<SEC-DOCUMENT>0001104659-20-072709.txt : 20200612
<SEC-HEADER>0001104659-20-072709.hdr.sgml : 20200612
<ACCEPTANCE-DATETIME>20200612103844
ACCESSION NUMBER:		0001104659-20-072709
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200609
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200612
DATE AS OF CHANGE:		20200612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MESA LABORATORIES INC /CO
		CENTRAL INDEX KEY:			0000724004
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				840872291
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11740
		FILM NUMBER:		20959223

	BUSINESS ADDRESS:	
		STREET 1:		12100 W 6TH AVE
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
		BUSINESS PHONE:		3039878000

	MAIL ADDRESS:	
		STREET 1:		12100 W 6TH AVE
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MESA MEDICAL INC
		DATE OF NAME CHANGE:	19921123
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>tm2021732-3_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><B>FORM 8-K </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><B><BR>
CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><B>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center">Date of Report (Date of earliest event
reported): <B><U>June&nbsp;9, 2020</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><FONT STYLE="font-size: 18pt"><B>MESA
LABORATORIES, INC.<U><BR>
</U></B></FONT><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

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    <TD STYLE="width: 40%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>COLORADO<BR>
</U></B>(State or other jurisdiction of<BR>
incorporation)</FONT></TD>
    <TD STYLE="width: 20%; padding: 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>0-11740</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 40%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>84-0872291<BR>
</U></B>(I.R.S. Employer<BR>
Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 40%; padding: 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>12100 WEST SIXTH AVENUE,</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>LAKEWOOD, COLORADO<BR>
        </U></B>(Address of principal executive offices)</P></TD>
    <TD STYLE="width: 20%; padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>80228<BR>
</U></B>(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center">Registrant&#8217;s telephone number,
including area code: <B><U>(303) 987-8000</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><B><U>Not Applicable<BR>
</U></B>(Former name or former address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">Securities registered under Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

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    <TD STYLE="width: 36%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading Symbol</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name of each exchange on which</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>registered</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, no par value</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">MLAB</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">The Nasdaq Stock Market LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 98%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if
the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>




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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 1.01</B></TD><TD STYLE="padding-right: 0.1in"><FONT STYLE="text-transform: uppercase"><B>Entry into a Material Definitive Agreement.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June&nbsp;9, 2020,
Mesa Laboratories, Inc. (the &#8220;Company&#8221;), in connection with an offering by the Company of its common stock (the &#8220;Offering&#8221;),
entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with Jefferies LLC and J.P. Morgan Securities
LLC, as representatives of the several underwriters (the &#8220;Underwriters&#8221;), providing for the issuance and sale by the
Company, and the purchase by the Underwriters, of 600,000 shares of the Company&#8217;s common stock. In addition, pursuant to
the Underwriting Agreement, the Underwriters were granted an option, exercisable within 30 days, to purchase up to an additional
90,000 shares of common stock on the same terms and conditions. The offering price to the public was $225.00 per share, and the
Underwriters agreed to purchase the shares from the Company pursuant to the Underwriting Agreement at a price of $211.50 per share.
The Underwriting Agreement contains customary representations, warranties and agreements by the Company and customary conditions
to closing, obligations of the parties and termination provisions. Additionally, the Company has agreed to indemnify the Underwriters
against certain liabilities, including liabilities under the Securities Act of 1933, as amended, or to contribute to payments the
Underwriters may be required to make due to any such liabilities. The Offering was completed on June&nbsp;12, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Underwriting Agreement is not complete and is qualified in its entirety by the full text of the Underwriting Agreement,
which is filed as Exhibit&nbsp;1.1 to this Current Report on Form 8-K and incorporated herein by reference. The legal opinion of
Davis Graham &amp; Stubbs LLP relating to the legality of the shares of common stock sold in the Offering is filed as Exhibit&nbsp;5.1
to this Current Report on Form 8-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of the Underwriting
Agreement has been attached hereto to provide security holders with information regarding its terms. It is not intended to provide
any other factual information about the Company. The representations, warranties and covenants contained in the Underwriting Agreement
were made solely for purposes of the Offering and as of a specific date, were solely for the benefit of the parties to the Underwriting
Agreement, may be subject to limitations agreed upon by the contracting parties, and may be subject to standards of materiality
applicable to the contracting parties that differ from those applicable to security holders. Security holders are not third-party
beneficiaries under the Underwriting Agreement and should not rely on the representations, warranties, and covenants or any descriptions
thereof as characterizations of the actual state of facts or condition of the Company. Moreover, information concerning the subject
matter of the representations and warranties may change after the date of the Underwriting Agreement, which subsequent information
may or may not be fully reflected in the Company&#8217;s public disclosures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriters and
certain of their affiliates are full-service financial institutions engaged in various activities, which may include securities
trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment,
hedging, financing and brokerage activities. The Underwriters and certain of their affiliates have, from time to time, performed,
currently are performing, and may in the future perform, various commercial and investment banking and financial advisory services
for the Company and its affiliates, for which they received or will receive customary fees and expenses.</P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 9.01</B></TD><TD STYLE="padding-right: 0.1in"><B>FINANCIAL STATEMENTS AND EXHIBITS.</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Exhibit No. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; width: 91%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm2021732d3_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2021732d3_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Underwriting Agreement, dated June&nbsp;9, 2020, by and among Mesa Laboratories, Inc., Jefferies LLC and J.P.&nbsp;Morgan Securities LLC.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm2021732d3_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2021732d3_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Davis Graham &amp; Stubbs LLP.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm2021732d3_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2021732d3_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of Davis Graham &amp; Stubbs LLP (included in Exhibit 5.1).</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-size: 10pt">DATE: June&nbsp;12, 2020</FONT></TD>
    <TD STYLE="width: 3%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 47%; padding: 0.25pt"><FONT STYLE="font-size: 10pt">Mesa Laboratories, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">BY:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt"><FONT STYLE="font-size: 10pt">/s/ Gary M. Owens&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Gary M. Owens</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
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<TYPE>EX-1.1
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<FILENAME>tm2021732d3_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">June 9, 2020</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. MORGAN SECURITIES LLC<BR>
As Representatives of the several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
c/o JEFFERIES LLC<BR>
520 Madison Avenue<BR>
New York, New York 10022</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Introductory.</B> Mesa Laboratories,
Inc., a Colorado corporation (the &#8220;<B>Company</B>&#8221;), proposes to issue and sell to the several underwriters named in
<U>Schedule&nbsp;A</U> (the &#8220;<B>Underwriters</B>&#8221;) an aggregate of 600,000 shares of its common stock, no par value
(the &#8220;<B>Shares</B>&#8221;). The 600,000 Shares to be sold by the Company are called the &#8220;<B>Firm Shares</B>.&#8221;
In addition, the Company has granted to the Underwriters an option to purchase up to an additional 90,000 Shares as provided in
Section&nbsp;2. The additional 90,000 Shares to be sold by the Company pursuant to such option are collectively called the &#8220;<B>Optional
Shares</B>.&#8221; The Firm Shares and, if and to the extent such option is exercised, the Optional Shares are collectively called
the &#8220;<B>Offered Shares</B>.&#8221; Jefferies LLC (&#8220;<B>Jefferies</B>&#8221;) and J.P. Morgan Securities LLC (&#8220;<B>J.P.
Morgan</B>&#8221;) have agreed to act as representatives of the several Underwriters (in such capacity, the &#8220;<B>Representatives</B>&#8221;)
in connection with the offering and sale of the Offered Shares. To the extent there are no additional underwriters listed on <U>Schedule&nbsp;A</U>,
the term &#8220;Representatives&#8221; as used herein shall mean you, as Underwriters, and the term &#8220;Underwriters&#8221;
shall mean either the singular or the plural, as the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has prepared and filed
with the Securities and Exchange Commission (the &#8220;<B>Commission</B>&#8221;) a shelf registration statement on
Form&nbsp;S-3, File No.&nbsp;333&#45;233042, including a base prospectus (the &#8220;<B>Base Prospectus</B>&#8221;) to be
used in connection with the public offering and sale of the Offered Shares. Such registration statement, as amended,
including the financial statements, exhibits and schedules thereto, in the form in which it became effective under the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the
&#8220;<B>Securities Act</B>&#8221;), including all documents incorporated or deemed to be incorporated by reference therein
and any information deemed to be a part thereof at the time of effectiveness pursuant to Rule&nbsp;430A or 430B under the
Securities Act, is called the &#8220;<B>Registration Statement</B>.&#8221; The preliminary prospectus supplement dated June
8, 2020 describing the Offered Shares and the offering thereof (the &#8220;<B>Preliminary Prospectus Supplement</B>&#8221;),
together with the Base Prospectus, is called the &#8220;<B>Preliminary Prospectus</B>,&#8221; and the Preliminary Prospectus
and any other prospectus supplement to the Base Prospectus in preliminary form that describes the Offered Shares and the
offering thereof and is used prior to the filing of the Prospectus (as defined below), together with the Base Prospectus, is
called a &#8220;<B>preliminary prospectus</B>.&#8221; As used herein, the term &#8220;<B>Prospectus</B>&#8221; shall mean the
final prospectus supplement to the Base Prospectus that describes the Offered Shares and the offering thereof (the
&#8220;<B>Final Prospectus Supplement</B>&#8221;), together with the Base Prospectus, in the form first used by the
Underwriters to confirm sales of the Offered Shares or in the form first made available to the Underwriters by the Company to
meet requests of purchasers pursuant to Rule&nbsp;173 under the Securities Act. References herein to the Preliminary
Prospectus, any preliminary prospectus and the Prospectus shall refer to both the prospectus supplement and the Base
Prospectus components of such prospectus. As used herein, &#8220;<B>Applicable Time</B>&#8221; is 6:00 p.m. (New York City
time) on June 9, 2020. As used herein, &#8220;<B>free writing prospectus</B>&#8221; has the meaning set forth in
Rule&nbsp;405 under the Securities Act, and &#8220;<B>Time of Sale Prospectus</B>&#8221; means the Preliminary Prospectus, as
amended or supplemented immediately prior to the Applicable Time, together with the free writing prospectuses, if any,
identified in <U>Schedule&nbsp;B-1</U> and the information set forth on <U>Schedule&nbsp;B-2 </U>hereto. As used herein, <B>&#8220;Road
Show&#8221; </B>means a &#8220;road show&#8221; (as defined in Rule&nbsp;433 under the Securities Act) relating to the
offering of the Offered Shares contemplated hereby that is a &#8220;written communication&#8221; (as defined in Rule&nbsp;405
under the Securities Act).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All references in this Agreement to the
Registration Statement, the Preliminary Prospectus, any preliminary prospectus, the Base Prospectus and the Prospectus shall include
the documents incorporated or deemed to be incorporated by reference therein. All references in this Agreement to financial statements
and schedules and other information which are &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221; in, or &#8220;part
of&#8221; the Registration Statement, the Preliminary Prospectus, any preliminary prospectus, the Base Prospectus, the Time of
Sale Prospectus 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 which is or is deemed to be incorporated by reference in the Registration Statement,
the Preliminary Prospectus, any preliminary prospectus, the Base Prospectus, the Time of Sale Prospectus or the Prospectus, as
the case may be. All references in this Agreement to amendments or supplements to the Registration Statement, the Preliminary Prospectus,
any preliminary prospectus, the Base Prospectus, the Time of Sale Prospectus or the Prospectus shall be deemed to mean and include
the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder
(collectively, the &#8220;<B>Exchange Act</B>&#8221;) that is or is deemed to be incorporated by reference in the Registration
Statement, the Preliminary Prospectus, any preliminary prospectus, the Base Prospectus, or the Prospectus, as the case may be.
All references in this Agreement to (i)&nbsp;the Registration Statement, the Preliminary Prospectus, any preliminary prospectus,
the Base Prospectus or the Prospectus, any amendments or supplements to any of the foregoing, or any free writing prospectus, shall
include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (&#8220;<B>EDGAR</B>&#8221;)
and (ii)&nbsp;the Prospectus shall be deemed to include any &#8220;electronic Prospectus&#8221; provided for use in connection
with the offering of the Offered Shares as contemplated by Section&nbsp;3(n) of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Company has only one
subsidiary, then all references herein to &#8220;subsidiaries&#8221; of the Company shall be deemed to refer to such single subsidiary,
<U>mutatis mutandis</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby confirms its agreements
with the Underwriters as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Representations and Warranties of the Company.</B> The Company hereby represents, warrants and covenants to each Underwriter,
as of the date of this Agreement, as of the First Closing Date (as hereinafter defined) and as of each Option Closing Date (as
hereinafter defined), if any, as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Compliance
with Registration Requirements</I>.</B> The Registration Statement has become effective 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, if any. No stop order suspending the effectiveness of the Registration Statement or pursuant to Section&nbsp;8A
of the Securities Act 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. At the time the Company&#8217;s Annual Report on
Form&nbsp;10-K for the year ended March 31, 2020 (the &#8220;<B>Annual Report</B>&#8221;) was filed with the Commission, or,
if later, at the time the Registration Statement was originally filed with the Commission as well as at the time the Company
or any person acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c) under the Securities Act)
made any offer relating to the Securities in reliance on the exemption of Rule&nbsp;163 under the Securities Act, the Company
was a &#8220;well known seasoned issuer&#8221; as defined in Rule&nbsp;405 under the Securities Act. The Registration
Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&nbsp;405 under the Securities Act,
and became effective on August 6, 2019. The Company has not received from the Commission any notice pursuant to
Rule&nbsp;401(g)(2) under the Securities Act objecting to the Company&#8217;s use of the automatic shelf registration form.
The Company meets the requirements for use of Form&nbsp;S-3 under the Securities Act specified in the Financial Industry
Regulatory Authority, Inc. (&#8220;<B>FINRA</B>&#8221;) Conduct Rule&nbsp;5110(B)(7)(C)(i). The documents incorporated or
deemed to be incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus, at the
time they were or hereafter are filed with the Commission, or became effective under the Exchange Act, as the case may be,
complied and will comply in all material respects with the requirements of the Exchange Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Disclosure</I>.</B> Each preliminary prospectus and the Prospectus when filed complied in all material
respects with the Securities Act and, if filed by electronic transmission pursuant to EDGAR, was identical (except as may be permitted
by Regulation&nbsp;S&#45;T under the Securities Act) to the copy thereof delivered to the Underwriters for use in connection with
the offer and sale of the Offered Shares. Each of the Registration Statement and any post-effective amendment thereto, at the time
it became or becomes effective, complied and will comply in all material respects with the Securities Act and did not and will
not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading. As of the Applicable Time, the Time of Sale Prospectus (including any preliminary
prospectus wrapper) did not, and at the First Closing Date (as defined in Section&nbsp;2) and at each applicable Option Closing
Date (as defined in Section&nbsp;2), will not, contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Prospectus
(including any Prospectus wrapper)<B>,</B> as of its date, did not, and at the First Closing Date and at each applicable Option
Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations
and warranties set forth in the three immediately preceding sentences do not apply to statements in or omissions from the Registration
Statement or any post-effective amendment thereto, or the Prospectus or the Time of Sale Prospectus, or any amendments or supplements
thereto, made in reliance upon and in conformity with written information relating to any Underwriter furnished to the Company
in writing by the Representatives expressly for use therein, it being understood and agreed that the only such information consists
of the information described in Section&nbsp;9(b) below. There are no contracts or other documents required to be described in
the Time of Sale Prospectus or the Prospectus or to be filed as an exhibit to the Registration Statement which have not been described
or filed as required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Free
Writing Prospectuses; Road Show</I>.</B> As of the determination date referenced in Rule&nbsp;164(h) under the Securities
Act, the Company was not, is not or will not be (as applicable) an &#8220;ineligible issuer&#8221; in connection with the
offering of the Offered Shares pursuant to Rules&nbsp;164, 405 and 433 under the Securities Act. Each free writing prospectus
that the Company is required to file pursuant to Rule&nbsp;433(d) under the Securities Act has been, or will be, filed with
the Commission in accordance with the requirements of the Securities Act. Each free writing prospectus that the Company has
filed, or is required to file, pursuant to Rule&nbsp;433(d) under the Securities Act or that was prepared by or on behalf of
or used or referred to by the Company complies or will comply in all material respects with the requirements of Rule&nbsp;433
under the Securities Act, including timely filing with the Commission, retention and legending, as applicable, and each such
free writing prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale
of the Offered Shares did not, does not and will not include any information that conflicted, conflicts or will conflict with
the information contained in the Registration Statement, the Prospectus or any preliminary prospectus unless such information
has been superseded or modified as of such time. Except for the free writing prospectuses, if any, identified in <U>Schedule&nbsp;B-1</U>,
and electronic road shows, if any, furnished to you before first use, the Company has not prepared, used or referred to, and
will not, without your prior written consent, prepare, use or refer to, any free writing prospectus. Each Road Show, when
considered together with the Time of Sale Prospectus, did not, as of the Applicable Time, contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Distribution of Offering Material By the Company</I>.</B> Prior to the later of (i)&nbsp;the expiration
or termination of the option granted to the several Underwriters in Section&nbsp;2 and (ii)&nbsp;the completion of the Underwriters&#8217;
distribution of the Offered Shares<B>,</B> the Company has not distributed and will not distribute any offering material in connection
with the offering and sale of the Offered Shares other than the Registration Statement, the Time of Sale Prospectus, the Prospectus
or any free writing prospectus reviewed and consented to by the Representatives, the free writing prospectuses, if any, identified
on <U>Schedule&nbsp;B-1</U>, hereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Authorization of the Offered Shares</I>.</B> The Offered 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 the issuance and sale of the Offered Shares is not subject to any preemptive
rights, rights of first refusal or other similar rights to subscribe for or purchase the Offered Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>No Applicable Registration or Other Similar Rights</I>.</B> There are no persons with registration or other
similar rights to have any equity or debt securities registered for sale under the Registration Statement or included in the offering
contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>No
Material Adverse Change</I>.</B> Except as otherwise disclosed in the Registration Statement, the Time of Sale Prospectus and
the Prospectus, subsequent to the respective dates as of which information is given in the Registration Statement, the Time
of Sale Prospectus and the Prospectus: (i)&nbsp;there has been no material adverse change, or any development that could be
expected to result in a material adverse change, in (A)&nbsp;the condition, financial or otherwise, or in the earnings,
business, management, properties, operations, operating results, assets, liabilities or prospects, whether or not arising
from transactions in the ordinary course of business, of the Company and its subsidiaries, considered as one entity or
(B)&nbsp;the ability of the Company to consummate the transactions contemplated by this Agreement or perform its obligations
hereunder (any such change being referred to herein as a &#8220;<B>Material Adverse Change</B>&#8221;); (ii)&nbsp;the Company
and its subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or
contingent, including without limitation any losses or interference with their 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, and have not entered into any material transactions not in the ordinary course of
business; and (iii)&nbsp;there has not been any material decrease in the capital stock or any material increase in any
short-term or long-term indebtedness of the Company or 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 other subsidiaries, by any of the
Company&#8217;s subsidiaries on any class of capital stock, or any repurchase or redemption by the Company or any of its
subsidiaries of any class of capital stock other than ordinary course repurchases or redemptions in connection with the
Company&#8217;s equity compensation plans.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Independent Accountants</I>.</B> Plante &amp; Moran, PLLC, which 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 as a part of the Registration Statement, the Time of Sale Prospectus and the Prospectus, is (i)&nbsp;an
independent registered public accounting firm as required by the Exchange Act, and the rules of the Public Company Accounting Oversight
Board (&#8220;<B>PCAOB</B>&#8221;), (ii)&nbsp;in compliance with the applicable requirements relating to the qualification of accountants
under Rule&nbsp;2-01 of Regulation&nbsp;S-X 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 requested such registration to be withdrawn.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Financial Statements</I>.</B> The financial statements filed with the Commission as a part of the Registration
Statement, the Time of Sale Prospectus and the Prospectus present fairly the consolidated financial position of the Company and
its subsidiaries as of the dates indicated and the results of their operations, changes in stockholders&#8217; equity and cash
flows for the periods specified. Such financial statements have been prepared in conformity with generally accepted accounting
principles as applied in the United States (&#8220;<B>GAAP</B>&#8221;) applied on a consistent basis throughout the periods involved,
except as may be expressly stated in the related notes thereto. 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. No other financial
statements or supporting schedules are required to be included in the Registration Statement, the Time of Sale Prospectus or the
Prospectus. The financial data set forth in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus
under the captions &#8220;Prospectus Supplement Summary&#8212;Summary Consolidated Financial Data,&#8221; and &#8220;Capitalization&#8221;
fairly present the information set forth therein on a basis consistent with that of the audited financial statements contained
in the Registration Statement, the Time of Sale Prospectus and the Prospectus. The pro forma condensed combined financial statements
of the Company and its subsidiaries and the related notes thereto incorporated by reference in the Registration Statement, the
Time of Sale Prospectus or the Prospectus present fairly the information contained therein, have been prepared in accordance with
the Commission&#8217;s rules and guidelines with respect to pro forma financial statements and have been properly presented on
the bases described therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein
are appropriate to give effect to the transactions and circumstances referred to therein. The disclosures contained in the Registration
Statement, any preliminary prospectus, the Prospectus and any free writing prospectus that constitute non&#45;GAAP financial measures
(as defined by the rules and regulations under the Securities Act and the Exchange Act) in all material respects comply with Regulation&nbsp;G
under the Exchange Act and Item 10 of Regulation&nbsp;S-K under the Securities Act, as applicable. 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&nbsp;5300 promulgated by the PCAOB, 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, the Time of Sale Prospectus and the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Company&#8217;s
Accounting System</I>.</B> 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, the Time of Sale Prospectus 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Disclosure Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting</I>.</B>
The Company has established and maintains disclosure controls and procedures (as defined in Rules&nbsp;13a-15 and 15d-15 under
the Exchange Act), which (i)&nbsp;are designed to ensure that material 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;except as disclosed in the Registration Statement, the Time of Sale Prospectus or the Prospectus, are effective
in all material respects to perform the functions for which they were established. Except as disclosed in the Registration Statement,
the Time of Sale Prospectus or the Prospectus and except for the prospective inclusion of Gyros Protein Technologies Holding AB
within the scope of the Company&#8217;s internal control over financial reporting for the fiscal year ending March 31, 2021, since
the end of the Company&#8217;s most recent audited fiscal year, there have been no significant deficiencies or material weakness
in the Company&#8217;s internal control over financial reporting (whether or not remediated) and 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. Except as disclosed in the Registration Statement, the Time of Sale Prospectus or the
Prospectus, 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Incorporation and Good Standing of the Company</I>.</B> The Company has been duly incorporated and is validly
existing as a corporation in good standing under the laws of the jurisdiction of its incorporation and has the corporate power
and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement,
the Time of Sale Prospectus and the Prospectus and to enter into and perform its obligations under this Agreement. The Company
is in good standing in the State of Colorado and is duly qualified as a foreign corporation to transact business in each other
jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct
of business, except where the failure to be so qualified or in good standing, as the case may be, would not, individually or in
the aggregate, have a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Subsidiaries</I>.</B>
Each of the Company&#8217;s &#8220;subsidiaries&#8221; (for purposes of this Agreement, as defined in Rule&nbsp;405 under the
Securities Act) has been duly incorporated or organized, as the case may be, and is validly existing as a corporation,
partnership or limited liability company, as applicable, in good standing (where such concept is recognized) under the laws
of the jurisdiction of its incorporation or organization and has the organizational power and authority to own, lease and
operate its properties and to conduct its business as described in the Registration Statement, the Time of Sale Prospectus
and the Prospectus. Each of the Company&#8217;s subsidiaries is duly qualified as a foreign corporation, partnership or
limited liability company, as applicable, to transact business and is in good standing (where such concept is recognized) 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 where the failure to be so qualified or in good standing, as the case may be would not,
individually or in the aggregate, have a Material Adverse Change. All of the issued and outstanding capital stock or other
equity or ownership interests of each of the Company&#8217;s subsidiaries have been duly authorized and validly issued, are
fully paid and nonassessable and are owned by the Company, directly or through subsidiaries, free and clear of any security
interest, mortgage, pledge, lien, encumbrance or adverse claim. <FONT STYLE="background-color: white">None of the outstanding
capital stock or equity interest in any subsidiary was issued in violation of preemptive or similar rights of any
securityholder of such subsidiary. The constitutive or organizational documents of each of the subsidiaries comply in all
material respects with the requirements of applicable laws of its jurisdiction of incorporation or organization and are in
full force and effect. </FONT>The Company does not own or control, directly or indirectly, any corporation, association or
other entity other than the subsidiaries that are required to be listed in Exhibit&nbsp;21 to the Company&#8217;s Annual
Report on Form&nbsp;10&#45;K for the fiscal year ended March 31, 2020.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Capitalization and Other Capital Stock Matters</I>.</B> The authorized, issued and outstanding capital
stock of the Company is as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus under the caption
&#8220;Capitalization&#8221; (other than for subsequent issuances, if any, pursuant to employee benefit plans described in the
Registration Statement, the Time of Sale Prospectus and the Prospectus or upon the exercise of awards thereunder). The Shares (including
the Offered Shares) conform in all material respects to the description thereof contained in the Time of Sale Prospectus. All of
the issued and outstanding Shares have been duly authorized and validly issued, are fully paid and nonassessable and have been
issued in compliance with all federal and state securities laws. None of the outstanding Shares was 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 subsidiaries
other than those described in the Registration Statement, the Time of Sale Prospectus and the Prospectus. The descriptions 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 Registration Statement, the Time of Sale Prospectus and the Prospectus accurately and fairly presents the information
required to be shown with respect to such plans, arrangements, options and rights.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Stock Exchange Listing</I>.</B> The Shares are registered pursuant to Section&nbsp;12(b) or 12(g) of the
Exchange Act and are listed on The Nasdaq Global Select Market (the &#8220;<B>Nasdaq</B>&#8221;), and the Company has taken no
action designed to, or likely to have the effect of, terminating the registration of the Shares under the Exchange Act or delisting
the Shares from the Nasdaq, nor has the Company received any notification that the Commission or the Nasdaq is contemplating terminating
such registration or listing. To the Company&#8217;s knowledge, it is in compliance with all applicable listing requirements of
Nasdaq.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(q)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Non-Contravention
of Existing Instruments; No Further Authorizations or Approvals Required</I>.</B> Neither the Company nor any of its
subsidiaries is in violation of its charter or by&#45;laws, partnership agreement or operating agreement or similar
organizational documents, as applicable, or is in default (or, with the giving of notice or lapse of time, would be in
default) (&#8220;<B>Default</B>&#8221;) under any indenture, loan, credit agreement, note, lease, license agreement,
contract, franchise or other instrument (including, without limitation, any pledge agreement, security agreement, mortgage or
other instrument or agreement evidencing, guaranteeing, securing or relating to indebtedness) to which the Company or any of
its subsidiaries is a party or by which it or any of them may be bound, or to which any of their respective properties or
assets are subject (each, an &#8220;<B>Existing Instrument</B>&#8221;), except for such Defaults as would not be expected,
individually or in the aggregate, to result in a Material Adverse Change. The Company&#8217;s execution, delivery and
performance of this Agreement, consummation of the transactions contemplated hereby and by the Registration Statement, the
Time of Sale Prospectus and the Prospectus and the issuance and sale of the Offered Shares (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 by&#45;laws,
partnership agreement or operating agreement or similar organizational documents, as applicable, of the Company or any
subsidiary; (ii)&nbsp;will not conflict with or constitute a breach of, or Default or a Debt Repayment Triggering Event (as
defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets
of the Company or any of its subsidiaries pursuant to, or require the consent of any other party to, any Existing Instrument;
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 of its subsidiaries. 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
Registration Statement, the Time of Sale Prospectus and the Prospectus, except such as have been obtained or made by the
Company and are in full force and effect under the Securities Act and such as may be required under applicable state and
foreign securities or blue sky laws or FINRA. As used herein, a &#8220;<B>Debt Repayment Triggering Event</B>&#8221; means
any event or condition which gives, or with the giving of notice or lapse of time would give, the holder of any note,
debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the
repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(r)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Compliance with Laws.</I></B> The Company and its subsidiaries have been and are in compliance with all
applicable laws, rules and regulations, except where failure to be so in compliance would not be expected, individually or in the
aggregate, to result in a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(s)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>No Material Actions or Proceedings</I>.</B> There is no action, suit, proceeding, inquiry or investigation
brought by or before any governmental entity now pending or, to the knowledge of the Company, threatened, against or affecting
the Company or any of its subsidiaries, which would reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Change. No material labor dispute with the employees of the Company or any of its subsidiaries, or with the employees of
any principal supplier, manufacturer, customer or contractor of the Company, exists or, to the knowledge of the Company, is threatened
or imminent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(t)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Intellectual
Property Rights</I>.</B> The Company and its subsidiaries own, or have obtained valid and enforceable licenses for, the
inventions, patent applications, patents, trademarks, trade names, service names, copyrights, trade secrets and other
intellectual property described in the Registration Statement, the Time of Sale Prospectus and the Prospectus as being owned
or licensed by them or which are necessary for the conduct of their respective businesses as currently conducted or as
currently proposed to be conducted (collectively, &#8220;<B>Intellectual Property</B>&#8221;) and the conduct of their
respective businesses does not and will not infringe, misappropriate or otherwise conflict in any material respect with any
such rights of others. The Intellectual Property of the Company has not been adjudged by a court of competent jurisdiction to
be invalid or unenforceable, in whole or in part, and the Company is unaware of any facts which would form a reasonable basis
for any such adjudication. To the Company&#8217;s knowledge: (i)&nbsp;there are no third parties who have rights to any
Intellectual Property, except for customary reversionary rights of third-party licensors with respect to Intellectual
Property that is disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus as licensed to the
Company or one or more of its subsidiaries; and (ii)&nbsp;there is no material infringement by third parties of any
Intellectual Property. There is no pending or, to the Company&#8217;s knowledge, threatened action, suit, proceeding or claim
by others: (A)&nbsp;challenging the Company&#8217;s rights in or to any Intellectual Property, and the Company is unaware of
any facts which would form a reasonable basis for any such action, suit, proceeding or claim; (B)&nbsp;challenging the
validity, enforceability or scope of any Intellectual Property, and the Company is unaware of any facts which would form a
reasonable basis for any such action, suit, proceeding or claim; or (C)&nbsp;asserting that the Company or any of its
subsidiaries infringes or otherwise violates, or would, upon the commercialization of any product or service described in the
Registration Statement, the Time of Sale Prospectus or the Prospectus as under development, infringe or violate, any patent,
trademark, trade name, service name, copyright, trade secret or other proprietary rights of others, and the Company is
unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim. The Company and its
subsidiaries have complied with the terms of each agreement in all material respects pursuant to which Intellectual Property
has been licensed to the Company or any subsidiary, and all such agreements are in full force and effect in each case in all
material respects. To the Company&#8217;s knowledge, there are no material defects in any of the patents or patent
applications included in the Intellectual Property. The Company and its subsidiaries have taken reasonable steps to protect,
maintain and safeguard their Intellectual Property, including the execution of appropriate nondisclosure, confidentiality
agreements and invention assignment agreements and invention assignments with substantially all of their employees, and to
the knowledge of the Company, no employee of the Company is in or has been in violation of any term of any employment
contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement,
nondisclosure agreement, or any restrictive covenant to or with a former employer where the basis of such violation relates
to such employee&#8217;s employment with the Company. The duty of candor and good faith as required by the United States
Patent and Trademark Office during the prosecution of the United States patents and patent applications included in the
Intellectual Property have been complied with; and in all foreign offices having similar requirements, all such requirements
have been complied with in each case in all material respects. None of the Company owned Intellectual Property or technology
(including information technology and outsourced arrangements) employed by the Company or its subsidiaries has been obtained
or is being used by the Company or its subsidiary in violation of any contractual obligation binding on the Company or its
subsidiaries or any of their respective officers, directors or employees or otherwise in violation of the rights of any
persons that would reasonably be expected to cause a Material Adverse Change.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(u)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>All Necessary Permits, etc</I>.</B> The Company and its subsidiaries possess all material valid and current
certificates, authorizations or permits required by state, federal or foreign regulatory agencies or bodies to conduct their respective
businesses as currently conducted and as described in the Registration Statement, the Time of Sale Prospectus or the Prospectus
(&#8220;<B>Permits</B>&#8221;). Neither the Company nor any of its subsidiaries is in violation of, or in default under, any of
the Permits in any material respect or has received any notice of proceedings relating to the revocation or modification of, or
non&#45;compliance with, any such certificate, authorization or permit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Title to Properties</I>.</B> The Company and its subsidiaries have good and marketable title to all of
the real and personal property and other assets reflected as owned in the financial statements referred to in Section&nbsp;1(j)
above (or elsewhere in the Registration Statement, the Time of Sale Prospectus or the Prospectus), in each case free and clear
of any security interests, mortgages, liens, encumbrances, equities, adverse claims and other defects, except those matters that
do not materially interfere with the use made and proposed to be made of such property by the Company and any of its subsidiaries.
The real property, improvements, equipment and personal property held under lease by the Company or any of its subsidiaries are
held under valid and enforceable leases, with such exceptions as 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 such subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(w)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Tax Law Compliance</I>.</B> The Company and its subsidiaries have filed all necessary federal, state and
foreign income 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 Section&nbsp;1(j) above in respect of all federal, state and foreign income
and franchise taxes for all periods as to which the tax liability of the Company or any of its subsidiaries has not been finally
determined.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(x)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B> <I>Insurance</I>.</B> Each of the Company and its subsidiaries are insured by recognized, financially sound
and reputable institutions with policies in such amounts and with such deductibles and covering such risks as are generally deemed
adequate and customary for their businesses 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 and policies covering
the Company and its subsidiaries for product liability claims. 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
would not be expected to result in a Material Adverse Change. To the Company&#8217;s knowledge, neither the Company nor any of
its subsidiaries has been denied any insurance coverage which it has sought or for which it has applied.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(y)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Compliance with Environmental Laws</I>.</B> Except as could not be expected, individually or in the aggregate,
to result in a Material Adverse Change: (i)&nbsp;neither the Company nor any of its subsidiaries is in violation of any federal,
state, local or 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 release or threatened release of chemicals,
pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, &#8220;<B>Hazardous
Materials</B>&#8221;) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling
of Hazardous Materials (collectively, &#8220;<B>Environmental Laws</B>&#8221;); (ii)&nbsp;the Company and its subsidiaries have
all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their
requirements; (iii)&nbsp;there are no pending or, to the knowledge of the Company, 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; and (iv)&nbsp;there are no events or circumstances that
might reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(z)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Periodic Review of Costs of Environmental Compliance</I>.</B> In the ordinary course of its business, the
Company conducts a review from time to time of the effect of Environmental Laws on the business, operations and properties of the
Company and its subsidiaries, which is reasonably designed to evaluate associated costs and liabilities (including, without limitation,
any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any
permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). No
facts or circumstances have come to the Company&#8217;s attention with respect thereof that could result in costs or liabilities
that could be expected, individually or in the aggregate, to result in a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(aa)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>ERISA
Compliance</I>.</B> Each &#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>ERISA</B>&#8221;))
that is established or maintained by the Company or its &#8220;ERISA Affiliates&#8221; (as defined below) is in compliance in
all material respects with ERISA. &#8220;<B>ERISA Affiliate</B>&#8221; means, with respect to the Company or any of its
subsidiaries, any member of any group of organizations described in Sections&nbsp;414(b), (c), (m) or (o) of the Internal
Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the
&#8220;<B>Code</B>&#8221;) of which the Company or such subsidiary is a member. No &#8220;reportable event&#8221; (as defined
under Section&nbsp;4043(c) of 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, has a &#8220;funded percentage,&#8221;
as defined under Section&nbsp;432(j)(2) of the Code of less than one hundred percent (100%). Neither the Company nor any of
its ERISA Affiliates has incurred or reasonably expects to incur any material liability under (i)&nbsp;Title&nbsp;IV of ERISA
with respect to termination of, or withdrawal from, any &#8220;employee benefit plan&#8221; or (ii)&nbsp;Sections&nbsp;412,
4971, 4975 or 4980B of the Code. Each employee benefit plan 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 either (i)&nbsp;the recipient of a
favorable determination letter from the IRS, or (ii)&nbsp;a volume submitter or master and prototype plan as to which the
adopter is entitled to rely on the advisory or opinion letter issued by the IRS with respect to the qualified status of such
plan under Section&nbsp;401 of the Code to the extent provided in Revenue Procedure&nbsp;2011-49, and no amendment has been
made nor has any event occurred that could reasonably be expected to adversely affect such qualification.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(bb)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Company Not an &#8220;Investment Company.&#8221;</I></B> The Company is not, and will not be, either after
receipt of payment for the Offered Shares or after the application of the proceeds therefrom as described under &#8220;Use of Proceeds&#8221;
in the Registration Statement, the Time of Sale Prospectus or the Prospectus, required to register as an &#8220;investment company&#8221;
under the Investment Company Act of 1940, as amended (the &#8220;<B>Investment Company Act</B>&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(cc)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>No Price Stabilization or Manipulation; Compliance with Regulation&nbsp;M</I>.</B> Neither the Company
nor any of its subsidiaries has taken, directly or indirectly, any action designed to or that might cause or result in stabilization
or manipulation of the price of the Shares or of any &#8220;reference security&#8221; (as defined in Rule&nbsp;100 of Regulation&nbsp;M
under the Exchange Act (&#8220;<B>Regulation&nbsp;M</B>&#8221;)) with respect to the Shares, whether to facilitate the sale or
resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation&nbsp;M.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(dd)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Related-Party Transactions</I>.</B> There are no business relationships or related-party transactions involving
the Company or any of its subsidiaries or any other person required to be described in the Registration Statement, the Time of
Sale Prospectus or the Prospectus that have not been described as required.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(ee)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>FINRA Matters</I>.</B> All of the information provided to the Underwriters or to counsel for the Underwriters
by the Company, its counsel, its officers and directors and the holders of any securities (debt or equity) or options to acquire
any securities of the Company in connection with the offering of the Offered Shares is true, complete, correct and compliant with
FINRA&#8217;s rules and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules or NASD
Conduct Rules is true, complete and correct.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(ff)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Parties to Lock-Up Agreements</I>.</B> The Company has furnished to the Underwriters a letter agreement
in the form attached hereto as <U>Exhibit&nbsp;I</U> (the &#8220;<B>Lock-up Agreement</B>&#8221;) from each of the persons listed
on <U>Exhibit&nbsp;J</U>. Such <U>Exhibit&nbsp;J</U> lists under an appropriate caption the directors and executive officers of
the Company. If any additional persons shall become directors or executive officers of the Company prior to the end of the Company
Lock-up Period (as defined below), the Company shall cause each such person, prior to or contemporaneously with their appointment
or election as a director or executive officer of the Company, to execute and deliver to the Representatives a Lock-up Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(gg)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Statistical and Market-Related Data</I>.</B> All statistical, demographic and market&#45;related data included
in the Registration Statement, the Time of Sale Prospectus or the Prospectus are based on or derived from sources that the Company
believes, after reasonable inquiry, to be reliable and accurate. To the extent required, the Company has obtained the written consent
to the use of such data from such sources.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(hh)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B> <I>Sarbanes-Oxley Act.</I></B> There is, and has been, no failure on the part of the Company or 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, as amended and the rules and regulations promulgated in connection therewith, including Section&nbsp;402 related to
loans and Sections&nbsp;302 and 906 related to certifications.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>No Unlawful Contributions or Other Payments</I>.</B> Neither the Company nor any of its subsidiaries nor,
to the best of the Company&#8217;s knowledge, any employee or agent of the Company or any subsidiary, has made any contribution
or other payment to any official of, or candidate for, any federal, state or foreign office in violation of any law or of the character
required to be disclosed in the Registration Statement, the Time of Sale Prospectus or the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(jj)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Anti-Corruption and Anti-Bribery Laws</I>.</B> Neither the Company nor any of its subsidiaries nor any
director or officer, of the Company or any of its subsidiaries, nor to the knowledge of the Company, any employee of the Company
or any of its subsidiaries, or any agent, affiliate or other person acting on behalf of the Company or any of its subsidiaries
has, in the course of its actions for, or on behalf of, the Company or any of its subsidiaries (i)&nbsp;used any corporate funds
for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii)&nbsp;made or
taken any act in furtherance of an offer, promise, or authorization of any direct or indirect unlawful payment or benefit to any
foreign or domestic government official or employee, including of any government-owned or controlled entity or public international
organization, or any political party, party official, or candidate for political office; (iii)&nbsp;violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended (the &#8220;<B>FCPA</B>&#8221;), the UK Bribery
Act 2010, or any other applicable anti-bribery or anti-corruption law; or (iv)&nbsp;made, offered, authorized, requested, or taken
an act in furtherance of any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment or benefit.
The Company and its subsidiaries and, to the knowledge of the Company, the Company&#8217;s affiliates have conducted their respective
businesses in compliance with the FCPA and any other applicable anti-bribery or anti-corruption law and have instituted and maintain
policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(kk)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Money Laundering Laws</I>.</B> The operations of the Company and its subsidiaries are, and have been conducted
at all times, in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder
and any related or similar applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the &#8220;<B>Money Laundering Laws</B>&#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 subsidiaries with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(ll)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Sanctions</I>.</B>
Neither the Company nor any of its subsidiaries, directors or officers or, to the knowledge of the Company, after due
inquiry, any employee of the Company or any of its subsidiaries, or any agent, affiliate or other person acting on behalf of
the Company or any of its subsidiaries is currently the subject or the target of any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, the United Nations
Security Council, the European Union, Her Majesty&#8217;s Treasury of the United Kingdom, or other relevant sanctions
authority (collectively, &#8220;<B>Sanctions</B>&#8221;); nor is the Company or any of its subsidiaries located, organized or
resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Crimea,
Cuba, Iran, North Korea, and Syria (each, a &#8220;<B>Sanctioned Country</B>&#8221;); and the Company will not directly or
indirectly use the proceeds of this offering, 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 the activities of or
business with any person, or in any country or territory, that at the time of such financing, is the subject or the target of
Sanctions or in any other manner that will result in a violation by any person (including any person participating in the
transaction whether as underwriter, advisor, investor or otherwise) of applicable Sanctions. For the past five years, the
Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions
with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any
Sanctioned Country.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(mm)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Brokers</I>.</B> Except pursuant to this Agreement, 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(nn)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Forward-Looking Statements.</I></B> 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, the Time of Sale Prospectus 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;is accompanied by meaningful cautionary statements identifying those factors that could cause actual
results to differ materially from those in such forward&#45;looking statement. No such statement was made with the knowledge of
an executive officer or director of the Company that it was false or misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(oo)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>No Outstanding Loans or Other Extensions of Credit</I></B>. The Company does not have any outstanding extension
of credit, in the form of a personal loan, to or for any director or executive officer (or equivalent thereof) of the Company except
for such extensions of credit as are expressly permitted by Section&nbsp;13(k) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(pp)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Cybersecurity</I></B>. The Company and its subsidiaries&#8217; information technology assets and equipment,
computers, systems, networks, hardware, software, websites, applications, and databases (collectively, &#8220;<B>IT Systems</B>&#8221;)
are adequate for, and operate and perform in all material respects as required in connection with the operation of the business
of the Company and its subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses,
time bombs, malware and other corruptants. The Company and its subsidiaries have implemented and maintained commercially reasonable
physical, technical and administrative controls, policies, procedures, and safeguards to maintain and protect their material confidential
information and the integrity, continuous operation, redundancy and security of all IT Systems and data, including &#8220;Personal
Data,&#8221; used in connection with their businesses. &#8220;<B>Personal Data</B>&#8221; means (i)&nbsp;a natural person&#8217;s
name, street address, telephone number, e-mail address, photograph, social security number or tax identification number, driver&#8217;s
license number, passport number, credit card number, bank information, or customer or account number; (ii)&nbsp;any information
which would qualify as &#8220;personally identifying information&#8221; under the Federal Trade Commission Act, as amended; (iii)&nbsp;&#8220;personal
data&#8221; as defined by the European Union General Data Protection Regulation (&#8220;<B>GDPR</B>&#8221;); (iv)&nbsp;any information
which would qualify as &#8220;protected health information&#8221; under the Health Insurance Portability and Accountability Act
of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act (collectively, &#8220;<B>HIPAA&#8221;</B>);
and (v)&nbsp;any other piece of information that allows the identification of such natural person, or his or her family, or permits
the collection or analysis of any data related to an identified person&#8217;s health or sexual orientation. There have been no
breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material
cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to
the same. The Company and its subsidiaries are 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 Personal Data and to the protection of such IT Systems and Personal
Data from unauthorized use, access, misappropriation or modification.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(qq)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B> <I>Compliance with Data Privacy Laws</I></B>. The Company and its subsidiaries are in material compliance
with all applicable state and federal data privacy and security laws and regulations, including without limitation HIPAA, and the
Company and its subsidiaries have taken commercially reasonable actions to prepare to comply with GDPR (EU 2016/679) (collectively,
the &#8220;<B>Privacy Laws</B>&#8221;). To ensure compliance with the Privacy Laws, the Company and its subsidiaries have in place,
comply with, and take appropriate steps reasonably designed to ensure compliance in all material respects with their policies and
procedures relating to data privacy and security and the collection, storage, use, disclosure, handling, and analysis of Personal
Data (the &#8220;<B>Policies</B>&#8221;). The Company and its subsidiaries have at all times made all disclosures to users or customers
required by applicable laws and regulatory rules or requirements, and none of such disclosures made or contained in any Policy
have, to the knowledge of the Company, been inaccurate or in violation of any applicable laws and regulatory rules or requirements
in any material respect. The Company further certifies that neither it nor any subsidiary: (i)&nbsp;has received notice of any
actual or potential liability under or relating to, or actual or potential violation of, any of the Privacy Laws, and has no knowledge
of any event or condition that would reasonably be expected to result in any such notice; (ii)&nbsp;is currently conducting or
paying for, in whole or in part, any investigation, remediation, or other corrective action pursuant to any Privacy Law; or (iii)&nbsp;is
a party to any order, decree, or agreement that imposes any obligation or liability under any Privacy Law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(rr)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Compliance
with Health Care Laws</I></B>. The Company and its subsidiaries are, and at all times have been, in compliance in all
material respects with all Health Care Laws. For purposes of this Agreement, &#8220;<B>Health Care Laws</B>&#8221; means:
(i)&nbsp;the Federal Food, Drug, and Cosmetic Act (21 U.S.C. Section&nbsp;301 et seq.), the Public Health Service Act (42
U.S.C. Section&nbsp;201 et seq.), and the regulations promulgated thereunder; (ii)&nbsp;all applicable federal, state, local
and foreign health care fraud and abuse laws, including, without limitation, the Anti-Kickback Statute (42 U.S.C.
Section&nbsp;1320a-7b(b)), the Civil False Claims Act (31 U.S.C. Section&nbsp;3729 et seq.), the criminal false statements
law (42 U.S.C. Section&nbsp;1320a-7b(a)), 18 U.S.C. Sections&nbsp;286 and 287, the health care fraud criminal provisions
under the U.S. Health Insurance Portability and Accountability Act of 1996 (&#8220;<B>HIPAA</B>&#8221;) (42 U.S.C.
Section&nbsp;1320d et seq.), the Stark Law (42 U.S.C. Section&nbsp;1395nn), the civil monetary penalties law (42 U.S.C.
Section&nbsp;1320a-7a), the exclusion law (42 U.S.C. Section&nbsp;1320a-7), the Physician Payments Sunshine Act (42 U.S.C.
Section&nbsp;1320-7h), and applicable laws governing government funded or sponsored healthcare programs; (iii)&nbsp;HIPAA, as
amended by the Health Information Technology for Economic and Clinical Health Act (42 U.S.C. Section&nbsp;17921 et seq.);
(iv) the Patient Protection and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act
of 2010; (v)&nbsp;licensure, quality, safety and accreditation requirements under applicable federal, state, local or foreign
laws or regulatory bodies; and (vi)&nbsp;all other local, state, federal, national, supranational and foreign laws, relating
to the regulation of the Company or its subsidiaries, and (vii) the directives and regulations promulgated pursuant to such
statutes and any state or non-U.S. counterpart thereof. Neither the Company nor any of its subsidiaries has received written
notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any
court or arbitrator or governmental or regulatory authority or third party alleging that any product operation or activity is
in violation of any Health Care Laws nor, to the Company&#8217;s knowledge, is any such claim, action, suit, proceeding,
hearing, enforcement, investigation, arbitration or other action threatened. The Company and its subsidiaries have filed,
maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and
supplements or amendments as required by any Health Care Laws, and all such reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments were complete and accurate on the date filed in all material
respects (or were corrected or supplemented by a subsequent submission). Neither the Company nor any of its subsidiaries is a
party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements
with or imposed by any governmental or regulatory authority. Additionally, neither the Company, any of its subsidiaries nor
any of their respective officers or directors, or, to the Company&#8217;s knowledge, any of their respective employees or
agents has been excluded, suspended or debarred from participation in any U.S. federal health care program or human clinical
research or, to the knowledge of the Company, is subject to a governmental inquiry, investigation, proceeding, or other
similar action that could reasonably be expected to result in debarment, suspension, or exclusion.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(ss)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>No Rights to Purchase Preferred Stock.</I></B> The issuance and sale of the Shares as contemplated hereby
will not cause any holder of any shares of capital stock, securities convertible into or exchangeable or exercisable for capital
stock or options, warrants or other rights to purchase capital stock or any other securities of the Company to have any right to
acquire any shares of preferred stock of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(tt)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>No Contract Terminations.</I></B> Except in connection with the previously disclosed termination of the
Credit Agreement dated as of March 1, 2017 between the Company, JPMorgan Chase Bank, N.A., as administrative agent, and the other
lenders referred to therein, neither the Company nor any of its subsidiaries has sent or received any communication regarding termination
of, or intent not to renew, any of the contracts or agreements referred to or described in any preliminary prospectus, the Prospectus
or any free writing prospectus, or referred to or described in, or filed as an exhibit to, the Registration Statement, or any document
incorporated by reference therein, and no such termination or non-renewal 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 non-renewal
has not been rescinded as of the date hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(uu)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Dividend Restrictions</I>.</B> No subsidiary of the Company is prohibited or restricted, directly or indirectly,
from paying dividends to the Company, or from making any other distribution with respect to such subsidiary&#8217;s equity securities
or from repaying to the Company or any other subsidiary of the Company 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificate signed by any officer of
the Company or any of its subsidiaries and delivered to any Underwriter or to counsel for the Underwriters in connection with the
offering, or the purchase and sale, of the Offered Shares shall be deemed a representation and warranty by the Company to each
Underwriter as to the matters covered thereby.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has a reasonable basis for making
each of the representations set forth in this Section&nbsp;1. The Company acknowledges that the Underwriters and, for purposes
of the opinions to be delivered pursuant to Section&nbsp;6 hereof, counsel to the Company and counsel to the Underwriters, will
rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Purchase, Sale and Delivery of the Offered Shares</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>The Firm Shares</I>.</B> Upon the terms herein set forth, the Company agrees to issue and sell to the several
Underwriters an aggregate of 600,000 Firm Shares. On the basis of the representations, warranties and agreements herein contained,
and upon the terms but subject to the conditions herein set forth, the Underwriters agree, severally and not jointly, to purchase
from the Company the respective number of Firm Shares set forth opposite their names on <U>Schedule&nbsp;A</U>. The purchase price
per Firm Share to be paid by the several Underwriters to the Company shall be $211.50 per share.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>The
First Closing Date</I>.</B> Delivery of the Firm Shares to be purchased by the Underwriters and payment therefor shall be
made at the offices of Latham &amp; Watkins LLP, 12670 High Bluff Drive, San Diego, California 92130 (or such other place as
may be agreed to by the Company and the Representatives) at 9:00 a.m. (New York City time), on June 12, 2020, or such other
time and date not later than 1:30&nbsp;p.m. (New York City time), on June 26, 2020 as the Representatives shall designate by
notice to the Company (the time and date of such closing are called the &#8220;<B>First Closing Date</B>&#8221;) as set forth
in Section&nbsp;2(f) below. The Company hereby acknowledges that circumstances under which the Representatives may provide
notice to postpone the First Closing Date as originally scheduled include, but are not limited to, any determination by the
Company or the Representatives to recirculate to the public copies of an amended or supplemented Prospectus or a delay as
contemplated by the provisions of Section&nbsp;11.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>The Optional Shares; Option Closing Date</I>.</B> In addition, on the basis of the representations, warranties
and agreements herein contained, and upon the terms but subject to the conditions herein set forth, the Company hereby grants an
option to the several Underwriters to purchase, severally and not jointly, up to an aggregate of 90,000 Optional Shares from the
Company at the purchase price per share to be paid by the Underwriters for the Firm Shares, less an amount per share equal to any
dividend or distribution declared by the Company and payable on the Firm Shares but not payable on the Optional Shares. The option
granted hereunder may be exercised at any time and from time to time in whole or in part upon notice by the Representatives to
the Company, which notice may be given at any time within 30&nbsp;days from the date of this Agreement. Such notice shall set forth
(i)&nbsp;the aggregate number of Optional Shares as to which the Underwriters are exercising the option and (ii)&nbsp;the time,
date and place at which certificates for the Optional Shares will be delivered (which time and date may be simultaneous with, but
not earlier than, the First Closing Date; and in the event that such time and date are simultaneous with the First Closing Date,
the term &#8220;<B>First Closing Date</B>&#8221; shall refer to the time and date of delivery of certificates for the Firm Shares
and such Optional Shares). Any such time and date of delivery, if subsequent to the First Closing Date, is called an &#8220;<B>Option
Closing Date</B>,&#8221; and shall be determined by the Representatives and shall not be earlier than two or later than five full
business days after delivery of such notice of exercise. If any Optional Shares are to be purchased, each Underwriter agrees, severally
and not jointly, to purchase the number of Optional Shares (subject to such adjustments to eliminate fractional shares as the Representatives
may determine) that bears the same proportion to the total number of Optional Shares to be purchased as the number of Firm Shares
set forth on <U>Schedule&nbsp;A</U> opposite the name of such Underwriter bears to the total number of Firm Shares. The Representatives
may cancel the option at any time prior to its expiration by giving written notice of such cancellation to the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Public Offering of the Offered Shares</I>.</B> The Representatives hereby advise the Company that the Underwriters
intend to offer for sale to the public, initially on the terms set forth in the Registration Statement, the Time of Sale Prospectus
and the Prospectus, their respective portions of the Offered Shares as soon after this Agreement has been executed as the Representatives,
in their sole judgment, have determined is advisable and practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Payment for the Offered Shares</I>.</B> (i) Payment for the Offered Shares shall be made at the First Closing
Date (and, if applicable, at each Option Closing Date) by wire transfer of immediately available funds to the order of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>It is understood that the Representatives have been authorized, for their own account and the accounts of the several Underwriters,
to accept delivery of and receipt for, and make payment of the purchase price for, the Firm Shares and any Optional Shares the
Underwriters have agreed to purchase. Each of Jefferies and J.P. Morgan, individually and not as the Representatives of the Underwriters,
may (but shall not be obligated to) make payment for any Offered Shares to be purchased by any Underwriter whose funds shall not
have been received by the Representatives by the First Closing Date or the applicable Option Closing Date, as the case may be,
for the account of such Underwriter, but any such payment shall not relieve such Underwriter from any of its obligations under
this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Delivery
of the Offered Shares</I>.</B> The Company shall deliver, or cause to be delivered to the Representatives for the accounts of
the several Underwriters certificates for the Firm Shares at the First Closing Date, against release of a wire transfer of
immediately available funds for the amount of the purchase price therefor. The Company shall also deliver, or cause to be
delivered to the Representatives for the accounts of the several Underwriters, certificates for the Optional Shares the
Underwriters have agreed to purchase at the First Closing Date or the applicable Option Closing Date, as the case may be,
against the release of a wire transfer of immediately available funds for the amount of the purchase price therefor. If
Jefferies so elects, delivery of the Offered Shares may be made by credit to the accounts designated by Jefferies through The
Depository Trust Company&#8217;s full fast transfer or DWAC programs. If Jefferies so elects, the certificates for the
Offered Shares shall be registered in such names and denominations as the Representatives shall have requested at least two
full business days prior to the First Closing Date (or the applicable Option Closing Date, as the case may be) and shall be
made available for inspection on the business day preceding the First Closing Date (or the applicable Option Closing Date, as
the case may be) at a location in New York City as the Representatives may designate. Time shall be of the essence, and
delivery at the time and place specified in this Agreement is a further condition to the obligations of the Underwriters.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Additional Covenants of the Company.</B> The Company further covenants and agrees with each Underwriter as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Commission Filing Fees</I>.</B> The Company agrees to pay the required Commission filing fees relating
to the Offered Shares within the time required by Rule&nbsp;456(b)(1) under the Securities Act without regard to the proviso therein
and otherwise in accordance with the Rules&nbsp;456(b) and 457(r) under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Delivery of Registration Statement, Time of Sale Prospectus and Prospectus.</I></B> The Company shall furnish
to you in New York City, without charge, prior to 10:00 a.m. (New York City time) on the business day next succeeding the date
of this Agreement and during the period when a prospectus relating to the Offered Shares is required by the Securities Act to be
delivered (whether physically or through compliance with Rule&nbsp;172 under the Securities Act or any similar rule) in connection
with sales of the Offered Shares, as many electronic copies of the Time of Sale Prospectus, the Prospectus and any supplements
and amendments thereto or to the Registration Statement as you may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Representatives&#8217; Review of Proposed Amendments and Supplements.</I></B> During the period when a
prospectus relating to the Offered Shares is required by the Securities Act to be delivered (whether physically or through compliance
with Rule&nbsp;172 under the Securities Act or any similar rule), the Company (i)&nbsp;will furnish to the Representatives for
review, a reasonable period of time prior to the proposed time of filing of any proposed amendment or supplement to the Registration
Statement, a copy of each such amendment or supplement and (ii)&nbsp;will not amend or supplement the Registration Statement (including
any amendment or supplement through incorporation of any report filed under the Exchange Act) without the Representatives&#8217;
prior written consent. Prior to amending or supplementing any preliminary prospectus, the Time of Sale Prospectus or the Prospectus
(including any amendment or supplement through incorporation of any report filed under the Exchange Act), the Company shall furnish
to the Representatives for review, a reasonable amount of time prior to the time of filing or use of the proposed amendment or
supplement, a copy of each such proposed amendment or supplement. The Company shall not file or use any such proposed amendment
or supplement without the Representatives&#8217; prior written consent, which shall not be unreasonably withheld. The Company shall
file with the Commission within the applicable period specified in Rule&nbsp;424(b) under the Securities Act any prospectus required
to be filed pursuant to such Rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Free
Writing Prospectuses.</I></B> The Company shall furnish to the Representatives for review, a reasonable amount of time prior
to the proposed time of filing or use thereof, a copy of each proposed free writing prospectus or any amendment or supplement
thereto prepared by or on behalf of, used by, or referred to by the Company, and the Company shall not file, use or refer to
any proposed free writing prospectus or any amendment or supplement thereto without the Representatives&#8217; prior written
consent. The Company shall furnish to each Underwriter, without charge, as many electronic copies of any free writing
prospectus prepared by or on behalf of, used by or referred to by the Company as such Underwriter may reasonably request. If
at any time when a prospectus is required by the Securities Act to be delivered (whether physically or through compliance
with Rule&nbsp;172 under the Securities Act or any similar rule) in connection with sales of the Offered Shares (but in any
event if at any time through and including the First Closing Date) there occurred or occurs an event or development as a
result of which any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company conflicted or
would conflict with the information contained in the Registration Statement or included or would include an untrue statement
of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances prevailing at such time, not misleading, the Company shall promptly amend or supplement such
free writing prospectus to eliminate or correct such conflict or so that the statements in such free writing prospectus as so
amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances prevailing at such time, not misleading, as the case
may be; <I>provided, however</I>, that prior to amending or supplementing any such free writing prospectus, the Company shall
furnish to the Representatives for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a
copy of such proposed amended or supplemented free writing prospectus, and the Company shall not file, use or refer to any
such amended or supplemented free writing prospectus without the Representatives&#8217; prior written consent, which shall
not be unreasonably withheld.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Filing of Underwriter Free Writing Prospectuses.</I></B> The Company shall not take any action that would
result in an Underwriter or the Company being required to file with the Commission pursuant to Rule&nbsp;433(d) under the Securities
Act a free writing prospectus prepared by or on behalf of such Underwriter that such Underwriter otherwise would not have been
required to file thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Amendments and Supplements to Time of Sale Prospectus.</I></B> If the Time of Sale Prospectus is being
used to solicit offers to buy the Offered Shares at a time when the Prospectus is not yet available to prospective purchasers,
and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus
so that the Time of Sale Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances when delivered to a prospective purchaser, not misleading,
or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information
contained in the Registration Statement, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement
the Time of Sale Prospectus to comply with applicable law, the Company shall (subject to Section&nbsp;3(b) and Section&nbsp;3(c)
hereof) promptly prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon
request, either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus
as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances when delivered to a prospective purchaser, not misleading
or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the information contained in the
Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Certain
Notifications and Required Actions</I>.</B> After the date of this Agreement, during the period when a prospectus relating to
the Offered Shares is required by the Securities Act to be delivered (whether physically or through compliance with
Rule&nbsp;172 under the Securities Act or any similar rule), the Company shall promptly advise the Representatives in writing
of: (i)&nbsp;the receipt of any comments of, or requests for additional or supplemental information from, the Commission;
(ii)&nbsp;the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or
supplement to any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus or the Prospectus;
(iii)&nbsp;the time and date that any post-effective amendment to the Registration Statement becomes effective; and
(iv)&nbsp;the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any
post-effective amendment thereto or any amendment or supplement to any preliminary prospectus, the Time of Sale Prospectus or
the Prospectus or of any order preventing or suspending the use of any preliminary prospectus, the Time of Sale Prospectus,
any free writing prospectus or the Prospectus, any proceeding under Section&nbsp;8A of the Securities Act, or of any
proceedings to remove, suspend or terminate from listing or quotation the Shares from any securities exchange upon which they
are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for
any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its best efforts to
obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with
all applicable provisions of Rule&nbsp;424(b), Rule&nbsp;433 and Rule&nbsp;430B under the Securities Act and will use its
reasonable efforts to confirm that any filings made by the Company under Rule&nbsp;424(b) or Rule&nbsp;433 were received in a
timely manner by the Commission. If, after the date of this Agreement and during any time when a prospectus is required by
the Securities Act to be delivered (whether physically or through compliance with Rule&nbsp;172 under the Securities Act or
any similar rule), the Company receives notice pursuant to Rule&nbsp;401(g)(2) under the Securities Act from the Commission
or otherwise ceases to be eligible to use the automatic shelf registration form, the Company shall promptly advise the
Representatives in writing of such notice or ineligibility and will (i)&nbsp;promptly filed a new registration statement or
post-effective amendment on the proper form relating to the Securities, (ii)&nbsp;use its best efforts to cause such
registration statement or post-effective amendment to be declared effective by the Commission as soon as practicable and
(iii)&nbsp;promptly notify the Representatives in writing of such effectiveness.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Amendments and Supplements to the Prospectus and Other Securities Act Matters.</I></B> If any event shall
occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus so that the Prospectus does
not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances when the Prospectus is delivered (whether physically or through compliance with Rule&nbsp;172
under the Securities Act or any similar rule) to a purchaser, not misleading, or if in the opinion of the Representatives or counsel
for the Underwriters it is otherwise necessary to amend or supplement the Prospectus to comply with applicable law, the Company
agrees (subject to Section&nbsp;3(b) and Section&nbsp;3(c)) hereof to promptly prepare, file with the Commission and furnish, at
its own expense, to the Underwriters and to any dealer upon request, amendments or supplements to the Prospectus so that the statements
in the Prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances when the Prospectus is delivered (whether
physically or through compliance with Rule&nbsp;172 under the Securities Act or any similar rule) to a purchaser, not misleading
or so that the Prospectus, as amended or supplemented, will comply with applicable law. Neither the Representatives&#8217; consent
to, nor delivery of, any such amendment or supplement shall constitute a waiver of any of the Company&#8217;s obligations under
Section&nbsp;3(b) or Section&nbsp;3(c).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Blue
Sky Compliance</I>.</B> The Company shall cooperate with the Representatives and counsel for the Underwriters to qualify or
register the Offered Shares for sale under (or obtain exemptions from the application of) the state securities or blue sky
laws or Canadian provincial securities laws (or other foreign laws) of those jurisdictions designated by the Representatives,
shall comply with such laws and shall continue such qualifications, registrations and exemptions in effect so long as
required for the distribution of the Offered Shares. The Company shall not be required to qualify as a foreign corporation or
to take any action that would subject it to general service of process in any such jurisdiction where it is not presently
qualified or where it would be subject to taxation as a foreign corporation. The Company will advise the Representatives
promptly of the suspension of the qualification or registration of (or any such exemption relating to) the Offered Shares for
offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the
event of the issuance of any order suspending such qualification, registration or exemption, the Company shall use its best
efforts to obtain the withdrawal thereof at the earliest possible moment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Use of Proceeds</I>.</B> The Company shall apply the net proceeds from the sale of the Offered Shares sold
by it in the manner described under the caption &#8220;Use of Proceeds&#8221; in the Registration Statement, the Time of Sale Prospectus
and the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Transfer Agent</I>.</B> The Company shall engage and maintain, at its expense, a registrar and transfer
agent for the Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Earnings Statement</I>.</B> The Company will make generally available to its securityholders and to the
Representatives as soon as practicable through filings under the Exchange Act an earnings statement (which need not be audited)
covering a period of at least twelve months beginning with the first fiscal quarter of the Company commencing after the date of
this Agreement that will satisfy the provisions of Section&nbsp;11(a) of the Securities Act and the rules and regulations of the
Commission thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Continued Compliance with Securities Laws</I>.</B> The Company will comply with the Securities Act and
the Exchange Act so as to permit the completion of the distribution of the Offered Shares as contemplated by this Agreement<B>,
</B>the Registration Statement, the Time of Sale Prospectus and the Prospectus. Without limiting the generality of the foregoing,
the Company will, during the period when a prospectus relating to the Offered Shares is required by the Securities Act to be delivered
(whether physically or through compliance with Rule&nbsp;172 under the Securities Act or any similar rule), file on a timely basis
with the Commission and the Nasdaq all reports and documents required to be filed under the Exchange Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Listing</I>.</B> The Company will use its best efforts to list, subject to notice of issuance, the Offered
Shares on the Nasdaq.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Company to Provide Copy of the Prospectus in Form That May be Downloaded from the Internet</I>.</B> If
requested by the Representatives, the Company shall cause to be prepared and delivered, at its expense, within one business day
from the effective date of this Agreement, to the Representatives an &#8220;<B>electronic Prospectus</B>&#8221; to be used by the
Underwriters in connection with the offering and sale of the Offered Shares. As used herein, the term &#8220;<B>electronic Prospectus</B>&#8221;
means a form of Prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i)&nbsp;it shall
be encoded in an electronic format, satisfactory to the Representatives, that may be transmitted electronically by the Representatives
and the other Underwriters to offerees and purchasers of the Offered Shares; (ii)&nbsp;it shall disclose the same information as
the paper Prospectus, except to the extent that graphic and image material cannot be disseminated electronically, in which case
such graphic and image material shall be replaced in the electronic Prospectus with a fair and accurate narrative description or
tabular representation of such material, as appropriate; and (iii)&nbsp;it shall be in or convertible into a paper format or an
electronic format, satisfactory to the Representatives, that will allow investors to store and have continuously ready access to
the Prospectus at any future time, without charge to investors (other than any fee charged for subscription to the Internet as
a whole and for on-line time). The Company hereby confirms that it has included or will include in the Prospectus filed pursuant
to EDGAR or otherwise with the Commission and in the Registration Statement at the time it became effective an undertaking that,
upon receipt of a request by an investor or his or her representative, the Company shall transmit or cause to be transmitted promptly,
without charge, a paper copy of the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B> <I>Agreement Not to Offer or Sell Additional Shares</I>.</B> During the period commencing on and including
the date hereof and continuing through and including the 60th day following the date of the Prospectus (such period, as extended
as described below, being referred to herein as the &#8220;<B>Lock-up Period</B>&#8221;), the Company will not, without the prior
written consent of Jefferies and J.P. Morgan (which consent may be withheld in their sole discretion), directly or indirectly:
(i)&nbsp;sell, offer to sell, contract to sell or lend any Shares or Related Securities (as defined below); (ii)&nbsp;effect any
short sale, or establish or increase any &#8220;put equivalent position&#8221; (as defined in Rule&nbsp;16a-1(h) under the Exchange
Act) or liquidate or decrease any &#8220;call equivalent position&#8221; (as defined in Rule&nbsp;16a&#45;1(b) under the Exchange
Act) of any Shares or Related Securities; (iii)&nbsp;pledge, lend, hypothecate or grant any security interest in any Shares or
Related Securities; (iv)&nbsp;in any other way transfer or dispose of any Shares or Related Securities; (v)&nbsp;enter into any
swap, hedge or similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership of any Shares
or Related Securities, regardless of whether any such transaction is to be settled in securities, in cash or otherwise; (vi)&nbsp;announce
the offering of any Shares or Related Securities; (vii)&nbsp;submit or file any registration statement under the Securities Act
in respect of any Shares or Related Securities (other than as contemplated by this Agreement with respect to the Offered Shares);
(viii) effect a reverse stock split, recapitalization, share consolidation, reclassification or similar transaction affecting the
outstanding Shares; or (ix)&nbsp;publicly announce the intention to do any of the foregoing; <I>provided, however</I>, that the
Company may (A)&nbsp;effect the transactions contemplated hereby, (B)&nbsp;issue Shares or equity awards, or issue Shares upon
exercise of equity awards, pursuant to any stock option, stock bonus or other stock plan or arrangement described in the Registration
Statement, the Time of Sale Prospectus and the Prospectus, (C)&nbsp;permit or allow the vesting of or removal or lapse of restrictions
on restricted stock or other awards under existing employee benefits plans or agreements in accordance with the terms of such plans
or agreements, provided that no related public disclosure or announcement (except for required filings under the Exchange Act)
shall be required or made voluntarily with respect thereto, during the Lock-up Period, (D)&nbsp;issue options, restricted stock
units or other awards to newly hired employees, including granting inducement grant awards, as permitted by Nasdaq Stock Market
Rule&nbsp;5635, (E)&nbsp;file any registration statement on Form&nbsp;S-8 or a successor form thereto in respect of securities
offered pursuant to the terms of existing employee benefits or inducement grant award, (F)&nbsp;issue Common Stock to one or more
counterparties in connection with the consummation any merger, asset acquisition or other business combination transaction or any
strategic partnership, joint venture, collaboration or license of any business, products or technology; <I>provided</I> that, with
respect to this subsection&nbsp;(F), (x)&nbsp;the sum of the aggregate number of shares of Common Stock so issued during the Lock-up
Period shall in the aggregate not exceed 5% of the total outstanding Common Stock immediately following the completion of this
offering and (y)&nbsp;prior to the issuance of such Common Stock, each recipient of such Common Stock signs a Lock-up Agreement
(or substantially similar agreement) in favor of the Representatives. For purposes of the foregoing, &#8220;<B>Related Securities</B>&#8221;
shall mean any options or warrants or other rights to acquire Shares or any securities exchangeable or exercisable for or convertible
into Shares, or to acquire other securities or rights ultimately exchangeable or exercisable for, or convertible into, Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(q)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Future
Reports to the Representatives.</I></B> During the period of five years hereafter, the Company will furnish to the
Representatives, c/o Jefferies, at 520 Madison Avenue, New York, New York 10022, Attention: Global Head of Syndicate, c/o
J.P. Morgan, at 383 Madison Avenue, New York, New York 10179 (fax: (212) 622-8358); Attention: Equity Syndicate Desk:
(i)&nbsp;as soon as practicable after the end of each fiscal year, copies of the Annual Report of the Company containing the
balance sheet of the Company as of the close of such fiscal year and statements of income, stockholders&#8217; equity and
cash flows for the year then ended and the opinion thereon of the Company&#8217;s independent public or certified public
accountants; (ii)&nbsp;as soon as practicable after the filing thereof, copies of each proxy statement, Annual Report on
Form&nbsp;10-K, Quarterly Report on Form&nbsp;10-Q, Current Report on Form&nbsp;8-K or other report filed by the Company with
the Commission, FINRA or any securities exchange; and (iii)&nbsp;as soon as available, copies of any report or communication
of the Company furnished or made available generally to holders of its capital stock; <I>provided, however,</I> that the
requirements of this Section&nbsp;3(p) shall be satisfied to the extent that such reports, statement, communications,
financial statements or other documents are available on EDGAR.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(r)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Investment Limitation</I>.</B> The Company shall not invest or otherwise use the proceeds received by the
Company from its sale of the Offered Shares in such a manner as would require the Company or any of its subsidiaries to register
as an investment company under the Investment Company Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(s)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>No Stabilization or Manipulation; Compliance with Regulation&nbsp;M</I>.</B> The Company will not take,
and will ensure that no controlled affiliate of the Company will take, directly or indirectly, any action designed to or that might
cause or result in stabilization or manipulation of the price of the Shares or any reference security with respect to the Shares,
whether to facilitate the sale or resale of the Offered Shares or otherwise, and the Company will, and shall cause each of its
controlled affiliates to, comply with all applicable provisions of Regulation&nbsp;M.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(t)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Enforce Lock-Up Agreements</I>.</B> During the Lock-up Period, the Company will enforce all agreements
between the Company and any of its securityholders that restrict or prohibit, expressly or in operation, the offer, sale or transfer
of Shares or Related Securities or any of the other actions restricted or prohibited under the terms of the form of Lock-up Agreement.
In addition, the Company will direct the transfer agent to place stop transfer restrictions upon any such securities of the Company
that are bound by such &#8220;lock-up&#8221; agreements for the duration of the periods contemplated in such agreements, including,
without limitation, &#8220;lock-up&#8221; agreements entered into by the Company&#8217;s officers and directors pursuant to Section&nbsp;6(i)
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(u)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Company to Provide Interim Financial Statements</I>.</B> Prior to the First Closing Date and each applicable
Option Closing Date, the Company will furnish the Underwriters, as soon as they have been prepared by or are available to the Company,
a copy of any unaudited interim financial statements of the Company for any period subsequent to the period covered by the most
recent financial statements appearing in the Registration Statement and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Representatives,
on behalf of the several Underwriters, may, in their sole discretion, waive in writing the performance by the Company of any one
or more of the foregoing covenants or extend the time for their performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Payment
of Expenses.</B> The Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its
obligations hereunder and in connection with the transactions contemplated hereby, including without limitation (i)&nbsp;all
expenses incident to the issuance and delivery of the Offered Shares (including all printing and engraving costs),
(ii)&nbsp;all fees and expenses of the registrar and transfer agent of the Shares, (iii)&nbsp;all necessary issue, transfer
and other stamp taxes in connection with the issuance and sale of the Offered Shares to the Underwriters, (iv)&nbsp;all fees
and expenses of the Company&#8217;s counsel, independent public or certified public accountants and other advisors,
(v)&nbsp;all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of
the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the
Time of Sale Prospectus, the Prospectus, each free writing prospectus prepared by or on behalf of, used by, or referred to by
the Company, and each preliminary prospectus, and all amendments and supplements thereto, and this Agreement, (vi)&nbsp;all
filing fees, attorneys&#8217; fees and expenses incurred by the Company or the Underwriters in connection with qualifying or
registering (or obtaining exemptions from the qualification or registration of) all or any part of the Offered Shares for
offer and sale under the state securities or blue sky laws or the provincial securities laws of Canada, and, if requested by
the Representatives, preparing and printing a &#8220;Blue Sky Survey&#8221; or memorandum and a &#8220;Canadian
wrapper&#8221;, and any supplements thereto, advising the Underwriters of such qualifications, registrations and exemptions
in an amount not to exceed $5,000 in the aggregate, (vii)&nbsp;the costs, fees and expenses incurred by the Underwriters in
connection with determining their compliance with the rules and regulations of FINRA related to the Underwriters&#8217;
participation in the offering and distribution of the Offered Shares, including any related filing fees and the legal fees
of, and disbursements by, counsel to the Underwriters in an amount not to exceed $10,000 in the aggregate, (viii)&nbsp;the
costs and expenses of the Company relating to investor presentations on any &#8220;road show&#8221;, including, without
limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses associated with
the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road
show presentations with the prior approval of the Company, travel and lodging expenses of the representatives, employees and
officers of the Company and any such consultants, and the cost of any aircraft chartered in connection with the road show,
(ix)&nbsp;the fees and expenses associated with listing the Offered Shares on the Nasdaq, and (x)&nbsp;all other fees, costs
and expenses of the nature referred to under the caption &#8220;Expenses of the Issue&#8221; in the Registration Statement.
Except as provided in Section&nbsp;4(vi) and Section&nbsp;4(vii) above or in Section&nbsp;7, Section&nbsp;9 or
Section&nbsp;10 hereof, the Underwriters shall pay their own expenses, including the fees and disbursements of their
counsel.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covenant of the Underwriters.</B> Each Underwriter severally and not jointly covenants with the Company not to take any
action that would result in the Company being required to file with the Commission pursuant to Rule&nbsp;433(d) under the Securities
Act a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not, but for such actions, be required
to be filed by the Company under Rule&nbsp;433(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Conditions of the Obligations of the Underwriters.</B> The respective obligations of the several Underwriters hereunder
to purchase and pay for the Offered Shares as provided herein on the First Closing Date and, with respect to the Optional Shares,
each Option Closing Date, shall be subject to the accuracy of the representations and warranties on the part of the Company set
forth in Section&nbsp;1 hereof as of the date hereof and as of the First Closing Date as though then made and, with respect to
the Optional Shares, as of each Option Closing Date as though then made, to the timely performance by the Company of its covenants
and other obligations hereunder, and to each of the following additional conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Comfort Letter</I>.</B> On the date hereof, the Representatives shall have received from Plante &amp; Moran,
PLLC, independent registered public accountants for the Company, a letter dated the date hereof addressed to the Underwriters,
in form and substance satisfactory to the Representatives, containing statements and information of the type ordinarily included
in accountant&#8217;s &#8220;comfort letters&#8221; to underwriters, delivered according to Statement of Auditing Standards No.
72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information
contained in the Registration Statement, the Time of Sale Prospectus, and each free writing prospectus, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Compliance with Registration Requirements; No Stop Order; No Objection from FINRA.</I></B> For the period
from and after the date of this Agreement and through and including the First Closing Date and, with respect to any Optional Shares
purchased after the First Closing Date, each Option Closing Date:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have filed the Prospectus with the Commission (including the information previously omitted from the Registration
Statement pursuant to Rule&nbsp;430B under the Securities Act) in the manner and within the time period required by Rule&nbsp;424(b)
under the Securities Act; or the Company shall have filed a post&#45;effective amendment to the Registration Statement containing
the information previously omitted from the Registration Statement pursuant to Rule&nbsp;430B, and such post-effective amendment
shall have become effective.</P>

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment to the Registration
Statement shall be in effect, and no proceedings for such purpose or pursuant to Section&nbsp;8A of the Securities Act shall have
been instituted or threatened by the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a filing has been made with FINRA, FINRA shall have raised no objection to the fairness and reasonableness of the underwriting
terms and arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>No Material Adverse Change or Ratings Agency Change</I>.</B> For the period from and after the date of
this Agreement and through and including the First Closing Date and, with respect to any Optional Shares purchased after the First
Closing Date, each Option Closing Date:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the judgment of the Representatives there shall not have occurred any Material Adverse Change; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading
or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any
securities of the Company or any of its subsidiaries by any &#8220;nationally recognized statistical rating organization&#8221;
as that term is used in Rule&nbsp;15c3-1(c)(2)(vi)(F) under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Opinions of Counsel for the Company</I>.</B> On each of the First Closing Date and each Option Closing
Date the Representatives shall have received (i)&nbsp;the opinion and negative assurance letter of Davis Graham &amp; Stubbs LLP,
counsel for the Company, dated as of such date, in the form attached hereto as <U>Exhibit&nbsp;A</U> and to such further effect
as the Representatives shall reasonably request, (ii)&nbsp;the opinion of Winheller Rechtsanwaltsgesellschaft mbH, German counsel
for the Company, dated as of such date, in form in the form attached hereto as <U>Exhibit&nbsp;B </U>and to such further effect
as the Representatives shall reasonably request, (iii)&nbsp;the opinion of Houser Henry &amp; Syron LLP, Canadian counsel for the
Company, dated as of such date, in form in the form attached hereto as <U>Exhibit&nbsp;C </U>and to such further effect as the
Representatives shall reasonably request, (iv)&nbsp;the opinion of Fidal, French counsel for the Company, dated as of such date,
in form in the form attached hereto as <U>Exhibit&nbsp;D </U>and to such further effect as the Representatives shall reasonably
request, (v) the opinion of Walker Morris LLP, United Kingdom counsel for the Company, dated as of such date, in form in the form
attached hereto as <U>Exhibit&nbsp;E </U>and to such further effect as the Representatives shall reasonably request, (vi) the opinion
of Mannheimer Swartling Advokatbyr&aring; AB, Swedish counsel for the Company, dated as of such date, in form in the form attached
hereto as <U>Exhibit&nbsp;F </U>and to such further effect as the Representatives shall reasonably request and (vii) the opinion
of Matsuo &amp; Kosugi, Japanese counsel for the Company, dated as of such date, in form in the form attached hereto as <U>Exhibit&nbsp;G
</U>and to such further effect as the Representatives shall reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Opinion of Company&#8217;s IP counsel.</I></B> On each of the First Closing Date and each Option Closing
Date, the Representatives shall have received the opinion of Breiner &amp; Breiner L.L.C., counsel for the Company with respect
to intellectual property matters, dated as of such date, in the form attached hereto as <U>Exhibit&nbsp;H</U> and to such further
effect as the Representatives shall reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Opinion of Counsel for the Underwriters</I>.</B> On each of the First Closing Date and each Option Closing
Date the Representatives shall have received the opinion and negative assurance letter of Latham &amp; Watkins LLP, counsel for
the Underwriters in connection with the offer and sale of the Offered Shares, in form and substance satisfactory to the Underwriters,
dated as of such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Officers&#8217;
Certificate</I>.</B> On each of the First Closing Date and each Option Closing Date, the Representatives shall have received
a certificate executed by the Chief Executive Officer or President of the Company and the Chief Financial Officer of the
Company, dated as of such date, to the effect set forth in Section&nbsp;6(b)(ii) and further to the effect that:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>for the period from and including the date of this Agreement through and including such date, there has not occurred any
Material Adverse Change;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the representations, warranties and covenants of the Company set forth in Section&nbsp;1 of this Agreement are true and
correct with the same force and effect as though expressly made on and as of such date; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed
or satisfied hereunder at or prior to such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Bring-down Comfort Letter</I>.</B> On each of the First Closing Date and each Option Closing Date the Representatives
shall have received from Plante &amp; Moran, PLLC, independent registered public accountant for the Company, a letter dated such
date, in form and substance satisfactory to the Representatives, which letter shall: (i)&nbsp;reaffirm the statements made in the
letter furnished by it pursuant to Section&nbsp;6(a), except that the specified date referred to therein for the carrying out of
procedures shall be no more than three business days prior to the First Closing Date or the applicable Option Closing Date, as
the case may be; and (ii)&nbsp;cover certain financial information contained in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Lock-Up Agreements.</I></B> On or prior to the date hereof, the Company shall have furnished to the Representatives
an agreement in the form of <U>Exhibit&nbsp;I</U> hereto from each of the persons listed on <U>Exhibit&nbsp;J</U> hereto, and each
such agreement shall be in full force and effect on each of the First Closing Date and each Option Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Additional Documents</I></B>. On or before each of the First Closing Date and each Option Closing Date,
the Representatives and counsel for the Underwriters shall have received such information, documents and opinions as they may reasonably
request for the purposes of enabling them to pass upon the issuance and sale of the Offered Shares as contemplated herein, or in
order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements,
herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Offered Shares as contemplated
herein and in connection with the other transactions contemplated by this Agreement shall be satisfactory in form and substance
to the Representatives and counsel for the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any condition specified in this Section&nbsp;6
is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representatives by notice from the
Representatives to the Company at any time on or prior to the First Closing Date and, with respect to the Optional Shares, at any
time on or prior to the applicable Option Closing Date, which termination shall be without liability on the part of any party to
any other party, except that Section&nbsp;4, Section&nbsp;7, Section&nbsp;9 and Section&nbsp;10 shall at all times be effective
and shall survive such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Reimbursement
of Underwriters&#8217; Expenses</B>. If this Agreement is terminated by the Representatives pursuant to Section&nbsp;6,
Section&nbsp;11 or Section&nbsp;12, or if the sale to the Underwriters of the Offered Shares on the First Closing Date is not
consummated because of any refusal, inability or failure on the part of the Company to perform any agreement herein or to
comply with any provision hereof, the Company agrees to reimburse the Representatives and the other Underwriters (or such
Underwriters as have terminated this Agreement with respect to themselves), severally, upon demand for all out-of-pocket
expenses that shall have been reasonably incurred by the Representatives and the Underwriters in connection with the proposed
purchase and the offering and sale of the Offered Shares, including, but not limited to, fees and disbursements of counsel,
printing expenses, travel expenses, postage, facsimile and telephone charges; provided that in the case of a termination of
the Agreement pursuant to Section&nbsp;11, such reimbursement shall be made only to nondefaulting Underwriters.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Effectiveness of this Agreement</B>. This Agreement shall become effective upon the execution and delivery hereof by the
parties hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Indemnification</B>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Indemnification of the Underwriters</I>.</B> The Company agrees to indemnify and hold harmless each Underwriter,
its affiliates, directors, officers, employees and agents, and each person, if any, who controls any Underwriter within the meaning
of the Securities Act or the Exchange Act against any loss, claim, damage, liability or expense, as incurred, to which such Underwriter
or such affiliate, director, officer, employee, agent or controlling person may become subject, under the Securities Act, the Exchange
Act, other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Offered Shares
have been offered or sold or at common law or otherwise (including in settlement of any litigation, if such settlement is effected
with the written consent of the Company or is otherwise permitted under paragraph (d)), insofar as such loss, claim, damage, liability
or expense (or actions in respect thereof as contemplated below) arises out of or is based upon (i)&nbsp;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 to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading; or (ii)&nbsp;any untrue statement or alleged untrue statement of a material fact included in any preliminary prospectus,
the Time of Sale Prospectus, any free writing prospectus that the Company has used, referred to or filed, or is required to file,
pursuant to Rule&nbsp;433(d) of the Securities Act, any materials or information provided to investors by, or with the approval
of, the Company in connection with the marketing of the offering of the Offered Shares, including any roadshow or investor presentations
made to investors by the Company (whether in person or electronically) (collectively &#8220;<B>Marketing Materials</B>&#8221;)
or the Prospectus (or any amendment or supplement to the foregoing), or the omission or alleged omission to state therein a material
fact necessary in order to make the statements, in the light of the circumstances under which they were made, not misleading; or
(iii)&nbsp;any act or failure to act or any alleged act or failure to act by any Underwriter in connection with, or relating in
any manner to, the Shares or the offering contemplated hereby, and which is included as part of or referred to in any loss, claim,
damage, liability or action arising out of or based upon any matter covered by clause&nbsp;(i) or (ii) above; and to reimburse
each Underwriter and each such affiliate, director, officer, employee, agent and controlling person for any and all expenses (including
the reasonable fees and disbursements of counsel) as such expenses are incurred by such Underwriter or such affiliate, director,
officer, employee, agent or controlling person in connection with investigating, defending, settling, compromising or paying any
such loss, claim, damage, liability, expense or action; <I>provided, however</I>, that the foregoing indemnity agreement shall
not apply to any loss, claim, damage, liability or expense to the extent, but only to the extent, arising out of or based upon
any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with information
relating to any Underwriter furnished to the Company by the Representatives in writing expressly for use in the Registration Statement,
any preliminary prospectus, the Time of Sale Prospectus, any such free writing prospectus, any Marketing Material or the Prospectus
(or any amendment or supplement thereto), it being understood and agreed that the only such information consists of the information
described in Section&nbsp;9(b) below. The indemnity agreement set forth in this Section&nbsp;9(a) shall be in addition to any liabilities
that the Company may otherwise have.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Indemnification
of the Company, its Directors and Officers</I></B>. Each Underwriter agrees, severally and not jointly, to indemnify and hold
harmless the Company, each of its directors, each of its officers who signed the Registration Statement and each person, if
any, who controls the Company within the meaning of the Securities Act or the Exchange Act, against any loss, claim, damage,
liability or expense, as incurred, to which the Company, or any such director, officer or controlling person may become
subject, under the Securities Act, the Exchange Act, or other federal or state statutory law or regulation, or at common law
or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of such
Underwriter or is otherwise permitted under paragraph&nbsp;(d)), insofar as such loss, claim, damage, liability or expense
(or actions in respect thereof as contemplated below) arises out of or is based upon (i)&nbsp;any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement, or any amendment thereto, or any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading or (ii)&nbsp;any untrue statement or alleged untrue statement of a material fact included in any preliminary
prospectus, the Time of Sale Prospectus, any free writing prospectus that the Company has used, referred to or filed, or is
required to file, pursuant to Rule&nbsp;433 of the Securities Act or the Prospectus (or any such amendment or supplement) or
the omission or alleged omission to state therein a material fact necessary in order to make the statements, in the light of
the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, such
preliminary prospectus, the Time of Sale Prospectus, such free writing prospectus or the Prospectus (or any such amendment or
supplement), in reliance upon and in conformity with information relating to such Underwriter furnished to the Company by the
Representatives in writing expressly for use therein; and to reimburse the Company, or any such director, officer or
controlling person for any and all expenses (including the reasonable fees and disbursements of counsel) as such expenses are
incurred by the Company, or any such director, officer or controlling person in connection with investigating, defending,
settling, compromising or paying any such loss, claim, damage, liability, expense or action. The Company hereby acknowledges
that the only information that the Representatives have furnished to the Company expressly for use in the Registration
Statement, any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus that the Company has filed,
or is required to file, pursuant to Rule&nbsp;433(d) of the Securities Act or the Prospectus (or any amendment or supplement
to the foregoing) are the statements set forth in the first sentence of the third paragraph under the caption
&#8220;Underwriting,&#8221; the first sentence and the second sentence of the first paragraph under the caption
&#8220;Underwriting&#8212;Commission and Expenses&#8221; and the first sentence of the first paragraph under the caption
&#8220;Underwriting&#8212;Stabilization&#8221; in the Preliminary Prospectus Supplement and the Final Prospectus Supplement.
The indemnity agreement set forth in this Section&nbsp;9(b) shall be in addition to any liabilities that each Underwriter may
otherwise have.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><I>Notifications
and Other Indemnification Procedures</I>.</B> Promptly after receipt by an indemnified party under this Section&nbsp;9 of
notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an
indemnifying party under this Section&nbsp;9, notify the indemnifying party in writing of the commencement thereof, but the
omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which it may have to
any indemnified party to the extent the indemnifying party is not materially prejudiced as a proximate result of such failure
and shall not in any event relieve the indemnifying party from any liability that it may have otherwise than on account of
this indemnity agreement. In case any such action is brought against any indemnified party and such indemnified party seeks
or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate in, and, to
the extent that it shall elect, jointly with all other indemnifying parties similarly notified, by written notice delivered
to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense
thereof with counsel reasonably satisfactory to such indemnified party; <I>provided, however</I>, that if the defendants in
any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably
concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting
the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which are
different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the
right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on
behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of
such indemnifying party&#8217;s election to so assume the defense of such action and approval by the indemnified party of
counsel, such approval not to be unreasonably withheld, the indemnifying party will not be liable to such indemnified party
under this Section&nbsp;9 for any legal or other expenses, other than reasonable costs of investigation, subsequently
incurred by such indemnified party in connection with the defense thereof unless (i)&nbsp;the indemnified party shall have
employed separate counsel in accordance with the proviso to the preceding sentence (it being understood, however, that the
indemnifying party shall not be liable for the fees and expenses of more than one separate counsel (together with local
counsel), representing the indemnified parties who are parties to such action), which counsel (together with any local
counsel) for the indemnified parties shall be selected by the Representatives (in the case of counsel for the indemnified
parties referred to in Section&nbsp;9(a) above) or by the Company (in the case of counsel for the indemnified parties
referred to in Section&nbsp;9(b) above) or (ii)&nbsp;the indemnifying party shall not have employed counsel reasonably
satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of
commencement of the action or (iii)&nbsp;the indemnifying party has authorized in writing the employment of counsel for the
indemnified party at the expense of the indemnifying party, in each of which cases the fees and expenses of counsel shall be
at the expense of the indemnifying party and shall be paid as they are incurred.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><I>Settlements</I>.</B> The indemnifying party under this Section&nbsp;9 shall not be liable for any settlement
of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the
plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense
by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by Section&nbsp;9(c)
hereof, the indemnifying party shall be liable for any settlement of any proceeding effected without its written consent if (i)&nbsp;such
settlement is entered into more than 45&nbsp;days after receipt by such indemnifying party of the aforesaid request and (ii)&nbsp;such
indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement.
No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent
to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or
could have been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement,
compromise or consent includes an unconditional release of such indemnified party from all liability on claims that are the subject
matter of such action, suit or proceeding and does not include an admission of fault or culpability or a failure to act by or on
behalf of such indemnified party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Contribution</B>.
If the indemnification provided for in Section&nbsp;9 is for any reason held to be unavailable to or otherwise insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein,
then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred,
as a result of any losses, claims, damages, liabilities or expenses referred to therein (i)&nbsp;in such proportion as is
appropriate to reflect the relative benefits received by the Company, on the one hand, and the Underwriters, on the other
hand, from the offering of the Offered Shares pursuant to this Agreement or (ii)&nbsp;if the allocation provided by
clause&nbsp;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause&nbsp;(i) above but also the relative fault of the Company, on the one hand, and the
Underwriters, on the other hand, in connection with the statements or omissions which resulted in such losses, claims,
damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by
the Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Offered Shares
pursuant to this Agreement shall be deemed to be in the same respective proportions as the total proceeds from the offering
of the Offered Shares pursuant to this Agreement (before deducting expenses) received by the Company, and the total
underwriting discounts and commissions received by the Underwriters, in each case as set forth on the front cover page of the
Prospectus, bear to the aggregate initial public offering price of the Offered Shares as set forth on such cover. The
relative fault of the Company, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to,
among other things, whether any such 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, on the one hand, or the Underwriters, on the other
hand, and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The amount paid or payable by a party as
a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the
limitations set forth in Section&nbsp;9(c), any legal or other fees or expenses reasonably incurred by such party in connection
with investigating or defending any action or claim. The provisions set forth in Section&nbsp;9(c) with respect to notice of commencement
of any action shall apply if a claim for contribution is to be made under this Section&nbsp;10; <I>provided, however,</I> that
no additional notice shall be required with respect to any action for which notice has been given under Section&nbsp;9(c) for purposes
of indemnification.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company and the Underwriters agree that
it would not be just and equitable if contribution pursuant to this Section&nbsp;10 were determined by pro rata allocation (even
if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to in this Section&nbsp;10.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the provisions of this Section&nbsp;10,
no Underwriter shall be required to contribute any amount in excess of the underwriting discounts and commissions received by such
Underwriter in connection with the Offered Shares underwritten by it and distributed to the public. No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Underwriters&#8217; obligations to contribute pursuant to this Section&nbsp;10
are several, and not joint, in proportion to their respective underwriting commitments as set forth opposite their respective names
on <U>Schedule&nbsp;A</U>. For purposes of this Section&nbsp;10, each affiliate, director, officer, employee and agent of an Underwriter
and each person, if any, who controls an Underwriter within the meaning of the Securities Act or the Exchange Act shall have the
same rights to contribution as such Underwriter, and each director of the Company, each officer of the Company who signed the Registration
Statement, and each person, if any, who controls the Company within the meaning of the Securities Act and the Exchange Act shall
have the same rights to contribution as the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Default
of One or More of the Several Underwriters</B><I>.</I> If, on the First Closing Date or any Option Closing Date any one or
more of the several Underwriters shall fail or refuse to purchase Offered Shares that it or they have agreed to purchase
hereunder on such date, and the aggregate number of Offered Shares which such defaulting Underwriter or Underwriters agreed
but failed or refused to purchase does not exceed 10% of the aggregate number of the Offered Shares to be purchased on such
date, the Representatives may make arrangements satisfactory to the Company for the purchase of such Offered Shares by other
persons, including any of the Underwriters, but if no such arrangements are made by such date, the other Underwriters shall
be obligated, severally and not jointly, in the proportions that the number of Firm Shares set forth opposite their
respective names on <U>Schedule&nbsp;A </U>bears to the aggregate number of Firm Shares set forth opposite the names of all
such non-defaulting Underwriters, or in such other proportions as may be specified by the Representatives with the consent of
the non-defaulting Underwriters, to purchase the Offered Shares which such defaulting Underwriter or Underwriters agreed but
failed or refused to purchase on such date. If, on the First Closing Date or any Option Closing Date any one or more of the
Underwriters shall fail or refuse to purchase Offered Shares and the aggregate number of Offered Shares with respect to which
such default occurs exceeds 10% of the aggregate number of Offered Shares to be purchased on such date, and arrangements
satisfactory to the Representatives and the Company for the purchase of such Offered Shares are not made within 48 hours
after such default, this Agreement shall terminate without liability of any party to any other party except that the
provisions of Section&nbsp;4, Section&nbsp;7, Section&nbsp;9 and Section&nbsp;10 shall at all times be effective and shall
survive such termination. In any such case either the Representatives or the Company shall have the right to postpone the
First Closing Date or the applicable Option Closing Date, as the case may be, but in no event for longer than seven days in
order that the required changes, if any, to the Registration Statement and the Prospectus or any other documents or
arrangements may be effected.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As used in this Agreement, the term &#8220;<B>Underwriter</B>&#8221;
shall be deemed to include any person substituted for a defaulting Underwriter under this Section&nbsp;11. Any action taken under
this Section&nbsp;11 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter
under this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Termination of this Agreement</B><I>.</I> Prior to the purchase of the Firm Shares by the Underwriters on the First Closing
Date, this Agreement may be terminated by Jefferies and J.P. Morgan by notice given to the Company if at any time: (i)&nbsp;trading
or quotation in any of the Company&#8217;s securities shall have been suspended or limited by the Commission or by the Nasdaq,
or trading in securities generally on either the Nasdaq or the New York Stock Exchange shall have been suspended or limited, or
minimum or maximum prices shall have been generally established on any of such stock exchanges; (ii)&nbsp;a general banking moratorium
shall have been declared by any of federal, New York or Colorado authorities; (iii)&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&#8217;
or international political, financial or economic conditions, as in the judgment of Jefferies and J.P. Morgan is material and adverse
and makes it impracticable to market the Offered Shares in the manner and on the terms described in the Time of Sale Prospectus
or the Prospectus or to enforce contracts for the sale of securities; (iv)&nbsp;in the judgment of Jefferies and J.P. Morgan there
shall have occurred any Material Adverse Change; or (v)&nbsp;the Company shall have sustained a loss by strike, fire, flood, earthquake,
accident or other calamity of such character as in the judgment of Jefferies and J.P. Morgan may interfere materially with the
conduct of the business and operations of the Company regardless of whether or not such loss shall have been insured. Any termination
pursuant to this Section&nbsp;12 shall be without liability on the part of (a)&nbsp;the Company to any Underwriter, except that
the Company shall be obligated to reimburse the expenses of the Representatives and the Underwriters pursuant to Section&nbsp;4
or Section&nbsp;7 hereof or (b)&nbsp;any Underwriter to the Company; <I>provided, however,</I> that the provisions of Section&nbsp;9
and Section&nbsp;10 shall at all times be effective and shall survive such termination.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>No
Advisory or Fiduciary Relationship.</B> The Company acknowledges and agrees that (a)&nbsp;the purchase and sale of the
Offered Shares pursuant to this Agreement, including the determination of the public offering price of the Offered Shares and
any related discounts and commissions, is an arm&#8217;s-length commercial transaction between the Company, on the one hand,
and the several Underwriters, on the other hand, (b)&nbsp;in connection with the offering contemplated hereby and the process
leading to such transaction, each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary
of the Company, or its stockholders, creditors, employees or any other party, (c)&nbsp;no Underwriter has assumed or will
assume an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or
the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on
other matters) and no Underwriter has any obligation to the Company with respect to the offering contemplated hereby except
the obligations expressly set forth in this Agreement, (d)&nbsp;the Underwriters and their respective affiliates may be
engaged in a broad range of transactions that involve interests that differ from those of the Company, and (e)&nbsp;the
Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated
hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed
appropriate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Representations and Indemnities to Survive Delivery</B><I>.</I> The respective indemnities, agreements, representations,
warranties and other statements of the Company, of its officers and of the several Underwriters set forth in or made pursuant to
this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or
the Company or any of its or their officers or directors or any controlling person or other persons referenced in Section&nbsp;9(a),
as the case may be, and, anything herein to the contrary notwithstanding, will survive delivery of and payment for the Offered
Shares sold hereunder and any termination of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notices</B>. All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed
to the parties hereto as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in; width: 30%; text-align: left">If to the Representatives:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">Jefferies LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">520 Madison Avenue</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">New York, New York 10022</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Attention: General Counsel</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">J.P. Morgan Securities LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">383 Madison Avenue</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">New York, New York 10179</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Attention: Equity Syndicate Desk</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in; text-align: left">with a copy to:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Latham &amp; Watkins LLP</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">12670 High Bluff Drive</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">San Diego, California 92130</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Attention: Michael Sullivan, Esq.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in; text-align: left">If to the Company:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Mesa Laboratories, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">12100 West Sixth Avenue</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Lakewood, Colorado 80228</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Attention: Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Counsel</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in; text-align: left">with a copy to:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Davis Graham &amp; Stubbs LLP</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">1550 17th Street, Suite 500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Denver, Colorado 80202</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Attention: John Elofson, Esq.</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any party hereto may change the address for receipt of communications
by giving written notice to the others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Successors</B><I>.</I> This Agreement will inure to the benefit of and be binding upon the parties hereto, including any
substitute Underwriters pursuant to Section&nbsp;11 hereof, and to the benefit of the affiliates, directors, officers, employees,
agents and controlling persons referred to in Section&nbsp;9 and Section&nbsp;10, and in each case their respective successors,
and no other person will have any right or obligation hereunder. The term &#8220;<B>successors</B>&#8221; shall not include any
purchaser of the Offered Shares as such from any of the Underwriters merely by reason of such purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Partial Unenforceability. The invalidity or unenforceability of any section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph
or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such
minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Recognition of the U.S. Special Resolution Regimes.</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of this Agreement, (A)&nbsp;&#8220;<B>BHC Act Affiliate</B>&#8221;
has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &sect;
1841(k); (B)&nbsp;&#8220;<B>Covered Entity</B>&#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. &sect; 252.82(b); (ii)&nbsp;a &#8220;covered bank&#8221; as that
term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&nbsp;a &#8220;covered FSI&#8221; as
that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b); (C)&nbsp;&#8220;<B>Default Right</B>&#8221;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1,
as applicable; and (D)&nbsp;&#8220;<B>U.S. Special Resolution Regime</B>&#8221; means each of (i)&nbsp;the Federal Deposit Insurance
Act and the regulations promulgated thereunder and (ii)&nbsp;Title&nbsp;II of the Dodd-Frank Wall Street Reform and Consumer Protection
Act and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Governing Law Provisions</B><I>.</I> This Agreement and any claim, controversy or dispute arising under or related hereto,
shall be governed by and construed in accordance with the internal laws of the State of New York applicable to agreements made
and to be performed in such state. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in the federal courts of the United States of America located in the Borough of Manhattan
in the City of New York or the courts of the State of New York in each case located in the Borough of Manhattan in the City of
New York (collectively, the &#8220;<B>Specified Courts</B>&#8221;), and each party irrevocably submits to the exclusive jurisdiction
(except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction
is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by
mail to such party&#8217;s address set forth above shall be effective service of process for any suit, action or other proceeding
brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit,
action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in
any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Waiver of Jury Trial.</B> Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding
arising out of or relating to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Compliance With USA Patriot Act.</B> In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their
respective clients, including the Company, which information may include the name and address of their respective clients, as
well as other information that will allow the Underwriters to properly identify their respective clients.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>General Provisions.</B> This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes
all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject
matter hereof. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. The words &#8220;execution,&#8221; &#8220;signed,&#8221;
&#8220;signature,&#8221; and words of like import in this Agreement or in any instruments, agreements, certificates, legal opinions,
negative assurance letters or other documents entered into or delivered pursuant to or in connection with this Agreement shall
include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation,
&#8220;pdf&#8221;, &#8220;tif&#8221; or &#8220;jpg&#8221;) and other electronic signatures (including, without limitation, DocuSign
and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic
Transactions Act or the Uniform Commercial Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Agreement may not be amended or modified
unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing
by each party whom the condition is meant to benefit. The section headings herein are for the convenience of the parties only and
shall not affect the construction or interpretation of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of the parties hereto acknowledges
that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions
hereof, including, without limitation, the indemnification provisions of Section&nbsp;9 and the contribution provisions of Section&nbsp;10,
and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of Section&nbsp;9
and Section&nbsp;10 hereof fairly allocate the risks in light of the ability of the parties to investigate the Company, its affairs
and its business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus,
the Time of Sale Prospectus, each free writing prospectus and the Prospectus (and any amendments and supplements to the foregoing),
as contemplated by the Securities Act and the Exchange Act.</P>

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




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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with your
understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument will become
a binding agreement among the Company and the Underwriters.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">MESA LABORATORIES, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Gary M. Owens</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Gary M. Owens</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing Underwriting Agreement is
hereby confirmed and accepted by the Representatives in New York, New York as of the date first above written.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acting individually and as Representatives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of the several Underwriters named in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the attached <U>Schedule&nbsp;A</U>.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%">/s/ Real Leclerc</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Real Leclerc</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Global Joint Head of Healthcare Investment Banking</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif">J.P. MORGAN SECURITIES LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Manoj Vemula</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Manoj Vemula</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Executive Director</TD></TR>
</TABLE>





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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">Underwriters</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Number of <BR> Firm Shares<BR> to be Purchased</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 77%; font-size: 10pt; text-align: left">Jefferies LLC</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; font-size: 10pt; text-align: right">225,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">J.P. Morgan Securities LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">225,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Evercore Group L.L.C.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">150,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 0.125in">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">600,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Free Writing Prospectuses Included
in the Time of Sale Prospectus</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>




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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Pricing Information Included in the
Time of Sale Prospectus</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; width: 87%; font-size: 10pt">Price per share to the public:</TD><TD STYLE="background-color: White; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="background-color: White; width: 10%; font-size: 10pt; text-align: right">225.00</TD><TD STYLE="background-color: White; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font-size: 10pt">Number of shares being sold:</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: White; font-size: 10pt; text-align: right">600,000</TD><TD STYLE="background-color: White; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Number of shares potentially issuable pursuant to the option to purchase additional shares: </TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: White; font-size: 10pt; text-align: right">90,000</TD><TD STYLE="background-color: White; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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



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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form of Lock-up Agreement</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June &nbsp;&nbsp;&nbsp;, 2020</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As Representatives of the Several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
c/o Jefferies LLC<BR>
520 Madison Avenue<BR>
New York, New York 10022<BR>
<BR>
and<BR>
<BR>
c/o J.P. Morgan Securities LLC</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. (the &#8220;<B>Company</B>&#8221;)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned is an owner of shares of common stock, no par
value, of the Company (&#8220;<B>Shares</B>&#8221;) or of securities convertible into or exchangeable or exercisable for Shares.
The Company proposes to conduct a public offering of Shares (the &#8220;<B>Offering</B>&#8221;) for which Jefferies LLC (&#8220;<B>Jefferies</B>&#8221;)
and J.P. Morgan Securities LLC (&#8220;<B>J.P. Morgan</B>&#8221;) will act as the representatives of the underwriters. The undersigned
recognizes that the Offering will benefit each of the Company and the undersigned. The undersigned acknowledges that the underwriters
are relying on the representations and agreements of the undersigned contained in this letter agreement in conducting the Offering
and, at a subsequent date, in entering into an underwriting agreement (the &#8220;<B>Underwriting Agreement</B>&#8221;) and other
underwriting arrangements with the Company with respect to the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Annex A sets forth definitions for capitalized terms used in
this letter agreement that are not defined in the body of this agreement. Those definitions are a part of this agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees that, during the Lock-up
Period, the undersigned will not (and will cause any Family Member not to), without the prior written consent of Jefferies and
J.P. Morgan, which may withhold their consent in their sole discretion:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Sell or Offer to Sell any Shares or Related Securities currently or hereafter owned either of record or beneficially (as defined
in Rule 13d-3 under the Exchange Act) by the undersigned or such Family Member,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>enter into any Swap,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>make any demand for, or exercise any right with respect to, the registration under the Securities Act of the offer and sale
of any Shares or Related Securities, or cause to be filed a registration statement, prospectus or prospectus
supplement (or an amendment or supplement thereto) with respect to any such registration, or</TD></TR></TABLE>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>publicly announce any intention to do any of the foregoing.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing restrictions shall not apply to the transfer of
Shares or Related Securities by gift to a Family Member or to a trust whose beneficiaries consist exclusively of one or more of
the undersigned and/or a Family Member; <I>provided, however</I>, that in any such case, it shall be a condition to such transfer
that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each transferee executes and delivers to Jefferies and J.P. Morgan an agreement in form and substance satisfactory to Jefferies
and J.P. Morgan stating that such transferee is receiving and holding such Shares and/or Related Securities subject to the provisions
of this letter agreement and agrees not to Sell or Offer to Sell such Shares and/or Related Securities, engage in any Swap or engage
in any other activities restricted under this letter agreement except in accordance with this letter agreement (as if such transferee
had been an original signatory hereto), and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prior to the expiration of the Lock-up Period, no public disclosure or filing under the Exchange Act by any party to the transfer
(donor, donee, transferor or transferee) shall be required, or made voluntarily, reporting a reduction in beneficial ownership
of Shares in connection with such transfer.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the foregoing restrictions shall not apply to the
receipt, exercise, cashless or net exercise, vesting or forfeiture of (including to the Company for purposes of satisfying any
tax withholding obligation that arise in connection with the vesting of restricted stock, restricted stock units, performance shares
or stock appreciation rights), or removal or lapse of restrictions on, any stock option, Common Stock issued upon exercise of a
stock option, restricted stock, restricted stock unit or other awards pursuant to any employee benefit plan or agreement in existence
as of the date hereof, so long as such transaction or event does not involve the sale or transfer of any Common Stock or securities
convertible into or exchangeable or exercisable for any shares of Common Stock (other than from the undersigned to the Company);
<I>provided</I> that any Shares or Related Securities acquired in connection with any such exercise will be subject to the restrictions
set forth in this agreement, and any filing under Section 16 of the Exchange Act shall with respect thereto clearly indicates in
the footnotes thereto that (a) the filing relates to the circumstances described above and (b) no Shares or Related Securities
were sold by the reporting person (other than from the undersigned to the Company). In addition, the foregoing restrictions shall
not apply to any &#8220;sell to cover&#8221; transactions effected by or on behalf of the undersigned in connection with the vesting
of certain restricted stock units awarded to the undersigned upon the vesting thereof; provided that (1) such restricted stock
units were issued to the undersigned pursuant to any employee benefit plan or agreement in existence as of the date hereof and
disclosed (including by incorporation by reference) in the prospectus supplement for the Offering and (2) any filing under Section
16 of the Exchange Act with respect to any Shares or Related Securities so sold shall with respect thereto clearly indicates in
the footnotes thereto that the filing relates to the circumstances described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any of the foregoing, the undersigned may,
without the prior written consent of Jefferies and J.P. Morgan: (i) transfer or sell Shares or Related Securities, or
securities convertible into or exchangeable or exercisable for any Shares or Related Securities, by operation of law, such as
pursuant to a domestic relations order or in connection with a divorce settlement (ii) transfer Shares or Related Securities,
or securities convertible into or exchangeable or exercisable for any Shares or Related Securities by will or intestate
succession, (iii) establish a trading plan pursuant to Rule&nbsp;10b5-1 under the Exchange Act for the transfer of Shares or
Related Securities, <I>provided </I>that such plan does not provide for any transfers of Shares or Related Securities during
the Lock-up Period pursuant to this agreement and <I>provided further</I> that no filing with the U.S. Securities and
Exchange Commission or other public announcement shall be required or voluntarily made by the undersigned or any other person
in connection therewith, and (iv) transfer or sell Shares or Related Securities, or securities convertible into or
exchangeable or exercisable for any Shares or Related Securities pursuant to a <I>bona fide </I>third party tender offer,
merger, consolidation or other similar transaction made to all holders of the Company&#8217;s capital stock involving a
Change of Control of the Company, <I>provided</I> that in the event that the tender offer, merger, consolidation or other
such transaction is not completed, the undersigned&#8217;s Shares or Related Securities shall remain subject to the
restrictions set forth herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned also agrees and consents to the entry of stop
transfer instructions with the Company&#8217;s transfer agent and registrar against the transfer of Shares or Related Securities
held by the undersigned and the undersigned&#8217;s Family Members, if any, except in compliance with the foregoing restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the Offering only, the undersigned waives any
registration rights relating to registration under the Securities Act of the offer and sale of any Shares and/or any Related Securities
owned either of record or beneficially by the undersigned, including any rights to receive notice of the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned confirms that the undersigned has not, and has
no knowledge that any Family Member has, directly or indirectly, taken any action designed to or that might reasonably be expected
to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale of the
Shares. The undersigned will not, and will cause any Family Member not to take, directly or indirectly, any such action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whether or not the Offering occurs as currently contemplated
or at all depends on market conditions and other factors. The Offering will only be made pursuant to the Underwriting Agreement,
the terms of which are subject to negotiation between the Company and the underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned hereby represents and warrants that the undersigned
has full power, capacity and authority to enter into this letter agreement. This letter agreement is irrevocable and will be binding
on the undersigned and the successors, heirs, personal representatives and assigns of the undersigned. This Agreement shall lapse
and become null and void if the Lock-up Period does not begin on or before June 30, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter agreement and any claim, controversy or disputes
arising under or related hereto shall be governed by, and construed in accordance with, the laws of the State of New York.</P>

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

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




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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Printed Name of Person Signing</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(Indicate capacity of person signing if<BR>
signing as custodian or trustee, or on behalf<BR>
of an entity)</I></P>

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




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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certain Defined Terms<BR>
<U>Used in Lock-up Agreement</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of the letter agreement to which this Annex A is
attached and of which it is made a part:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;<B>Call Equivalent Position</B>&#8221; shall have the meaning set forth in Rule 16a-1(b) under the Exchange Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;<B>Change of Control</B>&#8221; shall mean the acquisition of in excess of 50% of the outstanding capital stock or the
assets (based on the book value thereof) of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;<B>Exchange Act</B>&#8221; shall mean the Securities Exchange Act of 1934, as amended.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;<B>Family Member</B>&#8221; shall mean the spouse of the undersigned, an immediate family member of the undersigned
or an immediate family member of the undersigned&#8217;s spouse, in each case living in the undersigned&#8217;s household or whose
principal residence is the undersigned&#8217;s household (regardless of whether such spouse or family member may at the time be
living elsewhere due to educational activities, health care treatment, military service, temporary internship or employment or
otherwise). &#8220;<B>Immediate family member</B>&#8221; as used above shall have the meaning set forth in Rule 16a-1(e) under
the Exchange Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;<B>Lock-up Period</B>&#8221; shall mean the period beginning on the date hereof and continuing through the close of
trading on the date that is 60 days after the date of the Prospectus (as defined in the Underwriting Agreement).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;<B>Put Equivalent Position</B>&#8221; shall have the meaning set forth in Rule 16a-1(h) under the Exchange Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;<B>Related Securities</B>&#8221; shall mean any options or warrants or other rights to acquire Shares or any securities
exchangeable or exercisable for or convertible into Shares, or to acquire other securities or rights ultimately exchangeable or
exercisable for or convertible into Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;<B>Securities Act</B>&#8221; shall mean the Securities Act of 1933, as amended.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;<B>Sell or Offer to Sell</B>&#8221; shall mean to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&#8211;</TD><TD>sell, offer to sell, contract to sell or lend,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&#8211;</TD><TD>effect any short sale or establish or increase a Put Equivalent Position or liquidate or decrease any Call Equivalent Position</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&#8211;</TD><TD>pledge, hypothecate or grant any security interest in, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&#8211;</TD><TD>in any other way transfer or dispose of,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">in each case whether effected
directly or indirectly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;<B>Swap</B>&#8221; shall mean any swap, hedge or similar arrangement or agreement that transfers, in whole or in part,
the economic risk of ownership of Shares or Related Securities, regardless of whether any such transaction is to be settled in
securities, in cash or otherwise.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Capitalized terms not defined in this Annex A shall have the
meanings given to them in the body of this lock-up agreement.</P>

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




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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Directors and Officers<U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signing Lock-up Agreement&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2021732d3_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="margin: 0"><IMG SRC="tm2021732d3_ex5-1img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">June&nbsp;12, 2020</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12100 West Sixth Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lakewood, CO 80228</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have acted as counsel
to Mesa Laboratories,&nbsp;Inc., a Colorado corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the filing by the
Company of a final prospectus supplement dated June&nbsp;9, 2020 (the &ldquo;<B>Final Prospectus Supplement</B>&rdquo;), which
supplements a Registration Statement on Form&nbsp;S-3ASR filed with the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), and effective on August&nbsp;6, 2019 (the
&ldquo;<B>Registration Statement</B>&rdquo;), including the prospectus dated August&nbsp;6, 2019 included therein (the &ldquo;<B>Base
Prospectus</B>&rdquo; and, together with the Final Prospectus Supplement, the &ldquo;<B>Prospectus</B>&rdquo;), relating to the
offer and sale by the Company of up to 690,000 shares (the &ldquo;<B>Shares</B>&rdquo;) of the Company&rsquo;s common stock, no
par value per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Shares are to be
issued pursuant to the Prospectus and the Underwriting Agreement dated June&nbsp;9, 2020 by and among the Company, Jefferies LLC
and J.P. Morgan Securities LLC, as representatives of the underwriters named therein (the &ldquo;<B>Underwriting Agreement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have examined the
Underwriting Agreement, the Registration Statement, the Prospectus and originals or certified copies of such corporate records
of the Company and other certificates and documents of officials of the Company, public officials and others as we have deemed
appropriate for purposes of this letter. We have assumed the genuineness of all signatures, the legal capacity of each natural
person signing any document reviewed by us, the authority of each person signing in a representative capacity (other than the Company)
any document reviewed by us, the authenticity of all documents submitted to us as originals and the conformity to authentic original
documents of all copies submitted to us or filed with the SEC as conformed and certified or reproduced copies. In conducting our
examination of documents, we have assumed the power, corporate or other, of all parties thereto (other than the Company) to enter
into and perform all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other,
and the due execution and delivery by such parties of such documents and that to the extent such documents purport to constitute
agreements, such documents constitute valid and binding obligations of such parties. As to any facts material to our opinion, we
have made no independent investigation of such facts and have relied, to the extent that we deem such reliance proper, upon certificates
of public officials and officers or other representatives of the Company.</P>

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-top: rgb(144,174,184) 1pt solid; text-align: center"><FONT STYLE="color: rgb(22,49,89)">Davis Graham &amp; Stubbs
LLP&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: #90aeb2">&#9642;</FONT><FONT STYLE="font-size: 10pt; color: rgb(22,49,89)">&nbsp;&nbsp;&nbsp;&nbsp;1550
17th Street, Suite 500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(144,174,178)">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: #90aeb2">&nbsp;&#9642;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(144,174,178)">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; color: rgb(22,49,89)">Denver, CO 80202</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(144,174,178)">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: #90aeb2">&#9642;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(144,174,178)">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; color: rgb(22,49,89)">303.892.9400&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: #90aeb2">&#9642;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(144,174,178)">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: rgb(22,49,89)">fax
303.893.1379&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: #90aeb2">&#9642;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(144,174,178)">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; color: rgb(22,49,89)">dgslaw.com</FONT></TD>
</TR></TABLE>

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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June&nbsp;12, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Based upon the foregoing
and subject to the assumptions, exceptions, qualifications and limitations set forth herein, we are of the opinion that the issuance
of the Shares has been duly authorized and, when and to the extent the Shares are issued against payment therefor in accordance
with the Prospectus and the Underwriting Agreement, such Shares will be validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The opinions and other
matters in this letter are qualified in their entirety and subject to the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
opinions herein are limited to matters governed by the Colorado Business Corporation Act of the State of Colorado. We express no
opinion with respect to any other law of the State of Colorado or any other jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
letter is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated.
We assume herein no obligation, and hereby disclaim any obligation, to make any inquiry after the date hereof or to advise you
of any future changes in the foregoing or of any fact or circumstance that may hereafter come to our attention.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We hereby consent to
the filing of this opinion as an exhibit to the Current Report on Form&nbsp;8-K filed by the Company on the date hereof and to
the use of our name in the Registration Statement and the Prospectus under the caption &ldquo;Legal Matters.&rdquo; In giving this
consent, 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 and the rules and regulations thereunder.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><I>/s/ Davis Graham &amp; Stubbs LLP</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">DAVIS GRAHAM&nbsp;&amp; STUBBS LLP</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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

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