (iv)&nbsp;in accordance with the notice requirements set forth in Section&nbsp;4, the Company suspends sales under or terminates the Placement </P>
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Notice for any reason in its sole discretion, (v)&nbsp;the Company issues a subsequent Placement Notice and explicitly indicates that its parameters supersede those contained in the earlier dated
Placement Notice or (vi)&nbsp;this Agreement has been terminated pursuant to the provisions of Section&nbsp;11. The amount of any discount, commission or other compensation to be paid by the Company to the Agent in connection with the sale of the
Placement Shares effected through the Agent shall be calculated in accordance with the terms set forth in <B><U>Schedule 3</U></B>. It is expressly acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever
with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement Notice to the Agent and the Agent does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms
specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control with respect to the matters covered thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Sale of Placement Shares by the Agent</U>. On the basis of the representations and warranties herein contained and subject to the terms
and conditions herein set forth, including Section&nbsp;5(c), upon the Agent&#8217;s acceptance of the terms of a Placement Notice as provided in Section&nbsp;2, and unless the sale of the Placement Shares described therein has been declined,
suspended or otherwise terminated in accordance with the terms of this Agreement, the Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and
applicable state and federal laws, rules and regulations and the rules of the Nasdaq Global Market (&#8220;<B><U>Nasdaq</U></B>&#8221;) to sell such Placement Shares up to the number or amount specified in, and otherwise in accordance with the terms
of, such Placement Notice. The Agent will provide written confirmation to the Company (including by email correspondence to each of the individuals of the Company set forth on <B><U>Schedule 2</U></B>, if receipt of such correspondence is actually
acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares
hereunder setting forth the number or amount of Placement Shares sold on such Trading Day, the volume-weighted average price of the Placement Shares sold and the Net Proceeds (as defined below) payable to the Company. Unless otherwise specified by
the Company in a Placement Notice, the Agent may sell Placement Shares by any method permitted by law deemed to be an &#8220;at the market offering&#8221; as defined in Rule 415 of the Securities Act, including sales made directly on or through
Nasdaq, on or through any other existing trading market for the Common Stock or to or through a market maker. If expressly authorized by the Company (including in a Placement Notice), the Agent may also sell Placement Shares in negotiated
transactions. Notwithstanding the provisions of Section&nbsp;6(tt), except as may be otherwise agreed by the Company and the Agent, the Agent shall not purchase Placement Shares on a principal basis pursuant to this Agreement unless the Company and
the Agent enter into a separate written agreement setting forth the terms of such sale. The Company acknowledges and agrees that (i)&nbsp;there can be no assurance that the Agent will be successful in selling Placement Shares, (ii)&nbsp;the Agent
will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its normal trading
and sales practices and applicable state and federal laws, rules and regulations and the rules of Nasdaq to sell such Placement Shares as required under this Agreement and (iii)&nbsp;the Agent shall be under no obligation to purchase Placement
Shares on a principal basis pursuant to this Agreement unless the Company and the Agent enter into a separate written agreement setting forth the terms of such sale. For the purposes hereof, &#8220;<B><U>Trading Day</U></B>&#8221; means any day on
which the Common Stock is purchased and sold on Nasdaq. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Suspension of Sales</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company or the Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals of
the other party set forth on <B><U>Schedule 2</U></B>, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by email
correspondence to each of the individuals of the other party set forth on <B><U>Schedule 2</U></B>), suspend any sale of Placement Shares; <I>provided</I>, <I>however</I>, that such suspension shall not affect or impair either party&#8217;s
obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section&nbsp;4 shall be effective against the other party unless notice is sent by one of
the individuals named on <B><U>Schedule 2</U></B> hereto to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on <B><U>Schedule 2</U></B>, if receipt of such correspondence is
actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding any other
provision of this Agreement, during any period in which the Company is, or reasonably could be deemed to be, in possession of material <FONT STYLE="white-space:nowrap">non-public</FONT> information, the Company and the Agent agree that (i)&nbsp;no
sale of Placement Shares will take place, (ii)&nbsp;the Company shall not request the sale of any Placement Shares and shall cancel any effective Placement Notices instructing the Agent to make any sales and (iii)&nbsp;the Agent shall not be
obligated to sell or offer to sell any Placement Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Settlement and Delivery of the Placement Shares</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Settlement of Placement Shares</U>. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
Shares will occur on the first Trading Day (or such earlier day as is industry practice or as is required for <FONT STYLE="white-space:nowrap">regular-way</FONT> trading) following the date on which such sales are made (each, a
&#8220;<B><U>Settlement Date</U></B>&#8221;). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the &#8220;<B><U>Net Proceeds</U></B>&#8221;) will be equal to the aggregate gross
sales price received by the Agent at which such Placement Shares were sold, after deduction of (i)&nbsp;the Agent&#8217;s commission, discount or other compensation for such sales payable by the Company pursuant to Section&nbsp;2 hereof,
(ii)&nbsp;any other amounts due and payable by the Company to the Agent hereunder pursuant to Section&nbsp;7(g) hereof and (iii)&nbsp;any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Delivery of Placement Shares</U>. On or before each Settlement Date, the Company will issue the Placement Shares being sold on such
date and will, or will cause its transfer agent to, electronically transfer such Placement Shares by crediting the Agent&#8217;s or its designee&#8217;s account (provided the Agent shall have given the Company written notice of such designee prior
to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;<B><U>DWAC</U></B>&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all
cases shall be duly authorized, freely tradeable, transferable, registered shares of Common Stock in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to an account designated by the
Company on or prior to the Settlement Date. The Agent shall be responsible for providing DWAC instructions or other instructions for delivery by other means with regard to the transfer of the Placement Shares being sold. In addition to and in no way
limiting the rights and obligations set forth in Section&nbsp;9(a) hereto, the Company agrees that if the Company or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized, freely tradeable, transferable,
registered Placement Shares in good deliverable form by 2:30 P.M., New York City time, on a Settlement Date (other than as a result of a failure by the Agent to provide instructions for delivery), the Company will (i)&nbsp;take all necessary action
to cause the full amount of any Net Proceeds that were delivered to the Company&#8217;s account with respect to such settlement, together with any documented costs reasonably incurred by the Agent and/or its clearing firm in connection with
recovering such Net Proceeds, to be immediately returned to the Agent or its clearing firm no later than 5:00&nbsp;P.M., New York City time, on such Settlement Date, by wire transfer of immediately available funds to an account designated by the
Agent or its clearing firm, (ii)&nbsp;indemnify and hold the Agent and its clearing firm harmless against any reasonably incurred and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> loss,
claim, damage, or expense (including reasonable legal fees and expenses), </P>
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as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable) and (iii)&nbsp;pay to the Agent (without duplication) any commission, discount
or other compensation to which it would otherwise have been entitled absent such default. Certificates for the Placement Shares, if any, shall be in such denominations and registered in such names as the Agent may request in writing one Business Day
(as defined below) before the applicable Settlement Date. Certificates for the Placement Shares, if any, will be made available by the Company for examination and packaging by the Agent in New York City not later than 12:00 P.M., New York City time,
on the Business Day prior to the applicable Settlement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Limitations on Offering Size</U>. Under no circumstances shall the
Company cause or request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate number or gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser
of: (i)&nbsp;the number or dollar amount of shares of Common Stock registered pursuant to, and available for offer and sale under, the Registration Statement pursuant to which the offering of Placement Shares is being made, (ii)&nbsp;the number of
authorized but unissued shares of Common Stock of the Company (less shares of Common Stock issuable upon exercise, conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company&#8217;s authorized capital
stock), (iii) the number or dollar amount of shares of Common Stock permitted to be offered and sold by the Company under Form <FONT STYLE="white-space:nowrap">S-3</FONT> (including General Instruction I.B.6. thereof, if such instruction is
applicable), (iv)&nbsp;the number or dollar amount of shares of Common Stock that the Company&#8217;s board of directors or a duly authorized committee thereof is authorized to issue and sell from time to time, and notified to the Agent in writing,
or (v)&nbsp;the dollar amount of shares of Common Stock for which the Company has filed the Prospectus Supplement. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a
price lower than the minimum price authorized from time to time by the Company&#8217;s board of directors or a duly authorized committee thereof, and notified to the Agent in writing. Notwithstanding anything to the contrary contained herein, the
parties hereto acknowledge and agree that compliance with the limitations set forth in this Section&nbsp;5(c) on the number or dollar amount of Placement Shares that may be issued and sold under this Agreement from time to time shall be the sole
responsibility of the Company, and that the Agent shall have no obligation in connection with such compliance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Representations and
Warranties of the Company</U>. The Company represents and warrants to, and agrees with, the Agent that as of the date of this Agreement, and as of (i)&nbsp;each Representation Date (as defined in Section&nbsp;7(m)) for which no waiver is in effect,
(ii)&nbsp;each date on which a Placement Notice is given, (iii)&nbsp;the date and time of each sale of any Placement Shares pursuant to this Agreement and (iv)&nbsp;each Settlement Date (each such time or date referred to in clauses (i)&nbsp;through
(iv), an &#8220;<B><U>Applicable Time</U></B>&#8221;): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company and the transactions contemplated by this Agreement meet the
requirements for and comply with the conditions for the use of Form <FONT STYLE="white-space:nowrap">S-3</FONT> (including General Instructions I.A and I.B.1.) under the Securities Act. The Registration Statement has been filed with the Commission
and has been declared effective by the Commission under the Securities Act prior to the issuance of any Placement Notices by the Company. At the time the Registration Statement originally became effective and at the time the Company&#8217;s most
recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> was filed with the Commission, the Company met the then-applicable requirements for use of Form <FONT STYLE="white-space:nowrap">S-3</FONT> (including General Instructions
I.A and I.B.1.) under the Securities Act. The Registration Statement meets, and the offering and sale of Placement Shares as contemplated hereby comply in all material respects with, the requirements of Rule 415(a)(1)(x) under the Securities Act.
The Agent is named as the agent engaged by the Company in the section entitled &#8220;Plan of Distribution&#8221; in the Prospectus Supplement. The Company has not received, and has no notice from the Commission of, any notice pursuant to
Rule&nbsp;401(g)(1) under the Securities Act objecting to the use of the shelf registration statement form. No stop order of the Commission preventing </P>
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or suspending the use of the base prospectus, the Prospectus Supplement or the Prospectus, or the effectiveness of the Registration Statement, has been issued, and no proceedings for such purpose
are pending before or, to the knowledge of the Company, threatened by the Commission. At the time of the initial filing of the Registration Statement, the Company paid the required Commission filing fees relating to the securities covered by the
Registration Statement, including the Placement Shares that may be sold pursuant to this Agreement, in accordance with Rule 457(o) under the Securities Act. Copies of the Registration Statement, the Prospectus, any such amendments or supplements to
any of the foregoing and all Incorporated Documents that were filed with the Commission on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to the Agent and its counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, at each deemed effective
date with respect to the Agent pursuant to Rule&nbsp;430B(f)(2) under the Securities Act and as of each Applicable Time, complied and complies in all material respects with the requirements of the Securities Act and did not and does not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, except that the representations and warranties set forth in this sentence do not apply to
Agent&#8217;s Information (as defined below). The Prospectus and any amendment or supplement thereto, when so filed with the Commission under Rule 424(b) under the Securities Act, complied and complies in all material respects with the requirements
of the Securities Act, and each Prospectus Supplement, Prospectus or issuer free writing prospectus (or any amendments or supplements to any of the foregoing) furnished to the Agent for use in connection with the offering of the Placement Shares was
identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation <FONT STYLE="white-space:nowrap">S-T.</FONT> Neither the Prospectus nor any amendment or supplement
thereto, as of its date, included or includes an untrue statement of a material fact or omitted or omits 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, except that the representations and warranties set forth in this sentence do not apply to Agent&#8217;s Information. Each Incorporated Document heretofore filed, when it was filed (or, if any amendment with respect to any such document
was filed, when such amendment was filed), conformed in all material respects with the requirements of the Exchange Act and was filed on a timely basis with the Commission; no such Incorporated Document when it was filed (or, if an amendment with
respect to any such document was filed, when such amendment was filed), contained an 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) (i) At the time of filing the Registration Statement and
(ii)&nbsp;at the time of the execution of this Agreement (with such date being used as the determination date for purposes of this clause (ii)), the Company was not and is not an &#8220;ineligible issuer&#8221; (as defined in Rule 405 under the
Securities Act (&#8220;<B>Rule 405</B>&#8221;)), without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) [Reserved]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Each
issuer free writing prospectus, as of its issue date and as of each Applicable Time, did not and does not include any information that conflicted or conflicts with the information contained in the Registration Statement or the Prospectus, including
any Incorporated Document deemed to be a part thereof that has not been superseded or modified. Each issuer free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433 or that was prepared by or on behalf of or
used by the Company complies in all material respects with the requirements of the Securities Act. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Company has not distributed and, prior to the later to occur of each Settlement Date
and completion of the Agent&#8217;s distribution of the Placement Shares under this Agreement, will not distribute any offering material in connection with the offering and sale of the Placement Shares other than the Registration Statement, the
Prospectus or any Permitted Free Writing Prospectus (as defined below). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The interactive data in eXtensible Business Reporting
Language included or incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines
applicable thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Company is subject to and in compliance in all material respects with the reporting requirements of
Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act. The Common Stock is registered pursuant to Section&nbsp;12(b) of the Exchange Act and is listed on Nasdaq, 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 Nasdaq, nor has the Company received any notification that the Commission or Nasdaq is contemplating terminating such registration
or listing. The Company is in compliance with the current listing standards of Nasdaq. The Company has filed a Notification of Listing of Additional Shares with Nasdaq with respect to the Placement Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) No person (as such term is defined in Rule <FONT STYLE="white-space:nowrap">1-02</FONT> of Regulation
<FONT STYLE="white-space:nowrap">S-X</FONT> promulgated under the Securities Act) has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Placement Shares hereunder, whether as a
result of the filing or effectiveness of the Registration Statement or the sale of the Placement Shares as contemplated hereby or otherwise. Except for the Agent, there is no broker, finder or other party that is entitled to receive from the Company
or any of its Subsidiaries (as defined below) any brokerage or finder&#8217;s fee or other fee or commission as a result of any transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Nevada, with
full corporate power and authority to acquire, own, lease and operate its properties, and to lease the same to others, and to conduct its business as described in the Registration Statement and the Prospectus and to enter into and perform its
obligations under this Agreement. The Company is duly qualified to transact business as a foreign corporation and is in good standing in the State of New York and under the laws of each other jurisdiction that requires such qualification, whether by
reason of the ownership or leasing of property or the conduct of business, except to the extent that the failure to be so qualified or in good standing could not reasonably be expected, individually or in the aggregate, to have a material adverse
effect on the condition (financial or otherwise), earnings, results of operations, business, properties, operations, assets, liabilities or prospects of the Company and its Subsidiaries, taken as a whole, whether or not arising from transactions in
the ordinary course of business (a &#8220;<B><U>Material Adverse Effect</U></B>&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Each of the Company&#8217;s
&#8220;significant subsidiaries&#8221; (for purposes of this Agreement, as defined in Rule 405 under the Securities Act and Rule <FONT STYLE="white-space:nowrap">1-02(w)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> of the
Exchange Act; the entities listed on Schedule 4 hereto are the Company&#8217;s only significant subsidiaries) (each, a &#8220;<B><U>Subsidiary</U></B>&#8221; and collectively, the &#8220;<B><U>Subsidiaries</U></B>&#8221;) has been duly organized and
is validly existing in good standing (where such concept exists) under the laws of the jurisdiction of its organization and has full power and authority to acquire, own, lease and operate its properties, and to conduct its business as described in
the Registration Statement and the Prospectus. Each Subsidiary is duly qualified to transact business and is in good standing (where such concept exists) under the laws of each jurisdiction that requires such qualification, whether by reason of the
ownership or leasing of property or the conduct of business, except to the extent that the failure to be so qualified or in good standing could not reasonably </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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be expected, individually or in the aggregate, to have a Material Adverse Effect. All of the issued and outstanding share capital or other equity or ownership interests of each Subsidiary has
been duly authorized and validly issued, is fully paid and nonassessable, has been issued in compliance with federal state and securities laws and is owned by the Company, directly or through other wholly-owned Subsidiaries, free and clear of any
security interest, mortgage, pledge, lien, encumbrance or adverse claim. The Company does not own or control, directly or indirectly, any corporation, association or other entity, other than the Subsidiaries listed on Exhibit 21.1 to the
Company&#8217;s most recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed with the Commission. No Subsidiary is prohibited or restricted, directly or indirectly, from paying dividends to the Company, from making any other
distribution with respect to such Subsidiary&#8217;s equity securities, from repaying to the Company or any other Subsidiary any amounts that may from time to time become due under any loans or advances to such Subsidiary from the Company or from
transferring any property or assets to the Company or to any other Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) The Company has the authorized and outstanding
capitalization as set forth in the Company&#8217;s Annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the most recent fiscal year or, if later, the Company&#8217;s Quarterly Report on Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the most recent fiscal quarter, as of the dates referred to therein (subject, in each case, to the issuance of Placement Shares under this Agreement, the issuance of shares of Common Stock upon
exercise of share options and warrants disclosed as outstanding as of the date hereof in the Registration Statement and the Prospectus and the grant of options under existing share option plans described in the Registration Statement and the
Prospectus). The Common Stock conforms in all material respects to the description thereof contained in the Registration Statement and the Prospectus, including under the heading &#8220;Description of Capital Stock.&#8221; All of the issued and
outstanding share capital or other equity or ownership interest of the Company (including the Common Stock) has been duly authorized and validly issued and is fully paid and nonassessable, has been issued in compliance with all federal, state and
local securities laws and is free and clear of any security interest, mortgage, pledge, lien, encumbrance or adverse claim. None of the outstanding shares of capital stock of the Company were issued in violation of any preemptive rights, rights of
first refusal or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase or subscribe for, or
equity or debt securities convertible into or exchangeable or exercisable for, any share capital of the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries is a party or by which any of them may be bound. The
descriptions of the Company&#8217;s equity incentive plan, stock option plans and other stock plans or arrangements described in the Prospectus and in effect as of the date hereof (collectively, the &#8220;<B><U>Stock Plans</U></B>&#8221;) and the
options or other rights granted thereunder, set forth in the Registration Statement and the Prospectus accurately and fairly present the information required to be shown with respect to such Stock Plans and the options or other rights granted
thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) The Placement Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and
delivered by the Company against payment therefor pursuant to this Agreement, will be validly issued, fully paid and nonassessable and will conform in all material respects to the description thereof contained in the Prospectus. The issuance and
sale of the Placement Shares as contemplated hereby shall not be subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase the Placement Shares. When issued and delivered by the Company against
payment therefor pursuant to this Agreement, the purchasers of the Placement Shares issued and sold hereunder will acquire good, marketable and valid title to such Placement Shares, free and clear of all pledges, liens, security interests, charges,
claims or encumbrances. The issuance and sale of the Placement Shares as contemplated hereby will not cause any holder of any share capital, securities convertible into or exchangeable or exercisable for share capital or options, warrants or other
rights to purchase share capital or any other securities of the Company to have any right to acquire any preferred shares of the Company. There are no restrictions upon the voting or transfer of the Common Stock under the Company&#8217;s amended and
restated certificate of incorporation or amended and restated bylaws or any agreement or other instrument to which the Company is a party or otherwise filed as an exhibit to the Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) There is no statute, regulation, contract, agreement or other document required to be
described in the Registration Statement, Prospectus or in any Incorporated Document, or to be filed as an exhibit to the Registration Statement or any Incorporated Document which is not described or filed as required. The statements set forth or
incorporated by reference in the Prospectus, insofar as they purport to constitute summaries of the terms of the statutes, regulations, contracts, agreements or other documents described and filed, constitute accurate summaries of the terms thereof
in all material respects. The statements set forth or incorporated by reference in the Prospectus under the headings &#8220;Risk Factors,&#8221; &#8220;Business&#8212;Intellectual Property,&#8221; &#8220;Business&#8212;Material License
Agreements,&#8221; &#8220;Business&#8212;Government Regulation and Product Approval,&#8221; &#8220;Business&#8212;Legal Proceedings,&#8221; and &#8220;Description of Capital Stock,&#8221; insofar as such statements summarize legal matters,
agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings. Neither the Company nor any of its Subsidiaries has sent or received any communication regarding
termination of, or intent not to renew or render performance under, any of the material contracts or agreements referred to or described in the Prospectus or any free writing prospectus, or referred to or described in, or filed as an exhibit to, the
Registration Statement, or any Incorporated Document, and no such termination or <FONT STYLE="white-space:nowrap">non-renewal</FONT> has been threatened by the Company or any of its Subsidiaries or, to the Company&#8217;s knowledge, any other party
to any such contract or agreement, which threat of termination or <FONT STYLE="white-space:nowrap">non-renewal</FONT> has not been rescinded as of the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a valid and legally binding
obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability, including rights of indemnification, may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors&#8217; rights generally and by general principles of equity. This Agreement conforms in all material respects to the descriptions thereof in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) The Company is not and, after giving effect to the offering and sale of the Placement Shares and the application of the proceeds thereof
as described in the Prospectus, will not be an &#8220;investment company&#8221; as defined in the Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) No consent, approval, license, permit, qualification, authorization or other order or decree of, or registration or filing with, any court
or other governmental, taxing or regulatory authority or agency, is required for the Company&#8217;s execution, delivery and performance of this Agreement or consummation of the transactions contemplated hereby or by the Registration Statement and
the Prospectus (including the issuance and sale of the Placement Shares hereunder), except such as have been already obtained or made or as may be required under the Securities Act, applicable state securities or Blue Sky laws, applicable rules of
Nasdaq, or Rule 5110 of the Financial Industry Regulatory Authority, Inc. (&#8220;<B><U>FINRA</U></B>&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) Neither the execution
and delivery by the Company of, nor the performance of the Company of its obligations under, this Agreement will conflict with, result in a breach or violation of, or result in the creation or imposition of any lien, charge or encumbrance upon any
property or assets of the Company or any of its Subsidiaries pursuant to: (i)&nbsp;the certificate or articles of incorporation, charter, bylaws, articles of association, limited liability company agreement, certificate or agreement of limited or
general partnership or other similar organizational documents, as the case may be, of such entity, (ii)&nbsp;the terms of any indenture, contract, license, lease, mortgage, deed of trust, note agreement, agreement or other instrument, obligation,
condition, covenant or instrument to which it is a party or bound or to which </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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its property or assets is subject or (iii)&nbsp;any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its Subsidiaries of any court, regulatory body,
administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company, any of its Subsidiaries or any of their respective properties or assets, as applicable, except, in the case of clauses (ii)&nbsp;and (iii)
above, for any such conflict, breach, violation or default that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus: (i)&nbsp;there has
been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition (financial or otherwise), earnings, results of operations, business, properties, operations, assets,
liabilities or prospects of the Company and its Subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business; (ii)&nbsp;neither the Company nor its Subsidiaries has (A)&nbsp;incurred any material
liability or obligation, indirect, direct or contingent, including without limitation any losses or interference with its business from fire, explosion, flood, earthquakes, accident or other calamity, whether or not covered by insurance, or from any
strike, labor dispute or court or governmental action, order or decree, that are material, individually or in the aggregate, to the Company and its Subsidiaries, considered as one entity, (B)&nbsp;entered into any material transactions not in the
ordinary course of business or (C)&nbsp;issued or granted any shares of the Company&#8217;s capital stock or securities convertible into or exchangeable or exercisable for or that represent the right to receive shares of the Company&#8217;s capital
stock other than under the Stock Plans; and (iii)&nbsp;there has not been any material decrease in the share capital or any material increase in any short-term or long-term indebtedness of the Company or any of its Subsidiaries and there has been no
dividend or distribution of any kind declared, paid or made by the Company or, except for dividends paid to the Company or another Subsidiary, by any Subsidiary on any class of shares, or any repurchase or redemption by the Company or any of its
Subsidiaries of any class of shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) There are no persons (as such term is defined in Rule
<FONT STYLE="white-space:nowrap">1-02</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> promulgated under the Securities Act) with registration or other similar rights to have any equity or debt securities of the Company registered
for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been duly waived in a writing previously furnished to the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) The financial statements included or incorporated by reference in the Registration Statement and the Prospectus, together with the related
notes and schedules, present fairly in all material respects the consolidated financial position of the Company and the Subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders&#8217;
equity of the Company and the Subsidiaries for the periods specified and have been prepared in compliance in all material respects with the requirements of the Securities Act and Exchange Act and in conformity in all material respects with United
States generally accepted accounting principles (&#8220;<B><U>GAAP</U></B>&#8221;) applied on a consistent basis during the periods involved. To the extent applicable, any pro forma financial statements, information or data included or incorporated
by reference in the Registration Statement and the Prospectus comply in all material respects with the requirements of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> of the Securities Act, including, without limitation, Article 11 thereof,
fairly present in all material respects the information set forth therein, and the assumptions used in the preparation of such pro forma financial statements and data are reasonable, the pro forma adjustments used therein are appropriate to give
effect to the circumstances referred to therein and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements and data. The other financial data set forth or incorporated by reference in
the Registration Statement and the Prospectus is accurately and fairly presented and prepared in all material respects on a basis consistent with the financial statements and books and records of the Company. There are no financial statements
(historical or pro forma) that are required to be included or incorporated by reference in the Registration Statement or the Prospectus that are not included or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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incorporated by reference therein as required. The Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any <FONT
STYLE="white-space:nowrap">off-balance</FONT> sheet obligations or any &#8220;variable interest entities&#8221; as that term is used in Accounting Standards Codification Paragraph
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-25-20),</FONT></FONT> not disclosed in the Registration Statement and the Prospectus. All disclosures contained in the Registration Statement or the Prospectus that contain <FONT
STYLE="white-space:nowrap">&#8220;non-GAAP</FONT> financial measures&#8221; (as such term is defined by the rules and regulations of the Commission) comply, in all material respects, with Regulation G under the Exchange Act and Item 10 of Regulation
<FONT STYLE="white-space:nowrap">S-K</FONT> under the Securities Act, to the extent applicable. The statistical, industry-related and market-related data included or incorporated by reference in the Registration Statement and the Prospectus were
obtained or derived from sources which the Company reasonably and in good faith believes are reliable and accurate in all material respects, such data agree with the sources from which they are derived, and the Company has obtained the written
consent to the use of such data from such sources to the extent required. To the Company&#8217;s knowledge, no person who has been suspended or barred from being associated with a registered public accounting firm, or who has failed to comply with
any sanction pursuant to Rule 5300 promulgated by the Public Company Accounting Oversight Board (&#8220;<B><U>PCAOB</U></B>&#8221;), has participated in or otherwise aided the preparation of, or audited, the financial statements, supporting
schedules or other financial data filed with the Commission as a part of the Registration Statement and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) There are no
actions, suits, claims, investigations or proceedings pending or, to the Company&#8217;s knowledge, threatened to which the Company or any of the Subsidiaries is or would be a party, or of which any of the respective properties or assets of the
Company and the Subsidiaries is or would be subject, at law or in equity, before any court or arbitral body or by or before any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, that
(i)&nbsp;are required to be described in the Registration Statement or the Prospectus and are not so described, (ii)&nbsp;could reasonably be expected to have a Material Adverse Effect on the ability of the Company to perform its obligations under
this Agreement or on the consummation of any of the transactions contemplated hereby or (iii)&nbsp;could reasonably be expected to have a Material Adverse Effect. The aggregate of all pending legal or governmental proceedings to which the Company or
any of its Subsidiaries is a party or of which any of their respective properties or assets is the subject which are not described in the Prospectus, including ordinary routine litigation incidental to the Company&#8217;s business, could not
reasonably be expected to (A)&nbsp;result in a Material Adverse Effect or (B)&nbsp;have a Material Adverse Effect on the ability of the Company to perform its obligations under this Agreement or the consummation of any of the transactions
contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) The Company owns or leases all such real properties as are necessary to the conduct of its operations as
presently conducted in all material respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) Neither the Company nor any Subsidiary is in violation or default of (i)&nbsp;any
provision of its certificate or articles of incorporation, charter, bylaws, articles of association, limited liability company agreement, certificate or agreement of limited or general partnership, or other similar organizational documents, as the
case may be, of such entity, (ii)&nbsp;the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which
its property or assets is subject, or (iii)&nbsp;any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the
Company, any of its Subsidiaries or any of their respective properties or assets, as applicable, except, in the case of clauses (ii)&nbsp;and (iii) above, for any such default or violation that would not reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) Deloitte&nbsp;&amp; Touche LLP, whose report on the consolidated financial statements of
the Company is filed with the Commission as part of the Company&#8217;s most recent Annual Report on Form 10-K filed with the Commission and incorporated by reference in the Registration Statement and the Prospectus, is (i)&nbsp;an independent
registered public accounting firm as required by the Securities Act, the Exchange Act and the rules of the PCAOB, (ii)&nbsp;in compliance with the applicable requirements relating to the qualification of accountants under Rule <FONT
STYLE="white-space:nowrap">2-01</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> under the Securities Act and (iii)&nbsp;a registered public accounting firm as defined by the PCAOB whose registration has not been suspended or revoked
and who has not, to the Company&#8217;s knowledge, requested such registration to be withdrawn. Deloitte&nbsp;&amp; Touche LLP has not been engaged by the Company to perform any &#8220;prohibited activities&#8221; or provided to the Company any <FONT
STYLE="white-space:nowrap">&#8220;non-audit</FONT> services&#8221; (as defined in Section&nbsp;10A of the Exchange Act). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) There are no
transfer taxes or other similar fees or charges under federal law, the laws of any state, any foreign law, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance by
the Company or sale by the Company of the Placement Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa) All United States federal income tax returns of the Company and its
Subsidiaries required by law to be filed have been filed or extensions thereof have been requested (except where the failure to file would not reasonably be expected, singly or in the aggregate, to have a Material Adverse Effect on the Company and
its subsidiaries, taken as whole), and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except where the failure to file would not reasonably be expected, singly or in the aggregate, to have a
Material Adverse Effect on the Company and its subsidiaries, taken as whole, or except assessments that are being contested in good faith and as to which adequate reserves have been provided under GAAP. The Company has no knowledge of any material
tax deficiency which has been or is likely to be threatened or asserted against the Company or its Subsidiaries. Each of the Company and its Subsidiaries has filed all foreign, state, provincial, local or other tax returns that are required to have
been filed pursuant to applicable foreign, state, provincial, local or other law except insofar as the failure to file such returns would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, and paid
all taxes due pursuant to such returns or pursuant to any assessment received by the Company and its Subsidiaries, except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided and except
for such taxes or assessments the nonpayment of which would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The charges, accruals and reserves on the books of the Company and its Subsidiaries in
respect of any income or other tax liability for any years not finally determined are adequate to meet any assessments or <FONT STYLE="white-space:nowrap">re-assessments</FONT> for additional tax for any years not finally determined, except to the
extent of any inadequacy that would not reasonably be expected to result in a Material Adverse Effect. All material taxes which the Company and its Subsidiaries are required by law to withhold or to collect for payment have been duly withheld and
collected and have been paid to the appropriate governmental authority or agency or have been accrued, reserved against and entered on the books of the Company and its Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb) No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the Company&#8217;s knowledge, is threatened
or imminent, and the Company is not aware of any existing, threatened or imminent labor disturbance by the employees of any of its or any of its Subsidiaries&#8217; principal suppliers, manufacturers, contractors or customers, in each case that
would reasonably be expected to have a Material Adverse Effect. None of the employees of the Company or any of its Subsidiaries is represented by a union and, to the knowledge of the Company, no union organizing activities are taking place. Neither
the Company nor any of its Subsidiaries has violated (or received notice of any violation of) any federal, state or local law or foreign law relating to the discrimination in hiring, promotion or pay of employees, nor any applicable wage or hour
laws, or the rules and regulations thereunder, or analogous foreign laws and regulations, which would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc) Each of the Company and its Subsidiaries are insured by recognized and reputable
institutions with policies in such amounts and with such deductibles and covering such risks as are, in the reasonable judgment of the Company, generally deemed adequate and customary in the businesses in which it is engaged, including, but not
limited to, policies covering real and personal property owned or leased by the Company and its Subsidiaries against theft, damage, destruction, acts of vandalism and earthquakes. The Company has no reason to believe that it or any of its
Subsidiaries will not be able (i)&nbsp;to renew its existing insurance coverage as and when such policies expire or (ii)&nbsp;to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now
conducted and at a cost that could not reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has been denied any material insurance coverage which it has sought or for which it has applied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd) The Company and each of its Subsidiaries has good and marketable title in fee simple to all real property owned by them and good and
marketable title to all personal property owned by them that is material to their business (except with respect to intellectual property, which is addressed exclusively in Section&nbsp;6(pp) and Section&nbsp;6(ggg) below), in each case free and
clear of all liens, encumbrances and defects except such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company or any Subsidiary; and any real property
and buildings held under lease by the Company or any of its Subsidiaries are held by them under valid, subsisting and enforceable leases (subject to the effects of (A)&nbsp;bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer,
reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally; (B)&nbsp;the application of general principles of equity (including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity); and (C)&nbsp;applicable law and public policy with respect to rights to indemnity and contribution) with such
exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company or such Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee) The Company and its Subsidiaries possess and are operating in compliance with such valid and current material certificates,
authorizations or permits required by United States federal, state or foreign regulatory agencies or bodies to conduct their respective businesses as currently conducted and as described in the Registration Statement and the Prospectus
(collectively, &#8220;<B><U>Permits</U></B>&#8221;), except where failure to obtain such certificates, authorizations and permits would not, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company
nor any of its Subsidiaries is in violation of, or in default under, any of the Permits or has received any written notice of proceedings relating to the revocation or modification of, or <FONT STYLE="white-space:nowrap">non-compliance</FONT> with,
any such certificate, authorization or permit, which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could reasonably be expected to result in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff) The Company and each of its Subsidiaries make and keep accurate books and records and maintain a system of internal accounting controls
sufficient to provide reasonable assurance that: (i)&nbsp;transactions are executed in accordance with management&#8217;s general or specific authorization; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial
statements in conformity with GAAP and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&#8217;s general or specific authorization; (iv)&nbsp;the recorded accountability for assets is
compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v)&nbsp;the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the
Registration Statement and the Prospectus fairly presents the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg) The Company and each of its Subsidiaries have established and maintain disclosure
controls and procedures (as defined in Rules <FONT STYLE="white-space:nowrap">13a-15</FONT> and <FONT STYLE="white-space:nowrap">15d-15</FONT> under the Exchange Act), which (i)&nbsp;are designed to ensure that information relating to the Company,
including its consolidated Subsidiaries, is made known to the Company&#8217;s principal executive officer and its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required
under the Exchange Act are being prepared; (ii)&nbsp;have been evaluated by management of the Company for effectiveness as of the end of the Company&#8217;s most recent fiscal quarter; and (iii)&nbsp;are effective in all material respects to perform
the functions for which they were established. Since the end of the Company&#8217;s most recent audited fiscal year, there has been no material weakness in the Company&#8217;s internal control over financial reporting (whether or not remediated) and
no material change in the Company&#8217;s internal control over financial reporting, including any corrective actions with regard to significant deficiencies or material weaknesses. The Company is not aware of any change in its internal control over
financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hh) Neither the Company, nor any of its Subsidiaries, nor to the knowledge of the Company, any of its or their respective directors, officers
or controlling persons has taken, directly or indirectly, without giving effect to any actions taken by the Agent, (i)&nbsp;any action designed to or that might constitute or reasonably be expected to cause or result in, under the Exchange Act or
otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares or (ii)&nbsp;any action designed to or that might constitute or reasonably be expected to cause or result
in a violation of Regulation M under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Except as could not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect: (i)&nbsp;neither the Company nor any of its Subsidiaries is in violation of any United States federal, state or local, or any foreign, statute, law, rule, regulation, ordinance, code, policy or rule of common law
or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air,
surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the emissions, discharges, release or threatened release of chemicals, pollutants, contaminants, wastes,
toxic substances, hazardous substances, petroleum or petroleum products (collectively, &#8220;<B><U>Hazardous Materials</U></B>&#8221;) or otherwise related to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials (collectively, &#8220;<B><U>Environmental Laws</U></B>&#8221;), which violation includes, but is not limited to, noncompliance with any permits or other governmental authorizations required for the operation of the
business of the Company or any of its Subsidiaries under applicable Environmental Laws, or noncompliance with the terms and conditions thereof, nor has the Company or any of its Subsidiaries received any written communication, whether from a
governmental authority, citizens group, employee or otherwise, that alleges that the Company or any of its Subsidiaries is in violation of any Environmental Law; (ii)&nbsp;the Company and its Subsidiaries have all material permits, authorizations
and approvals required under any applicable Environmental Laws and are in compliance with their requirements; (iii)&nbsp;there are no pending or, to the Company&#8217;s knowledge, threatened administrative, regulatory or judicial actions, suits,
demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against the Company or any of its Subsidiaries, or any investigation with respect to which the Company or
any of its Subsidiaries has received written notice or any written notice by any person or entity alleging potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages,
personal injuries, attorneys&#8217; fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Hazardous Materials at any location owned, leased or operated by the Company or any of its
Subsidiaries, now or in the past; and (iv)&nbsp;to the Company&#8217;s </P>
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knowledge, there are no past or present actions, activities, events, conditions, incidents or circumstances that might reasonably be expected to result in a violation of any Environmental Law or
form the basis of an order for <FONT STYLE="white-space:nowrap">clean-up</FONT> or remediation, or an action, suit, investigation or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its
Subsidiaries relating to Hazardous Materials or any Environmental Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(jj) The Company and any &#8220;employee benefit plan&#8221; (as
defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, &#8220;<B><U>ERISA</U></B>&#8221;)) established or maintained by the Company, or its
&#8220;ERISA Affiliates&#8221; (as defined below) are, to their knowledge, in compliance in all material respects with ERISA. &#8220;ERISA Affiliates&#8221; means, with respect to the Company, any member of any group of organizations described in
Sections 414(b), (c), (m) or (o)&nbsp;of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the &#8220;<B><U>Code</U></B>&#8221;) of which the Company is a member. No &#8220;reportable
event&#8221; (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any &#8220;employee benefit plan&#8221; established or maintained by the Company, or any of its ERISA Affiliates. No &#8220;employee benefit
plan&#8221; established or maintained by the Company or any of its ERISA Affiliates, if such &#8220;employee benefit plan&#8221; were terminated, would have any &#8220;amount of unfunded benefit liabilities&#8221; (as defined under ERISA). Neither
the Company nor any of its ERISA Affiliates has incurred or reasonably expects to incur any liability under (i)&nbsp;Title IV of ERISA with respect to termination of, or withdrawal from, any &#8220;employee benefit plan&#8221; or (ii)&nbsp;Sections
412, 4971, 4975 or 4980B of the Code. Each &#8220;employee benefit plan&#8221; established or maintained by the Company or any of its ERISA Affiliates that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified and nothing
has occurred, whether by action or failure to act, which would reasonably be expected to result in the loss of such qualification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(kk)
The Company is in compliance with, and there is and has been no failure on the part of the Company and, to the Company&#8217;s knowledge, any of the Company&#8217;s directors or officers, in their capacities as such, to comply with, any applicable
provision of the Sarbanes-Oxley Act of 2002 and all rules and regulations promulgated thereunder or implementing the provisions thereof (the &#8220;<B><U>Sarbanes-Oxley Act</U></B>&#8221;) and the rules and regulations promulgated in connection
therewith, including Section&nbsp;402 relating to loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ll) Neither the Company, any of its Subsidiaries, nor, to the knowledge of the
Company, any of their respective directors, officers, agents, employees or affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the unlawful payment or giving of money,
property, gifts or anything else of value, directly or indirectly, to any &#8220;government official&#8221; (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any
person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper advantage; and the Company, each of its
Subsidiaries and, to the Company&#8217;s knowledge, each of their respective affiliates have conducted their businesses in compliance with applicable anti-corruption laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(mm) None of the Company, any Subsidiary, affiliate, director, officer or employee thereof or, to the best of the Company&#8217;s knowledge,
any agent, representative or other person acting on behalf of the Company or any of its Subsidiaries or affiliates, is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of any applicable
anti-corruption laws, including the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the &#8220;<B><U>FCPA</U></B>&#8221;), including, without limitation, making use of the mails or any means or
instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything
</P>
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of value to any &#8220;foreign official&#8221; (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office or otherwise
took any action (or failed to fully disclose any action) in contravention of the FCPA; and the Company, its Subsidiaries and, to the Company&#8217;s knowledge, each of their respective affiliates have conducted their businesses in compliance with
the FCPA and have instituted and maintain, and will continue to maintain, policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(nn) 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 and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the &#8220;<B><U>Money Laundering Laws</U></B>&#8221;) and no action, suit, investigation or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its
Subsidiaries with respect to the Money Laundering Laws is pending or, to the best of the Company&#8217;s knowledge, threatened. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(oo)
Neither the Company nor any of its Subsidiaries, nor any director or officer thereof, nor, to the Company&#8217;s knowledge, any employee, agent, affiliate or representative of the Company or any of its Subsidiaries, is currently or is owned or
controlled by an individual or entity that is subject to any sanctions administered or enforced by the United States government (including, without limitation, the Office of Foreign Assets Control of the United States Department of the Treasury),
the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;<B><U>Sanctions</U></B>&#8221;) or is located, organized or resident in a country or territory that is
the subject or target of Sanctions; and the Company will not directly or indirectly use the proceeds of the sale of the Placement Shares, or lend, contribute or otherwise make available such proceeds to any Subsidiary, or any joint venture partner
or other person or entity, for the purpose of financing or facilitating the activities of or business of any person or entity, or in any country or territory, that currently or at the time of such financing or facilitation is the subject of any
Sanctions or in any other manner that will result in a violation by any person or entity (including any person participating in the transactions contemplated by this Agreement) of any Sanctions. For the past five years, the Company and its
Subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person or entity, or in any country or territory, that at the time of the dealing or transaction is or was the subject of
Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(pp) The Company and its Subsidiaries own or possess the right to use all inventions, patent applications, patents,
trademarks, trade names, service names, domain names, copyrights, trade secrets, <FONT STYLE="white-space:nowrap">know-how</FONT> and other intellectual property (collectively, &#8220;<B><U>Intellectual Property</U></B>&#8221;) as are
(i)&nbsp;necessary or material for the conduct of their respective businesses as currently conducted or as currently proposed to be conducted and as described in the Registration Statement and the Prospectus and (ii)&nbsp;necessary or material for
the commercialization of the products described in the Registration Statement and the Prospectus as being under development. There is no pending or, to the Company&#8217;s knowledge, threatened (i)&nbsp;action, suit, proceeding, or claim by others
challenging the rights of the Company or any of its Subsidiaries in or to any such Intellectual Property that, if decided adversely to the Company or such Subsidiary would, individually or in the aggregate, have a Material Adverse Effect, and the
Company is unaware of any facts which would form a reasonable basis for any such claim; (ii)&nbsp;action, suit, proceeding, or claim by others that the Company or any of its Subsidiaries infringes, misappropriates, or otherwise violates any
Intellectual Property of others that, if decided adversely to the Company or such Subsidiary would, individually or in the aggregate, have a Material Adverse Effect, and the Company is unaware of any facts which would form a reasonable basis for any
such claim; or (iii)&nbsp;action, suit, proceeding, or claim by others challenging the validity, scope, or enforceability of any such Intellectual </P>
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Property owned or licensed by the Company or its Subsidiaries and the Company is unaware of any facts which would form a reasonable basis for any such claim. To the best of the Company&#8217;s
knowledge, the operation of the business of the Company and its Subsidiaries as now conducted, and as described in the Prospectus, and in connection with the development and commercialization of the products described in the Prospectus does not
infringe, misappropriate, conflict with or otherwise violate any claim of any patent or published patent application of any other person or entity. There is no prior art of which the Company or any of its Subsidiaries is aware that may render any
patent owned or licensed by the Company or its Subsidiaries invalid or any patent application owned or licensed by the Company or its Subsidiaries unpatentable which has not been disclosed to the applicable government patent office. The
Company&#8217;s granted or issued patents, registered trademarks and registered copyrights have been duly maintained and are in full force and effect, and none of the patents, trademarks and copyrights have been adjudged invalid or unenforceable in
whole or in part. The Company knows of no infringement, misappropriation or violation by others of any Intellectual Property owned or licensed by the Company or its Subsidiaries which would reasonably be expected to have a Material Adverse Effect.
Neither the Company nor any of its Subsidiaries is a party to or bound by any options, licenses or agreements with respect to the Intellectual Property of any other person or entity that are required to be set forth in the Prospectus and that are
not described therein in all material respects. The Company and its Subsidiaries have taken all reasonable steps necessary to secure their interests in the Intellectual Property of the Company and its Subsidiaries from their employees and
contractors and to protect the confidentiality of all of their confidential information and trade secrets. None of the technology or intellectual property used by the Company and its Subsidiaries in its business has been obtained or is being used by
the Company or its Subsidiaries in violation of any contractual obligation binding on the Company or its Subsidiaries, or, to the Company&#8217;s knowledge, any of its officers, directors or employees or otherwise in violation of the rights of any
persons. No third party has been granted by the Company or its Subsidiaries rights to the Intellectual Property of the Company or its Subsidiaries, including any rights that, if exercised, could enable such party to develop products competitive to
those of the Company as described in the Registration Statement and the Prospectus. All Intellectual Property owned or exclusively licensed by the Company or its Subsidiaries are free and clear of all liens, encumbrances, defects or other
restrictions (other than <FONT STYLE="white-space:nowrap">non-exclusive</FONT> licenses granted in the ordinary course of business), except those that could not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect. The Company and its Subsidiaries are not subject to any judgment, order, writ, injunction or decree of any court or any federal, state, local, foreign or other governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, or any arbitrator, nor has it entered into or is it a party to any agreement made in settlement of any pending or threatened litigation, which materially restricts or impairs their use of any Intellectual Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(qq) The Company and each of its Subsidiaries are and have at all times been in full compliance with all laws, statutes, rules, regulations or
guidance applicable to the Company and its Subsidiaries (collectively, &#8220;<B><U>Applicable Laws</U></B>&#8221;), except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (ii)&nbsp;have
not received any notice of adverse finding, warning letter, untitled letter or other correspondence or notice from any federal, state or foreign governmental authority having authority over the Company, any of its Subsidiaries or their activities
alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (collectively, the
&#8220;<B><U>Governmental Permits</U></B>&#8221;), (iii) have made all filings with, the appropriate local, or other governmental or regulatory agencies or bodies that are necessary for the ownership or lease of their respective properties or the
conduct of their respective businesses as described in the Registration Statement and the Prospectus, except where any failures to possess or make the same would not, singularly or in the aggregate, have a Material Adverse Effect, (iv)&nbsp;possess
all material Governmental Permits necessary to conduct their respective businesses as described in the Registration Statement and the Prospectus, and such Governmental Permits are valid and in full force and effect and
</P>
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are not in violation of any term of any such Governmental Permits, (v)&nbsp;have filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments as required by any Applicable Laws or Governmental Permits and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete
and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission), and (vi)&nbsp;are not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders or
similar agreements with or imposed by any governmental authority. All Governmental Permits are valid and in full force and effect, except where the validity or failure to be in full force and effect would not, singularly or in the aggregate, have a
Material Adverse Effect. Neither the Company nor any Subsidiary has received notification of any revocation, modification, suspension, termination or invalidation (or proceedings related thereto) of any such Governmental Permit and the Company has
no reason to believe that any such Governmental Permit will not be renewed. Neither the Company, any of its Subsidiaries nor, to the Company&#8217;s knowledge, any of their respective directors, officers, employees or agents has been convicted of
any crime under any Applicable Laws. To the Company&#8217;s knowledge, neither the Company, any of its Subsidiaries nor any of its directors, officers, employees or agents has made, or caused the making of, any false statements on, or material
omissions from, any other records or documentation prepared or maintained to comply with the requirements of any governmental authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(rr) There is no legal or governmental proceeding to which the Company or any of its Subsidiaries is a party or of which any property or
assets of the Company or any of its Subsidiaries is the subject, including any proceeding before any foreign, local, national or other governmental agency with jurisdiction over the types of products being developed by the Company that is required
to be described in the Registration Statement or the Prospectus and is not described therein, or which, singularly or in the aggregate, if determined adversely to the Company or any of its Subsidiaries, could reasonably be expected to have a
Material Adverse Effect; and no such proceedings are threatened or contemplated by governmental or regulatory authorities or threatened by others. The Company and its Subsidiaries (i)&nbsp;have not received notice of any claim, action, suit,
proceeding, hearing, enforcement, investigation, arbitration or other action from any governmental authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Governmental Permits and have no
knowledge that any such governmental authority or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding and (ii)&nbsp;have not received notice that any governmental authority has taken, is
taking or intends to take action to limit, suspend, modify or revoke any Governmental Permits and the Company has no knowledge that any such governmental authority is considering such action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ss) [Reserved]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(tt) The
Company acknowledges and agrees that the Agent has informed the Company that the Agent may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell shares of Common Stock for its own account while this Agreement is
in effect; <I>provided</I>, that (i)&nbsp;no such purchase or sales shall take place while a Placement Notice is in effect (except to the extent the Agent may engage in sales of Placement Shares purchased or deemed purchased from the Company as a
&#8220;riskless principal&#8221; or in a similar capacity) and (ii)&nbsp;the Company shall not be deemed to have authorized or consented to any such purchases or sales by the Agent, except as may be otherwise agreed by the Company and the Agent.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(uu) Other than the sales agreement dated October&nbsp;3, 2025 with H.C. Wainwright&nbsp;&amp; Co., LLC (the &#8220;<B><U>HCW Sales
Agreement</U></B>&#8221;) relating to the Company&#8217;s depositary shares (the &#8220;<B><U>Depositary Shares</U></B>&#8221;), each representing 1/1000th of a share of the Company&#8217;s 8.375% Series B cumulative perpetual preferred stock, par
value $0.05 and liquidation preference of $25,000.00 per share (the &#8220;<B><U>Series B Preferred </U></B><B><U>Stock</U></B>&#8221;), the Company is not a party to any other agreement with an agent or underwriter for any other &#8220;at the
market offering&#8221; or continuous equity transaction. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vv) The Company is not required to register as a &#8220;broker&#8221; or
&#8220;dealer&#8221; in accordance with the provisions of the Exchange Act and does not, directly or indirectly through one or more intermediaries, control or have any other association with (within the meaning of Article I of the <FONT
STYLE="white-space:nowrap">By-laws</FONT> of FINRA) any member firm of FINRA. No relationship, direct or indirect, exists between or among the Company, on the one hand, and the directors, officers or shareholders of the Company, on the other hand,
which is required by the rules of FINRA to be described in the Registration Statement and the Prospectus, which is not so described. All of the information (including, but not limited to, information regarding affiliations, security ownership and
trading activity) provided to the Agent or its counsel by the Company, its officers and directors and the holders of any securities (debt or equity) or warrants, options or rights to acquire any securities of the Company in connection with the
filing to be made and other supplemental information to be provided to FINRA pursuant to FINRA Rule 5110 in connection with the transactions contemplated by this Agreement is true, complete and correct. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ww) The Company is not a shell company (as defined in Rule 405) and has not been a shell company for at least 12 calendar months previously.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xx) Neither the issuance, sale and delivery of the Placement Shares nor the application of the proceeds thereof by the Company as
described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(yy) Each of the independent directors (or independent director nominees, once appointed, if applicable) named in the Registration Statement
and Prospectus satisfies the independence standards established by Nasdaq and, with respect to members of the Company&#8217;s audit committee, the enhanced independence standards contained in Rule <FONT STYLE="white-space:nowrap">10A-3(b)(1)</FONT>
promulgated by the Commission under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(zz) Neither the Company nor, to the Company&#8217;s knowledge, any of its
affiliates (within the meaning of Rule 144 under the Securities Act) has, prior to the date hereof, made any offer or sale of any securities which could be &#8220;integrated&#8221; (within the meaning of the Securities Act) with the offer and sale
of the Placement Shares hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aaa) Neither the Company nor any of its Subsidiaries has (i)&nbsp;failed to pay any dividend or
sinking fund installment on preferred stock or (ii)&nbsp;defaulted on any installment or payment due on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bbb) Each financial or operational projection or other
&#8220;forward-looking statement&#8221; (as defined by Section&nbsp;27A of the Securities Act or Section&nbsp;21E of the Exchange Act) contained in the Registration Statement or the Prospectus (i)&nbsp;was so included by the Company in good faith
and with reasonable basis after due consideration by the Company of the underlying assumptions, estimates and other applicable facts and circumstances and (ii)&nbsp;as required, is accompanied by meaningful cautionary statements identifying those
factors that could cause actual results to differ materially from those in such forward-looking statement. No such statement was made with the knowledge of a director or senior manager of the Company that was false or misleading. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ccc) There are no relationships, direct or indirect, or related party transactions
involving the Company or any of its Subsidiaries or any other person (including any director, officer, stockholder, customer or supplier of the Company or any of its Subsidiaries) required to be described in the Registration Statement or the
Prospectus that have not been described as required. There are no material outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees of indebtedness by the Company or any of its
Subsidiaries to or for the benefit of any of the officers or directors of the Company or any of its Subsidiaries, or any of the family members of any of such persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ddd) The Company is not in or subject to a bankruptcy or insolvency proceeding in any jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(eee) The Company and its Subsidiaries (i)&nbsp;are in compliance, in all material respects, with any and all applicable foreign, federal,
state and local laws, rules, regulations, treaties, statutes and codes promulgated by any and all governmental authorities (including pursuant to the Occupational Health and Safety Act) relating to the protection of human health and safety the
workplace (&#8220;<B><U>Occupational Laws</U></B>&#8221;); (ii) have received all material permits, licenses or other approvals required of it under applicable Occupational Laws to conduct their respective businesses as currently conducted; and
(iii)&nbsp;are in compliance, in all material respects, with all terms and conditions of such permit, license or approval. No action, proceeding, revocation proceeding, writ, injunction or claim is pending or, to the Company&#8217;s knowledge,
threatened against the Company or any of its Subsidiaries relating to Occupational Laws, and the Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting practices that could
reasonably be expected to form the basis for or give rise to such actions, suits, investigations or proceedings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(fff) No director or
officer of the Company or any of its Subsidiaries is subject to any <FONT STYLE="white-space:nowrap">non-competition</FONT> agreement or <FONT STYLE="white-space:nowrap">non-solicitation</FONT> agreement with any employer or prior employer which
could materially affect each director&#8217;s or officer&#8217;s ability to be and act in the capacity of a director or officer of the Company or a Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ggg) The Company has duly and properly filed or caused to be filed with the U.S. Patent and Trademark Office (the
&#8220;<B><U>PTO</U></B>&#8221;) and applicable foreign and international patent and trademark authorities all patents, trademarks, copyrights and applications relating to the same owned by the Company and its Subsidiaries (the &#8220;<B><U>Company
Patent and Trademark Applications</U></B>&#8221;), except where failure to file would not, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the knowledge of the Company, the Company has complied with the
PTO&#8217;s duty of candor and disclosure for the Company Patent and Trademark Applications and has made no material misrepresentation in the Company Patent and Trademark Applications. To the Company&#8217;s knowledge, the Company Patent and
Trademark Applications disclose patentable subject matter. The Company has not been notified of any inventorship challenges nor has any interference been declared or provoked nor is any material fact known by the Company that would preclude the
issuance of patents with respect to the Company Patent and Trademark Applications or would render such patents, if issued, invalid or unenforceable. Except as would not have a Material Adverse Effect, neither the Company nor any of its Subsidiaries
has breached or is currently in breach of any provision of any license, contract or other agreement governing the use by the Company or its Subsidiaries of Intellectual Property owned by third parties (collectively, the
&#8220;<B><U>Licenses</U></B>&#8221;) and no third party has alleged any such breach and the Company is unaware of any facts that would form a reasonable basis for such a claim. To the Company&#8217;s knowledge, no other party to the Licenses has
breached or is currently in breach of any provision of the Licenses. Each of the Licenses is in full force and effect and constitutes a valid and binding agreement between the parties thereto, enforceable in accordance with its terms, and there has
not occurred any breach or default under any such Licenses or any event that, with the giving of notice or lapse of time, would constitute a breach or default thereunder. Except as would not have a Material Adverse Effect, neither the Company nor
any of its Subsidiaries has been and is currently involved in any disputes regarding the Licenses. To the Company&#8217;s knowledge, all patents licensed to the Company pursuant to the Licenses are valid, enforceable and being duly maintained. To
the Company&#8217;s knowledge, all patent applications licensed to the Company pursuant to the Licenses are being duly prosecuted. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hhh) (i)(x) To the knowledge of Company, there has been no security breach or other
compromise of any Company&#8217;s information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of
them), equipment or technology (collectively, &#8220;<B><U>IT Systems and Data</U></B>&#8221;) and (y)&nbsp;the Company has not been notified of, and have no knowledge of any event or condition that would reasonably be expected to result in, any
security breach or other compromise to their IT Systems and Data; (ii)&nbsp;the Company is presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or
governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or
modification, except as would not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse Effect; and (iii)&nbsp;the Company has implemented backup and disaster recovery technology consistent with industry
standards and practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) As of the date of this Agreement, the Company qualifies as an &#8220;experienced issuer&#8221; (within the
meaning of FINRA Conduct Rule 5110(j)(6)) for purposes of the exemption from filing under FINRA Conduct Rule 5110(h)(1)(C). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any
certificate signed by any officer of the Company and delivered to the Agent or its counsel in connection with the offering of the Placement Shares shall be deemed a representation and warranty by the Company, as to matters covered thereby, to the
Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Covenants of the Company</U>. The Company covenants and agrees with the Agent that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Registration Statement Amendments</U>. After the date of this Agreement and during any period in which the Prospectus relating to any
Placement Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act or a similar rule); (i) the Company will notify the
Agent promptly of the time when any subsequent amendment to the Registration Statement, other than Incorporated Documents, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus, other than
Incorporated Documents, has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information (in each case, insofar as it relates to the transactions
contemplated hereby); (ii) the Company will prepare and file with the Commission, promptly upon the Agent&#8217;s request, any amendments or supplements to the Registration Statement or Prospectus that, in the Agent&#8217;s reasonable opinion, may
be necessary or advisable in connection with the distribution of the Placement Shares by the Agent (provided, however, that the failure of the Agent to make such request shall not relieve the Company of any obligation or liability hereunder, or
affect the Agent&#8217;s right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent shall have with respect to the failure by the Company to make such filing (but
without limiting the Agent&#8217;s rights under Section&nbsp;9 hereof) will be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration
Statement or Prospectus, other than Incorporated Documents, relating to the Placement Shares or a security convertible into or exchangeable or exercisable for the Placement Shares unless a copy thereof has been submitted to the Agent within a
reasonable period of time before the filing and the Agent has not reasonably objected thereto (provided, however, that the failure of the Agent to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect
the Agent&#8217;s </P>
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right to rely on the representations and warranties made by the Company in this Agreement and the Company shall have no obligation to provide the Agent any advance copy of such filing or to
provide the Agent an opportunity to object to such filing if the filing does not name the Agent or does not relate to the Placement Shares or the transactions contemplated by this Agreement and provided, further, that the only remedy the Agent shall
have with respect to the Company&#8217;s making such filing notwithstanding the Agent&#8217;s objection (but without limiting the Agent&#8217;s rights under Section&nbsp;9 hereof) will be to cease making sales under this Agreement) and the Company
will furnish to the Agent at the time of filing thereof a copy of any Incorporated Document, except for those documents available via EDGAR; and (iv)&nbsp;the Company will cause each amendment or supplement to the Prospectus, other than Incorporated
Documents, to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act and, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act,
within the time period prescribed (the determination to file or not file any amendment or supplement with the Commission under this Section&nbsp;7(a), based on the Company&#8217;s reasonable opinion or reasonable objections, shall be made
exclusively by the Company). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Notice of Commission Stop Orders</U>. The Company will advise the Agent, promptly after it receives
notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering
or sale in any jurisdiction or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop
order should be issued. The Company will advise the Agent promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements to the Prospectus or for additional information
related to the offering of the Placement Shares or for additional information related to the Registration Statement or the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Delivery of Prospectus; Subsequent Changes</U>. During any period in which the Prospectus relating to the Placement Shares is required
to be delivered by the Agent under the Securities Act with respect to the offer and sale of the Placement Shares (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act or a similar rule),
the Company will comply in all material respects with all requirements imposed upon it by the Securities Act, as from time to time in force, and will file on or before their respective due dates (taking into account any extensions available under
the Exchange Act) all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such
period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Agent to suspend the
offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance;
provided, however, that the Company may delay the filing of any amendment or supplement, if in the reasonable judgment of the Company, it is in the best interests of the Company to do so. If the Company has omitted any information from the
Registration Statement pursuant to Rule 430B under the Securities Act, it will use its best efforts to comply with the provisions thereof and make all requisite filings with the Commission pursuant to said Rule 430B and to notify the Agent promptly
of all such filings if not available on EDGAR. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Listing of Placement Shares</U>. During any period in which the Prospectus relating
to the Placement Shares is required to be delivered by the Agent under the Securities Act with respect to the offer and sale of the Placement Shares (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the
Securities Act or a similar rule), the Company will use its commercially reasonable efforts to cause the Placement Shares to be listed on Nasdaq. The Company will timely file with Nasdaq all material documents and notices required by Nasdaq of
companies that have or will issue securities that are traded on Nasdaq. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Delivery of Registration Statement and Prospectus</U>. The
Company will furnish to the Agent and its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all Incorporated Documents) and all amendments and supplements to the Registration Statement or
Prospectus that are filed with the Commission during any period in which the Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including all Incorporated Documents filed with the Commission during such
period), in each case as soon as reasonably practicable and in such quantities as the Agent may from time to time reasonably request and, at the Agent&#8217;s request, will also furnish copies of the Prospectus to each exchange or market on which
sales of the Placement Shares may be made; <I>provided</I>, <I>however</I>, that the Company shall not be required to furnish any document (other than the Prospectus) to the Agent to the extent such document is available on EDGAR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Earnings Statement</U>. The Company will make generally available to its security holders and to the Agent as soon as practicable, but
in any event not later than 15 months after the end of the Company&#8217;s current fiscal quarter, an earnings statement covering a <FONT STYLE="white-space:nowrap">12-month</FONT> period that satisfies the provisions of Section&nbsp;11(a) of and
Rule 158 under the Securities Act; provided, however, that the requirements of this Section&nbsp;7(f) shall be deemed satisfied to the extent such statement is available on EDGAR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Expenses</U>. The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated in
accordance with the provisions of Section&nbsp;11 hereunder, will pay all expenses incident to the performance of its obligations hereunder, including expenses relating to (i)&nbsp;the preparation, printing and filing of the Registration Statement
and each amendment and supplement thereto, of the Prospectus and of each amendment and supplement thereto and of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the
Placement Shares, (ii)&nbsp;the preparation, issuance, sale and delivery of the Placement Shares and any taxes due or payable in connection therewith, (iii)&nbsp;the qualification of the Placement Shares under securities laws in accordance with the
provisions of Section&nbsp;7(w) of this Agreement, including filing fees (provided, however, that any fees or disbursements of counsel for the Agent in connection therewith shall be paid by the Agent except as set forth in clauses (vii)&nbsp;and
(viii) below), (iv) the printing and delivery to the Agent and its counsel of copies of the Prospectus and any amendments or supplements thereto, and of this Agreement, (v)&nbsp;the fees and expenses incurred in connection with the listing or
qualification of the Placement Shares for trading on Nasdaq, (vi)&nbsp;the filing fees and expenses, if any, owed to the Commission or FINRA and the fees and expenses of any transfer agent or registrar for the Placement Shares, (vii)&nbsp;the
reasonable and documented fees and associated expenses of the Agent&#8217;s outside legal counsel for filings with the FINRA Corporate Financing Department in an amount not to exceed $15,000 (excluding FINRA filing fees referred to in clause
(vi)&nbsp;above and in addition to the fees and disbursements referred to in clause (viii)&nbsp;below), and (viii)&nbsp;the reasonable and documented fees and disbursements of the Agent&#8217;s outside legal counsel (A)&nbsp;in an amount not to
exceed $75,000 arising out of executing this Agreement and the Company&#8217;s delivery of the initial certificate pursuant to Section&nbsp;7(m) and (B)&nbsp;in an amount not to exceed $25,000 in connection with each Representation Date (as defined
below) on which the Company is required to provide a certificate pursuant to Section&nbsp;7(m) (in addition to the fees and associated expenses referred to in clause (vii)&nbsp;above). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Use of Proceeds</U>. The Company will use the Net Proceeds as described in the
Prospectus in the section entitled &#8220;Use of Proceeds.&#8221; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Notice of Other Sales</U>. Without the prior written consent of
the Agent, the Company will not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any shares of Common Stock (other than the Placement Shares offered pursuant to this Agreement) or
securities convertible into or exchangeable or exercisable for shares of Common Stock, warrants or any rights to purchase or acquire shares of Common Stock during the period beginning on the third Trading Day immediately prior to the date on which
any Placement Notice is delivered to the Agent hereunder and ending on the first Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has
been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination); and will not directly or indirectly in any other &#8220;at the market offering&#8221; or continuous
equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any shares of Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable
or exercisable for shares of Common Stock, warrants or any rights to purchase or acquire, shares of Common Stock prior to the later of the termination of this Agreement and the thirtieth day immediately following the final Settlement Date with
respect to Placement Shares sold pursuant to such Placement Notice; <I>provided</I>, <I>however</I>, that such restrictions will not be required in connection with the Company&#8217;s issuance, grant or sale of (i)&nbsp;shares of Common Stock,
options to purchase shares of Common Stock, other securities under the Company&#8217;s existing equity incentive plans, or shares of Common Stock issuable upon the exercise of options or vesting of other securities, pursuant to any employee or
director stock option or benefits plan, stock ownership plan or dividend reinvestment plan (but not shares of Common Stock subject to a waiver to exceed plan limits in its dividend reinvestment plan), inducement award under Nasdaq rules or other
compensation plan of the Company whether now in effect or hereafter implemented, (ii)&nbsp;shares of Common Stock issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed in
filings by the Company available on EDGAR or otherwise in writing to the Agent, and (iii)&nbsp;shares of Common Stock or securities convertible into or exchangeable for shares of Common Stock as consideration for mergers, acquisitions, other
business combinations or strategic alliances occurring after the date of this Agreement which are not issued primarily for capital raising purposes, and (iv)&nbsp;the Depositary Shares issuable pursuant to the HCW Sales Agreement, as well as the
shares of Series B Preferred Stock underlying the Depositary Shares and the shares of Common Stock issuable upon conversion of such Series B Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Change of Circumstances</U>. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement
Notice or sell Placement Shares, advise the Agent promptly after it shall have received notice or obtained knowledge of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document
provided or required to be provided to the Agent pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>Due Diligence Cooperation</U>. During the term of
this Agreement, the Company will cooperate with any reasonable due diligence review conducted by the Agent, its affiliates, agents and counsel from time to time in connection with the transactions contemplated hereby, including providing information
and making available documents and senior corporate officers, during regular business hours and at the Company&#8217;s principal offices, as the Agent may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Required Filings Relating to Placement of Placement Shares</U>. The Company agrees that on or prior to such dates as the Securities Act
shall require, the Company will (i)&nbsp;file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act, which prospectus supplement will set forth, within the relevant period, the number or
amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect to such Placement Shares, and (ii)&nbsp;deliver such number
</P>
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of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market;
<I>provided</I>, that, unless a prospectus supplement containing such information is required to be filed under the Securities Act, the requirement of this Section&nbsp;7(l) may be satisfied by Company&#8217;s inclusion in the Company&#8217;s Form <FONT
STYLE="white-space:nowrap">10-K</FONT> or Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> as applicable, of the number or amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the
Company to the Agent with respect to such Placement Shares during the relevant period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Representation Dates; Certificate</U>. On
or prior to the date on which the Company first delivers a Placement Notice pursuant to this Agreement (the &#8220;<B><U>First Placement Notice Date</U></B>&#8221;) and each time the Company: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares (other than a prospectus supplement
filed in accordance with Section&nbsp;7(l) of this Agreement) by means of a post-effective amendment, sticker or supplement but not by means of incorporation of document(s) by reference into the Registration Statement or the Prospectus relating to
the Placement Shares; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) files an annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> under the Exchange Act (including
any Form <FONT STYLE="white-space:nowrap">10-K/A</FONT> containing amended financial information or a material amendment to the previously filed Form 10-K); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) files a quarterly report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> under the Exchange Act; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) files a current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> containing amended financial information (other than an
earnings release that is &#8220;furnished&#8221; pursuant to Item 2.02 or Item 7.01 of Form 8-K) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i)&nbsp;through (iv) shall be a
&#8220;<B><U>Representation Date</U></B>&#8221;), </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the Company shall furnish the Agent (but in the case of clause (iv)&nbsp;above only if (1)&nbsp;a
Placement Notice is pending or in effect and (2)&nbsp;the Agent requests such certificate within three Business Days after the filing of such Form <FONT STYLE="white-space:nowrap">8-K</FONT> with the Commission) with a certificate, in the form
attached hereto as <B><U>Exhibit 7(m)</U></B><B> </B>(modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented), within two Trading Days of any Representation Date. The requirement to provide
a certificate under this Section&nbsp;7(m) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending or in effect, which waiver shall continue until the earlier to occur of (1)&nbsp;the date the Company
delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and (2)&nbsp;the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to sell
Placement Shares following a Representation Date on which the Company relied on the waiver referred to in the previous sentence and did not provide the Agent with a certificate under this Section&nbsp;7(m), then before the Company delivers a
Placement Notice or the Agent sells any Placement Shares pursuant thereto, the Company shall provide the Agent with a certificate, in the form attached hereto as <B><U>Exhibit</U></B><B><U></U></B><B><U>&nbsp;7(m)</U></B>, dated the date of such
Placement Notice. Within two Trading Days of each Representation Date, the Company shall have furnished to the Agent such further information, certificates and documents as the Agent may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <U>Legal Opinions</U>. On or prior to the First Placement Notice Date and on any date which the Company is obligated to deliver a
certificate pursuant to Section&nbsp;7(m) for which no waiver is applicable, the Company shall cause to be furnished to the Agent a written opinion and negative assurance letter of Gibson, Dunn&nbsp;&amp; Crutcher LLP and written opinion of
Brownstein Hyatt Farber Schreck, LLP (each, a &#8220;<B><U>Company Counsel</U></B>&#8221;), or such other counsel reasonably satisfactory to the Agent, </P>
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in form and substance reasonably satisfactory to the Agent and its counsel, dated the date that the opinion and negative assurance letter are required to be delivered, modified, as necessary, to
relate to the Registration Statement and the Prospectus as then amended or supplemented; <I>provided</I>, <I>however</I>, that in lieu of such opinion and negative assurance letter for subsequent Representation Dates, each Company Counsel may
furnish the Agent with a letter to the effect that the Agent may rely on a prior opinion or negative assurance letter delivered by such counsel under this Section&nbsp;7(n) to the same extent as if it were dated the date of such letter (except that
statements in such prior opinion or negative assurance letter shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <U>Comfort Letter</U>. On or prior to the First Placement Notice Date and on any date which the Company is obligated to deliver a
certificate pursuant to Section&nbsp;7(m) for which no waiver is applicable, the Company shall cause its independent registered public accounting firm (and any other independent accountants whose report is included or incorporated by reference in
the Registration Statement or the Prospectus) to furnish the Agent letters (the &#8220;<B><U>Comfort Letters</U></B>&#8221;), dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this Section&nbsp;7(o);
<I>provided</I>, that if reasonably requested by the Agent, the Company shall cause a Comfort Letter to be furnished to the Agent within 10 Trading Days of the occurrence of any material transaction or event that necessitates the filing of
additional, pro forma, amended or revised financial statements (including any restatement of previously issued financial statements). Each Comfort Letter shall be in form and substance reasonably satisfactory to the Agent and each Comfort Letter
from the Company&#8217;s independent registered public accounting firm shall (i)&nbsp;confirm that they are an independent registered public accounting firm within the meaning of the Securities Act and the PCAOB, (ii)&nbsp;state, as of such date,
the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants&#8217; &#8220;comfort letters&#8221; to underwriters in connection with registered public offerings (the first
such letter, the &#8220;<B><U>Initial Comfort Letter</U></B>&#8221;) and (iii)&nbsp;update the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as
necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p)
<U>Market Activities</U>. The Company will not, directly or indirectly, and will cause its officers, directors and Subsidiaries not to (i)&nbsp;take any action designed to cause or result in, or that constitutes or might reasonably be expected to
constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of shares of Common Stock or (ii)&nbsp;sell, bid for, or purchase shares of Common Stock in violation of Regulation M, or pay
anyone any compensation for soliciting purchases of the Placement Shares other than the Agent; <I>provided</I>, <I>however</I>, that the Company may bid for and purchase shares of Common Stock in accordance with Rule
<FONT STYLE="white-space:nowrap">10b-18</FONT> under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) <U>Insurance</U>. The Company and its Subsidiaries shall
maintain, or cause to be maintained, insurance in such amounts and covering such risks as is reasonable and customary for the business for which it is engaged. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) <U>Compliance with Laws</U>. The Company and each of its Subsidiaries shall maintain, or cause to be maintained, all material Permits, and
the Company and each of its Subsidiaries shall conduct their businesses, or cause their businesses to be conducted, in substantial compliance with such Permits and with applicable Environmental Laws, except where the failure to maintain or be in
compliance with such Permits could not reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) <U>Investment Company Act</U>.
The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor any of its Subsidiaries will be or become, at any time prior to the termination of this Agreement, an &#8220;investment company,&#8221; as such term
is defined in the Investment Company Act. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) <U>Securities Act and Exchange Act</U>. The Company will use its commercially reasonable
efforts to comply with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the sales of, or dealings in, the Placement Shares as contemplated by the provisions
hereof and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) <U>No Offer to Sell</U>. Other than a free writing prospectus (as defined in Rule 405 under the Securities
Act) approved in advance by the Company and the Agent, neither the Agent nor the Company (including its agents and representatives, other than the Agent in its capacity as agent) will make, use, prepare, authorize, approve or refer to any written
communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <U>Blue Sky and Other Qualifications</U>. The Company will use its commercially reasonable efforts, in cooperation with the Agent, to
qualify the Placement Shares for offering and sale, or to obtain an exemption for the Placement Shares to be offered and sold, under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Agent may
designate and to maintain such qualifications and exemptions in effect for so long as required for the distribution of the Placement Shares (but in no event for less than one year from the date of this Agreement); <I>provided, however</I>, that the
Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of
doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Placement Shares have been so qualified or exempt, the Company will file such statements and reports as may be required by the laws of such
jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the distribution of the Placement Shares (but in no event for less than one year from the date of this Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) <U>Sarbanes-Oxley Act</U>. The Company will maintain and keep accurate books and records reflecting its assets and maintain internal
accounting controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and including those policies and
procedures that (i)&nbsp;pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii)&nbsp;provide reasonable assurance that transactions are
recorded as necessary to permit the preparation of the Company&#8217;s financial statements in accordance with GAAP, (iii)&nbsp;that receipts and expenditures of the Company are being made only in accordance with management&#8217;s and the
Company&#8217;s directors&#8217; authorization, and (iv)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company&#8217;s assets that could have a material effect on
its financial statements. The Company will maintain such controls and other procedures, including, to the extent applicable to the Company, those required by Sections 302 and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder
that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
Commission&#8217;s rules and forms, including, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and
communicated to the Company&#8217;s management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to ensure
that material information relating to the Company is made known to it by others within the Company, particularly during the period in which such periodic reports are being prepared. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) <U>[Reserved].</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) <U>Renewal of Registration Statement.</U> If, immediately prior to the third anniversary of the initial effective date of the Registration
Statement (the &#8220;<B><U>Renewal Date</U></B>&#8221;), any of the Placement Shares remain unsold and this Agreement has not been terminated, the Company in its sole discretion, may, prior to the Renewal Date, file a new shelf registration
statement or, if applicable, an automatic shelf registration statement relating to the Common Stock that may be offered and sold pursuant to this Agreement (which shall include a prospectus reflecting the number or amount of Placement Shares that
may be offered and sold pursuant to this Agreement), in a form reasonably satisfactory to the Agent and its counsel, and, if such registration statement is not an automatic shelf registration statement, will use commercially reasonable efforts to
cause such registration statement to be declared or become effective within 180 days after the Renewal Date. The Company will take all other reasonable actions necessary or appropriate to permit the public offer and sale of the Placement Shares to
continue as contemplated in the expired registration statement and this Agreement. From and after the effective date thereof, references herein to the &#8220;Registration Statement&#8221; shall include such new shelf registration statement or such
new automatic shelf registration statement, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) <U>General Instruction I.B.6. of Form
<FONT STYLE="white-space:nowrap">S-3</FONT></U>. If, from and after the date of this Agreement, the Company is no longer eligible to use Form <FONT STYLE="white-space:nowrap">S-3</FONT> (including pursuant to General Instruction I.B.6.) at the time
it files with the Commission an annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> or any post-effective amendment to the Registration Statement, then it shall promptly notify the Agent and, within two Business Days after the date of
filing of such annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> or amendment to the Registration Statement, the Company shall file a new prospectus supplement with the Commission reflecting the number of shares of Common Stock
available to be offered and sold by the Company under this Agreement pursuant to General Instruction I.B.6. of Form <FONT STYLE="white-space:nowrap">S-3;</FONT> <I>provided</I>, <I>however</I>, that the Company may delay the filing of any such
prospectus supplement for up to 30 days if, in the reasonable judgment of the Company, it is in the best interest of the Company to do so, provided that no Placement Notice is in effect or pending during such time. Until such time as the Company
shall have corrected such misstatement or omission or effected such compliance, the Company shall not notify the Agent to resume the offering of Placement Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa) <U>Tax Indemnity</U>. The Company will indemnify and hold harmless the Agent against any documentary, stamp or similar issue tax,
including any interest and penalties, on the issue and sale of the Placement Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb) <U>Transfer Agent</U>. The Company has engaged
and will maintain, at its sole expense, a transfer agent and registrar for the Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Conditions to the Agent&#8217;s
Obligations</U>. The obligations of the Agent hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company
of its obligations hereunder, to the completion by the Agent of a due diligence review satisfactory to the Agent in its reasonable judgment, and to the continuing satisfaction (or waiver by the Agent in its sole discretion) of the following
additional conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Registration Statement Effective</U>. The Registration Statement shall be effective and shall be available
for all offers and sales of Placement Shares (i)&nbsp;that have been issued pursuant to all prior Placement Notices and (ii)&nbsp;that will be issued pursuant to any Placement Notice. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Prospectus Supplement</U>. The Company shall have filed with the Commission the
Prospectus Supplement pursuant to Rule 424(b) under the Securities Act not later than the Commission&#8217;s close of business on the second Business Day following the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>No Material Notices</U>. None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Company or any of
its Subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any
post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose; (iii)&nbsp;receipt by the Company or any of its Subsidiaries of any notification with respect to the suspension of the qualification or exemption from qualification of any
of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv)&nbsp;the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus
or any material Incorporated Document untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or Incorporated Documents so that, in the case of the Registration Statement, it 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, in the case of the Prospectus, so that it 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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>No Misstatement or Material Omission</U>. The Agent shall not have advised the Company that the Registration Statement or Prospectus,
or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&#8217;s reasonable opinion is material, or omits to state a fact that in the Agent&#8217;s reasonable opinion is material and is required to be stated
therein or is necessary to make the statements therein not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Material Changes</U>. Except as contemplated in the
Prospectus, or disclosed in the Company&#8217;s reports filed with the Commission, there shall not have been any material adverse change, on a consolidated basis, in the authorized capital stock of the Company or any Material Adverse Effect or any
development that could reasonably be expected to result in a Material Adverse Effect, or any downgrading in or withdrawal of the rating assigned to any of the Company&#8217;s securities (other than asset backed securities), if any, by any rating
organization or a public announcement by any rating organization that it has under surveillance or review its rating of any of the Company&#8217;s securities (other than asset backed securities), if any, the effect of which, in the judgment of the
Agent (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in
the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Company Counsel Legal Opinions</U>. The Agent shall have received the opinions and negative assurance letter, as
applicable, from each Company Counsel required to be delivered pursuant to Section&nbsp;7(n), on or before the date on which delivery of such opinions and negative assurance letter are required pursuant to Section&nbsp;7(n). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Agent&#8217;s Counsel Legal Opinion</U>. The Agent shall have received from Duane Morris LLP, counsel for the Agent, such opinion or
opinions, on or before the date on which the delivery of the Company Counsel legal opinion is required pursuant to Section&nbsp;7(n), with respect to such matters as the Agent may reasonably require, and the Company shall have furnished to such
counsel such documents as they may request to enable them to pass upon such matters. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Comfort Letter</U>. The Agent shall have received the Comfort Letter required to be
delivered pursuant to Section&nbsp;7(o) on or before the date on which such delivery of such Comfort Letter is required pursuant to Section&nbsp;7(o). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Representation Certificate</U>. The Agent shall have received the certificate required to be delivered pursuant to Section&nbsp;7(m) on
or before the date on which delivery of such certificate is required pursuant to Section&nbsp;7(m). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)
<U>Secretary</U><U>&#8217;</U><U>s Certificate</U>. On or prior to the First Placement Notice Date, the Agent shall have received a certificate, signed on behalf of the Company by the Secretary of the Company and attested to by an executive officer
of the Company, dated as of such date and in form and substance reasonably satisfactory to the Agent and its counsel, certifying as to (i)&nbsp;the articles of incorporation of the Company, (ii)&nbsp;the bylaws of the Company, (iii)&nbsp;the
resolutions of the board of directors of the Company or duly authorized committee thereof authorizing the execution, delivery and performance of this Agreement and the issuance and sale of the Placement Shares and (iv)&nbsp;the incumbency of the
officers of the Company duly authorized to execute this Agreement and the other documents contemplated by this Agreement (including each of the officers set forth on <B><U>Schedule 2</U></B>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>No Suspension</U>. The Common Stock shall be duly listed, and admitted and authorized for trading, subject to official notice of
issuance, on Nasdaq. Trading in the Common Stock shall not have been suspended on, and the Common Stock shall not have been delisted from, Nasdaq. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Other Materials</U>. On each date on which the Company is required to deliver a certificate pursuant to Section&nbsp;7(m), the Company
shall have furnished to the Agent such appropriate further information, opinions, certificates, letters and other documents as the Agent may have reasonably requested. All such information, opinions, certificates, letters and other documents shall
have been in compliance with the provisions hereof. The Company shall have furnished the Agent with conformed copies of such opinions, certificates, letters and other documents as the Agent may have reasonably requested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Securities Act Filings Made</U>. All filings with the Commission required by Rule 424(b) or Rule 433 under the Securities Act to have
been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424(b) (without reliance on Rule 424(b)(8) of the Securities Act) or Rule 433, as
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <U>Approval for Listing</U>. Either (i)&nbsp;the Placement Shares shall have been approved for listing on Nasdaq, subject
only to notice of issuance, or (ii)&nbsp;the Company shall have filed an application for listing of the Placement Shares on Nasdaq at, or prior to, the First Placement Notice Date and Nasdaq shall have reviewed such application and not provided any
objections thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <U>FINRA</U>. FINRA shall have raised no objection to the terms of the offering contemplated hereby and the
amount of compensation allowable or payable to the Agent as described in the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) <U>No Termination Event</U>. There shall not
have occurred any event that would permit the Agent to terminate this Agreement pursuant to Section&nbsp;11(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Indemnification and
Contribution</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Company Indemnification</U>. The Company agrees to indemnify and hold harmless the Agent, its affiliates and
their respective partners, members, directors, officers, employees and agents, and </P>
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each person, if any, who (i)&nbsp;controls the Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act or (ii)&nbsp;is controlled by or is under
common control with the Agent, in each case from and against any and all losses, claims, liabilities, expenses and damages, including any and all investigative, legal and other expenses reasonably incurred in connection with, and any and all amounts
paid in settlement (in accordance with this Section&nbsp;9), any action, suit, investigation or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third party (including any
governmental or self-regulatory authority, or otherwise, or any claim asserted or threatened), as and when incurred, to which the Agent, or any such other person may become subject under the Securities Act, the Exchange Act or other federal or state
statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x)&nbsp;any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or the Prospectus (or any amendment or supplement to the Registration Statement or the Prospectus) or in any free writing prospectus or in any application or other document executed by or on behalf of the
Company or based on written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Common Stock under the securities laws thereof or filed with the Commission, (y)&nbsp;the omission or alleged omission
to state in any such document a material fact required to be stated therein or necessary to make the statements therein (solely with respect to the Prospectus, in light of the circumstances under which they were made) not misleading or (z)&nbsp;any
breach by any of the indemnifying parties of any of their respective representations, warranties or agreements contained in this Agreement; <I>provided</I>, <I>however</I>, that this indemnity agreement shall not apply to the extent that such loss,
claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and is caused, directly or indirectly, by an untrue statement or omission, or alleged untrue statement or omission, made in reliance upon and
in conformity with the Agent&#8217;s Information. This indemnity agreement will be in addition to any liability that the Company might otherwise have. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Agent Indemnification</U>. The Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the
Company who signed the Registration Statement, and each person, if any, who (i)&nbsp;controls the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act or (ii)&nbsp;is controlled by or is under
common control with the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section&nbsp;9(a), as incurred, but only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in the Registration Statement (or any amendments thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Agent&#8217;s Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Procedure</U>. Any party that proposes to assert the right to be indemnified under this Section&nbsp;9 will, promptly after receipt of
notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section&nbsp;9, notify each such indemnifying party of the commencement of such action, enclosing a
copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i)&nbsp;any liability that it might have to any indemnified party otherwise than under this Section&nbsp;9 and
(ii)&nbsp;any liability that it may have to any indemnified party under the foregoing provision of this Section&nbsp;9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying
party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice
to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably
satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified
</P>
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party for any other legal expenses except as provided below and except for the reasonable and documented costs of investigation subsequently incurred by the indemnified party in connection with
the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1)&nbsp;the employment of counsel
by the indemnified party has been authorized in writing by the indemnifying party, (2)&nbsp;the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties
that are different from or in addition to those available to the indemnifying party, (3)&nbsp;a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in
which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4)&nbsp;the indemnifying party has not in fact employed counsel reasonably satisfactory to the indemnified party
to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying
party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than
one separate firm (plus local counsel) admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly after
the indemnifying party receives a written invoice relating to such fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its
written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters
contemplated by this Section&nbsp;9 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1)&nbsp;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 claim, action or proceeding and (2)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified
party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Settlement Without </U><U>Consent</U><U> if </U><U>Failure to Reimburse</U><I>. </I>If an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for reasonable and documented fees and expenses of counsel for which it is entitled to be reimbursed under this Section&nbsp;9, such indemnifying party agrees that it shall be liable
for any settlement of the nature contemplated by Section&nbsp;9(a) effected without its written consent if (i)&nbsp;such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such
indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with
such request prior to the date of such settlement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Contribution</U>. In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in the foregoing paragraphs of this Section&nbsp;9 is applicable in accordance with its terms but for any reason is held to be unavailable or insufficient from the Company or the Agent, the
Company and the Agent will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,
suit, investigation or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than the Agent, such as persons who control the Company within the meaning of the Securities Act, officers of
the Company who signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and the Agent may be subject in such proportion as shall be appropriate to reflect the relative benefits
received by the Company on the one hand and the Agent on the other hand. The relative benefits received by the Company on the one hand and the Agent on the other hand shall be </P>
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deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation received by
the Agent from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is
appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Agent, on the other hand, with respect to the statements or omission that resulted in
such loss, claim, liability, expense or damage, or action, suit, investigation or proceeding in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Agent, the intent of the parties and
their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Agent agree that it would not be just and equitable if contributions pursuant to this Section&nbsp;9(e) were to be
determined by<I> pro rata</I> allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim,
liability, expense or damage, or action, suit, investigation or proceeding in respect thereof, referred to above in this Section&nbsp;9(e) shall be deemed to include, for the purpose of this Section&nbsp;9(e), any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action, suit, investigation, proceeding or claim to the extent consistent with this Section&nbsp;9. Notwithstanding the foregoing provisions of this
Section&nbsp;9(e), the Agent shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the
Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section&nbsp;9(e), any person who controls a party to this Agreement within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act, any affiliates of the Agent, any partners, members, directors, officers, employees and agents of the Agent and each person that is controlled by or under common control with the Agent
will have the same rights to contribution as that party, and each officer and director of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any
party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section&nbsp;9(e), will notify any such party or parties from whom
contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section&nbsp;9(e) except to the extent that the failure to
so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of Section&nbsp;9(c) hereof or pursuant to
Section&nbsp;9(d) hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section&nbsp;9(c) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Representations and Agreements to Survive Delivery</U>. The indemnity and contribution agreements contained in Section&nbsp;9 of this
Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i)&nbsp;any investigation made by or on behalf of the Agent, any
controlling persons, or the Company (or any of their respective officers, directors, employees or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii)&nbsp;any termination of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Agent shall have the right, by giving notice as hereinafter specified, at any time to terminate this Agreement if (i)&nbsp;any
Material Adverse Effect, or any development that could reasonably be expected to result in a Material Adverse Effect, has occurred that, in the judgment of the Agent, may materially impair the ability of the Agent to sell the Placement Shares
hereunder, (ii)&nbsp;the Company shall have failed, refused or been unable to perform any agreement on its part to be performed hereunder; <I>provided</I>, <I>however</I>, in the case of any failure of the Company to deliver (or cause another person
to deliver) any certification, opinion or letter required under Section&nbsp;7(m), Section&nbsp;7(n) or Section&nbsp;7(o), the Agent&#8217;s right to terminate shall not arise unless such failure to deliver (or cause to be delivered) continues for
more than 15 calendar days from the date such delivery was required, (iii)&nbsp;any other condition of the Agent&#8217;s obligations hereunder is not fulfilled, (iv)&nbsp;any suspension or limitation of trading in the Placement Shares or in
securities generally on Nasdaq shall have occurred, (v)&nbsp;a general banking moratorium shall have been declared by any of United States federal or New York authorities, or (vi)&nbsp;there shall have occurred any outbreak or escalation of national
or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States or international
political, financial or economic conditions that, in the judgment of the Agent, may materially impair the ability of the Agent to sell the Placement Shares hereunder or to enforce contracts for the sale of securities. Any such termination shall be
without liability of any party to any other party except that the provisions of Section&nbsp;7(g), Section&nbsp;9, Section&nbsp;10, Section&nbsp;16 and Section&nbsp;17 hereof shall remain in full force and effect notwithstanding such termination. If
the Agent elects to terminate this Agreement as provided in this Section&nbsp;11(a), the Agent shall provide the required notice as specified in Section&nbsp;12. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company shall have the right, by giving 10 days&#8217; prior notice as hereinafter specified, to terminate this Agreement in its sole
discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section&nbsp;7(g), Section&nbsp;9, Section&nbsp;10, Section&nbsp;11(f),
Section&nbsp;16 and Section&nbsp;17 hereof shall remain in full force and effect notwithstanding such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Agent shall
have the right, by giving 10 days&#8217; prior notice as hereinafter specified, to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any
other party except that the provisions of Section&nbsp;7(g), Section&nbsp;9, Section&nbsp;10, Section&nbsp;11(f), Section&nbsp;16 and Section&nbsp;17 hereof shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Unless earlier terminated pursuant to this Section&nbsp;11, this Agreement shall automatically terminate upon the issuance and sale of all
of the Placement Shares through the Agent on the terms and subject to the conditions set forth herein; <I>provided</I> that the provisions of Section&nbsp;7(g), Section&nbsp;9, Section&nbsp;10, Section&nbsp;11(f), Section&nbsp;16 and Section&nbsp;17
hereof shall remain in full force and effect notwithstanding such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) This Agreement shall remain in full force and effect
unless terminated pursuant to Sections 11(a), (b), (c), or (d)&nbsp;above or otherwise by mutual agreement of the parties; <I>provided</I>, <I>however</I>, that any such termination by mutual agreement shall in all cases be deemed to provide that
Section&nbsp;7(g), Section&nbsp;9, Section&nbsp;10, Section&nbsp;11(f), Section&nbsp;16 and Section&nbsp;17 shall remain in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Any termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided, however</I>, that
such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares,
such Placement Shares shall settle in accordance with the provisions of this Agreement. Upon termination of this Agreement, the Company shall not be required to pay to the Agent any discount or commission with respect to any Placement Shares not
otherwise sold by the Agent under this Agreement; <I>provided</I>, <I>however</I>, that the Company shall remain obligated to reimburse the Agent&#8217;s expenses pursuant to Section&nbsp;7(g). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Notices</U>. All notices or other communications required or permitted to be given by
any party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified in this Agreement, and if sent to the Agent, shall be delivered to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Leerink Partners LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1301
Avenue of the Americas, 5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Peter M. Fry </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> peter.fry@leerink.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Leerink Partners LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1301
Avenue of the Americas, 5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Legal Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> LegalNotice@leerink.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with copies (which shall not constitute notice) to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Duane Morris LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">22 Vanderbilt
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">335 Madison Avenue, 23rd Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention:
Dean Colucci </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> dmcolucci@duanemorris.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and if to the Company, shall be delivered to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2200
Powell Street, Suite 310 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Emeryville, California 94608 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Thomas Burns </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> burns@xoma.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Copy: LegalGroup@xoma.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with copies (which shall not constitute notice) to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Gibson, Dunn&nbsp;&amp; Crutcher LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Embarcadero Center Suite 2600 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">San Francisco, CA 94111 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Ryan A. Murr, Branden C. Berns and Melanie E. Neary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> RMurr@gibsondunn.com; BBerns@gibsondunn.com; MNeary@gibsondunn.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.
Each such notice or other communication shall be deemed given (i)&nbsp;when delivered personally on or before 4:30 P.M., New York City time, on a Business Day, or, if such day is not a Business Day, on the next succeeding Business Day, (ii)&nbsp;by
Electronic Notice as set forth in the next paragraph, (iii)&nbsp;on the next Business Day after timely delivery to a nationally-recognized overnight courier or (iv)&nbsp;on the Business Day actually received if deposited in the U.S. mail (certified
or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, &#8220;<B><U>Business Day</U></B>&#8221; shall mean any day on which the Nasdaq and commercial banks in the City of New York are open for business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An electronic communication (&#8220;<B><U>Electronic Notice</U></B>&#8221;) shall be deemed written notice
for purposes of this Section&nbsp;12 if sent to the electronic mail address specified by the receiving party in this Section&nbsp;12. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives actual
acknowledgment of receipt from the person whom the notice is sent, other than via auto-reply. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form
(&#8220;<B><U>Nonelectronic</U></B><B><U> Notice</U></B>&#8221;), which shall be sent to the requesting party within 10 days of receipt of the written request for Nonelectronic Notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Successors and Assigns</U>. This Agreement shall inure to the benefit of and be binding upon the Company and the Agent and their
respective successors and the affiliates, controlling persons, officers, directors and other persons referred to in Section&nbsp;9 hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and
permitted assigns of each such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto, the persons referred to in the preceding sentence and their respective successors and permitted
assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent
of the other party; <I>provided, however</I>, that the Agent may assign its rights and obligations hereunder to an affiliate of the Agent without obtaining the Company&#8217;s consent, so long as such affiliate is a registered broker-dealer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Adjustments for Share Splits</U>. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be
adjusted to take into account any share split, share dividend or similar event effected with respect to the Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Entire
Agreement; Amendment; Severability; Waiver</U>. This Agreement (including all schedules (as amended pursuant to this Agreement) and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and
supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a
written instrument executed by the Company and the Agent; <I>provided</I>, <I>however</I>, that <B><U>Schedule 2</U></B> of this Agreement may be amended by either party from time to time by sending a notice containing a revised <B><U>Schedule
2</U></B> to the other party in the manner provided in Section&nbsp;12 and, upon such amendment, all references herein to <B><U>Schedule 2</U></B> shall automatically be deemed to refer to such amended <B><U>Schedule 2</U></B>. In the event that any
one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to
the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the
extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. No implied waiver by a party shall arise in the absence of a
waiver in writing signed by such party. No failure or delay in exercising any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any right, power, or privilege hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>16. <B><U>GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL</U>. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Consent to Jurisdiction</U>. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan,<B> </B>for the adjudication of any dispute hereunder or in connection with any of the transactions contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum, or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy (certified or registered mail, return receipt requested) to such party at the address in effect
for notices under Section&nbsp;12 of this Agreement and agrees that such service shall constitute good and sufficient notice of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in
any manner permitted by law. <B></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Construction</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The section and exhibit headings herein are for convenience only and shall not affect the construction hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Words defined in the singular shall have a comparable meaning when used in the plural, and vice versa. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The words &#8220;hereof,&#8221; &#8220;hereto,&#8221; &#8220;herein&#8221; and &#8220;hereunder&#8221; and words of similar import, when
used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Wherever the
word &#8220;include,&#8221; &#8220;includes&#8221; or &#8220;including&#8221; is used in this Agreement, it shall be deemed to be followed by the words &#8220;without limitation.&#8221; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) References herein to any gender shall include each other gender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) References herein to any law, statute, ordinance, code, regulation, rule or other requirement of any governmental authority shall be
deemed to refer to such law, statute, ordinance, code, regulation, rule or other requirement of any governmental authority as amended, reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules
and regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Permitted Free Writing Prospectuses</U>. Each of the Company and the Agent represents,
warrants and agrees that, unless it obtains the prior written consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed, it has not made and will not make any offer relating to the Placement Shares that
would constitute an issuer free writing prospectus, or that would otherwise constitute a free writing prospectus (as defined in Rule 405), required to be filed with the Commission. Any such free writing prospectus consented to by the Agent or by the
Company, as the case may be, is hereinafter referred to as a &#8220;<B><U>Permitted Free Writing Prospectus</U></B>.&#8221; The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus
as an issuer free writing prospectus, and that it has complied and will comply in all material respects with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where
required, legending and record keeping. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Absence of Fiduciary Relationship</U>. The Company acknowledges and agrees that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the Agent has been retained to act as sales agent in connection with the sale of the Placement Shares, the Agent has acted at arms&#8217;
length and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been
or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Agent has advised or is advising the Company on other matters and the Agent has no duties or obligations to the Company with respect
to the transactions contemplated by this Agreement except the obligations expressly set forth herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) neither the Agent nor its affiliates have provided any legal, accounting, regulatory or tax advice with respect to the transactions
contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the Company has been advised and is aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Company and that the Agent and its affiliates have no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the Company waives, to the fullest extent permitted by law, any claims it may have against the Agent or its affiliates for breach of
fiduciary duty or alleged breach of fiduciary duty in connection with the transactions contemplated by this Agreement and agrees that the Agent and its affiliates shall have no liability (whether direct or indirect) to the Company in respect of such
a fiduciary claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders (or other equity holders), creditors or employees of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Recognition of the U.S. Special Resolution Regimes</U>. In the event that the Agent is a Covered Entity and becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer from the Agent 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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that the Agent is a Covered Entity and the Agent or a BHC Act Affiliate of the Agent becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Agent 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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Agreement, (A) &#8220;BHC
Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167; 1841(k); (B) &#8220;Covered Entity&#8221; means any of the following: (i)&nbsp;a &#8220;covered
entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (ii) a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii)&nbsp;a
&#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
with, 12 C.F.R. &#167; 382.2(b); (C) &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or
382.1, as applicable; and (D) &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act and the regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <U>Counterparts</U>. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile or electronic transmission.
Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law,
e.g., www.docusign.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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23. <U>Use of Information</U>. The Agent may not provide any information gained in connection with this Agreement and the transactions
contemplated by this Agreement, including due diligence, to any third party other than its legal counsel advising it on this Agreement and the transactions contemplated by this Agreement unless expressly approved by the Company in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24. <U>Agent</U><U>&#8217;</U><U>s Information</U>. As used in this Agreement, &#8220;<B><U>Agent</U></B><B><U>&#8217;</U></B><B><U>s
Information</U></B>&#8221; means solely the following information in the Registration Statement and the Prospectus: the third sentence of the eighth paragraph under the heading &#8220;Plan of Distribution&#8221; in the Prospectus Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be
deemed to include the copy filed with the Commission pursuant to EDGAR. All references in this Agreement to financial statements and schedules and other information that is &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221; in
the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference in the Registration
Statement or the Prospectus, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to &#8220;supplements&#8221; to the Prospectus shall
include any supplements, &#8220;wrappers&#8221; or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agent outside of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Remainder of Page Intentionally Blank] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing correctly sets forth the understanding between the Company and the Agent,
please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and the Agent. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>XOMA ROYALTY CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas Burns</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Thomas Burns</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Senior Vice President, Finance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">and Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ACCEPTED as of the date first-above written:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>LEERINK PARTNERS LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Peter M. Fry</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Peter M. Fry</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Head of Alternative Equities</TD></TR>
</TABLE></DIV>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>SCHEDULE 1 </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>FORM OF PLACEMENT NOTICE </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">From:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[&#8195;&#8195;&#8195;&#8195;&#8195; ]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[TITLE]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XOMA Royalty Corporation</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[&#8195;&#8195;&#8195;&#8195;&#8195; ]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">To:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Leerink Partners LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Subject:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Leerink Partners &#8212;At the Market Offering&#8212;Placement Notice</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant
to the terms and subject to the conditions contained in the Sales Agreement, dated October&nbsp;3, 2025 (the &#8220;<B><U>Agreement</U></B>&#8221;), by and between XOMA Royalty Corporation, a Nevada corporation (the
&#8220;<B><U>Company</U></B>&#8221;), and Leerink Partners LLC (&#8220;<B><U>Leerink</U></B><B><U> Partners</U></B>&#8221;), I hereby request on behalf of the Company that Leerink Partners sell up to [&#8195; ] shares of common stock, $0.0075 par
value per share, of the Company (the &#8220;<B><U>Shares</U></B>&#8221;), at a minimum market price of $[&#8195; ] per share[; <I>provided</I> that no more than [ &#8195;] Shares shall be sold in any one Trading Day (as such term is defined in
Section&nbsp;3 of the Agreement)]. Sales should begin [on the date of this Placement Notice] and end on [DATE] [until all Shares that are the subject of this Placement Notice are sold]. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>SCHEDULE 2 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Company </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas Burns (burns@xoma.com) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Leerink Partners </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dan Dubin
(dan.dubin@leerink.com) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">atm@leerink.com </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>SCHEDULE 3 </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Compensation </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company shall
pay the Agent compensation in cash up to 3.0% of the gross proceeds from the sales of Placement Shares pursuant to the terms of the Sales Agreement of which this <B><U>Schedule 3</U></B> forms a part. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>SCHEDULE 4 </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Significant Subsidiaries </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Incorporated by reference to Exhibit 21.1 of the Company&#8217;s most recently filed Form <FONT STYLE="white-space:nowrap">10-K,</FONT> as applicable. </P>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 7(m) </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>OFFICERS&#8217; CERTIFICATE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of Owen Hughes, the duly qualified and elected Chief Executive Officer of XOMA Royalty Corporation, a Nevada corporation (the
&#8220;<B><U>Company</U></B>&#8221;), and Thomas Burns, the duly qualified and elected Chief Financial Officer of the Company, does hereby certify in his respective capacity and on behalf of the Company, pursuant to Section&nbsp;7(m) of the Sales
Agreement, dated October&nbsp;3, 2025 (the &#8220;<B><U>Sales Agreement</U></B>&#8221;), by and between the Company and Leerink Partners LLC, that, after due inquiry, to the best of the knowledge of the undersigned: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The representations and warranties of the Company in Section&nbsp;6 of the Sales Agreement (A)&nbsp;to the extent such representations and
warranties are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse Effect, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date
hereof, and (B)&nbsp;to the extent such representations and warranties are not subject to any qualifications or exceptions relating to materiality or Material Adverse Effect, are true and correct in all material respects as of the date hereof as if
made on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Company has
complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) As of the date hereof, (A)&nbsp;the Registration Statement complies in all material respects with the requirements of the Securities Act
and does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, (B)&nbsp;the Prospectus complies in all material
respects with the requirements of the Securities Act and does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading and (C)&nbsp;no event has occurred as a result of which it is necessary to amend or supplement the Registration Statement or the Prospectus in order to make the statements therein not untrue
or misleading or for clauses (A)&nbsp;and (B) above, to be true and correct. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) There has been no material adverse change, or any
development that could reasonably be expected to result in a material adverse change, in the condition (financial or otherwise), earnings, results of operations, business, properties, operations, assets, liabilities or prospects of the Company and
its Subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, since the date as of which information is given in the Prospectus, as amended or supplemented to the date hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) The Company does not possess any material <FONT STYLE="white-space:nowrap">non-public</FONT> information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) The maximum amount of Placement Shares that may be sold pursuant to the Sales Agreement has been duly authorized by the Company&#8217;s
board of directors or a duly authorized committee thereof pursuant to a resolution or unanimous written consent in accordance with the Company&#8217;s articles of incorporation, bylaws and applicable law. </P>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used but not defined herein shall have the meanings ascribed to them in
the Sales Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, each of the undersigned, in such individual&#8217;s respective capacity as Chief Executive
Officer or Chief Financial Officer of the Company, has executed this Officers&#8217; Certificate on behalf of the Company as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Owen Hughes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Date:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Thomas Burns</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Date:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Company Signature Page to Officers&#8217; Certificate</I>] </P>
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<DESCRIPTION>EX-1.2
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>XOMA ROYALTY CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Depositary Shares </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Each
Representing 1/1000th of a Share of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8.375% Series B Cumulative Perpetual Preferred Stock </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SALES AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">October&nbsp;3, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">H.C. Wainwright&nbsp;&amp;
Co., LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">430 Park Avenue, 3<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation, a Nevada corporation (the &#8220;<U>Company</U>&#8221;), confirms its agreement (this &#8220;<U>Agreement</U>&#8221;)
with H.C. Wainwright&nbsp;&amp; Co., LLC (the &#8220;<U>Agent</U>&#8221;) as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Issuance and Sale of Shares</U>. The Company
agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through or to the Agent, as sales agent or principal, shares (the &#8220;<U>Placement
Shares</U>&#8221;)<I> </I>of the Company&#8217;s Depositary Shares (the &#8220;<U>Depositary Shares</U>&#8221;), each representing 1/1000<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> of a share of the Company&#8217;s 8.375% Series B
Cumulative Perpetual Preferred Stock, par value $0.05 and liquidation preference of $25,000.00 per share (the &#8220;<U>Preferred Stock</U>&#8221;); <I>provided however, </I>that in no event shall the Company issue or sell through the Agent such
number of Placement Shares that (a)&nbsp;exceeds the number of shares or dollar amount of Depositary Shares registered on the effective Registration Statement (as defined below) pursuant to which the offering is being made or (b)&nbsp;exceeds the
number of shares or dollar amount registered on the Prospectus Supplement (as defined below) (the lesser of (a)&nbsp;or (b) the &#8220;<U>Maximum Amount</U>&#8221;) and <I>provided further, however,</I> that in no event shall the aggregate number of
Placement Shares sold pursuant to this Agreement exceed the number of authorized but unissued Depositary Shares. Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in
this <U>Section</U><U></U><U>&nbsp;1</U> on the number of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that the Agent shall have no obligation in connection with such compliance. The
issuance and sale of Placement Shares through the Agent will be effected pursuant to the Registration Statement (as defined below), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to
issue any Placement Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended and the
rules and regulations thereunder (the &#8220;<U>Securities Act</U>&#8221;), with the Securities and Exchange Commission (the &#8220;Commission&#8221;), a registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-277794),</FONT> including a base prospectus, relating to certain securities including the Placement Shares to be issued from time to time by the Company, and which incorporates by reference documents that the
Company has filed or will file in accordance with the provisions of the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities Exchange Act of 1934, as amended and the rules and regulations thereunder (the &#8220;<U>Exchange Act</U>&#8221;). The Company has prepared a prospectus supplement to the base
prospectus included as part of such registration statement specifically relating to the Placement Shares (the &#8220;<U>Prospectus Supplement</U>&#8221;). The Company will furnish to the Agent, for use by the Agent, copies of the base prospectus
included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares. Except where the context otherwise requires, such registration statement, and any post-effective amendment thereto,
including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or
deemed to be a part of such registration statement pursuant to Rule&nbsp;430B of the Securities Act, or any subsequent registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> filed pursuant to Rule 415(a)(6) under the Securities
Act by the Company to cover any Placement Shares, or any subsequent registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> filed pursuant to Rule 415 under the Securities Act by the Company to cover any Placement Shares, is
herein called the &#8220;<U>Registration Statement</U>.&#8221; The base prospectus, including all documents incorporated or deemed incorporated therein by reference to the extent such information has not been superseded or modified in accordance
with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such base prospectus and/or Prospectus
Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act is herein called the &#8220;<U>Prospectus</U>.&#8221; Any reference herein to the Registration Statement, the Prospectus or
any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any reference herein to the terms &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect
to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission incorporated by reference therein (the &#8220;<U>Incorporated Documents</U>&#8221;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto
shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Application system when used by the Commission
(collectively, &#8220;<U>EDGAR</U>&#8221;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Placements</U>. Each time that the Company wishes to issue and sell Placement Shares
hereunder (each, a &#8220;<U>Placement</U>&#8221;), it will notify the Agent by electronic mail (or other method mutually agreed to in writing by the parties) of the number of Placement Shares, the time period during which sales are requested to be
made, any limitation on the number of Placement Shares that may be sold in any one day and any minimum price below which sales may not be made (a &#8220;<U>Placement Notice</U>&#8221;), the form of which is attached hereto as <U>Schedule 1</U>. The
Placement Notice shall originate from any of the individuals from the Company set forth on <U>Schedule 3</U> (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals
from the Agent set forth on <U>Schedule 3,</U> as such <U>Schedule 3</U> may be amended from time to time. The Placement Notice shall be effective immediately upon receipt by the Agent unless and until (i)&nbsp;the Agent declines to accept the terms
contained therein for any reason, in its sole discretion, (ii)&nbsp;the entire amount of the Placement Shares thereunder has been </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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sold, (iii)&nbsp;the Company suspends or terminates the Placement Notice, which suspension and termination rights may be exercised by the Company in its sole discretion, or (iv)&nbsp;this
Agreement has been terminated under the provisions of <U>Section</U><U></U><U>&nbsp;13</U>. The amount of any discount, commission or other compensation to be paid by the Company to the Agent in connection with the sale of the Placement Shares shall
be calculated in accordance with the terms set forth in <U>Schedule 2</U>. It is expressly acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever with respect to a Placement or any Placement Shares unless
and until the Company delivers a Placement Notice to the Agent and the Agent does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between
the terms of <U>Sections 2</U> or <U>3</U> of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Sale of Placement Shares by the Agent</U>. Subject to the terms and conditions of this Agreement, for the period specified in a Placement
Notice, the Agent will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Nasdaq Global Market (the
&#8220;<U>Exchange</U>&#8221;), to sell the Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Agent will provide written confirmation to the Company no later than the opening of
the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation payable by the Company to the Agent
pursuant to <U>Section</U><U></U><U>&nbsp;2</U> with respect to such sales, and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by the Agent (as set forth in
<U>Section</U><U></U><U>&nbsp;5(b))</U> from the gross proceeds that it receives from such sales. Subject to the terms of a Placement Notice, the Agent may sell Placement Shares by any method permitted by law deemed to be an &#8220;at the market
offering&#8221; as defined in Rule 415 of the Securities Act. &#8220;<U>Trading Day</U>&#8221; means any day on which Securities are purchased and sold on the Exchange. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Suspension of Sales</U>. The Company or the Agent may, upon notice to the other party in writing (including by email correspondence to
each of the individuals of the other party set forth on <U>Schedule 3</U>, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed
immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Schedule </U>3), suspend any sale of Placement Shares (a &#8220;<U>Suspension</U>&#8221;); <I>provided,
however</I>, that such suspension shall not affect or impair any party&#8217;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. While a Suspension is in effect, any obligation under <U>Sections
7(l)</U>, <U>7(m)</U>, and <U>7(n)</U> with respect to the delivery of certificates, opinions, or comfort letters to the Agent, shall be waived. Each of the parties agrees that no such notice under this <U>Section</U><U></U><U>&nbsp;4</U> shall be
effective against any other party unless it is made to one of the individuals named on <U>Schedule 3</U> hereto, as such Schedule may be amended from time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Sale and Delivery to the Agent; Settlement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">a. <U>Sale of Placement Shares</U>. On the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, upon the Agent&#8217;s acceptance of the terms of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this
Agreement, the Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of
the Exchange to sell such Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Company acknowledges and agrees that (i)&nbsp;there can be no assurance that the Agent will be
successful in selling Placement Shares, (ii)&nbsp;the Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by the Agent to use its
commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Exchange to sell such Placement Shares as required under this Agreement and
(iii)&nbsp;the Agent shall be under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">b. <U>Settlement of Placement Shares</U>. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
Shares will occur on the first&nbsp;(1<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>) Trading Day (or such earlier day as is industry practice for <FONT STYLE="white-space:nowrap">regular-way</FONT> trading) following the date on which such
sales are made (each, a &#8220;<U>Settlement Date</U>&#8221;). The Agent shall notify the Company of each sale of Placement Shares no later than opening day following the Trading Day that the Agent sold Placement Shares. The amount of proceeds to be
delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the &#8220;<U>Net Proceeds</U>&#8221;) will be equal to the aggregate sales price received by the Agent, after deduction for (i)&nbsp;the Agent&#8217;s
commission, discount or other compensation for such sales payable by the Company pursuant to Section&nbsp;2 hereof, and (ii)&nbsp;any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">c. <U>Delivery of Placement Shares</U>. On or before each Settlement Date, the Company will, or will cause its transfer agent to,
electronically transfer the Placement Shares being sold by crediting the Agent&#8217;s or its designee&#8217;s account (provided the Agent shall have given the Company written notice of such designee and such designee&#8217;s account information at
least one Trading Day prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases
shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement
Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date through no fault of the Agent, then in addition to and in no way limiting the rights and
obligations set forth in <U>Section</U><U></U><U>&nbsp;11(a)</U> hereto, it will (i)&nbsp;hold the Agent harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees and expenses), as
incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable) and (ii)&nbsp;pay to the Agent (without duplication) any commission, discount, or other compensation to which it would otherwise have
been entitled absent such default. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">d. <U>Limitations on Offering Size</U>. Under no circumstances shall the Company cause or
request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate number of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A)&nbsp;together with all sales of
Placement Shares under this Agreement, the Maximum Amount, (B)&nbsp;the amount available for offer and sale under the currently effective Registration Statement and (C)&nbsp;the amount authorized from time to time to be issued and sold under this
Agreement by the Company&#8217;s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in writing. Under no circumstances shall the Company cause or request the offer or sale of
any Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company&#8217;s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and
notified to the Agent in writing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Representations and Warranties of the Company</U>. Except as disclosed in the Registration
Statement or Prospectus (including the Incorporated Documents), the Company represents and warrants to, and agrees with the Agent that as of the date of this Agreement and as of each Applicable Time (as defined below), unless such representation,
warranty or agreement specifies a different date or time: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">a. <U>Compliance with Registration Requirements</U>. The Registration Statement
and any Rule 462(b) Registration Statement have been declared effective by the Commission under the Securities Act. The Company has complied to the Commission&#8217;s satisfaction with all requests of the Commission for additional or supplemental
information related to the Registration Statement or the Prospectus. No stop order suspending the effectiveness of the Registration Statement or any Rule&nbsp;462(b) Registration Statement is in effect and no proceedings for such purpose have been
instituted or are pending or, to the best knowledge of the Company, are contemplated or threatened by the Commission. The Registration Statement and the offer and sale of Placement Shares as contemplated hereby meet the requirements of Rule 415
under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the
Registration Statement have been so described or filed, as applicable. Copies of the Registration Statement, the Prospectus, and any such amendments or supplements and all documents incorporated by reference therein that were filed with the
Commission on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to the Agent and its counsel. The Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the
distribution of the Placement Shares, will not distribute any offering material in connection with the offering or sale of the Placement Shares other than the Registration Statement and the Prospectus and any Issuer Free Writing Prospectus (as
defined below) to which the Agent has consented, which consent will not be unreasonably withheld or delayed, or that is required by applicable law or the listing maintenance requirements of the Exchange. The Depositary Shares are currently quoted on
the Exchange under the trading symbol &#8220;XOMAO.&#8221; The Company has not, in the 12&nbsp;months preceding the date hereof, received notice from the Exchange to the effect that the Company is not in compliance with the listing or maintenance
requirements of the Exchange. To the Company&#8217;s knowledge, it is in compliance with all such listing and maintenance requirements. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">b. <U>No Material Misstatement or Omission</U>. The Prospectus when filed complied and, as
amended or supplemented, if applicable, complies in all material respects with the Securities Act. Each of the Registration Statement, any Rule&nbsp;462(b) Registration Statement, the Prospectus and any post-effective amendments or supplements
thereto, at the time it became effective or its date, as applicable, and as of each of the Settlement Dates, if any, complied in all material respects with the Securities Act and did not and, as of each Settlement Date, if any, did not and does not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or with respect to the Prospectus, necessary to make the statements therein in the light of the circumstances under which they were made,
not misleading. The Prospectus, as amended or supplemented, as of its date, and as of each of the Settlement Dates, if any, does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the
Registration Statement, any Rule&nbsp;462(b) Registration Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with information relating to the Agent
furnished to the Company in writing by the Agent expressly for use therein. There are no contracts or other documents required to be described in the Prospectus or to be filed as exhibits to the Registration Statement which have not been described
or filed as required. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">c. <U>Not an Ineligible Issuer</U>. The Company currently is not an &#8220;ineligible issuer,&#8221; as defined in
Rule 405 of the rules and regulation of the Commission. The Company agrees to notify the Agent promptly upon the Company becoming an &#8220;ineligible issuer.&#8221; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">d. <U>Distribution of Offering Material by the Company</U>. The Company has not distributed and will not distribute, prior to the completion of
the Agent&#8217;s distribution of the Placement Shares, any offering material in connection with the offering and sale of the Placement Shares other than the Prospectus or the Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">e. <U>The Sales Agreement</U>. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the
Company, enforceable in accordance with its terms, except as rights to indemnification and contribution hereunder may be limited by applicable law and public policy considerations and except as the enforcement hereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">f. <U><FONT STYLE="white-space:nowrap">S-3</FONT> Eligibility</U>. (i)&nbsp;At the time of filing the Registration Statement and (ii)&nbsp;at
the time of the most recent amendment thereto for the purposes of complying with Section&nbsp;10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&nbsp;13 or 15(d) of
the Exchange Act or form of prospectus), the Company met the then applicable requirements for use of Form <FONT STYLE="white-space:nowrap">S-3</FONT> under the Securities Act, including compliance with General Instruction I.B.1 of Form <FONT
STYLE="white-space:nowrap">S-3,</FONT> as applicable. At the time of execution of this Agreement, the Company met the then applicable requirements for use of Form <FONT STYLE="white-space:nowrap">S-3</FONT> under the Securities Act pursuant to
General Instruction I.B.1. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">g. <U>Authorization of the Placement Shares and Underlying Preferred Stock</U>. The
Placement Shares, when issued and delivered, will be duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company against payment therefor pursuant to this Agreement, will be validly issued and
entitled to the rights under, and the benefits of, the Deposit Agreement, dated effective April&nbsp;9, 2021, by and among the Company, American Stock Transfer&nbsp;&amp; Trust Company, LLC, as depositary, and the holders of the depositary receipts
issued thereunder (the &#8220;<U>Deposit Agreement</U>&#8221;). The Preferred Stock represented by the Placement Shares has been duly authorized and, when the Placement Shares are issued and delivered by the Company against payment therefor pursuant
to this Agreement, the Preferred Stock will be validly issued, fully paid and nonassessable. The Placement Shares, when issued, will conform in all material respects to the description thereof set forth in or incorporated into the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">h. <U>No Applicable Registration or Other Similar Rights</U>. (i)&nbsp;No person, as such term is defined in Rule <FONT
STYLE="white-space:nowrap">1-02</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> promulgated under the Securities Act (each, a &#8220;<U>Person</U>&#8221;), has the right, contractual or otherwise, to cause the Company to issue or
sell to such Person any Preferred Stock or shares of any other capital stock or other securities of the Company (other than in accordance with the terms of outstanding shares of Series X Convertible Preferred Stock, par value $0.05, outstanding
shares of 8.625% Series A Cumulative Perpetual Preferred Stock, par value $0.05, or Depositary Shares, upon the exercise of options or warrants or upon the exercise of options that may be granted from time to time under the Company&#8217;s stock
option plan), (ii) no Person has any preemptive rights, rights of first refusal, or any other rights (whether pursuant to a &#8220;poison pill&#8221; provision or otherwise) to purchase any Preferred Stock or shares of any other capital stock or
other securities of the Company from the Company which have not been duly waived with respect to the offering contemplated hereby, (iii)&nbsp;no Person has the right to act as an underwriter or as a financial advisor to the Company in connection
with the offer and sale of the Preferred Stock, and (iv)&nbsp;no Person has the right, contractual or otherwise, to require the Company to register under the Securities Act any Preferred Stock or shares of any other capital stock or other securities
of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Placement
Shares as contemplated thereby or otherwise, except in each case for such rights as have been waived on or prior to the date hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">i.
<U>Independent Accountants</U>. The accounting firm (the &#8220;<U>Accountant</U>&#8221;) that has expressed its opinion with respect to the financial statements (which term as used in this Agreement includes the related notes thereto) and
supporting schedules filed with the Commission or incorporated by reference as a part of the Registration Statement and included in the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the
Exchange Act. To the Company&#8217;s knowledge, the Accountant is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the &#8220;<U>Sarbanes-Oxley Act</U>&#8221;) with respect to the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">j. <U>Preparation of the Financial Statements</U>. The financial statements, together with related notes and schedules, filed with the
Commission as a part of or incorporated by reference in the Registration Statement and included in the Prospectus present fairly, in all material respects, the consolidated financial position of the Company and its subsidiaries as of and at the
dates indicated and the results of their operations and cash flows for the periods specified. Such financial statements and supporting schedules have been prepared in conformity in all material respects with generally accepted accounting principles
as applied in the United States (&#8220;<U>U.S. GAAP</U>&#8221;) applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. No other financial statements or supporting schedules are
required to be included in or incorporated in the Registration Statement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">k. <U>XBRL</U>. The interactive data in eXtensible Business Reporting Language included or
incorporated by reference in the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">l. <U>Incorporation and Good Standing of the Company and its Significant Subsidiaries</U>. The Company has been duly incorporated and is
validly existing as a corporation in good standing under the laws of the State of Nevada and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus and to enter into and
perform its obligations under this Agreement. The Company&#8217;s significant subsidiaries (as defined in Rule <FONT STYLE="white-space:nowrap">1-02(w)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> of the Exchange Act) (the
&#8220;<U>Significant Subsidiaries</U>&#8221;), have been duly organized and are validly existing as entities in good standing under the respective laws of the jurisdiction of their organization and have the requisite power and authority to own,
lease and operate their properties and to conduct their businesses as described in the Prospectus. Each of the Company and each of the Significant Subsidiaries are duly qualified as a foreign corporation or foreign partnership to transact business
and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except for such jurisdictions where the failure to so qualify or to be in
good standing would not, individually or in the aggregate, reasonably be expected to result in a material adverse effect on the assets, business, operations, earnings, properties, condition (financial or otherwise), prospects, stockholders&#8217;
equity or results of operations of the Company and the Significant Subsidiaries taken as a whole, or prevent the consummation of the transactions contemplated hereby (a &#8220;<U>Material Adverse Change</U>&#8221;). Except as described in the
Prospectus, all of the issued and outstanding capital stock or other equity interests of the Significant Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company free and clear of any
security interest, mortgage, pledge, lien, encumbrance or adverse claim. The Company does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit&nbsp;21.1 to the
Company&#8217;s Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> for the most recently ended fiscal year and other than (i)&nbsp;those subsidiaries not required to be listed on Exhibit&nbsp;21.1 by Item&nbsp;601 of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> under the Exchange Act and (ii)&nbsp;those subsidiaries formed or acquired since the last day of the most recently ended fiscal year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">m. <U>Capital Stock Matters</U>. Since the most recent date such information was included in the Prospectus, there has been no material change
in the authorized, issued and outstanding capital stock of the Company (other than for subsequent issuances, if any, pursuant to employee benefit plans described in the Prospectus, upon the exercise of outstanding options or warrants described in
the Prospectus, as a result of sales of Placement Shares hereunder or as otherwise described in any document incorporated by reference in the Prospectus). The Depositary Shares conform in all material respects to the description thereof contained in
the Prospectus. All of the issued and outstanding Depositary Shares have been duly authorized and validly issued, are entitled to the rights under, and the benefits of, the Deposit Agreement and have been issued in compliance with federal and state
securities laws. All of the issued and outstanding shares of Preferred Stock represented by the issued and outstanding Depositary Shares have been duly authorized and validly issued, are fully paid and nonassessable and have been issued in
compliance with federal and state securities laws. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">n. None of the outstanding Depositary Shares were issued in violation of any preemptive
rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or
equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company or any of its Significant Subsidiaries other than those accurately described in all material respects in the Prospectus. The description
of the Company&#8217;s stock option, stock bonus and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Prospectus accurately and fairly presents in all material respects the information required
to be shown with respect to such plans, arrangements, options and rights under the Exchange Act or the Securities Act, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">o.
<U><FONT STYLE="white-space:nowrap">Non-Contravention</FONT> of Existing Instruments; No Further Authorizations or Approvals Required</U>. Neither the Company nor any of its Significant Subsidiaries is in violation of its charter or <FONT
STYLE="white-space:nowrap">by-laws</FONT> or is in default (or, with the giving of notice or lapse of time, would be in default) (&#8220;<U>Default</U>&#8221;) under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease
or other instrument to which the Company or any of its Significant Subsidiaries is a party or by which it or any of them may be bound, or to which any of the property or assets of the Company or any of its Significant Subsidiaries is subject (each,
an &#8220;<U>Existing Instrument</U>&#8221;), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company&#8217;s execution, delivery and performance of this Agreement and consummation of
the transactions contemplated hereby and by the Prospectus (i)&nbsp;have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the charter or <FONT STYLE="white-space:nowrap">by-laws</FONT>
of the Company or any Significant Subsidiary, (ii)&nbsp;will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any
of its Significant Subsidiaries pursuant to, or require the consent of any other party to, any Existing Instrument, except for such conflicts, breaches, Defaults, liens, charges or encumbrances as would not, individually or in the aggregate, result
in a Material Adverse Change and (iii)&nbsp;will not result in any violation of any law, administrative regulation or administrative or court decree applicable to the Company or any Significant Subsidiary. No consent, approval, authorization or
other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for the Company&#8217;s execution, delivery and performance of this Agreement and consummation of the transactions
contemplated hereby and by the Prospectus, except such as have been obtained or made by the Company and are in full force and effect under the Securities Act, or that may be required under applicable state securities or blue sky laws and from the
Financial Industry Regulatory Authority (&#8220;<U>FINRA</U>&#8221;) or the Exchange. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">p. <U>No Material Adverse Change</U>. Since the date
of the most recent financial statements of the Company included or incorporated by reference in the Registration Statement and Prospectus, there has not been (i)&nbsp;any Material Adverse Change, or any development that would result in a Material
Adverse Change, (ii)&nbsp;any transaction which is material to the Company and the Significant Subsidiaries taken as a whole, (iii)&nbsp;any obligation or liability, direct or contingent (including any
<FONT STYLE="white-space:nowrap">off-balance</FONT> sheet obligations), incurred by the Company or the Significant Subsidiaries, which is material to the Company and the Significant Subsidiaries taken as a whole, (iv)&nbsp;any material change in the
capital stock (other than (A)&nbsp;the grant of additional </P>
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options under the Company&#8217;s existing stock option plans, (B)&nbsp;changes in the number of outstanding Depositary Shares or Preferred Stock of the Company due to the issuance of shares upon
the exercise or conversion of securities exercisable for, or convertible into, Depositary Shares or Preferred Stock outstanding on the date hereof, (C)&nbsp;as a result of the issuance of Placement Shares, (D)&nbsp;any repurchases of capital stock
of the Company, (E)&nbsp;as described in a proxy statement filed on Schedule 14A or a Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4,</FONT> or (F)&nbsp;otherwise publicly announced) or outstanding long-term indebtedness of the
Company or any of the Significant Subsidiaries or (v)&nbsp;any dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any of the Significant Subsidiaries, other than in each case above in the ordinary
course of business or as otherwise disclosed in the Registration Statement or Prospectus (including any document incorporated by reference therein). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">q. <U>No Material Actions or Proceedings</U>. There are no legal or governmental actions, suits or proceedings pending or, to the
Company&#8217;s knowledge, threatened (i)&nbsp;against or affecting the Company or any of its Significant Subsidiaries, (ii)&nbsp;which has as the subject thereof any officer or director of, or property owned or leased by, the Company or any of its
Significant Subsidiaries or (iii)&nbsp;relating to environmental or discrimination matters, where in any such case (A)&nbsp;there is a reasonable possibility that such action, suit or proceeding might be determined adversely to the Company or such
Significant Subsidiary and (B)&nbsp;any such action, suit or proceeding, if so determined adversely, would result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. No material labor
dispute with the employees of the Company or any of its Significant Subsidiaries exists or, to the Company&#8217;s knowledge, is threatened or imminent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">r. <U>All Necessary Permits, etc</U>. The Company and each Significant Subsidiary possess such valid and current certificates, authorizations
or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct their respective businesses as currently conducted and described in the Prospectus, other than those the failure to possess or own
would not result in a Material Adverse Change, and neither the Company nor any Significant Subsidiary has received any notice of proceedings relating to the revocation or modification of, or <FONT STYLE="white-space:nowrap">non-compliance</FONT>
with, any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could result in a Material Adverse Change. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">s. <U>Title to Properties</U>. The Company and the Significant Subsidiaries have good and marketable title to all of the real and personal
property and other assets owned by them, in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, adverse claims and other defects, except such as are described in the Prospectus or as do not materially and
adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company or a Significant Subsidiary. To the Company&#8217;s knowledge, the real property, improvements,
equipment and personal property held under lease by the Company or the Significant Subsidiaries are held under valid and enforceable leases, with such exceptions as are described in the Prospectus or are not material and do not materially interfere
with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company or the Significant Subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">t. <U>Tax Law Compliance</U>. Subject to any permitted extensions, the Company and its
consolidated subsidiaries have filed all necessary federal, state and foreign income, property and franchise tax returns (or have properly requested extensions thereof) and have paid all taxes required to be paid by any of them and, if due and
payable, any related or similar assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate proceedings. The Company has made adequate charges, accruals and reserves in the applicable
financial statements referred to in <U>Section</U><U></U><U>&nbsp;6(k)</U> above in respect of all federal, state and foreign income, property and franchise taxes for all periods as to which the tax liability of the Company or any of its
consolidated subsidiaries has not been finally determined. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus, no tax deficiency has been determined adversely to the Company or any Significant Subsidiary
which has had, or would result, individually or in the aggregate, in a Material Adverse Change. The Company has no knowledge of any federal, state or other governmental tax deficiency, penalty or assessment which has been asserted or threatened
against it which would result in a Material Adverse Change. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">u. <U>Company Not an &#8220;Investment Company</U>&#8221;. The Company has
been advised of the rules and requirements under the Investment Company Act of 1940, as amended (the&nbsp;&#8220;<U>Investment Company Act</U>&#8221;). The Company is not, and after receipt of payment for the Placement Shares will not be, an
&#8220;investment company&#8221; within the meaning of Investment Company Act and will conduct its business in a manner so that it will not become subject to the Investment Company Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">v. <U>Insurance</U>. Except as otherwise described in the Prospectus, each of the Company and its Significant Subsidiaries are insured by
insurers of recognized financial responsibility with policies in such amounts and with such deductibles and covering such risks as are generally deemed prudent and customary for their respective businesses as currently conducted and described in the
Prospectus. The Company has no reason to believe that it or any Significant Subsidiary will not be able (i)&nbsp;to renew its existing insurance coverage as and when such policies expire or (ii)&nbsp;to obtain comparable coverage from similar
institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Change. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">w. <U>No Price Stabilization or Manipulation</U>. The Company has not taken and will not take, directly or indirectly, any action designed to
or that might be reasonably expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares or otherwise, or take any action, directly or indirectly,
which would violate Rule 102 of Regulation M. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">x. <U>Related Party Transactions</U>. There are no business relationships or related-party
transactions, as defined in Item 404 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> under the Exchange Act, involving the Company or any subsidiary or any other person required to be described in the Prospectus which have not been
described as required. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">y. <U>Exchange Act Compliance</U>. The Incorporated Documents, at the time they were or hereafter are filed with
the Commission, complied and will comply in all material respects with the requirements of the Exchange Act, and, when read together with the other information in the Prospectus, at the Settlement Dates, will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">z. <U>No Unlawful Contributions or Other Payments</U>. Neither the Company nor, to the
Company&#8217;s knowledge, any Significant Subsidiary, nor to the Company&#8217;s knowledge, any of their respective executive officers has, in the past five years, made any unlawful contributions to any candidate for any political office (or failed
fully to disclose any contribution in violation of law) or made any contribution or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty
in violation of any law or of the character required to be disclosed in the Prospectus; (ii)&nbsp;no relationship, direct or indirect, exists between or among the Company or, to the Company&#8217;s knowledge, the Significant Subsidiaries or any
controlled affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or, to the Company&#8217;s knowledge, the Significant Subsidiaries, on the other hand, that is required by the Securities Act to be
described in the Registration Statement and the Prospectus that is not so described; (iii)&nbsp;no relationship, direct or indirect, exists between or among the Company or the Significant Subsidiaries or any controlled affiliate of them, on the one
hand, and the directors, officers, stockholders or directors of the Company or, to the Company&#8217;s knowledge, the Significant Subsidiaries, on the other hand, that is required by the rules of FINRA to be described in the Registration Statement
and the Prospectus that is not so described; (iv)&nbsp;there are no material outstanding loans or advances or material guarantees of indebtedness by the Company or, to the Company&#8217;s knowledge, the Significant Subsidiaries to or for the benefit
of any of their respective officers or directors or any of the members of the families of any of them; and (v)&nbsp;the Company has not offered, or caused any placement agent to offer, stock of the Company to any person with the intent to influence
unlawfully (A)&nbsp;a customer or supplier of the Company or the Significant Subsidiaries to alter the customer&#8217;s or supplier&#8217;s level or type of business with the Company or the Subsidiaries or (B)&nbsp;a trade journalist or publication
to write or publish favorable information about the Company or the Significant Subsidiaries or any of their respective products or services, and, (vi)&nbsp;neither the Company nor the Significant Subsidiaries nor, to the Company&#8217;s knowledge,
any employee or agent of the Company or the Significant Subsidiaries has made any payment of funds of the Company or the Significant Subsidiaries or received or retained any funds in violation of any law, rule or regulation (including, without
limitation, the Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">aa. <U>Compliance with Money Laundering Laws</U>. The operations of the Company and its Significant Subsidiaries are and have been conducted at
all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;<U>Money Laundering Laws</U>&#8221;) and no action, suit or proceeding by or before any
court or governmental agency, authority or body or any arbitrator involving the Company or any of its Significant Subsidiaries with respect to the Money Laundering Laws is pending or, the knowledge of the Company, threatened. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">bb. <U>OFAC</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Neither the Company nor any Significant Subsidiary (collectively, the &#8220;<U>Entity</U>&#8221;) nor, to the Company&#8217;s knowledge,
any director, officer, employee, agent, controlled affiliate or representative of the Entity, is a government, individual, or entity (in this paragraph (bb), &#8220;<U>Person</U>&#8221;) that is, or is owned or controlled by a Person that is: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:11%; font-size:10pt; font-family:Times New Roman">(a) the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets
Control (&#8220;<U>OFAC</U>&#8221;), the United Nations Security Council (&#8220;<U>UNSC</U>&#8221;), the European Union (&#8220;<U>EU</U>&#8221;), His Majesty&#8217;s Treasury (&#8220;<U>HMT</U>&#8221;), or other relevant sanctions authority
(collectively, &#8220;<U>Sanctions</U>&#8221;), nor </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:11%; font-size:10pt; font-family:Times New Roman">(b) located, organized or resident in a country or territory that is
the subject of Sanctions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) The Entity will not, directly or indirectly, knowingly use the proceeds of the offering, or lend,
contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:11%; font-size:10pt; font-family:Times New Roman">(a) to
fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:11%; font-size:10pt; font-family:Times New Roman">(b) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the
offering, whether as underwriter, advisor, investor or otherwise). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) The Entity represents and covenants that, except as detailed in
the Registration Statement and the Prospectus, for the past 5 years, it has not knowingly engaged in and is not now knowingly engaged in any dealing or transactions with any Person, or in any country or territory, that at the time of the dealing or
transaction is or was the subject of Sanctions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">cc. <U>Company&#8217;s Accounting System</U>. The Company maintains a system of
&#8220;internal control over financial reporting&#8221; (as such term is defined in Rule <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> of the General Rules and Regulations under the Exchange Act (the &#8220;<U>Exchange Act Rules</U>&#8221;))
that complies with the requirements of the Exchange Act and has been designed by its principal executive and principal financial officers, or under their supervision, to provide reasonable assurances that (i)&nbsp;transactions are executed in
accordance with management&#8217;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for assets;
(iii)&nbsp;access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. Except as described in the Prospectus, since the end of the Company&#8217;s most recent audited fiscal year, there has been (A)&nbsp;no material weakness in the Company&#8217;s internal control over
financial reporting (whether or not remediated) and (B)&nbsp;no change in the Company&#8217;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control
over financial reporting. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">dd. <U>Disclosure Controls</U>. The Company maintains disclosure controls and procedures (as
such is defined in Rule <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> of the Exchange Act Rules) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that information
required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission&#8217;s rules and forms, including controls and
procedures designed to ensure that such information is accumulated and communicated to the Company&#8217;s management as appropriate to allow timely decisions regarding required disclosures. The Company has established disclosure controls and
procedures (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15</FONT> and <FONT STYLE="white-space:nowrap">15d-15)</FONT> that comply with the requirements of the Exchange Act. To the extent required by the Exchange Act Rules,
the Company has conducted evaluations of the effectiveness of its disclosure controls as required by Rule <FONT STYLE="white-space:nowrap">13a-15</FONT> of the Exchange Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">ee. <U>Compliance with Environmental Laws</U>. Except as otherwise described in the Prospectus, and except as would not, individually or in the
aggregate, result in a Material Adverse Change (i)&nbsp;neither the Company nor any of its Significant Subsidiaries is in violation of any federal, state, local or foreign law or regulation relating to pollution or protection of human health or the
environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including without limitation, laws and regulations relating to emissions, discharges, releases or threatened
releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively, &#8220;<U>Materials of Environmental Concern</U>&#8221;), or otherwise relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &#8220;<U>Environmental Laws</U>&#8221;), which violation includes, but is not limited to, noncompliance with any
permits or other governmental authorizations required for the operation of the business of the Company or its Significant Subsidiaries under applicable Environmental Laws, or noncompliance with the terms and conditions thereof, nor has the Company
or any of its Significant Subsidiaries received any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Company or any of its Significant Subsidiaries is in violation of any
Environmental Law; (ii)&nbsp;there is no claim, action or cause of action filed with a court or governmental authority, no investigation with respect to which the Company has received written notice, and no written notice by any person or entity
alleging potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages, personal injuries, attorneys&#8217; fees or penalties arising out of, based on or resulting from the
presence, or release into the environment, of any Material of Environmental Concern at any location owned, leased or operated by the Company or any of its Significant Subsidiaries, now or in the past (collectively, &#8220;<U>Environmental
Claims</U>&#8221;), pending or, to the Company&#8217;s knowledge, threatened against the Company or any of its Significant Subsidiaries or any person or entity whose liability for any Environmental Claim the Company or any of its Significant
Subsidiaries has retained or assumed either contractually or by operation of law; and (iii)&nbsp;to the Company&#8217;s knowledge, there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without
limitation, the release, emission, discharge, presence or disposal of any Material of Environmental Concern, that reasonably could result in a violation of any Environmental Law or form the basis of a potential Environmental Claim against the
Company or any of its Significant Subsidiaries or against any person or entity whose liability for any Environmental Claim the Company or any of its Significant Subsidiaries has retained or assumed either contractually or by operation of law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">ff. <U>Intellectual Property</U>. The Company and its Significant Subsidiaries own or
possess the valid right to use all (i)&nbsp;valid and enforceable patents, patent applications, trademarks, trademark registrations, service marks, service mark registrations, Internet domain name registrations, copyrights, copyright registrations,
licenses and trade secret rights (&#8220;<U>Intellectual Property Rights</U>&#8221;) and (ii)&nbsp;inventions, software, works of authorships, trademarks, service marks, trade names, databases, formulae, know how, Internet domain names and other
intellectual property (including trade secrets and other unpatented and/or unpatentable proprietary confidential information, systems, or procedures) (collectively, &#8220;<U>Intellectual Property Assets</U>&#8221;) necessary to conduct their
respective businesses as currently conducted, except to the extent that the failure to own, possess, license or have other rights to use such Intellectual Property Rights or Intellectual Property Assets would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change. The Company and its Significant Subsidiaries have not received any opinion from their legal counsel concluding that any activities of their respective businesses infringe,
misappropriate, or otherwise violate, valid and enforceable Intellectual Property Rights of any other person, and have not received written notice of any challenge, which is to their knowledge still pending, by any other person to the rights of the
Company and its Significant Subsidiaries with respect to any Intellectual Property Rights or Intellectual Property Assets owned or used by the Company or its Significant Subsidiaries. To the knowledge of the Company, the Company and its Significant
Subsidiaries&#8217; respective businesses as now conducted do not constitute infringement of, misappropriation of, or other violation of, any valid and enforceable Intellectual Property Rights of any other person. All licenses for the use of the
Intellectual Property Rights described in the Prospectus to which the Company is a party are, to the Company&#8217;s knowledge, valid, binding upon, and enforceable by or against the parties thereto in accordance with their terms, except as the
enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles. The Company has complied in all material
respects with, and is not in material breach nor has received any written notice of any asserted or threatened claim of breach of, any license agreement pursuant to which Intellectual Property Rights have been licensed to or by the Company (the
&#8220;<U>Intellectual Property Licensed Agreements</U>&#8221;), and the Company has no knowledge of any material breach by any other person to any Intellectual Property License Agreement. Except as described in the Prospectus, no claim has been
made in writing against the Company alleging the infringement by the Company of any patent, trademark, service mark, trade name, copyright, trade secret, license in or other intellectual property right or franchise right of any person. The Company
has taken all reasonable steps to protect, maintain and safeguard its Intellectual Property Rights, including the execution of appropriate nondisclosure and confidentiality agreements. The consummation of the transactions contemplated by this
Agreement will not result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other person in respect of, the Company&#8217;s right to own, use, or hold for use any of the Intellectual
Property Rights as owned, used or held by the Company for use in the conduct of the business as currently conducted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">gg. <U>Compliance
with Applicable Laws</U>. The Company and the Significant Subsidiaries are and at all times have been in material compliance with all statutes, rules and regulations applicable to the ownership, testing, development, manufacture, packaging,
processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product under development, manufactured or distributed by the Company or the Significant Subsidiaries
(&#8220;<U>Applicable Laws</U>&#8221;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">hh. <U>Statistical and Market-Related Data</U>. The statistical, demographic and
market-related data included in the Registration Statement and the Prospectus, as of the date or dates to which they speak, are based on or derived from sources that the Company believes to be reliable and accurate in all material respects or
represent the Company&#8217;s good faith estimates that are made on the basis of data derived from such sources. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">ii. <U>ERISA
Compliance</U>. The Company and its Significant Subsidiaries and any &#8220;employee benefit plan&#8221; (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder
(collectively, &#8220;<U>ERISA</U>&#8221;)) established or maintained by the Company, its Significant Subsidiary or their &#8220;ERISA Affiliates&#8221; (as defined below) are, to their knowledge, in compliance in all material respects with ERISA.
&#8220;ERISA Affiliate&#8221; means, with respect to the Company or a Significant Subsidiaries, any member of any group of organizations described in Sections 414(b), (c), (m) or (o)&nbsp;of the Internal Revenue Code of 1986, as amended, and the
regulations and published interpretations thereunder (the &#8220;<U>Code</U>&#8221;) of which the Company or such Significant Subsidiary is a member. Except as described in the Prospectus, no &#8220;reportable event&#8221; (as defined under ERISA)
has occurred or is reasonably expected to occur with respect to any &#8220;employee benefit plan&#8221; established or maintained by the Company, its Significant Subsidiaries or any of their ERISA Affiliates. Except as described in the Prospectus,
no &#8220;employee benefit plan&#8221; established or maintained by the Company, its Significant Subsidiaries or any of their ERISA Affiliates, if such &#8220;employee benefit plan&#8221; were terminated, would have any &#8220;amount of unfunded
benefit liabilities&#8221; (as defined under ERISA). Except as described in the Prospectus, neither the Company, its Significant Subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under
(i)&nbsp;Title IV of ERISA with respect to termination of, or withdrawal from, any &#8220;employee benefit plan&#8221; or (ii)&nbsp;Sections 412, 4971, 4975 or 4980B of the Code. Each &#8220;employee benefit plan&#8221; established or maintained by
the Company, its Significant Subsidiaries or any of their ERISA Affiliates that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified and, except as described in the Prospectus, nothing has occurred, whether by action or
failure to act, which would reasonably be expected to result in the loss of such qualification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">jj. <U>Listing</U>. The Company is
subject to and in compliance in all material respects with the reporting requirements of Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act. The Depositary Shares are registered pursuant to Section&nbsp;12(b) or Section&nbsp;12(g) 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 Depositary Shares under the Exchange Act or delisting the Depositary Shares
from the Exchange, nor has the Company received any notification that the Commission or the Exchange is contemplating terminating such registration or listing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">kk. <U>Brokers</U>. Except for the Agent, there is no broker, finder or other party that is entitled to receive from the Company any brokerage
or finder&#8217;s fee or other fee or commission as a result of any transactions contemplated by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">ll. <U>No Outstanding
Loans or Other Indebtedness</U>. Except as described in the Prospectus, there are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company to or for
the benefit of any of the officers or directors of the Company or any of the immediate family members of any of them. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">mm. <U>FINRA Matters</U>. All of the information provided to the Agent or to counsel for the
Agent by the Company, its officers and, to the Company&#8217;s knowledge, directors and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with letters, filings or other supplemental
information provided to FINRA pursuant to FINRA Rule 5110 is true, complete and correct in all material respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">nn. <U>FINRA
Exemption</U>. As of the date of this Agreement, the Company qualifies as an &#8220;experienced issuer&#8221; (within the meaning of FINRA Conduct Rule 5110(j)(6)) for purposes of the exemption from filing under FINRA Conduct Rule 5110(h)(1)(C).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">oo. <U>No Reliance</U>. The Company has not relied upon the Agent or legal counsel for the Agent for any legal, tax or accounting advice
in connection with the offering and sale of the Placement Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">pp. <U>Purchases by the Agent</U>. The Company acknowledges and agrees
that the Agent has informed the Company that the Agent may, to the extent permitted under the Securities Act, the Exchange Act and this Agreement, purchase and sell Depositary Shares for its own account while this Agreement is in effect,
<I>provided, that </I>(i)&nbsp;no such purchase or sales shall take place while a Placement Notice is in effect (except to the extent the Agent may engage in sales of Placement Shares purchased or deemed purchased from the Company as a
&#8220;riskless principal&#8221; or in a similar capacity or as otherwise consented to by the Company) and (ii)&nbsp;the Company shall not be deemed to have authorized or consented to any such purchases or sales by the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">qq. <U>IT Systems</U>. (i)(x) To the knowledge of Company, there has been no security breach or other compromise of any Company&#8217;s
information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology
(collectively, &#8220;<U>IT Systems and Data</U>&#8221;) and (y)&nbsp;the Company has not been notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise to
their IT Systems and Data; (ii)&nbsp;the Company is presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal
policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in the case of
this clause (ii), individually or in the aggregate, have a Material Adverse Change; and (iii)&nbsp;the Company has implemented backup and disaster recovery technology consistent with industry standards and practices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">rr. <U>Enforceability of Agreements</U>. All agreements between the Company and third parties expressly referenced in the Prospectus, other
than such agreements that have expired by their terms or whose termination is disclosed in documents filed by the Company on EDGAR, are legal, valid and binding obligations of the Company and, to the Company&#8217;s knowledge, enforceable in
accordance with their respective terms, except to the extent that (i)&nbsp;enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable
principles and (ii)&nbsp;the indemnification provisions of certain agreements may be limited by federal or state securities laws or public policy considerations in respect thereof, and except for any unenforceability that, individually or in the
aggregate, would not have a Material Adverse Change. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">ss. <U>No Material Defaults</U>. Neither the Company nor any Significant Subsidiary has
defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would result in a Material Adverse Change. The Company has not filed a report
pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> indicating that it (i)&nbsp;has failed to pay any dividend or sinking fund installment on
preferred stock or (ii)&nbsp;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would result in a Material Adverse Change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">tt. <U>Broker/Dealer Relationships</U>. Neither the Company nor any Significant Subsidiary or any related entities (i)&nbsp;is required to
register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&nbsp;directly or indirectly through one or more intermediaries, controls or is a &#8220;person associated with a member&#8221;
or &#8220;associated person of a member&#8221; (within the meaning set forth in the FINRA Manual). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">uu. <U>Sarbanes-Oxley Act</U>. There
is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company&#8217;s directors or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the
Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the principal executive officer and the principal financial officer of the Company (or each former principal executive officer of the Company and each former principal
financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or
furnished by it to the Commission during the past 12 months. For purposes of the preceding sentence, &#8220;principal executive officer&#8221; and &#8220;principal financial officer&#8221; shall have the meanings given to such terms in the Exchange
Act Rules <FONT STYLE="white-space:nowrap">13a-15</FONT> and <FONT STYLE="white-space:nowrap">15d-15.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">vv. <U><FONT
STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangements</U>. There are no transactions, arrangements and other relationships between and/or among the Company, and/or, to the knowledge of the Company, any of its controlled affiliates and any
unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity (each, an &#8220;<U>Off Balance Sheet Transaction</U>&#8221;) that would affect materially the Company&#8217;s liquidity or the
availability of or requirements for its capital resources, including those Off Balance Sheet Transactions described in the Commission&#8217;s Statement about Management&#8217;s Discussion and Analysis of Financial Conditions and Results of
Operations (Release Nos. <FONT STYLE="white-space:nowrap">33-8056;</FONT> <FONT STYLE="white-space:nowrap">34-45321;</FONT> <FONT STYLE="white-space:nowrap">FR-61),</FONT> required to be described in the Registration Statement or the Prospectus
which have not been described as required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">ww. <U>Forward-Looking Statements</U>. No forward-looking statement (within the meaning of
Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Exchange Act) (a&nbsp;&#8220;<U>Forward-Looking Statement</U>&#8221;) contained in the Registration Statement and the Prospectus has been made or reaffirmed without a reasonable
basis or has been disclosed other than in good faith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">xx. <U>Margin Rules</U>. Neither the issuance, sale and delivery of the Placement
Shares nor the application of the proceeds thereof by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">yy. <U>No Misstatement or Omission in an Issuer Free Writing Prospectus</U>. Each Issuer
Free Writing Prospectus, as of its issue date and as of each Applicable Time (as defined in <U>Section</U><U></U><U>&nbsp;25</U> below), did not and does not, through the completion of the Placement or Placements for which such Issuer Free Writing
Prospectus is issued, include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any incorporated document deemed to be a part thereof that has not
been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agent specifically for use
therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any certificate signed by an officer of the Company and delivered to the Agent or to counsel for the Agent pursuant to or in
connection with this Agreement shall be deemed to be a representation and warranty by the Company, as applicable, to the Agent as to the matters set forth therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Covenants of the Company</U>. The Company covenants and agrees with the Agent that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">a. <U>Registration Statement Amendments</U>. After the date of this Agreement and during any period in which a prospectus relating to any
Placement Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act) (the &#8220;<U>Prospectus Delivery
Period</U>&#8221;) (i) the Company will notify the Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference or amendments not related to any Placement, has been filed with
the Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus related to the Placement or for
additional information related to the Placement, (ii)&nbsp;the Company will prepare and file with the Commission, promptly upon the Agent&#8217;s request, any amendments or supplements to the Registration Statement or Prospectus that, upon the
advice of the Company&#8217;s legal counsel, may be necessary or advisable in connection with the distribution of the Placement Shares by the Agent (<I>provided, however</I>, that the failure of the Agent to make such request shall not relieve the
Company of any obligation or liability hereunder, or affect the Agent&#8217;s right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent shall have with respect to
the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus relating to the
Placement Shares or a security convertible into the Placement Shares (other than an Incorporated Document) unless a copy thereof has been submitted to the Agent within a reasonable period of time before the filing and the Agent has not reasonably
objected thereto (<I>provided, however</I>, that (A)&nbsp;the failure of the Agent to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agent&#8217;s right to rely on the representations and
warranties made by the Company in this Agreement and (B)&nbsp;the Company has no obligation to provide the Agent any advance copy of such filing or to provide the Agent an </P>
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opportunity to object to such filing if the filing does not name the Agent or does not relate to the transaction herein provided; and provided, further, that the only remedy the Agent shall have
with respect to the failure by the Company to obtain such consent shall be to cease making sales under this Agreement) and the Company will furnish to the Agent at the time of filing thereof a copy of any document that upon filing is deemed to be
incorporated by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv)&nbsp;the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission as required
pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time period
prescribed (the determination to file or not file any amendment or supplement with the Commission under this <U>Section</U><U></U><U>&nbsp;7(a)</U>, based on the Company&#8217;s reasonable opinion or reasonable objections, shall be made exclusively
by the Company). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">b. <U>Notice of Commission Stop Orders</U>. The Company will advise the Agent, promptly after it receives notice or
obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering or sale in
any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be
issued. The Company will advise the Agent promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements to the Prospectus or any Issuer Free Writing Prospectus or for
additional information related to the offering of the Placement Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">c. <U>Delivery of Prospectus; Subsequent Changes</U>. During the Prospectus Delivery Period, the Company will comply in all material respects
with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates (taking into account any extensions available under the Exchange Act) all reports and any definitive
proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If the Company has omitted any information from the
Registration Statement pursuant to Rule 430A under the Securities Act, it will use its commercially reasonable efforts to comply with the provisions of and make all requisite filings with the Commission pursuant to said Rule 430A and to notify the
Agent promptly of all such filings. If during the Prospectus Delivery Period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such Prospectus Delivery Period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with
the Securities Act, the Company will promptly notify the Agent to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company)
so as to correct such statement or omission or effect such compliance; <I>provided, however</I>, that the Company may delay the filing of any amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">d. <U>Listing of Placement Shares</U>. During the Prospectus Delivery Period, the Company
will use its commercially reasonable efforts to cause the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions in the United States as the Agent reasonably
designates and to continue such qualifications in effect so long as required for the distribution of the Placement Shares; <I>provided, however</I>, that the Company shall not be required in connection therewith to qualify as a foreign corporation
or dealer in securities, file a general consent to service of process, or subject itself to taxation in any jurisdiction if it is not otherwise so subject. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">e. <U>Delivery of Registration Statement and Prospectus</U>. The Company will furnish to the Agent and its counsel (at the reasonable expense
of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during
the Prospectus Delivery Period (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as the Agent may
from time to time reasonably request and, at the Agent&#8217;s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; <I>provided, however</I>, that the Company shall not be
required to furnish any document (other than the Prospectus) to the Agent to the extent such document is available on EDGAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">f.
<U>Earnings Statement</U>. The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company&#8217;s current fiscal quarter, an earnings statement
covering a <FONT STYLE="white-space:nowrap">12-month</FONT> period that satisfies the provisions of Section&nbsp;11(a) and Rule 158 of the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">g. <U>Use of Proceeds</U>. The Company will use the Net Proceeds as described in the Prospectus in the section entitled &#8220;Use of
Proceeds.&#8221; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">h. <U>Notice of Other Sales</U>. Without the prior written consent of the Agent, the Company will not, directly or
indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Depositary Shares (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for
Depositary Shares, Preferred Stock, warrants or any rights to purchase or acquire, Preferred Stock during the period beginning on the date on which any Placement Notice is delivered to the Agent hereunder and ending on the third (3rd) Trading Day
immediately following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement
Notice, the date of such suspension or termination); and will not directly or indirectly in any other &#8220;at the market offering&#8221; or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise
dispose of any Depositary Shares (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Depositary Shares, Preferred Stock, warrants or any rights to purchase or acquire, Preferred
Stock prior to the termination of this Agreement; <I>provided, however</I>, that such restrictions will not apply in connection with the Company&#8217;s issuance, grant or sale of (i)&nbsp;capital stock, options to purchase Common Stock or Common
Stock issuable upon the exercise of options or vesting of other securities, pursuant to any stock option, or benefits plan, stock ownership plan or dividend </P>
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reinvestment plan (but not capital stock subject to a waiver to exceed plan limits in its dividend reinvestment plan), inducement award under Nasdaq rules or other compensation plan of the
Company whether now in effect or hereafter implemented; (ii)&nbsp;capital stock issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company available
on EDGAR or otherwise in writing to the Agent, (iii)&nbsp;capital stock, or securities convertible into or exercisable for capital stock, offered and sold in a privately negotiated transaction to vendors, customers, strategic partners or potential
strategic partners or other investors conducted in a manner so as not to be integrated with the offering of capital stock hereby and (iv)&nbsp;capital stock in connection with any acquisition, strategic investment or other similar transaction
(including any joint venture, strategic alliance or partnership). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">i. <U>Change of Circumstances</U>. The Company will, at any time during
the pendency of a Placement Notice advise the Agent promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other
document required to be provided to the Agent pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">j. <U>Due Diligence Cooperation</U>. During the term of this
Agreement, the Company will cooperate with any reasonable due diligence review conducted by the Agent or its representatives in connection with the transactions contemplated hereby, including, without limitation, providing information and making
available documents and senior corporate officers, during regular business hours and at the Company&#8217;s principal offices, as the Agent may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">k. <U>Required Filings Relating to Placement of Placement Shares</U>. The Company agrees that on such dates as the Securities Act shall
require, the Company will (i)&nbsp;file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act (each and every date a filing under Rule 424(b) is made, a &#8220;<U>Filing Date</U>&#8221;),
which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect to such Placement
Shares, and (ii)&nbsp;deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market; <I>provided</I>, that,
unless a prospectus supplement containing such information is required to be filed under the Securities Act, the requirement of this Section&nbsp;7(k) may be satisfied by Company&#8217;s inclusion in the Company&#8217;s Form <FONT
STYLE="white-space:nowrap">10-K</FONT> or Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> as applicable, of the number or amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the
Company to the Agent with respect to such Placement Shares during the relevant period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">l. <U>Representation Dates; Certificate</U>. Each
time during the term of this Agreement that the Company: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) amends or supplements (other than a prospectus supplement relating solely to
an offering of securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by
reference into the Registration Statement or the Prospectus relating to the Placement Shares; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) files an annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> under the
Exchange Act (including any Form <FONT STYLE="white-space:nowrap">10-K/A</FONT> containing amended audited financial information or a material amendment to the previously filed Form <FONT STYLE="white-space:nowrap">10-K);</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) files its quarterly reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> under the Exchange Act; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) files a current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> containing amended financial information (other than
information &#8220;furnished&#8221; pursuant to Items 2.02 or 7.01 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> or to provide disclosure pursuant to Item 8.01 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> relating to the
reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No.&nbsp;144) under the Exchange Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(each date of filing of one or more of the documents referred to in clauses (i)&nbsp;through (iv) shall be a &#8220;<U>Representation Date</U>.&#8221;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the Company shall furnish the Agent (but in the case of clause (iv)&nbsp;above only if (1)&nbsp;a Placement Notice is pending or in effect and (2)&nbsp;the
Agent reasonably determines that the information contained in such Form <FONT STYLE="white-space:nowrap">8-K</FONT> is material) with a certificate, in the form attached hereto as <U>Exhibit 7(1)</U> within five (5)&nbsp;Trading Days of any
Representation Date. The requirement to provide a certificate under this <U>Section</U><U></U><U>&nbsp;7(1)</U> shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending or in effect, which waiver shall
continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date on which the Company files its
annual report on Form <FONT STYLE="white-space:nowrap">10-K.</FONT> Notwithstanding the foregoing, (i)&nbsp;upon the delivery of the first Placement Notice hereunder and (ii)&nbsp;if the Company subsequently decides to sell Placement Shares
following a Representation Date when the Company relied on such waiver and did not provide the Agent with a certificate under this <U>Section</U><U></U><U>&nbsp;7(1)</U>, then before the Agent sells any Placement Shares, the Company shall provide
the Agent with a certificate, in the form attached hereto as <U>Exhibit 7(1)</U>, dated the date of the Placement Notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">m. <U>Legal
Opinion</U>. On or prior to the date of the first Placement Notice given hereunder the Company shall cause to be furnished to the Agent a written opinion and a negative assurance letter of Gibson, Dunn&nbsp;&amp; Crutcher LLP and a written opinion
of Brownstein Hyatt Farber Schreck, LLP (each, a &#8220;<U>Company Counsel</U>&#8221;), or other counsel reasonably satisfactory to the Agent, each in form and substance reasonably satisfactory to the Agent. Thereafter, within five (5)&nbsp;Trading
Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(l) for which no waiver is applicable, the Company shall cause to be furnished to the Agent
a&nbsp;negative assurance letter of Gibson, Dunn&nbsp;&amp; Crutcher LLP in form and substance reasonably satisfactory to the Agent; provided, however, that the Company shall not be required to furnish any such opinion or negative assurance letter
if Duane Morris LLP, or other counsel for the Agent, does not also deliver a written opinion or negative assurance letter to the Agent dated as of such date; provided, further, that with respect to a Representation Date on which the Company files
its annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> under the Exchange Act, if the Company does not intend to deliver a Placement Notice in such calendar year, the requirement to furnish such opinion or negative assurance letter
shall be waived until such time as a Placement Notice is provided; provided, further, that in lieu of such negative assurance letters </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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for subsequent Representation Dates, counsel may furnish the Agent with a letter (a&nbsp;&#8220;<U>Reliance Letter</U>&#8221;) to the effect that the Agent may rely on the negative assurance
letter previously delivered under this Section&nbsp;7(m) to the same extent as if it were dated the date of such letter (except that statements in such prior letter shall be deemed to relate to the Registration Statement and the Prospectus as
amended or supplemented as of the date of the Reliance Letter). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">n. <U>Comfort Letter</U>. On or prior to the date of the first Placement
Notice given hereunder and within five (5)&nbsp;Trading Days after each subsequent Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(l), other than pursuant to
Section&nbsp;7(l)(iii), the Company shall cause its independent accountants to furnish the Agent letters (the &#8220;<U>Comfort Letters</U>&#8221;), dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this
<U>Section</U><U></U><U>&nbsp;7(n)</U>. The Comfort Letter from the Company&#8217;s independent accountants shall be in a form and substance reasonably satisfactory to the Agent, (i)&nbsp;confirming that they are an independent public accounting
firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (the &#8220;<U>PCAOB</U>&#8221;), (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and
other matters ordinarily covered by accountants&#8217; &#8220;comfort letters&#8221; to underwriters in connection with registered public offerings (the first such letter, the &#8220;<U>Initial Comfort Letter</U>&#8221;) and (iii)&nbsp;updating the
Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented
to the date of such letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">o. <U>Market Activities</U>. Neither the Company, nor any Subsidiary, will take, directly or indirectly, any
action designed, or that has constituted or would cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">p. <U>Investment Company Act</U>. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor any of
its Significant Subsidiaries will be or become, at any time prior to the termination of this Agreement, an &#8220;investment company,&#8221; as such term is defined in the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">q. <U>No Offer to Sell</U>. Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agent in its capacity as
agent hereunder pursuant to <U>Exhibit 23</U>, neither of the Agent nor the Company (including its agents and representatives, other than the Agent in its capacity as such) will make, use, prepare, authorize, approve or refer to any written
communication (as defined in Rule 405), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">r. <U>Sarbanes-Oxley Act</U>. The Company will maintain and keep accurate books and records reflecting its assets and maintain internal
accounting controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and including those policies and
procedures that (i)&nbsp;pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii)&nbsp;provide reasonable assurance that transactions are
recorded as necessary to permit the preparation of the Company&#8217;s consolidated financial statements in accordance with GAAP, (iii)&nbsp;that receipts and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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expenditures of the Company are being made only in accordance with management&#8217;s and the Company&#8217;s directors&#8217; authorization, and (iv)&nbsp;provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of the Company&#8217;s assets that could have a material effect on its financial statements. The Company will maintain disclosure controls and procedures that comply with
the requirements of the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Representations and Covenants of the Agent</U>. The Agent represents and warrants that it is
duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states in which the Agent is exempt from registration or
such registration is not otherwise required. The Agent shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the
Placement Shares will be offered and sold, except such states in which it is exempt from registration or such registration is not otherwise required, during the term of this Agreement. The Agent shall comply with all applicable law and regulations,
including but not limited to Regulation M, in connection with the transactions contemplated by this Agreement, including the issuance and sale through the Agent of the Placement Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Payment of Expenses</U>. The Company will pay all expenses incident to the performance of its obligations under this Agreement,
including (i)&nbsp;the preparation, filing, including any fees required by the Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment and supplement thereto and
each Issuer Free Writing Prospectus, in such number as the Agent shall deem reasonably necessary, (ii)&nbsp;the printing and delivery to the Agent of this Agreement and such other documents as may be required in connection with the offering,
purchase, sale, issuance or delivery of the Placement Shares, (iii)&nbsp;the preparation, issuance and delivery of the certificates, if any, for the Placement Shares to the Agent, including any stock or other transfer taxes and any capital duties,
stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to the Agent, (iv)&nbsp;the fees and disbursements of the counsel, accountants and other advisors to the Company, (v)&nbsp;the reasonable and
documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and disbursements of counsel to the Agent incurred in connection with (a)&nbsp;entering into the transactions contemplated by this
Agreement in an amount not to exceed $75,000 in the aggregate, and (b)&nbsp;ongoing diligence arising from the transactions contemplated by this Agreement in an amount not to exceed $15,000 in the aggregate per calendar quarter; (vi)&nbsp;the fees
and expenses of the transfer agent and registrar for the Depositary Shares, (vii)&nbsp;the filing fees incident to any review by FINRA of the terms of the sale of the Placement Shares, and (viii)&nbsp;the fees and expenses incurred in connection
with the listing of the Placement Shares on the Exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Conditions to the Agent&#8217;s Obligations</U>. The obligations of the
Agent hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein (other than those representations and warranties made as of a specified date or
time), to the due performance in all material respects by the Company of its obligations hereunder, to the completion by the Agent of a due diligence review satisfactory to it in its reasonable judgment, and to the continuing reasonable satisfaction
(or waiver by the Agent in its sole discretion) of the following additional conditions: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">a. <U>Registration Statement Effective</U>. The Registration Statement shall remain
effective and shall be available for the sale of all Placement Shares contemplated to be issued by any Placement Notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">b. <U>No
Material Notices</U>. None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Company of any request for additional information from the Commission or any other federal or state governmental authority during the
period of effectiveness of the Registration Statement, the response to which would require any <FONT STYLE="white-space:nowrap">post-effective</FONT> amendments or supplements to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance
by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or receipt by the Company of notification of the initiation of any proceedings for that purpose;
(iii)&nbsp;receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or receipt by the Company of notification of the
initiation of, or a threat to initiate, any proceeding for such purpose; or (iv)&nbsp;the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus or any material Incorporated Document untrue in
any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or any material Incorporated Document so that, in the case of the Registration Statement, it will not contain any materially untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus or any material Incorporated Document, it will not
contain any materially 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="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">c. <U>No Misstatement or Material Omission</U>. The Agent shall not have advised the Company that the Registration Statement or
Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&#8217;s reasonable opinion is material, or omits to state a fact that in the Agent&#8217;s reasonable opinion is material and is required to
be stated therein or is necessary to make the statements therein not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">d. <U>Material Changes</U>. Except as contemplated in
the Prospectus, or disclosed in the Company&#8217;s reports filed with the Commission, there shall not have been any Material Adverse Change, or any development that would result in a Material Adverse Change, or a downgrading in or withdrawal of the
rating assigned to any of the Company&#8217;s securities (other than asset backed securities) by any &#8220;nationally recognized statistical rating organization,&#8221; as such term is defined by the Commission for purposes of Rule 436(g)(2) under
the Securities Act (a &#8220;<U>Rating Organization</U>&#8221;), or a public announcement by any Rating Organization that it has under surveillance or review its rating of any of the Company&#8217;s securities (other than asset backed securities),
the effect of which, in the case of any such action by a Rating Organization described above, in the reasonable judgment of the Agent (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it
impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">e. <U>Company Counsel Legal Opinion</U>. The Agent shall have received the opinions and negative assurance letter, as applicable, from each
Company Counsel required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;7(m)</U> on or before the date on which such delivery of such opinions and negative assurance letter are required pursuant to <U>Section</U><U></U><U>&nbsp;7(m)</U>.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">f. <U>Agent Counsel Legal Opinion</U>. The Agent shall have received from Duane Morris LLP,
counsel for the Agent, such opinion or opinions, on or before the date on which the delivery of the Company Counsel legal opinion is required pursuant to <U>Section</U><U></U><U>&nbsp;7(m)</U>, with respect to such matters as the Agent 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="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">g. <U>Comfort Letter</U>. The Agent shall have received the Comfort Letter required to be delivered pursuant
<U>Section</U><U></U><U>&nbsp;7(n)</U> on or before the date on which such delivery of such letter is required pursuant to <U>Section</U><U></U><U>&nbsp;7(n)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">h. <U>Representation Certificate</U>. The Agent shall have received the certificate required to be delivered pursuant to
<U>Section</U><U></U><U>&nbsp;7(</U><U>1</U><U>)</U> on or before the date on which delivery of such certificate is required pursuant to <U>Section</U><U></U><U>&nbsp;7(1)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">i. <U>Secretary</U><U>&#8217;</U><U>s Certificate</U>. On or prior to the first Representation Date, the Agent shall have received a
certificate, signed on behalf of the Company by its corporate Secretary, in form and substance satisfactory to the Agent and its counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">j. <U>No Suspension</U>. Trading in the Depositary Shares shall not have been suspended on the Exchange and the Depositary Shares shall not
have been delisted from the Exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">k. <U>Other Materials</U>. On each date on which the Company is required to deliver a certificate
pursuant to <U>Section</U><U></U><U>&nbsp;7(1)</U>, the Company shall have furnished to the Agent such appropriate further information, certificates and documents as the Agent may reasonably request and which are usually and customarily furnished by
an issuer of securities in connection with a securities offering of the type contemplated hereby. All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">l. <U>Securities Act Filings Made</U>. All filings with the Commission required by Rule 424 under the Securities Act to have been filed prior
to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">m. <U>Approval for Listing</U>. The Placement Shares shall either have been approved for listing on the Exchange, subject only to notice of
issuance, or the Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to, the issuance of any Placement Notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">n. <U>No Termination Event</U>. There shall not have occurred any event that would permit the Agent to terminate this Agreement pursuant to
<U>Section</U><U></U><U>&nbsp;13(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Indemnification and Contribution</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Company Indemnification</U>. The Company agrees to indemnify and hold harmless the Agent, its partners, members, directors, officers,
employees and agents and each person, if any, who controls the Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act as follows: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred,
joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact
required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any related Issuer Free Writing Prospectus or the Prospectus
(or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; provided that (subject to <U>Section</U><U></U><U>&nbsp;11(d)</U> below) any such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed or withheld; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) against any and all expense whatsoever, as incurred (including the reasonable and documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i)&nbsp;or (ii) above, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided, however</I>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any
untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written information furnished to the Company by the Agent expressly for use in the Registration Statement (or any amendment
thereto), or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)
<U>Indemnification by the Agent</U>. The Agent agrees to indemnify and hold harmless the Company and its directors and officers, and each person, if any, who (i)&nbsp;controls the Company within the meaning of Section&nbsp;15 of the Securities Act
or Section&nbsp;20 of the Exchange Act or (ii)&nbsp;is controlled by or is under common control with the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in
<U>Section</U><U></U><U>&nbsp;11(a)</U>, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or in any related Issuer Free
Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information relating to the Agent and furnished to the Company in writing by the Agent expressly for use therein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Procedure</U>. Any party that proposes to assert the right to be indemnified under
this <U>Section</U><U></U><U>&nbsp;11</U> will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this
<U>Section</U><U></U><U>&nbsp;11</U>, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from
(i)&nbsp;any liability that it might have to any indemnified party otherwise than under this <U>Section</U><U></U><U>&nbsp;11</U> and (ii)&nbsp;any liability that it may have to any indemnified party under the foregoing provisions of this
<U>Section</U><U></U><U>&nbsp;11</U> unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it
notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the
commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the
indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable and
documented costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such
counsel will be at the expense of such indemnified party unless (1)&nbsp;the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2)&nbsp;the indemnified party has reasonably concluded (based on
advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3)&nbsp;a conflict or potential conflict of interest exists (based
on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or
(4)&nbsp;the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable and documented <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or
parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees,
disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such reasonable and documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees, disbursements and other charges will be reimbursed by the indemnifying party promptly after the indemnifying party receives a written invoice relating to such fees, disbursements and other
charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified
party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this <U>Section</U><U></U><U>&nbsp;11</U> (whether or not any indemnified party is a
party thereto), unless such settlement, compromise or consent (1)&nbsp;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
litigation, investigation, proceeding or claim and (2)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Contribution</U>. In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in the foregoing paragraphs of this <U>Section</U><U></U><U>&nbsp;11</U> is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or the Agent,
the Company and the Agent will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than the Agent, such as persons who control the Company within the meaning of the Securities Act or the Exchange Act, officers
of the Company who signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and the Agent may be subject in such proportion as shall be appropriate to reflect the relative benefits
received by the Company on the one hand and the Agent on the other hand. The relative benefits received by the Company on the one hand and the Agent on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the
sale of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation received by the Agent (before deducting expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the
allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but
also the relative fault of the Company, on the one hand, and the Agent, on the other hand, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other
relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state
a material fact relates to information supplied by the Company or the Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Agent
agree that it would not be just and equitable if contributions pursuant to this <U>Section</U><U></U><U>&nbsp;11(d)</U> were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable
considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this <U>Section</U><U></U><U>&nbsp;11(d)</U>
shall be deemed to include, for the purpose of this <U>Section</U><U></U><U>&nbsp;11(d)</U>, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the
extent consistent with <U>Section</U><U></U><U>&nbsp;11(c)</U> hereof. Notwithstanding the foregoing provisions of this <U>Section</U><U></U><U>&nbsp;11(d)</U>, the Agent shall not be required to contribute any amount in excess of the commissions
received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this <U>Section</U><U></U><U>&nbsp;11(d)</U>, any person who controls a party to this Agreement within the meaning of the Securities Act or the Exchange Act, and any officers, directors, partners, employees or
agents of the Agent, will have the same rights to contribution as that party, and each officer who signed the Registration Statement and director of the Company will have the same rights to contribution as the Company, subject in each case to the
provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this <U>Section </U>
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<U>11(d)</U>, will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought
from any other obligation it or they may have under this <U>Section</U><U></U><U>&nbsp;11(d)</U> except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom
contribution is sought. Except for a settlement entered into pursuant to the last sentence of <U>Section</U><U></U><U>&nbsp;11(c)</U> hereof, no party will be liable for contribution with respect to any action or claim settled without its written
consent if such consent is required pursuant to <U>Section</U><U></U><U>&nbsp;11(c)</U> hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Representations and Agreements to
Survive Delivery</U>. The indemnity and contribution agreements contained in Section&nbsp;11 of this Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their
respective dates, regardless of (i)&nbsp;any investigation made by or on behalf of the Agent, any controlling persons, or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the
Placement Shares and payment therefor or (iii)&nbsp;any termination of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Termination</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">a. The Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (1)&nbsp;if there has been, since the
time of execution of this Agreement or since the date as of which information is given in the Prospectus, any Material Adverse Change, or any development that would result in a Material Adverse Change that, in the sole judgment of the Agent, is
material and adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (2)&nbsp;if there has occurred any material adverse change in the financial markets in the
United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or
economic conditions, in each case the effect of which is such as to make it, in the judgment of the Agent, impracticable or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (3)&nbsp;if trading
in the Depositary Shares has been suspended or limited by the Commission or the Exchange, or if trading generally on the Exchange has been suspended or limited, or minimum prices for trading have been fixed on the Exchange, (4)&nbsp;if any
suspension of trading of any securities of the Company on any exchange or in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market shall have occurred and be continuing, (5)&nbsp;if a major
disruption of securities settlements or clearance services in the United States shall have occurred and be continuing, or (6)&nbsp;if a banking moratorium has been declared by either U.S. Federal or New York authorities. Any such termination shall
be without liability of any party to any other party except that the provisions of <U>Section</U>&nbsp;9 (Payment of Expenses), <U>Section</U><U></U><U>&nbsp;11</U> (Indemnification and Contribution), <U>Section</U><U></U><U>&nbsp;12</U>
(Representations and Agreements to Survive Delivery), <U>Section</U><U></U><U>&nbsp;18</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section</U><U></U><U>&nbsp;19</U> (Consent to Jurisdiction) hereof shall remain in full force and effect
notwithstanding such termination. If the Agent elects to terminate this Agreement as provided in this Section&nbsp;13(a), the Agent shall provide the required notice as specified in Section&nbsp;14 (Notices). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">b. The Company shall have the right, by giving five (5)&nbsp;days&#8217; notice as
hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of
<U>Section</U><U></U><U>&nbsp;9</U> (Payment of Expenses), <U>Section</U><U></U><U>&nbsp;11</U> (Indemnification and Contribution), <U>Section</U><U></U><U>&nbsp;12</U> (Representations and Agreements to Survive Delivery),
<U>Section</U><U></U><U>&nbsp;18</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section</U><U></U><U>&nbsp;19</U> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">c. The Agent shall have the right, by giving five (5)&nbsp;days&#8217; notice as hereinafter specified to terminate this Agreement in its sole
discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of <U>Section</U><U></U><U>&nbsp;9</U> (Payment of Expenses),
<U>Section</U><U></U><U>&nbsp;11</U> (Indemnification and Contribution), <U>Section</U><U></U><U>&nbsp;12</U> (Representations and Agreements to Survive Delivery), <U>Section</U><U></U><U>&nbsp;18</U> (Governing Law and Time; Waiver of Jury Trial)
and <U>Section</U><U></U><U>&nbsp;19</U> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">d. Unless earlier terminated pursuant to this <U>Section</U><U></U><U>&nbsp;13</U>, this Agreement shall automatically terminate upon the
issuance and sale of all of the Placement Shares through the Agent on the terms and subject to the conditions set forth herein except that the provisions of <U>Section</U><U></U><U>&nbsp;9</U> (Payment of Expenses),
<U>Section</U><U></U><U>&nbsp;11</U> (Indemnification and Contribution), <U>Section</U><U></U><U>&nbsp;12</U> (Representations and Agreements to Survive Delivery), <U>Section</U><U></U><U>&nbsp;18</U> (Governing Law and Time; Waiver of Jury Trial)
and <U>Section</U><U></U><U>&nbsp;19</U> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">e. This Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections 13(a)</U>, <U>(b</U>), <U>(c</U>), or
<U>(d)</U>&nbsp;above or otherwise by mutual agreement of the parties; <I>provided, however</I>, that any such termination by mutual agreement shall in all cases be deemed to provide that <U>Section</U><U></U><U>&nbsp;9</U> (Payment of Expenses),
<U>Section</U><U></U><U>&nbsp;11</U> (Indemnification and Contribution), <U>Section</U><U></U><U>&nbsp;12</U> (Representations and Agreements to Survive Delivery), <U>Section</U><U></U><U>&nbsp;18</U> (Governing Law and Time; Waiver of Jury Trial)
and <U>Section</U><U></U><U>&nbsp;19</U> (Consent to Jurisdiction) shall remain in full force and effect. Upon termination of this Agreement, the Company shall not have any liability to the Agent for any discount, commission or other compensation
with respect to any Placement Shares not otherwise sold by the Agent under this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">f. Any termination of this Agreement shall be
effective on the date specified in such notice of termination; <I>provided, however</I>, that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case may be.
If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Notices</U>. All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms
of this Agreement shall be in writing, unless otherwise specified, and if sent to the Agent, shall be delivered to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">H.C.
Wainwright&nbsp;&amp; Co., LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">430 Park Avenue, 3<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">New York, NY 10022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention:
&#8194;Head of Investment Banking </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: &#8195;&#8194;&#8194;notices@hcwco.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Duane Morris LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">22 Vanderbilt
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">335 Madison Avenue, 23rd Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">New York, NY 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention:
&#8194;Dean M. Colucci </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Telephone: (973) <FONT STYLE="white-space:nowrap">424-2020</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: &#8194;&#8194;&#8194;&#8194;dmcolucci@duanemorris.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and if to the Company, shall be delivered to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2200
Powell Street, Suite 310 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Emeryville, CA 94608 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention: &#8195;Thomas Burns </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Telephone: &#8194;(510) <FONT STYLE="white-space:nowrap">204-7200</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: &#8195;&#8195;&#8194;burns@xoma.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copy: &#8195;&#8195;&#8194;LegalGroup@xoma.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Gibson, Dunn&nbsp;&amp;
Crutcher LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">One Embarcadero Center, Suite 2600 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">San Francisco, CA 94111 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention: &#8195;Ryan A. Murr, Branden C. Berns and Melanie E. Neary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Telephone:&#8194; (415) <FONT STYLE="white-space:nowrap">393-8373</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: &#8195;&#8195;&#8194;rmurr@gibsondunn.com; BBerns@gibsondunn.com; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8194;&#8194;MNeary@gibsondunn.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.
Each such notice or other communication shall be deemed given (i)&nbsp;when delivered personally, by email, or by verifiable facsimile transmission on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day,
on the next succeeding Business Day, (ii)&nbsp;on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii)&nbsp;on the Business Day actually received if deposited in the U.S. mail (certified or registered
mail, return receipt requested, postage prepaid). For purposes of this Agreement, &#8220;<U>Business Day</U>&#8221; shall mean any day on which the Exchange and commercial banks in the City of New York are open for business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An email or electronic communication (&#8220;<U>Electronic Notice</U>&#8221;) shall be deemed written notice for purposes of this Section&nbsp;14 if sent to
the electronic mail address specified by the receiving party in this Section&nbsp;14. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives actual acknowledgment of receipt from the person whom the
notice is sent, other than via auto-reply. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&#8220;<U>Nonelectronic Notice</U>&#8221;), which shall be sent to the
requesting party within 10 days of receipt of the written request for Nonelectronic Notice. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Successors and Assigns</U>. This Agreement shall inure to the benefit of and be
binding upon the Company and the Agent and their respective successors and the affiliates, controlling persons, officers and directors referred to in <U>Section</U><U></U><U>&nbsp;11</U> hereof. References to any of the parties contained in this
Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted
assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither the Company nor the Agent may assign its rights or obligations under this Agreement without the
prior written consent of the other party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all <FONT
STYLE="white-space:nowrap">share-related</FONT> numbers contained in this Agreement shall be adjusted to take into account any share consolidation, stock split, stock dividend, corporate domestication or similar event effected with respect to the
Placement Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Entire Agreement; Amendment; Severability</U>. This Agreement (including all schedules and exhibits attached
hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter
hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agent; <I>provided</I>, however, that <U>Schedule 3</U> of this Agreement may be amended by either party from
time to time by sending a notice containing a revised <U>Schedule 3</U> to the other party in the manner provided in Section&nbsp;14 and, upon such amendment, all references herein to <U>Schedule 3</U> shall automatically be deemed to refer to such
amended <U>Schedule 3</U>. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such
provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or
provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. THE COMPANY AND THE AGENT EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>CONSENT TO JURISDICTION</U>. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE <FONT
STYLE="white-space:nowrap">NON-EXCLUSIVE</FONT> JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED
HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT
FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED
OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED
HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Use of Information</U>. The
Agent may not use any information gained in connection with this Agreement and the transactions contemplated by this Agreement, including due diligence, to advise any party with respect to transactions not expressly approved by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Counterparts</U>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act
of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.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="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <U>Effect of Headings</U>. The section, Schedule and Exhibit headings herein
are for convenience only and shall not affect the construction hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23. <U>Permitted Free Writing Prospectuses</U>. The Company
represents, warrants and agrees that, unless it obtains the prior consent of the Agent, and the Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any offer relating to
the Placement Shares that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a &#8220;free writing prospectus,&#8221; as defined in Rule 405, required to be filed with the Commission. Any such free writing
prospectus consented to by the Agent or by the Company, as the case may be, is hereinafter referred to as a &#8220;Permitted Free Writing Prospectus.&#8221; The Company represents and warrants that it has treated and agrees that it will treat each
Permitted Free Writing Prospectus as an &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433, and has complied and will comply in all material respects with the requirements of Rule 433 applicable to any Permitted Free Writing
Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <U>Exhibit 23</U> hereto are Permitted
Free Writing Prospectuses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24. <U>Absence of Fiduciary Relationship</U>. The Company acknowledges and agrees that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">a. The Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction
contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any
other party, on the one hand, and the Agent, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent has advised or is advising the Company on
other matters, and the Agent has no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">b. it 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="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">c. the Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions
contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">d. it is aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ from
those of the Company and the Agent has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">e. it waives, to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged breach
of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the Agent shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty
claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or creditors of Company, other than in respect of the Agent&#8217;s obligations under this Agreement and to keep information provided
by the Company to the Agent and its counsel confidential to the extent not otherwise publicly-available. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25. <U>Definitions</U>. As used
in this Agreement, the following terms have the respective meanings set forth below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<U>Applicable Time</U>&#8221; means
(i)&nbsp;each Representation Date and (ii)&nbsp;the time of each sale of any Placement Shares pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<U>Issuer Free Writing Prospectus</U>&#8221; means any &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433, relating
to the Placement Shares that (1)&nbsp;is required to be filed with the Commission by the Company, (2)&nbsp;is a &#8220;road show&#8221; that is a &#8220;written communication&#8221; within the meaning of Rule 433(d)(8)(i) whether or not required to
be filed with the Commission, or (3)&nbsp;is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the offering that does not reflect the final terms, in each case in the form filed or
required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&#8217;s records pursuant to Rule 433(g) under the Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<U>Rule 172</U>,&#8221; &#8220;<U>Rule 405</U>,&#8221; &#8220;<U>Rule 415</U>,&#8221;
&#8220;<U>Rule 424</U>,&#8221; &#8220;<U>Rule 424(b)</U>,&#8221; &#8220;<U>Rule 430B</U>,&#8221; and &#8220;<U>Rule 433</U>&#8221; refer to such rules under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to financial statements and schedules and other information that is &#8220;contained,&#8221;
&#8220;included&#8221; or &#8220;stated&#8221; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is
incorporated by reference in the Registration Statement or the Prospectus, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to the
Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus
(other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this
Agreement to &#8220;supplements&#8221; to the Prospectus shall include, without limitation, any supplements, &#8220;wrappers&#8221; or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by
the Agent outside of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Remainder of the page intentionally left blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the foregoing correctly sets forth the understanding between the Company and the Agent, please so
indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and the Agent. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>XOMA ROYALTY CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas Burns</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Thomas Burns</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Senior Vice President, Finance and Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ACCEPTED as of the date first-above written:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>H.C. WAINWRIGHT&nbsp;&amp; CO., LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Edward D. Silvera</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Edward D. Silvera</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Operating Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SCHEDULE 1 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF PLACEMENT NOTICE </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">From:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XOMA Royalty Corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">To:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">H.C. Wainwright&nbsp;&amp; Co., LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[&#149;]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Subject:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">At the Market Offering&#8212;Placement Notice</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the terms and subject to the conditions contained in the Sales Agreement between XOMA Royalty Corporation, a Nevada corporation
(the &#8220;<U>Company</U>&#8221;), and H.C. Wainwright&nbsp;&amp; Co., LLC (the &#8220;<U>Agent</U>&#8221;), dated October&nbsp;3, 2025, the Company hereby requests that the Agent sell up to [____] of the Company&#8217;s Depositary Shares, each
representing 1/1000<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> of a share of the Company&#8217;s 8.375% Series B Cumulative Perpetual Preferred Stock, par value $0.05 and liquidation preference of $25,000.00 per share, at a minimum
market price of $ per share, during the time period beginning [month, day, time] and ending [month, day, time]. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SCHEDULE 2 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Compensation </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company shall pay to the Agent in cash, upon each sale of Placement Shares pursuant to this Agreement, an amount up to 3.0% of the gross
proceeds from each sale of Placement Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SCHEDULE 3 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notice Parties </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="top"><U>The Company</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Thomas Burns</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>burns@xoma.com</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Christine Theriault</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Christine.Theriault@xoma.com</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Owen Hughes</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>owen.hughes@xoma.com</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>H.C. Wainwright&nbsp;&amp; Co., LLC</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Craig Schwabe</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>cs@hcwco.com</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Charles Worthman</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>cworthman@hcwco.com</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">with a copy to <U>atm@hcwco.com</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT 7(1) </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Representation Date Certificate </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>___________, 2025 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Representation Date Certificate (this &#8220;<U>Certificate</U>&#8221;) is executed and delivered in connection with <U>Section</U><U></U><U>&nbsp;7(1)</U> of the Sales Agreement (the &#8220;<U>Agreement</U>&#8221;), dated October&nbsp;3, 2025, and
entered into between XOMA Royalty Corporation (the &#8220;<U>Company</U>&#8221;) and H.C. Wainwright&nbsp;&amp; Co., LLC, Inc. All capitalized terms used but not defined herein shall have the meanings given to such terms in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby certifies as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. As of the date of this Certificate (i)&nbsp;the Registration Statement does not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein not misleading and (ii)&nbsp;neither the Registration Statement nor the Prospectus contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (iii)&nbsp;no event has occurred as a result of which it is
necessary to amend or supplement the Prospectus in order to make the statements therein not untrue or misleading for this paragraph 1 to be true. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Each of the representations and warranties of the Company contained in the Agreement were, when originally made, and are, as of the date of
this Certificate, true and correct in all material respects, except for those representations and warranties that speak solely as of a specific date and which were true and correct in all material respects as of such date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Except as waived by the Agent in writing, each of the covenants required to be performed by the Company in the Agreement on or prior to the
date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the Agreement, has been duly, timely and fully performed in all material respects and each condition required to be complied with by
the Company on or prior to the date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the Agreement has been duly, timely and fully complied with in all material respects. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Subsequent to the date of the most recent financial statements in the Prospectus, and except as described in the Prospectus, including
Incorporated Documents, there has been no Material Adverse Change. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. No stop order suspending the effectiveness of the Registration
Statement or of any part thereof has been issued, and no proceedings for that purpose have been instituted or are pending or threatened by any securities or other governmental authority (including, without limitation, the Commission). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. No order suspending the effectiveness of the Registration Statement or the qualification
or registration of the Placement Shares under the securities or Blue Sky laws of any jurisdiction are in effect and no proceeding for such purpose is pending before, or threatened, to the Company&#8217;s knowledge or in writing by, any securities or
other governmental authority (including, without limitation, the Commission). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned has executed this Representation Date
Certificate as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>XOMA ROYALTY CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT 23 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Permitted Issuer Free Writing Prospectuses </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">None. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<IMG SRC="g64736g1003120738049.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brownstein Hyatt Farber Schreck, LLP</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">702.382.2101 main</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 North City Parkway, Suite 1600</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Las Vegas, Nevada 89106</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA
Royalty Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2200 Powell Street, Suite 310 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emeryville, California 94608 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the addressee set forth above:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as local Nevada counsel to XOMA Royalty Corporation, a Nevada corporation (the &#8220;<U>Company</U>&#8221;), which is the
resulting entity (as defined in Nevada Revised Statutes 92A.090) in the conversion of XOMA Royalty Corporation, a Delaware corporation (the &#8220;<U>Delaware Corporation</U>&#8221;), into a Nevada corporation (the &#8220;<U>Conversion</U>&#8221;),
in connection with the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-277794)</FONT> (including the Prospectus (as defined below) contained therein, the
&#8220;<U>Registration Statement</U>&#8221;), previously filed with the Securities and Exchange Commission (the &#8220;<U>Commission</U>&#8221;) under the Securities Act of 1933, as amended (the &#8220;<U>Act</U>&#8221;), on June&nbsp;17, 2024,
relating to the registration for offering and sale from time to time by the Company of an indeterminate number of the following securities of the Company, pursuant to the base prospectus (the &#8220;<U>Prospectus</U>&#8221;) included therein: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) shares (&#8220;<U>Common Shares</U>&#8221;) of the Company&#8217;s common stock, par value $0.0075 per share (the &#8220;<U>Common
Stock</U>&#8221;), which Common Shares include any shares of Common Stock issuable upon the (x)&nbsp;conversion or exchange, as applicable, of any Debt Securities (as defined below) convertible or exchangeable into shares of Common Stock and
(y)&nbsp;exercise of any Warrants (as defined below) to purchase shares of Common Stock; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) shares (&#8220;<U>Preferred
Shares</U>&#8221;, and together with the Common Shares, &#8220;<U>Shares</U>&#8221;) of the Company&#8217;s preferred stock, par value $0.05 per share (the &#8220;<U>Preferred Stock</U>&#8221;) in one or more series, which Preferred Shares include
any shares of Preferred Stock issuable upon the (x)&nbsp;conversion or exchange, as applicable, of any Debt Securities convertible or exchangeable into shares of Preferred Stock and (y)&nbsp;exercise of any Warrants to purchase shares of Preferred
Stock; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) depositary shares representing fractional interests in shares of Preferred Stock (&#8220;<U>Depositary Shares</U>&#8221;) to
be issued pursuant to one or more depositary receipts or depositary agreements (each such receipt or agreement, a &#8220;<U>Deposit Agreement</U>&#8221;), which Depositary Shares include any Depositary Shares issuable upon the exercise of any
Warrants (as defined below) to purchase Depositary Shares; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) debt securities (&#8220;<U>Debt Securities</U>&#8221;) to be issued
pursuant to one or more indentures in substantially the form filed as an exhibit to the Registration Statement (each, as amended or supplemented through and including the date of each issuance of Debt Securities, an &#8220;<U>Indenture</U>&#8221;),
which Debt Securities include any Debt Securities issuable upon the exercise of any Warrants to purchase Debt Securities; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) warrants to purchase shares of Common Stock, shares of Preferred Stock, Depositary
Shares, Debt Securities or any combination thereof (&#8220;<U>Warrants</U>&#8221;), issued pursuant to one or more warrant agreements (each, a &#8220;<U>Warrant Agreement</U>&#8221;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) subscription rights to purchase shares of Common Stock, shares of Preferred Stock, Depositary Shares, Debt Securities or any combination
thereof (&#8220;<U>Subscription Rights</U>&#8221;), to be evidenced by an applicable subscription rights certificate (each, a &#8220;<U>Subscription Rights Certificate</U>&#8221;) and issued pursuant to one or more standby underwriting or purchase
agreements with one or more underwriters or other persons (each, a &#8220;<U>Subscription Rights Agreement</U>&#8221;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) contingent
value rights presenting the contractual right to receive additional consideration in connection with an acquisition of businesses, assets, royalty interests or securities of other companies (&#8220;<U>CVRs</U>&#8221;, and together with Subscription
Rights, &#8220;<U>Rights</U>&#8221;), to be evidenced by an applicable contingent value rights certificate (each, a &#8220;<U>CVR Certificate</U>&#8221;) and issued pursuant to one or more contingent value rights agreements (each, a &#8220;<U>CVR
Agreement</U>&#8221;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) royalty certificates representing the contractual right to receive royalties from the Company and/or the
Company&#8217;s existing or future subsidiaries, including royalties of third parties for which the Company has a contractual entitlement (&#8220;<U>Royalty Certificates</U>&#8221;), to be issued pursuant to one or more subscription agreements
(each, a &#8220;<U>Subscription Royalties Agreement</U>&#8221;) or CVR Agreement; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) units (the &#8220;<U>Units</U>&#8221;, and
together with the Shares, Depositary Shares, Debt Securities, Warrants, Rights and Royalty Certificates, the &#8220;<U>Securities</U>&#8221;) comprising any combination of the foregoing Securities, to be issued pursuant to one or more unit
agreements (each, a &#8220;<U>Unit Agreement</U>&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion letter is being delivered at your request pursuant to the
requirements of Item 601(b)(5) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> under the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 registration of the Securities as described in the Registration Statement. 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 Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Registration Statement, including the Prospectuses, (ii)&nbsp;the Company&#8217;s articles of incorporation and bylaws, each as amended
to date (collectively, the &#8220;<U>Governing Documents</U>&#8221;), and (iii)&nbsp;such other agreements, instruments, corporate records (including, without limitation, resolutions adopted by the board of directors and any committee thereof) and
documents, or forms thereof, as we have deemed necessary or appropriate, 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without limiting the generality of the foregoing, we have, with your permission, assumed
without independent verification that: (i)&nbsp;each agreement, instrument and other document (or form thereof) we have reviewed or which is referenced herein or therein has been or will be duly executed and delivered by the parties thereto to the
extent due execution and delivery are prerequisites to the effectiveness thereof; (ii)&nbsp;any and all agreements, instruments and other documents relating to the offering, issuance, registration or sale of any Securities, including any and all
Deposit Agreements (including each depositary receipt contemplated thereby), Indentures (including any officer&#8217;s certificate(s) or supplemental indenture(s) relating thereto), underwriting agreements, Warrant Agreements (including each warrant
certificate contemplated thereby), Subscription Rights Agreements (including each Subscription Rights Certificate evidencing any Subscription Right), CVR Agreements (including each CVR Certificate evidencing any CVR), Subscription Royalties
Agreements (including each Royalties Certificate) and Unit Agreements (including each unit certificate contemplated thereby) (collectively, the &#8220;<U>Securities Documents</U>&#8221;), have been or will be duly authorized, executed and delivered
by the Company and the other parties thereto; (iii)&nbsp;each of the Securities Documents, the form of which has been filed as an exhibit to the Registration Statement, has been or will be executed in substantially the form of such exhibit;
(iv)&nbsp;the obligations of each party set forth in the Securities Documents are and will be its valid and binding obligations, enforceable in accordance with their respective terms; (v)&nbsp;no Securities have been or will be issued, offered or
sold in violation, contravention or breach of, nor will any such offering, issuance or sale result in a default under, the Governing Documents, any agreement, certificate, document or other instrument that is binding upon the Company, or any
requirement or restriction imposed by any court or governmental or regulatory agency, authority or body; (vi)&nbsp;prior to the Conversion, the Delaware Corporation properly took all corporate action required under the laws of the State of Delaware
in connection with and for the filing of the Registration Statement and the registration of the Securities; (vii)&nbsp;(a) the Company has taken or will take all corporate action required in connection with the authorization, offering, issuance and
sale of any Securities (including, without limitation, any Securities or other securities of the Company underlying, or issued or sold pursuant to or upon conversion, exchange or exercise of, any Securities or any other agreement, plan or
arrangement), (b) all Securities have been and will be issued, offered and sold in compliance with all applicable laws, the Governing Documents and the relevant Securities Documents in effect at all relevant times, (c)&nbsp;the voting rights,
designations, preferences, limitations, restrictions, privileges and relative rights of each series of Preferred Stock (including the Preferred Shares) have been or will be fixed and set forth in a certificate of designation relating to such series,
prepared in the form prescribed by applicable law, duly authorized by the board of directors of the Company, duly signed by an officer of the Company and properly filed with the Nevada Secretary of State (each, a &#8220;<U>Certificate of
Designation</U>&#8221;), and (d)&nbsp;any and all certificates evidencing any Common Shares, Preferred Shares, Warrants, Rights, Royalty Certificates or Units are or will be properly signed, registered and delivered, as necessary, in accordance with
all applicable laws, the Governing Documents and the relevant Securities Documents (collectively, &#8220;<U>Corporate Proceedings</U>&#8221;); (viii) after any issuance of Common 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, plan or arrangement (including pursuant to the terms of any Securities), or otherwise,
will not exceed the total number of shares </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of Common Stock then authorized under the Company&#8217;s articles of incorporation; (ix)&nbsp;at no time will the total number of shares of Preferred Stock designated pursuant to all
then-effective Certificates of Designation exceed the total number of shares of Preferred Stock then authorized under the Company&#8217;s articles of incorporation; (x)&nbsp;after any issuance of Preferred Shares, the total number of issued and
outstanding shares of each series thereof, together with the total number of shares of such series then reserved for issuance or obligated to be issued by the Company pursuant to any agreement, plan or arrangement (including pursuant to the terms of
any Securities), or otherwise, will not exceed the total number of shares of such series then designated under the articles of incorporation or the Certificate of Designation for such series; (xi)&nbsp;the statements of fact and representations and
warranties set forth in the documents we have reviewed are, or at all relevant times will be, true and correct as to factual matters; (xii)&nbsp;each natural person executing a document has or will have sufficient legal capacity to do so;
(xiii)&nbsp;all documents submitted to us as originals are authentic, the signatures on all documents we reviewed are genuine, and any document submitted to us as certified, conformed, photostatic, electronic or facsimile copies conform to the
original document; and (xiv)&nbsp;all corporate records made available to us by the Company, and all public records we have reviewed, are accurate and complete. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 or regulations, including, without limitation, any
federal securities laws, rules or regulations, or any state securities or &#8220;blue sky&#8221; laws, rules or regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. If and when all Corporate Proceedings have been taken and completed in respect of any offering, issuance or sale of Shares, and to the
extent such Shares have been issued in accordance with all applicable terms and conditions set forth in the relevant Securities Documents, Securities and Certificates of Designation, as applicable, including proper conversion, exchange or exercise
of any relevant Securities and payment in full of all consideration required therefor as authorized by such Corporate Proceedings and prescribed by such Securities Documents, Securities and Certificates of Designation, as applicable, such Shares
will be duly authorized, validly issued, fully paid and nonassessable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. If and when all Corporate Proceedings have been taken and
completed in respect of any offering, issuance or sale of Depositary Shares, Debt Securities, Warrants, Rights, Royalty Certificates or Units, such Securities will be duly authorized. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 such time as the Registration Statement is declared
effective. 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion letter as an exhibit to the Current Report on
Form <FONT STYLE="white-space:nowrap">8-K</FONT> 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 &#8220;Legal Matters&#8221;. 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 and regulations of the Commission promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Brownstein Hyatt Farber Schreck, LLP </P>
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<TYPE>EX-5.2
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<FILENAME>d64736dex52.htm
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brownstein Hyatt Farber Schreck, LLP</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">702.382.2101 main</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 North City Parkway, Suite 1600</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Las Vegas, Nevada 89106</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA
Royalty Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2200 Powell Street, Suite 310 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emeryville, California 94608 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the addressee set forth above:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as local Nevada counsel to XOMA Royalty Corporation, a Nevada corporation (the &#8220;<U>Company</U>&#8221;), in connection
with the transactions contemplated by that certain Sales Agreement, dated as of October&nbsp;3, 2025 (the &#8220;<U>Sales Agreement</U>&#8221;), by and between the Company and Leerink Partners LLC, as agent, relating to the issuance and sale of that
number of shares (the &#8220;<U>Shares</U>&#8221;) of the Company&#8217;s common stock, par value $0.0075 per share (the &#8220;<U>Common Stock</U>&#8221;), having an aggregate offering price of up to $75,000,000, all as more fully described in the
base prospectus, dated June&nbsp;17, 2024 (the &#8220;<U>Base Prospectus</U>&#8221;), contained in the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-277794)</FONT> (the
&#8220;<U>Registration Statement</U>&#8221;), as supplemented by the prospectus supplements, each dated October&nbsp;3, 2025 (together with the Base Prospectus, the &#8220;<U>Prospectus</U>&#8221;), as filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the &#8220;<U>Act</U>&#8221;). This opinion letter is being delivered at your request pursuant to the requirements of Item 601(b)(5) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT>
under the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 and sale of the Shares as contemplated by the Sales 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 opinion expressed below, we have assumed that all such proceedings have been or will be timely completed in the manner presently proposed in the Sales Agreement and the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Registration Statement, including the Prospectus, (ii)&nbsp;the Sales Agreement, including the form of placement notice set forth
therein (each, a &#8220;<U>Placement Notice</U>&#8221;, and together with the Sales Agreement, the &#8220;<U>Transaction Documents</U>&#8221;), (iii) the Company&#8217;s articles of incorporation and bylaws, each as amended to date, and
(iv)&nbsp;such other agreements, instruments, corporate records (including, without limitation, resolutions adopted by the board of directors and any committee thereof) and documents, or forms thereof, as we have deemed necessary or appropriate, 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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without limiting the generality of the foregoing, 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 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;the obligations of each party set forth in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g64736g32o38.jpg" ALT="LOGO">
&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
XOMA Royalty Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">documents we have examined are or will be its valid and binding obligations, enforceable against such party
in accordance with their respective terms; (iii)&nbsp;each natural person executing a document has or will have sufficient legal capacity to do so; (iv)&nbsp;all documents submitted to us as originals are authentic, the signatures on all documents
we reviewed are genuine, and any document submitted to us as certified, conformed, photostatic, electronic or facsimile copies conform to the original document; (v)&nbsp;prior to any issuance of Shares, each Placement Notice with respect to such
Shares will have been duly executed and delivered by the Company and the other parties thereto in accordance with the Sales Agreement; (vi)&nbsp;after the issuance of any 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, plan, arrangement or otherwise, will not exceed the total number of shares of Common Stock then
authorized under the Company&#8217;s articles of incorporation; and (vii)&nbsp;all corporate records made available to us by the Company, and all public records we have reviewed, are accurate and complete. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are qualified to practice law in the State of Nevada. The opinion set forth herein is 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 or regulations, including, without limitation, any
federal securities laws, rules or regulations, or any state securities or &#8220;blue sky&#8221; laws, rules or regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 the Shares have been duly authorized by the Company and 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 Transaction Documents, 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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinion expressed
herein is 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 opinion 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 opinion set
forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion letter as an exhibit to the Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> 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 &#8220;Legal Matters&#8221;. 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 and regulations of the Commission promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Brownstein Hyatt Farber Schreck, LLP </P>
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<TYPE>EX-5.3
<SEQUENCE>6
<FILENAME>d64736dex53.htm
<DESCRIPTION>EX-5.3
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.3 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"><B>Brownstein Hyatt Farber Schreck, LLP</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">702.382.2101 main</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">100 North City Parkway, Suite
1600</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Las Vegas, Nevada 89106</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA
Royalty Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2200 Powell Street, Suite 310 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emeryville, California 94608 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the addressee set forth above:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as local Nevada counsel to XOMA Royalty Corporation, a Nevada corporation (the &#8220;<U>Company</U>&#8221;), in connection
with the transactions contemplated by that certain Sales Agreement, dated as of October&nbsp;3, 2025 (the &#8220;<U>Sales Agreement</U>&#8221;), by and between the Company and H.C. Wainwright&nbsp;&amp; Co., LLC, as agent, relating to the issuance
and sale by the Company of that number of depositary shares (the &#8220;<U>Depositary Shares</U>&#8221;) having an aggregate offering price of up to $50,000,000, each such Depositary Share representing a 1/1000th fractional interest in a share (each
such share, an &#8220;<U>Underlying Preferred Share</U>&#8221;, and such shares collectively, the &#8220;<U>Underlying Preferred Shares</U>&#8220;, and together with the Depositary Shares, the &#8220;<U>Securities</U>&#8221;) of the Company&#8217;s
8.375% Series B Cumulative Perpetual Preferred Stock, par value $0.05 per share (the &#8220;<U>Series B Preferred Stock&#8221;)</U>, all as more fully described in the base prospectus, dated June&nbsp;17, 2024 (the &#8220;<U>Base
Prospectus</U>&#8221;), contained in the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-277794)</FONT> (the &#8220;<U>Registration Statement</U>&#8221;), as supplemented
by the prospectus supplements, each dated October&nbsp;3, 2025 (together with the Base Prospectus, the &#8220;<U>Prospectus</U>&#8221;), as filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the
&#8220;<U>Act</U>&#8221;). This opinion letter is being delivered at your request pursuant to the requirements of Item 601(b)(5) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> under the Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 and sale of the Depositary Shares and the Underlying Preferred Shares, as applicable, as contemplated by the Transaction Documents (as defined below), 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 opinion expressed below, we have assumed that all such proceedings have been or will be timely completed in the manner presently proposed in the Transaction Documents, and
the Registration Statement and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Registration Statement, including the Prospectus, (ii)&nbsp;the Sales Agreement,
including the form of placement notice set forth therein (each, a &#8220;<U>Placement Notice</U>&#8221;), (iii) the Deposit Agreement, dated as of April&nbsp;9, 2021, by and among the Company, American Stock Transfer&nbsp;&amp; Trust Company, LLC,
as depositary (the &#8220;<U>Depositary</U>&#8221;), and the holders of the Depositary Shares (and the corresponding depositary receipts) issued thereunder (the &#8220;<U>Deposit Agreement</U>&#8221;, and together with the Sales Agreement and
Placement Notice(s), the &#8220;<U>Transaction Documents</U>&#8221;), (iv) the Company&#8217;s articles of incorporation and bylaws, each as amended to date, and (v)&nbsp;such other agreements, instruments, corporate records (including, without
limitation, resolutions adopted by the board of directors and any committee thereof) and documents, or forms thereof, as we have deemed necessary or appropriate, 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>
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&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without limiting the generality of the foregoing, 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 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;the obligations of each party set forth in the documents we have examined are or will be its valid and binding obligations, enforceable against such party in accordance with their respective terms;
(iii)&nbsp;each natural person executing a document has or will have sufficient legal capacity to do so; (iv)&nbsp;all documents submitted to us as originals are authentic, the signatures on all documents we reviewed are genuine, and any document
submitted to us as certified, conformed, photostatic, electronic or facsimile copies conform to the original document; (v)&nbsp;prior to any issuance of Depositary Shares, each Placement Notice with respect to such Depositary Shares will have been
duly executed and delivered by the Company and the other parties thereto in accordance with the Sales Agreement; (vi)&nbsp;the Underlying Preferred Shares have been or will be deposited with the Depository in accordance with the terms of the Deposit
Agreement; (vii)&nbsp;after the issuance of any Underlying Preferred Shares, the total number of issued and outstanding shares of Series B Preferred Stock, together with the total number of shares of Series B Preferred Stock then reserved for
issuance or obligated to be issued by the Company pursuant to any agreement, plan, arrangement or otherwise, will not exceed the total number of shares of Series B Preferred Stock then authorized under the Company&#8217;s articles of incorporation;
and (viii)&nbsp;all corporate records made available to us by the Company, and all public records we have reviewed, are accurate and complete. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are qualified to practice law in the State of Nevada. The opinion set forth herein is 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 or regulations, including, without limitation, any
federal securities laws, rules or regulations, or any state securities or &#8220;blue sky&#8221; laws, rules or regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 the Underlying Preferred Shares have been duly authorized by the Company and if, when and to the
extent any Underlying Preferred Shares are issued in accordance with all applicable terms and conditions set forth in, and in the manner contemplated by, the Transaction Documents, including payment in full to the Company of all consideration
required therefor, and as described in the Registration Statement and the Prospectus, such Underlying Preferred Shares will be validly issued, fully paid and nonassessable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinion expressed herein is 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 opinion 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 opinion set forth herein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion letter as an exhibit to the Current Report on
Form <FONT STYLE="white-space:nowrap">8-K</FONT> 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 &#8220;Legal Matters&#8221;. 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 and regulations of the Commission promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Brownstein Hyatt Farber Schreck, LLP </P>
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<TYPE>EX-5.4
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<HTML><HEAD>
<TITLE>EX-5.4</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.4 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g64736g1003122257393.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA
Royalty Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2200 Powell Street, Suite 310 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emeryville, CA 94608 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">XOMA Royalty Corporation Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have examined
the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3,</FONT> File <FONT STYLE="white-space:nowrap">No.&nbsp;333-277794,</FONT> as amended (the &#8220;<U>Registration Statement</U>&#8221;), of XOMA Royalty Corporation, a Nevada
corporation (the &#8220;<U>Company</U>&#8221;), filed with the Securities and Exchange Commission (the &#8220;<U>Commission</U>&#8221;) pursuant to the Securities Act of 1933, as amended (the &#8220;<U>Securities Act</U>&#8221;), and the prospectus
supplement thereto, dated October&nbsp;3, 2025 (the &#8220;<U>Prospectus Supplement</U>&#8221;), in connection with the offering by the Company of up to $50,000,000 of the Company&#8217;s depositary shares (the &#8220;<U>Shares</U>&#8221;), each
representing a 1/1000th fractional interest in a share of 8.375% Series B Cumulative Perpetual Preferred Stock, par value $0.05 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In arriving at
the opinion expressed below, we have examined originals, or copies certified or otherwise identified to our satisfaction as being true and complete copies of the originals, of the Deposit Agreement dated April&nbsp;9, 2021 among the Company,
Equiniti Trust Company, LLC (formerly American Stock Transfer&nbsp;&amp; Trust Company, LLC) acting as depositary, and the holders from time to time of the depositary receipts described therein (the &#8220;<U>Deposit Agreement</U>&#8221;), and such
other documents, corporate records, certificates of officers of the Company and of public officials and other instruments as we have deemed necessary or advisable to enable us to render the opinion set forth below. In our examination, we have
assumed without independent investigation the genuineness of all signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals and the conformity to original documents of all
documents submitted to us as copies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, and subject to the assumptions, exceptions, qualifications and limitations set forth
herein, we are of the opinion that when the depositary receipts representing the Depositary Shares have been duly executed, registered and delivered in accordance with the Deposit Agreement and the Sales Agreement dated as October&nbsp;3, 2025,
between the Company and H.C. Wainwright&nbsp;&amp; Co., LLC, as sales agent, for the consideration provided therein, the depositary receipts evidencing the Depositary Shares will be legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the filing of this opinion as an exhibit to the Registration Statement, and we further
consent to the use of our name under the caption &#8220;Legal Matters&#8221; in the Registration Statement and the Prospectus Supplement. In giving these consents, we do not thereby admit that we are within the category of persons whose consent is
required under Section&nbsp;7 of the Securities Act or the rules and regulations of the Commission. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>Gibson, Dunn &amp; Crutcher LLP
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">One Embarcadero Center Suite 2600 | San Francisco, CA 94111-3715 | T: 415.393.8200 | F: 415.393.8306 | gibsondunn.com </P>

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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g64736g1003122257393.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA Royalty Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;3, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Gibson, Dunn&nbsp;&amp; Crutcher LLP </P>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="xoma_DocumentAndEntityInformationTable" order="1" priority="2" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="xoma_DocumentAndEntityInformationTable" xlink:to="us-gaap_StatementClassOfStockAxis" order="1" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain" order="23" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain_2" order="23.0001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_CommonStockMember" order="24" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="xoma_M8.625SeriesACumulativePerpetualPreferredStockParValue0.05PerShareMember" order="25" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="xoma_DepositarySharesEachRepresenting11000thInterestInAShareOf8.375SeriesBCumulativePerpetualPreferredStockParValue0.05PerShareMember" order="26" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityRegistrantName" order="28.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_AmendmentFlag" order="29.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityCentralIndexKey" order="30.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_DocumentType" order="34.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_DocumentPeriodEndDate" order="35.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityIncorporationStateCountryCode" order="36.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityFileNumber" order="37.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityTaxIdentificationNumber" order="38.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressAddressLine1" order="39.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressAddressLine2" order="40.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressCityOrTown" order="41.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressStateOrProvince" order="42.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressPostalZipCode" order="43.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_CityAreaCode" order="44.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_LocalPhoneNumber" order="45.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_WrittenCommunications" order="46.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_SolicitingMaterial" order="47.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_PreCommencementTenderOffer" order="48.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_PreCommencementIssuerTenderOffer" order="49.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_Security12bTitle" order="50.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_TradingSymbol" order="51.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_SecurityExchangeName" order="52.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="xoma_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityEmergingGrowthCompany" order="53.001" priority="2" use="optional" />
  </link:definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>xoma-20251003_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release 2512 Build:20250722.1 -->
<!-- Creation date: 10/4/2025 1:21:54 AM Eastern Time -->
<!-- Copyright (c) 2025 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line Two</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line Two</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
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    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
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  </link:labelLink>
</link:linkbase>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>xoma-20251003_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<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">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Oct. 03, 2025</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_xoma_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</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_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">XOMA Royalty Corp<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_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000791908<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_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<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">Oct.  03,  2025<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 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_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-39801<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_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">52-2154066<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">2200 Powell Street<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 310<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">Emeryville<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">CA<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">94608<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">(510)<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">204-7200<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_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<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_xoma_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</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_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Stock, $0.0075 par value<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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">XOMA<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_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=xoma_M8.625SeriesACumulativePerpetualPreferredStockParValue0.05PerShareMember', window );">M 8.625 Series A Cumulative Perpetual Preferred Stock Par Value 0.05 Per Share [Member]</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_xoma_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<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 );">Security 12b Title</a></td>
<td class="text">8.625% Series A Cumulative Perpetual Preferred Stock, par value $0.05 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">XOMAP<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="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=xoma_DepositarySharesEachRepresenting11000thInterestInAShareOf8.375SeriesBCumulativePerpetualPreferredStockParValue0.05PerShareMember', window );">Depositary Shares Each Representing 11000th Interest In A Share Of 8.375 Series B Cumulative Perpetual Preferred Stock Par Value 0.05 Per Share [Member]</a></td>
<td class="text">&#160;<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_xoma_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</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_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares (each representing 1/1000th interest in a share of 8.375% Series B Cumulative Perpetual Preferred Stock, par value $0.05 per share)<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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">XOMAO<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_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<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>
</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_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_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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</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 13e<br> -Subsection 4c<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">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</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 14d<br> -Subsection 2b<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</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<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">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</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 d1-1<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">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</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 14a<br> -Subsection 12<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</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 Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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