<SEC-DOCUMENT>0001144204-16-130298.txt : 20161028
<SEC-HEADER>0001144204-16-130298.hdr.sgml : 20161028
<ACCEPTANCE-DATETIME>20161028165456
ACCESSION NUMBER:		0001144204-16-130298
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161027
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161028
DATE AS OF CHANGE:		20161028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABEONA THERAPEUTICS INC.
		CENTRAL INDEX KEY:			0000318306
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				830221517
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15771
		FILM NUMBER:		161959258

	BUSINESS ADDRESS:	
		STREET 1:		3333 LEE PARKWAY
		STREET 2:		SUITE 600
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219
		BUSINESS PHONE:		2149055100

	MAIL ADDRESS:	
		STREET 1:		3333 LEE PARKWAY
		STREET 2:		SUITE 600
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PLASMATECH BIOPHARMACEUTICALS INC
		DATE OF NAME CHANGE:	20140922

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESS PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19960209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEMEX PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v451632_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, DC 20549</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TO SECTION 13 OR 15(D) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of report (Date of earliest event reported):&nbsp;<B>October
27, 2016</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>ABEONA THERAPEUTICS INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 35%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Delaware</U></B></FONT></TD>
    <TD STYLE="width: 30%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>0-9314</U></B></FONT></TD>
    <TD STYLE="width: 35%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>83-0221517</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>3333 Lee Parkway, Suite 600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Dallas, TX 75219</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>(214)-665-9495</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report)</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: justify">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<I>&nbsp;</I>General Instruction A.2. below):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD><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></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD><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></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">&nbsp;<B>Item 1.01 &ndash; Entry into a Material Definitive
Agreement. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.25in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.25in 0pt 0"><I>Underwriting Agreement</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">On October 27, 2016, Abeona Therapeutics Inc. (the &ldquo;Company&rdquo;)
entered into an Underwriting Agreement (the &ldquo;Underwriting Agreement&rdquo;) with Jefferies LLC, as representative for the
underwriters named therein (the &ldquo;Underwriters&rdquo;), relating to an underwritten public offering of 6,000,000 shares of
its common stock, par value $0.01 per share, at a price to the public of $7.00 per share. Under the terms of the Underwriting Agreement,
the Company granted the Underwriters a 30-day option to purchase up to an additional 900,000 shares of its common stock. The Company
expects to receive approximately $39.3 million in net proceeds from the offering after deducting underwriting discounts and commissions
and other offering expenses payable by the Company, assuming no exercise by the Underwriters of their option to purchase additional
shares. The shares are expected to be delivered to the Underwriters on or about November 1, 2016, subject to the satisfaction of
customary closing conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">The offering is being made pursuant to the Company&rsquo;s
effective registration statement on Form S-3 (File No. 333-205128) previously filed with the Securities and Exchange Commission
and a preliminary and final prospectus supplement thereunder. A copy of the Underwriting Agreement executed in connection with
the offering is filed herewith as Exhibit 1.1 and is incorporated herein by reference. The Underwriting Agreement contains representations,
warranties and covenants of the Company that are customary for transactions of this type and customary conditions to closing. Additionally,
the Company has agreed to provide the Underwriters with customary indemnification rights under the Underwriting Agreement. The
foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference
to such Exhibit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 121.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 121.5pt 0pt 0"><B>Item 9.01 &ndash; Financial Statements and Exhibits.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 121.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 121.5pt 0pt 0">(d) Exhibits</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in; text-align: left"><B><U>Exhibit Number</U></B></TD><TD><B><U>Description</U></B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in; text-align: left">1.1</TD><TD>Underwriting Agreement between the Company and Jefferies
LLC, as representative for the underwriters named therein, dated as of October 27, 2016</TD>
</TR></TABLE>

<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">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Abeona Therapeutics Inc.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Stephen B. Thompson</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Stephen B. Thompson</FONT><BR>
<FONT STYLE="font-size: 10pt">Vice&nbsp;President&nbsp;Finance&nbsp;</FONT><BR>
<FONT STYLE="font-size: 10pt">Chief&nbsp;Accounting Officer</FONT></TD>
    <TD>&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">Dated: October 28, 2016</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">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in; text-align: left"><B><U>Exhibit Number</U></B></TD><TD><B><U>Description</U></B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in; text-align: left">1.1</TD><TD>Underwriting Agreement between the Company and Jefferies
LLC, as representative for the underwriters named therein, dated as of October 27, 2016</TD>
</TR></TABLE>

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

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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v451632_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<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>EXECUTION VERSION</B></P>

<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: center"><B>6,000,000 Shares</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">October 27, 2016</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">JEFFERIES LLC<BR>
As Representative of the several Underwriters<BR>
<BR>
</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Introductory.</B> Abeona Therapeutics
Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the several underwriters named in
<U>Schedule A</U> (the &ldquo;<B>Underwriters</B>&rdquo;) an aggregate of 6,000,000 shares of its common stock, par value $0.01
per share (the &ldquo;<B>Shares</B>&rdquo;). The 6,000,000 Shares to be sold by the Company are called the &ldquo;<B>Firm Shares</B>.&rdquo;
In addition, the Company has granted to the Underwriters an option to purchase up to an additional 900,000 Shares as provided in
Section 2. The additional 900,000 Shares to be sold by the Company pursuant to such option are collectively called the &ldquo;<B>Optional
Shares</B>.&rdquo; The Firm Shares and, if and to the extent such option is exercised, the Optional Shares are collectively called
the &ldquo;<B>Offered Shares</B>.&rdquo; Jefferies LLC (&ldquo;<B>Jefferies</B>&rdquo;) has agreed to act as representative of
the several Underwriters (in such capacity, the &ldquo;<B>Representative</B>&rdquo;) in connection with the offering and sale of
the Offered Shares. To the extent there are no additional underwriters listed on <U>Schedule A</U>, the term &ldquo;Representative&rdquo;
as used herein shall mean you, as Underwriter, and the term &ldquo;Underwriters&rdquo; 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 &ldquo;<B>Commission</B>&rdquo;) a shelf registration statement on Form&nbsp;S-3, File
No.&nbsp;333-205128, including a base prospectus (the &ldquo;<B>Base Prospectus</B>&rdquo;) 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 &ldquo;<B>Securities Act</B>&rdquo;), 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 &ldquo;<B>Registration Statement</B>.&rdquo; Any registration
statement filed by the Company pursuant to Rule 462(b) under the Securities Act in connection with the offer and sale of the Offered
Shares is called the &ldquo;<B>Rule 462(b) Registration Statement</B>,&rdquo; and from and after the date and time of filing of
any such Rule 462(b) Registration Statement the term &ldquo;Registration Statement&rdquo; shall include the Rule 462(b) Registration
Statement. The preliminary prospectus supplement dated October 26, 2016 describing the Offered Shares and the offering thereof
(the &ldquo;<B>Preliminary Prospectus Supplement</B>&rdquo;), together with the Base Prospectus, is called the &ldquo;<B>Preliminary
Prospectus</B>,&rdquo; 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 &ldquo;<B>preliminary prospectus</B>.&rdquo; As used herein, the term &ldquo;<B>Prospectus</B>&rdquo;
shall mean the final prospectus supplement to the Base Prospectus that describes the Offered Shares and the offering thereof (the
&ldquo;<B>Final Prospectus Supplement</B>&rdquo;), together with the Base Prospectus, in the form first used by the Underwriters
to confirm sales of the Offered Shares<B> </B>or in the form first made available to the Underwriters by the Company to meet requests
of purchasers pursuant to Rule 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, &ldquo;<B>Applicable Time</B>&rdquo; is 8:30 a.m.] (New York City time) on October 27, 2016. As used herein, &ldquo;<B>free
writing prospectus</B>&rdquo; has the meaning set forth in Rule 405 under the Securities Act, and &ldquo;<B>Time of Sale Prospectus</B>&rdquo;
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 B</U> hereto. As used herein, <B>&ldquo;Road Show&rdquo;</B> means a &ldquo;road
show&rdquo; (as defined in Rule 433 under the Securities Act) relating to the offering of the Offered Shares contemplated hereby
that is a &ldquo;written communication&rdquo; (as defined in Rule 405 under the Securities Act).</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">&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 &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in, or &ldquo;part
of&rdquo; the Registration Statement, the Rule 462(b) 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 Rule 462(b) 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 &ldquo;<B>Exchange Act</B>&rdquo;)
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&nbsp;(i) 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 (&ldquo;<B>EDGAR</B>&rdquo;) and (ii)&nbsp;the Prospectus shall be deemed
to include any &ldquo;electronic Prospectus&rdquo; provided for use in connection with the offering of the Offered Shares as contemplated
by Section 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">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: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations
and Warranties of the Company.</B></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 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: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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&rsquo;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 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&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2015 (the &ldquo;<B>Annual Report</B>&rdquo;)
was filed with the Commission, or, if later, at the time the Registration Statement was originally filed with the Commission, the
Company met the then-applicable requirements for use of Form S-3 under the Securities Act. The Company meets the requirements for
use of Form S-3 under the Securities Act specified in Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;)
Conduct Rule 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>


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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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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-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 2) and at each applicable Option Closing Date (as defined in Section 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), 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 Representative expressly for use therein, it
being understood and agreed that the only such information consists of the information described in Section 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"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Free
Writing Prospectuses; Road Show</I>.</B> As of the determination date referenced in Rule 164(h) under the Securities Act, the Company
was not, is not or will not be (as applicable) an &ldquo;ineligible issuer&rdquo; in connection with the offering of the Offered
Shares pursuant to Rules 164, 405 and 433 under the Securities Act. Each free writing prospectus that the Company is required to
file pursuant to Rule 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 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 433 under the Securities Act, including timely filing with the Commission
or retention where required and legending, 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 and not superseded or modified. Except for the free writing prospectuses, if any, identified in <U>Schedule
B</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>

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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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Distribution
of Offering Material By the Company</I>.</B> Prior to the later of (i) the expiration or termination of the option granted to the
several Underwriters in Section 2 and (ii)&nbsp;the completion of the Underwriters&rsquo; 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 Representative, and the free writing prospectuses, if any, identified on <U>Schedule B </U>hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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, except for such rights as have been duly complied with or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 the condition, financial or otherwise, or in the earnings, business, properties, operations,
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 (any such change being referred to herein as a &ldquo;<B>Material Adverse Change</B>&rdquo;);
(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 its business from fire, explosion, flood, earthquakes,
accident or other calamity, whether or not covered by insurance, or from any strike, labor dispute or court or governmental action,
order or decree, that are material, individually or in the aggregate, to the Company and its subsidiaries, considered as one entity,
or has 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Independent
Accountants</I>.</B> Whitley Penn LLP, which has expressed its opinion with respect to the financial statements (which term as
used in this Agreement includes the related notes thereto) filed with the Commission as a part of the Registration Statement, the
Time of Sale Prospectus and the Prospectus, is (i) an independent registered public accounting firm as required by the Securities
Act, the Exchange Act, and the rules of the Public Company Accounting Oversight Board (&ldquo;<B>PCAOB</B>&rdquo;), (ii) in compliance
with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X under the Securities
Act and (iii) 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>

<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">&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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, in all material respects, the consolidated financial position of the Company and
its subsidiaries as of the dates indicated and the results of their operations, changes in stockholders&rsquo; 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 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&rsquo;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. To the Company&rsquo;s
knowledge, no person who has been suspended or barred from being associated with a registered public accounting firm, or who has
failed to comply with any sanction pursuant to Rule 5300 promulgated by the 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Company&rsquo;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&rsquo;s general or specific authorization; (ii)&nbsp;transactions are recorded as necessary to permit preparation
of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain
accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;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) 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's rules and guidelines applicable
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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)
are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known
to the Company&rsquo;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) have been evaluated by
management of the Company for effectiveness as of the end of the Company&rsquo;s most recent fiscal quarter; and (iii) are effective
in all material respects to perform the functions for which they were established. Since the end of the Company&rsquo;s most recent
audited fiscal year, there have been no significant deficiencies or material weakness in the Company&rsquo;s internal control over
financial reporting (whether or not remediated) and no change in the Company&rsquo;s internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial
reporting. 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&rsquo;s internal
control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 State of Delaware 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 duly qualified as a foreign corporation to transact business
and is in good standing in the State of Delaware and 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 so qualify could not be
expected, individually or in the aggregate, to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Subsidiaries</I>.</B>
Each of the Company&rsquo;s &ldquo;subsidiaries&rdquo; (for purposes of this Agreement, as defined in Rule 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 under the laws of the jurisdiction of its incorporation or organization and
has the power and authority (corporate or other) 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&rsquo;s subsidiaries is duly
qualified as a foreign corporation, partnership or limited liability company, as applicable, to transact business and is in good
standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property
or the conduct of business, except where the failure to so qualify could not be expected, individually or in the aggregate, to
have a Material Adverse Effect.&nbsp; All of the issued and outstanding capital stock or other equity or ownership interests of
each of the Company&rsquo;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. The Company&rsquo;s subsidiaries are not engaged in any business or any other conduct or operations, have no
employees, and, except for Abeona Therapeutics LLC, which has approximately $29,000 in fixed assets, net of depreciation, and $11,000
in prepaid and other expenses, have no assets, franchises, permits, contract rights or other privileges, and have no liabilities
or obligations, contingent or matured, of whatever nature, except for such privileges and obligations each may have solely as a
result of each of their due organization under the law of incorporation, none of which are material to the Company or used or involved
in, or result from, the Company&rsquo;s business. The Company does not own or control, directly or indirectly, any corporation,
association or other entity other than the subsidiaries listed in Exhibit&nbsp;21 to the Company&rsquo;s Annual Report on Form
10-K for the fiscal year ended December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 &ldquo;Description of Our Common Stock&rdquo;
(other than for subsequent issuances, if any, pursuant to employee benefit plans, or upon the exercise of outstanding options or
warrants, in each case described in the Registration Statement, the Time of Sale Prospectus and the Prospectus). 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 in all material respects. 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&rsquo;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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Stock
Exchange Listing</I>.</B> The Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act and are listed on The
NASDAQ Capital Market (the &ldquo;<B>NASDAQ</B>&rdquo;), 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&rsquo;s knowledge, it is in compliance with all applicable listing requirements of NASDAQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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-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) (&ldquo;<B>Default</B>&rdquo;)
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 &ldquo;<B>Existing Instrument</B>&rdquo;),
except for such Defaults as could not be expected, individually or in the aggregate, to have a material adverse effect on the condition
(financial or other), earnings, business, properties, operations, assets, liabilities or prospects of the Company and its subsidiaries,
considered as one entity (a &ldquo;<B>Material Adverse Effect</B>&rdquo;). The Company&rsquo;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 (including the use of proceeds from the sale of the Offered
Shares as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus under the caption &ldquo;Use
of Proceeds&rdquo;) (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-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, except, in the case of (ii) above, as could not be expected, individually
or in the aggregate, to have a Material Adverse Effect. 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&rsquo;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 securities or blue sky laws or FINRA. As
used herein, a &ldquo;<B>Debt Repayment Triggering Event</B>&rdquo; 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&rsquo;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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 could not be expected, individually or in the aggregate, to have a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 could be expected, individually or in the aggregate, to have a Material Adverse Effect or materially and adversely
affect the consummation of the transactions contemplated by this Agreement&nbsp;or the performance by the Company of its obligations
hereunder; and the aggregate of all pending legal or governmental proceedings to which the Company or any such subsidiary is a
party or of which any of their respective properties or assets is the subject, including ordinary routine litigation incidental
to the business, if determined adversely to the Company, could not be expected to have a Material Adverse Effect. No material labor
dispute with the employees of the Company or any of its subsidiaries exists, or, to the knowledge of the Company, 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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,
&ldquo;<U>Intellectual Property</U>&rdquo;), except as disclosed in the Registration Statement, the Time of Sale Prospectus and
the Prospectus and except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
To the Company's knowledge, except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus and
except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) 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) there is no infringement by third parties of any Intellectual
Property. There is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others: (A)&nbsp;challenging
the Company&rsquo;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, except as disclosed in the Registration Statement, the Time of Sale Prospectus
and the Prospectus and except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect; (B) 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, except as disclosed in the Registration Statement,
the Time of Sale Prospectus and the Prospectus and except as could not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect; or (C) 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 pursuant
to which Intellectual Property has been licensed to the Company or any subsidiary, and all such agreements are in full force and
effect. The product candidates described in the Registration Statement, the Time of Sale Prospectus and the Prospectus as under
development by the Company or any subsidiary fall within the scope of the claims of one or more patents owned by, or exclusively
licensed to, the Company or any subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>All
Necessary Permits, etc</I>.</B> The Company and its subsidiaries possess such 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 (&ldquo;<U>Permits</U>&rdquo;)
except where such failure to possess any such Permit could not be expected, individually or in the aggregate, to have a Material
Adverse Effect. Neither the Company nor any of its subsidiaries is in violation of, or in default under, any of the Permits or
has received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such Permit,
except for such proceeding that could not be expected, individually or in the aggregate, to have a Material Adverse Effect.</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">&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 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 as do not, individually or in the aggregate, materially and adversely
affect the value of such property to the Company and its subsidiaries and do not, individually or in the aggregate, materially
and adversely interfere with the use made of such property by the Company and 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"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 and clinical trial 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
could not be expected to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been denied any insurance
coverage which it has sought or for which it has applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Compliance
with Environmental Laws</I>.</B> Except as could not be expected, individually or in the aggregate, to have a Material Adverse
Effect: (i) 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, &ldquo;<B>Hazardous Materials</B>&rdquo;)
or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials
(collectively, &ldquo;<B>Environmental Laws</B>&rdquo;); (ii) 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) there
are no pending, or to the knowledge of the Company and its subsidiaries, 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) 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>

<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">&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>(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>ERISA
Compliance</I>.</B> The Company and its subsidiaries and any &ldquo;employee benefit plan&rdquo; (as defined under the Employee
Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively,
&ldquo;<B>ERISA</B>&rdquo;)) established or maintained by the Company, its subsidiaries or their &ldquo;ERISA Affiliates&rdquo;
(as defined below) are in compliance in all material respects with ERISA. &ldquo;<B>ERISA Affiliate</B>&rdquo; 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 &ldquo;<B>Code</B>&rdquo;)
of which the Company or such subsidiary is a member. No &ldquo;reportable event&rdquo; (as defined under ERISA) has occurred or
is reasonably expected to occur with respect to any &ldquo;employee benefit plan&rdquo; established or maintained by the Company,
its subsidiaries or any of their ERISA Affiliates. No &ldquo;employee benefit plan&rdquo; established or maintained by the Company,
its subsidiaries or any of their ERISA Affiliates, if such &ldquo;employee benefit plan&rdquo; were terminated, would have any
&ldquo;amount of unfunded benefit liabilities&rdquo; (as defined under ERISA). Neither the Company, its subsidiaries nor any of
their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i)&nbsp;Title&nbsp;IV of ERISA with respect
to termination of, or withdrawal from, any &ldquo;employee benefit plan&rdquo; or (ii)&nbsp;Sections&nbsp;412, 4971, 4975 or 4980B
of the Code. Each employee benefit plan established or maintained by the Company, its subsidiaries or any of their ERISA Affiliates
that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified and nothing has occurred, whether by action
or failure to act, which would cause the loss of such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Company
Not an &ldquo;Investment Company.&rdquo;</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 &ldquo;Use of Proceeds&rdquo; in the Registration
Statement, the Time of Sale Prospectus or the Prospectus, required to register as an &ldquo;investment company&rdquo; under the
Investment Company Act of 1940, as amended (the <B>&ldquo;Investment Company Act&rdquo;)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>No
Price Stabilization or Manipulation; Compliance with Regulation 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 &ldquo;reference security&rdquo; (as defined in Rule 100 of Regulation M under the Exchange Act (<B>&ldquo;Regulation
M&rdquo;</B>)) 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 M.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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;C</U> (the &ldquo;<B>Lock-up Agreement</B>&rdquo;) from each of the persons listed on <U>Exhibit&nbsp;D</U>. Such
<U>Exhibit&nbsp;D</U> lists under an appropriate caption the directors and officers of the Company and such other persons as have
executed the Lock-up Agreement. If any additional persons shall become directors or 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 officer of the Company, to execute and deliver to Jefferies a Lock-up Agreement.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Statistical
and Market-Related Data</I>.</B> All statistical, demographic and market-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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Foreign
Corrupt Practices Act</I>.</B> Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director,
officer, agent, employee, 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) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment
to any domestic government official, &ldquo;foreign official&rdquo; (as defined in the U.S. Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (collectively, the &ldquo;<B>FCPA</B>&rdquo;) or employee from corporate funds;
(iii)&nbsp;violated or is in violation of any provision of the FCPA or any applicable non-U.S. anti-bribery statute or regulation;
or (iv)&nbsp;made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any domestic government
official, such foreign official or employee; and the Company and its subsidiaries and, to the knowledge of the Company, the Company&rsquo;s
affiliates have conducted their respective businesses in compliance with the FCPA and have instituted and maintain policies and
procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 &ldquo;<B>Money Laundering Laws</B>&rdquo;) 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 best knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>OFAC</I>.</B>
Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate
or person acting on behalf of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by
the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B>OFAC</B>&rdquo;); 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 currently is the subject to any U.S. sanctions administered by OFAC 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 U.S. sanctions administered by OFAC.</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">&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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&rsquo;s fee or other fee or commission as a result of any transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Forward-Looking
Statements.</I></B> Each financial or operational projection or other &ldquo;forward-looking statement&rdquo; (as defined by Section
27A of the Securities Act or Section 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-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"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Clinical
Data and Regulatory Compliance.</I></B> The preclinical tests and clinical trials, and other studies (collectively, &ldquo;studies&rdquo;)
that are described in, or the results of which are referred to in, the Registration Statement, the Time of Sale Prospectus or the
Prospectus were and, if still pending, are being conducted in all material respects in accordance with the protocols, procedures
and controls designed and approved for such studies and with standard medical and scientific research procedures; each description
of the results of such studies is accurate and complete in all material respects and fairly presents the data derived from such
studies, and the Company and its subsidiaries have no knowledge of any other studies the results of which are inconsistent with,
or otherwise call into question, the results described or referred to in the Registration Statement, the Time of Sale Prospectuses
or the Prospectus; the Company and its subsidiaries have made all such filings and obtained all such approvals as may be required
by the Food and Drug Administration of the U.S. Department of Health and Human Services or any committee thereof or from any other
U.S. or foreign government or drug or medical device regulatory agency, or health care facility Institutional Review Board (collectively,
the &ldquo;<B>Regulatory Agencies</B>&rdquo;); neither the Company nor any of its subsidiaries has received any notice of, or correspondence
from, any Regulatory Agency requiring the termination, suspension or modification of any clinical trials that are described or
referred to in the Registration Statement, the Time of Sale Prospectus or the Prospectus; and the Company and its subsidiaries
have each operated and currently are in compliance in all material respects with all applicable rules, regulations and policies
of the Regulatory Agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>No
Contract Terminations.</I></B> 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&rsquo;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>

<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">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>

<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">&nbsp;</P>

<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 1. The Company acknowledges that the Underwriters and, for purposes of the
opinions to be delivered pursuant to Section 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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 6,000,000 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</U> A. The purchase price per Firm Share to be paid
by the several Underwriters to the Company shall be $6.58 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>The
First Closing Date</I>.</B> Delivery of certificates for the Firm Shares to be purchased by the Underwriters and payment therefor
shall be made at the offices of Covington &amp; Burling LLP, 620 Eighth Avenue, New York, NY 10018 (or such other place as may
be agreed to by the Company and the Representative) at 9:00 a.m. New York City time, on November 1, 2016, or such other time and
date not later than 1:30&nbsp;p.m. New York City time, on November 15, 2016 as the Representative shall designate by notice to
the Company (the time and date of such closing are called the &ldquo;<B>First Closing Date</B>&rdquo;). The Company hereby acknowledges
that circumstances under which the Representative 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 Representative to recirculate to the public copies of
an amended or supplemented Prospectus or a delay as contemplated by the provisions of Section 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 900,000 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 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 Representative 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 &ldquo;<B>First
Closing Date</B>&rdquo; 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 &ldquo;<B>Option Closing Date</B>,&rdquo;
shall be determined by the Representative and shall not be earlier than three or later than five full business days after delivery
of such notice of exercise. If any Optional Shares are to be purchased,&nbsp;each Underwriter agrees, severally and not jointly,
to purchase the number of Optional Shares (subject to such adjustments to eliminate fractional shares as the Representative 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 A</U> opposite the name of such Underwriter bears to the total number of Firm Shares. The Representative may
cancel the option at any time prior to its expiration by giving written notice of such cancellation to the Company.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Public
Offering of the Offered Shares</I>.</B> The Representative hereby advises 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 Representative, in its sole
judgment, has determined is advisable and practicable.</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">&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is understood that the Representative has been authorized, for its 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. Jefferies, individually and not as the Representative 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 Representative
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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Delivery
of the Offered Shares</I>.</B> The Company shall deliver, or cause to be delivered to the Representative 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
Representative 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. The certificates for the Offered Shares
shall be registered in such names and denominations as the Representative 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 Representative 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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Delivery
of Registration Statement, Time of Sale Prospectus and Prospectus.</I></B><I> </I> 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 172 under the Securities Act or any similar rule) in connection with sales of the Offered Shares,
as many 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"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Representative&rsquo;s
Review of Proposed Amendments and Supplements.</I></B><I> </I> 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 172 under the Securities
Act or any similar rule), the Company (i) will furnish to the Representative 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) 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 Representative&rsquo;s prior written consent, which shall not be unreasonably
withheld. 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
Representative 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 Representative&rsquo;s prior written consent, which shall not be unreasonably withheld. The Company shall file with
the Commission within the applicable period specified in Rule 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">&nbsp;</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>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Free
Writing Prospectuses.</I></B><I> </I> The Company shall furnish to the Representative 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 Representative&rsquo;s prior written consent, which
shall not be unreasonably withheld. The Company shall furnish to each Underwriter, without charge, as many 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
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 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 Representative 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 Representative&rsquo;s
prior written consent, which shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Filing
of Underwriter Free Writing Prospectuses.</I></B><I> </I> 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 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Amendments
and Supplements to Time of Sale Prospectus.</I></B><I> </I> 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 3(b) and Section 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>

<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">&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Certain
Notifications and Required Actions</I>.</B> After the date of this Agreement, the Company shall promptly advise the Representative
in writing of: (i) 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) the time and date
that any post-effective amendment to the Registration Statement becomes effective; and (iv) 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, 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 reasonable 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 433 and Rule 430B under the Securities Act and will use its reasonable efforts to confirm that any filings
made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 172 under the Securities Act or any similar
rule) to a purchaser, not misleading, or if in the opinion of the Representative 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 3(b) and
Section 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 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 Representative&rsquo;s consent to, nor delivery of, any such amendment
or supplement shall constitute a waiver of any of the Company&rsquo;s obligations under Section 3(b) or Section 3(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Blue
Sky Compliance</I>.</B> The Company shall cooperate with the Representative 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 Representative, 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 Representative 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 reasonable best efforts to obtain the withdrawal thereof at the earliest possible moment.</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">&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 &ldquo;Use of Proceeds&rdquo; in the Registration Statement, the Time of Sale Prospectus and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Earnings
Statement</I>.</B> The Company will make generally available to its security holders and to the Representative as soon as practicable
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 11(a) of the Securities
Act and the rules and regulations of the Commission thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Representative,
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 Representative an &ldquo;<B>electronic Prospectus</B>&rdquo; to be used by the Underwriters in connection with the offering
and sale of the Offered Shares. As used herein, the term &ldquo;<B>electronic Prospectus</B>&rdquo; means a form of Time of Sale
Prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an
electronic format, satisfactory to the Representative, that may be transmitted electronically by the Representative and the other
Underwriters to offerees and purchasers of the Offered Shares; (ii)&nbsp;it shall disclose the same information as the paper Time
of Sale 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 Jefferies, that will allow investors to store and have continuously ready access to the Time of Sale 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 was declared 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 Time of Sale Prospectus.</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">&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>(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 90th day following the date of the Prospectus (such period, as extended as described below, being referred to
herein as the &ldquo;<B>Lock-up Period</B>&rdquo;), the Company will not, without the prior written consent of Jefferies (which
consent may be withheld in its sole discretion), directly or indirectly: (i) sell, offer to sell, contract to sell or lend any
Shares or Related Securities (as defined below); (ii) effect any short sale, or establish or increase any &ldquo;put equivalent
position&rdquo; (as defined in Rule 16a-1(h) under the Exchange Act) or liquidate or decrease any &ldquo;call equivalent position&rdquo;
(as defined in Rule&nbsp;16a-1(b) under the Exchange Act) of any Shares or Related Securities; (iii) pledge, 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) announce the offering of any Shares or Related Securities; (vii) 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); or (viii) publicly announce the intention to do any of the foregoing; <I>provided, however</I>, that the Company
may (A) effect the transactions contemplated hereby, (B) issue Shares or options to purchase Shares, or issue Shares upon exercise
of options, 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, provided that any directors or officers who are recipients thereof have provided
to the Representative a signed Lock-Up Agreement in the form of <U>Exhibit C</U> hereto and (C) issue Shares in connection with
the exercise of those warrants issued on May 11, 2015, as described in the Registration Statement, the Time of Sale Prospectus
and the Prospectus. For purposes of the foregoing, &ldquo;<B>Related Securities</B>&rdquo; 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. If (i) during the last 17 days of
the 90-day initial lock-up period, the Company issues an earnings release or discloses material news or a material event relating
to the Company occurs, or (ii) prior to the expiration of such period, the Company announces that it will release earnings results
during the 16-day period beginning on the last day of such period, then in each case the Lock-up Period will be extended until
the expiration of the 18-day period beginning on the date of the issuance of the earnings release or the disclosure of the material
news or occurrence of the material event, as applicable, unless Jefferies waives, in writing, such extension (which waiver may
be withheld in its sole discretion). The Company will provide the Representative with prior notice of any such announcement that
gives rise to an extension of the Lock-up Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Future
Reports to the Representative.</I></B><I> </I>During the period of five years hereafter, the Company will furnish to the Representative,
c/o Jefferies, at 520 Madison Avenue, New York, New York 10022, Attention: Global Head of Syndicate: (i) 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&rsquo;<I> </I>equity and cash flows for the year then ended
and the opinion thereon of the Company&rsquo;s independent public or certified public accountants; (ii) as soon as practicable
after the filing thereof, copies of each proxy statement, Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report
on Form 8-K or other report filed by the Company with the Commission or any securities exchange; and (iii) 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 3(p) shall be satisfied to the extent that such reports, statement, communications,
financial statements or other documents are available on EDGAR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>No
Stabilization or Manipulation; Compliance with Regulation M</I>. </B> The Company will not take, and will ensure that no 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 affiliates to, comply with all applicable provisions
of Regulation M.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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
security holders 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
&ldquo;lock-up&rdquo; agreements for the duration of the periods contemplated in such agreements, including, without limitation,
&ldquo;lock-up&rdquo; agreements entered into by the Company&rsquo;s officers and directors and stockholders pursuant to Section
6(i) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Representative,
on behalf of the several Underwriters, may, in its 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-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;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, reasonable and documented attorneys&rsquo; 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 Representative, preparing and printing a &ldquo;Blue Sky Survey&rdquo; or memorandum
and a &ldquo;Canadian wrapper&rdquo;, and any supplements thereto, advising the Underwriters of such qualifications, registrations
and exemptions, (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&rsquo; participation in the offering and distribution of the
Offered Shares, including any related filing fees and the reasonable and documented legal fees of, and disbursements by, counsel
to the Underwriters, such fees of counsel to the Underwriters in subclauses (vi) and (vii) not to exceed $12,000, (viii)&nbsp;the
costs and expenses of the Company relating to investor presentations on any &ldquo;road show&rdquo;, 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 in Item 14 of Part&nbsp;II of the Registration Statement. Except as provided in this Section 4 or in Section 7, Section 9 or
Section 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>


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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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 433(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Comfort
Letter</I>.</B> On the date hereof, the Representative shall have received from Whitley Penn LLP, independent registered public
accountants for the Company, a letter dated the date hereof addressed to the Underwriters, in form and substance satisfactory to
the Representative, containing statements and information of the type ordinarily included in accountant&rsquo;s &ldquo;comfort
letters&rdquo; 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"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Compliance
with Registration Requirements; No Stop Order; No Objection from FINRA. </I></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: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have filed the Prospectus with the Commission (including the information previously omitted from the Registration
Statement pursuant to Rule 430B under the Securities Act) in the manner and within the time period required by Rule 424(b) under
the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information
previously omitted from the Registration Statement pursuant to such Rule 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">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;</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>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the judgment of the Representative 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &ldquo;nationally recognized statistical rating organization&rdquo; 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: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Opinion
of Counsel for the Company</I>.</B> On each of the First Closing Date and each Option Closing Date the Representative shall have
received the opinion of Morgan, Lewis &amp; Bockius LLP, counsel for the Company, dated as of such date, in the form and substance
satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Opinion
of Intellectual Property Counsel for the Company.</I></B><I> </I>On each of the First Closing Date and each Option Closing Date,
the Representative shall have received the opinion of Foley &amp; Lardner LLP, counsel for the Company with respect to intellectual
property matters, dated as of such date, in the form and substance satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Representative shall
have received the opinion of Covington &amp; Burling 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, with executed copies for each
of the other Underwriters named on the Prospectus cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Officers&rsquo;
Certificate</I>.</B> On each of the First Closing Date and each Option Closing Date, the Representative 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 6(b)(ii) and further to the effect that:</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">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
representations, warranties and covenants of the Company set forth in Section 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Bring-down
Comfort Letter</I>.</B> On each of the First Closing Date and each Option Closing Date the Representative shall have received from
Whitley Penn LLP, independent registered public accountants for the Company, a letter dated such date, in form and substance satisfactory
to the Representative, which letter shall: (i) reaffirm the statements made in the letter furnished by them pursuant to Section
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) cover certain financial
information contained in the Prospectus.</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">&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Lock-Up
Agreements.</I></B> On or prior to the date hereof, the Company shall have furnished to the Representative an agreement in the
form of <U>Exhibit C </U>hereto from each of the persons listed on <U>Exhibit D </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"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Rule&nbsp;462(b)
Registration Statement</I></B>. In the event that a Rule&nbsp;462(b) Registration Statement is filed in connection with the offering
contemplated by this Agreement, such Rule&nbsp;462(b) Registration Statement shall have been filed with the Commission on the date
of this Agreement and shall have become effective automatically upon such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Additional
Documents</I></B>. On or before each of the First Closing Date and each Option Closing Date, the Representative 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 Representative
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
6 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representative by notice from
Jefferies 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 4, Section 7, Section 9 and Section 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: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursement
of Underwriters&rsquo; Expenses</B>. If this Agreement is terminated by the Representative pursuant to Section 6, Section 11 or
Section 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 Representative and the other Underwriters (or such Underwriters as have terminated this Agreement
with respect to themselves), severally, upon demand for all documented out-of-pocket expenses that shall have been reasonably incurred
by the Representative 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.</P>

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

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

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

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

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

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

<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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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), 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 433(d) of the Securities Act, any Marketing
Material 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 (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 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 Representative 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 9(b) below. The indemnity agreement set forth in this Section 9(a) shall be in addition to any liabilities
that the Company may otherwise have. &ldquo;Marketing Materials&rdquo; means 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
road show or investor presentations made to investors by the Company (whether in person or electronically).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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), 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) 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) 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 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 Representative 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 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 Representative has 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 433(d) of the Securities Act or the Prospectus (or any amendment or supplement to the foregoing)
are the statements set forth in<B> </B>the first sentence of the third and fourth paragraph under the caption &ldquo;Underwriting,&rdquo;
the first two sentences of the first paragraph below the title &ldquo;Commission and Expenses,&rdquo; the first sentence of the
first paragraph, the third sentence of the second paragraph and the first sentence of the sixth paragraph below the title &ldquo;Stabilization&rdquo;
and the first sentence of the paragraph below the title &ldquo;Electronic Distribution,&rdquo; in each case under the caption &ldquo;Underwriting&rdquo;
in the Preliminary Prospectus Supplement and the Final Prospectus Supplement. The indemnity agreement set forth in this Section
9(b) shall be in addition to any liabilities that each Underwriter may otherwise have.</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">&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Notifications
and Other Indemnification Procedures</I>.</B> Promptly after receipt by an indemnified party under this Section 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 9, notify the indemnifying party in writing of the commencement thereof, but the omission so to 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&rsquo;s election so to assume the defense of such action and approval by the
indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 9 for any
legal or other expenses 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 Jefferies (in the case of counsel for the indemnified parties referred
to in Section 9(a) above) or by the Company (in the case of counsel for the indemnified parties referred to in Section 9(b) above))
or (ii)&nbsp;the indemnifying party shall not have employed counsel 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>

<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">&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><I>Settlements</I>.</B>
The indemnifying party under this Section 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 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 30&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 (which consent is not to be unreasonably withheld), 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution</B>.
If the indemnification provided for in Section 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&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</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 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 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 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 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 9(c) for purposes of indemnification.</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">&nbsp;</P>

<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 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 10.</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">Notwithstanding the provisions of this Section
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&rsquo; obligations to contribute pursuant
to this Section 10 are several, and not joint, in proportion to their respective underwriting commitments as set forth opposite
their respective names on <U>Schedule A</U>. For purposes of this Section 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Representative
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 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 Representative 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 Representative 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 4, Section 7, Section 9 and Section 10 shall at all times be effective and shall survive such termination.
In any such case either the Representative 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>

<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">As used in this Agreement, the term &ldquo;<B>Underwriter</B>&rdquo;
shall be deemed to include any person substituted for a defaulting Underwriter under this Section 11. Any action taken under this
Section 11 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this
Agreement.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 by notice given to the Company if at any time: (i)&nbsp;trading or quotation in any of the Company&rsquo;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 NYSE 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, Delaware
or Texas 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&rsquo; or international political, financial or economic
conditions, as in the judgment of Jefferies 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 there shall have occurred any Material Adverse Change; or (v) 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
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 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 Representative and the Underwriters
pursuant to Section 4 or Section 7 hereof or (b)&nbsp;any Underwriter to the Company; <I>provided, however,</I> that the provisions
of Section 9 and Section 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: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Advisory or Fiduciary Relationship. </B>The Company acknowledges and agrees that (a) 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&rsquo;s-length commercial transaction between the Company, on the one hand, and the several Underwriters,
on the other hand, (b) 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) 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) 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 partners, officers or directors or any controlling person, 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">&nbsp;</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 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-align: left; 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: 40%; padding-left: 0.5in; text-align: left; text-indent: 0in">If to the Representative:</TD>
    <TD STYLE="width: 60%; text-align: left; text-indent: 0in">Jefferies LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">520 Madison Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">New York, New York 10022</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Facsimile:&nbsp;&nbsp;(646) 619-4437</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Attention:&nbsp;&nbsp;General Counsel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">with a copy to:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Covington &amp; Burling LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">620 Eighth Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">New York, NY 10018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Facsimile: (646) 441-9101</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Attention: Donald J. Murray</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">If to the Company:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Abeona Therapeutics Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">3333 Lee Parkway, Suite 600</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Dallas, TX 75219</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Facsimile:&nbsp;&nbsp;(212) 786-6210</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Attention:&nbsp;&nbsp;Steven H. Rouhandeh</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">with a copy to:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Morgan, Lewis &amp; Bockius LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">One Federal Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Boston, MA 02110</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Facsimile: (617) 341-7701</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Attention: John Concannon III</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></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; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 11 hereof, and to the benefit of the affiliates, directors, officers, employees, agents and controlling persons referred
to in Section 9 and Section 10, and in each case their respective successors, and no other person will have any right or obligation
hereunder. The term &ldquo;<B>successors</B>&rdquo; 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partial
Unenforceability</B>. 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"><B>&nbsp;</B></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; text-indent: 1in"><B>Section 18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Law Provisions</B><I>.</I> This Agreement shall be governed by and construed in accordance with the internal laws of the State
of New York applicable to agreements made and to be performed in such state. Any legal suit, action or proceeding arising out of
or based upon this Agreement or the transactions contemplated hereby (&ldquo;<B>Related Proceedings</B>&rdquo;) 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 &ldquo;<B>Specified
Courts</B>&rdquo;), 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 (a &ldquo;<B>Related Judgment</B>&rdquo;), 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&rsquo;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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 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 9 and the contribution provisions of Section 10,
and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of Section
9 and&nbsp;Section 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>


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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, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along
with all counterparts hereof, shall become a binding agreement in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&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="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3"><B>ABEONA THERAPEUTICS INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-decoration: none">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Steven H. Rouhandeh</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Steven H. Rouhandeh</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Executive Chairman</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">The foregoing Underwriting Agreement is
hereby confirmed and accepted by the Representative 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"><B>&nbsp;</B></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 COLSPAN="3"><B>JEFFERIES LLC</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Acting individually and as Representative</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">of the several Underwriters named in</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">the attached <U>Schedule A</U>.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Real Leclerc</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Real Leclerc</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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">&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: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Underwriters</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Firm Shares</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>to be Purchased</B></P></TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 79%; text-align: left">Jefferies LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">3,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cantor Fitzgerald &amp; Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">FBR Capital Markets &amp; Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">H.C. Wainwright &amp; Co., LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">JonesTrading Institutional Services LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Maxim Group LLC</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">375,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -0.5in; padding-left: 0.875in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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-top: 0pt; margin-bottom: 0pt; text-align: center">None.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Form of Opinion of Company Counsel</U></P>

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

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

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

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

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

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

<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"><U>Form of Opinion of Foley &amp; Lardner
LLP</U></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-top: 0pt; margin-bottom: 0pt; text-align: center">[Omitted]</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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">RE:&#9;Abeona Therapeutics Inc. (the &ldquo;<B>Company</B>&rdquo;)</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, par value
$0.01 per share, of the Company (&ldquo;<B>Shares</B>&rdquo;) or of securities convertible into or exchangeable or exercisable
for Shares. The Company proposes to conduct a public offering of Shares (the &ldquo;<B>Offering</B>&rdquo;) for which Jefferies
LLC (&ldquo;<B>Jefferies</B>&rdquo;) will act as the representative 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 &ldquo;<B>Underwriting Agreement</B>&rdquo;) 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, which
may withhold its consent in its sole discretion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>enter into any Swap,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>publicly announce any intention to do any of the foregoing.</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">The foregoing will not apply to the registration of the offer
and sale of the Shares, and the sale of the Shares to the underwriters, in each case as contemplated by the Underwriting Agreement.
In addition, the foregoing restrictions shall not apply to the transfer of Shares or Related Securities by gift, or by will or
intestate succession 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>


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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">&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 an agreement in form and substance satisfactory to Jefferies 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>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="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">The undersigned acknowledges and agrees
that written notice by Jefferies to the Company of any extension of the 90-day initial lock-up period will be deemed to have been
given to, and received by, the undersigned. The undersigned further agrees that, prior to engaging in any transaction or taking
any other action that is subject to the terms of this letter agreement during the period from the date of this letter agreement
through the close of trading on the date that is the 34th day following the expiration of the 90-day initial lock-up period, the
undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless
the undersigned has received written confirmation from the Company that the Lock-Up Period has expired.</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 also agrees and consents to the entry of stop
transfer instructions with the Company&rsquo;s transfer agent and registrar against the transfer of Shares or Related Securities
held by the undersigned and the undersigned'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.</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 shall be governed by, and construed in
accordance with, the laws of the State of New York. This Agreement shall lapse and become null and void if the Offering shall not
have occurred on or before the earliest of (i) such time as Jefferies advises the Company in writing, prior to the execution of
the Underwriting Agreement, that it has determined not to proceed with the Offering, (ii) such time as the Company advises Jefferies
in writing, prior to the execution of the Underwriting Agreement, that it has determined not to proceed with the Offering, (iii)
a public announcement is made by the Company or Jefferies, prior to the execution of the Underwriting Agreement, stating that it
has or they have, as applicable, determined not to proceed with the Offering; (iv) termination of the Underwriting Agreement; or
(v) December 31, 2016, in the event the Underwriting Agreement has not been executed by that date (provided, however, that the
Company may extend such date by up to three months with written notice to the undersigned prior thereto).</P>

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


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    <TD STYLE="text-align: justify">Signature</TD>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Printed Name of Person Signing</TD>
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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><I>(Indicate capacity of person signing if</I><BR>
<I>signing as custodian or trustee, or on behalf</I><BR>
<I>of an entity)</I></TD>
    <TD>&nbsp;</TD></TR>
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<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">&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><BR>
<BR>
</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">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 0pt 0.75in; 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>&ldquo;<B>Call Equivalent Position</B>&rdquo;<B> </B>shall have the meaning set forth in Rule 16a-1(b) under the Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>&ldquo;<B>Exchange Act</B>&rdquo;<B> </B>shall mean the Securities Exchange Act of 1934, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>&ldquo;<B>Family Member</B>&rdquo; shall mean the spouse of the undersigned, an immediate family member of the undersigned
or an immediate family member of the undersigned's spouse, in each case living in the undersigned's household or whose principal
residence is the undersigned'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). &ldquo;<B>Immediate
family member</B>&rdquo; as used above shall have the meaning set forth in Rule 16a-1(e) under the Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>&ldquo;<B>Lock-up Period</B>&rdquo; shall mean the period beginning on the date hereof and continuing through the close of
trading on the date that is 90 days after the date of the Prospectus (as defined in the Underwriting Agreement); <I>provided</I>,
that if (i) during the last 17 days of the 90-day initial lock-up period, the Company issues an earnings release or discloses material
news or a material event relating to the Company occurs or (ii) prior to the expiration of such period, the Company announces that
it will release earnings results during the 16-day period beginning on the last day of such period, then, in each case, the Lock-up
Period will be extended until the expiration of the 18-day period beginning on the date of the issuance of the earnings release
or the disclosure of the material news or occurrence of the material event, as applicable, unless Jefferies waives, in writing,
such extension. If the initial lock-up period is extended pursuant to the provisions above, &ldquo;Lock-up Period&rdquo; shall
mean the period described in the first clause of this paragraph, as so extended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&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>&ldquo;<B>Put Equivalent Position</B>&rdquo; shall have the meaning set forth in Rule 16a-1(h) under the Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>&ldquo;<B>Related Securities</B>&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>&ldquo;<B>Securities Act</B>&rdquo; shall mean the Securities Act of 1933, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>&ldquo;<B>Sell or Offer to Sell</B>&rdquo; shall mean to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 1in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>sell, offer to sell, contract to sell or lend,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 1in"></TD><TD STYLE="width: 0.25in">&ndash;</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 1in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>pledge, hypothecate or grant any security interest in, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 1in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>in any other way transfer or dispose of,</TD></TR></TABLE>

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


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<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>&ldquo;<B>Swap</B>&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>


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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>Exhibit D</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Directors, Officers and Others</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Directors:</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">Steven H. Rouhandeh</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark J. Alvino</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">Officers:</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">Timothy J. Miller</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harrison G. Wehner, III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen B. Thompson</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">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">SCO Capital Partners LLC</P>

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

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

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

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


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