<SEC-DOCUMENT>0001144204-12-010608.txt : 20120223
<SEC-HEADER>0001144204-12-010608.hdr.sgml : 20120223
<ACCEPTANCE-DATETIME>20120223161819
ACCESSION NUMBER:		0001144204-12-010608
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120216
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120223
DATE AS OF CHANGE:		20120223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Black Diamond, Inc.
		CENTRAL INDEX KEY:			0000913277
		STANDARD INDUSTRIAL CLASSIFICATION:	 [3949]
		IRS NUMBER:				581972600
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34767
		FILM NUMBER:		12634103

	BUSINESS ADDRESS:	
		STREET 1:		2084 EAST 3900 SOUTH
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84124
		BUSINESS PHONE:		801-278-5552

	MAIL ADDRESS:	
		STREET 1:		2084 EAST 3900 SOUTH
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84124

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLARUS CORP
		DATE OF NAME CHANGE:	19980911

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SQL FINANCIALS INTERNATIONAL INC /DE/
		DATE OF NAME CHANGE:	19980911
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v303119_8k.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
<U>February 16, 2012</U></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD STYLE="width: 33%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Delaware</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">of incorporation)</P></TD>
    <TD STYLE="width: 34%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>0-24277</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 33%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>58-1972600</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>2084 East 3900 South, Salt Lake
City, Utah</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P></TD>
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>84124</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Zip Code)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <U>(801) 278-5552</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed since
last report.)</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 94%; padding: 0; font-size: 10pt; text-indent: 0">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01 &#9;Entry into a Material Definitive Agreement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 16, 2012, Black Diamond, Inc.
(the &ldquo;Company&rdquo; or &ldquo;Black Diamond&rdquo;) entered into an underwriting agreement (the &ldquo;Underwriting
Agreement&rdquo;) with Piper Jaffray &amp; Co., as representative of the underwriters named therein, relating to the public
offering (the &ldquo;Offering&rdquo;) of 7,750,000 shares of the Company&rsquo;s common stock, $0.0001 par value per share
(the &ldquo;Common Stock&rdquo;), plus an additional 1,162,500 shares of Common Stock to cover an over-allotment option
granted to the underwriters, at a price to the public of $7.50 per share (the &ldquo;Offering Price&rdquo;). Included in the
total number of shares of Common Stock sold in the Offering were 1,333,333 shares of Common Stock purchased at the Offering
Price by certain of the Company&rsquo;s officers, directors and employees (the &ldquo;Reserved Shares&rdquo;). The Reserved
Shares are subject to lock-up agreements restricting the sales of such shares for a period of 90 days, subject to extension
under certain circumstances. The underwriters received an underwriting discount of 6%, or $0.45 per share, in connection with
the sale of the shares of Common Stock in the Offering, other than with respect to the sale of the Reserved Shares, for which
the underwriters did not receive any underwriting discount. The underwriters exercised the over-allotment option in full at
the closing of the Offering. The net proceeds to the Company from the Offering, before expenses, were approximately $63.4
million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Common Stock was offered and sold pursuant
to a prospectus dated February 1, 2011, a preliminary prospectus supplement filed with the U.S. Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) on February 15, 2012 and a final prospectus supplement filed with the SEC on February 17, 2012, in connection
with a takedown from the Company&rsquo;s shelf registration statement on Form S-3 (File No. 333-171164) declared effective by the
SEC on February 1, 2011.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underwriting Agreement contains customary
representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the
Company and the underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the
parties and termination provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A copy of the Underwriting Agreement is
attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference as though fully set forth
herein. The foregoing summary description of the Underwriting Agreement is not intended to be complete and is qualified in
its entirety by the complete text of the Underwriting Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item&nbsp;8.01 &#9;Other Events.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 22, 2012, Black Diamond issued
a press release announcing the closing of the Offering. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K  and
incorporated herein by reference.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01&#9;Financial Statements and Exhibits </B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits.</TD>
</TR></TABLE>

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif; margin-left: 0.25in">
<TR>
    <TD STYLE="width: 8%; text-align: left; padding: 0; font-size: 10pt; text-indent: 0; vertical-align: bottom"><U>Exhibit</U></TD>
    <TD STYLE="width: 92%; padding: 0; text-indent: 0; text-align: left; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Description</U>&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding: 0; text-indent: 0; vertical-align: bottom">10.1</TD>
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0; text-align: left; vertical-align: bottom">Underwriting Agreement, dated as of February 16, 2012, among Black Diamond, Inc. and the several underwriters party thereto.</TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding: 0; text-indent: 0; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0; text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding: 0; text-indent: 0; vertical-align: bottom">99.1</TD>
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0; text-align: left; vertical-align: bottom">Press Release dated February 22, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: February 23, 2012</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; font-weight: bold; text-indent: 0">Black Diamond, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0; width: 48%">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0; width: 20%">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0; width: 27%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">By: </TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">/s/ Robert Peay</TD>
    <TD STYLE="padding: 0; text-decoration: none; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Name:<B> </B></TD>
    <TD STYLE="padding: 0; text-indent: 0">Robert Peay</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Title: </TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Financial Officer</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.4pt; text-indent: -0.5in">&nbsp;</P>

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

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

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

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

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

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


<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif; margin-left: 0">
<TR>
    <TD STYLE="width: 8%; text-align: left; padding: 0; font-size: 10pt; text-indent: 0; vertical-align: bottom"><U>Exhibit</U></TD>
    <TD STYLE="width: 92%; padding: 0; text-indent: 0; text-align: left; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Description</U>&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding: 0; text-indent: 0; vertical-align: bottom">10.1</TD>
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0; text-align: left; vertical-align: bottom">Underwriting Agreement, dated as of February 16, 2012, among Black Diamond, Inc. and the several underwriters party thereto.</TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding: 0; text-indent: 0; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0; text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding: 0; text-indent: 0; vertical-align: bottom">99.1</TD>
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0; text-align: left; vertical-align: bottom">Press Release dated February 22, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 10.1</B></P>

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

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

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">BLACK DIAMOND, INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">7,750,000 Shares of Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 78pt; text-align: center"><U>UNDERWRITING AGREEMENT</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5in">Dated: February 16, 2012</P>




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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt">BLACK DIAMOND, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt">(a
Delaware corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">7,750,000 Shares of Common Stock, par
value $0.0001 per share</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">February 16, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Piper Jaffray &amp; Co.<BR>
as Representative of the several Underwriters<BR>
345 California Street, Suite 2400<BR>
San Francisco, CA 94104</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Black Diamond, Inc.,
a Delaware corporation (the &ldquo;Company&rdquo;), confirms its agreement with Piper Jaffray &amp; Co. (&ldquo;PJC&rdquo;) and
each of the other Underwriters named in Schedule A hereto (collectively, the &ldquo;Underwriters,&rdquo; which term shall also
include any underwriter substituted as hereinafter provided in Section&nbsp;10 hereof), for whom PJC is acting as representative
(in such capacity, the &ldquo;Representative&rdquo;), with respect to (i) the sale by the Company and the purchase by the Underwriters,
acting severally and not jointly, of the respective numbers of shares of Common Stock, par value $0.0001 per share, of the Company
(&ldquo;Common Stock&rdquo;) set forth in Schedule&nbsp;A hereto and (ii) the grant by the Company to the Underwriters, acting
severally and not jointly, of the option described in Section&nbsp;2(b) hereof to purchase all or any part of 1,162,500 additional
shares of Common Stock to cover overallotments, if any. The aforesaid 7,750,000 shares of Common Stock (the &ldquo;Initial Securities&rdquo;)
to be purchased by the Underwriters and all or any part of the 1,162,500 shares of Common Stock subject to the option described
in Section 2(b) hereof (the &ldquo;Option Securities&rdquo;) are herein called, collectively, the &ldquo;Securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company understands
that the Underwriters propose to make a public offering of the Securities as soon as the Representative deems advisable after this
Agreement has been executed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At the request of
the Company, the Company and the Underwriters agree that 1,333,333 shares of the Initial Securities to be purchased by the Underwriters
(the &ldquo;Reserved Securities&rdquo;) shall be reserved for sale by the Underwriters to certain persons designated by the Company
in writing (the &ldquo;Invitees&rdquo;) and in allocations as set forth by the Company in writing, as part of the distribution
of the Securities by the Underwriters, subject to the terms of this Agreement, the applicable rules, regulations and interpretations
of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;) and all other applicable laws, rules and regulations.
The Company solely determined, without any direct or indirect participation by the Underwriters, the Invitees who will purchase
Reserved Securities (including the amount to be purchased by such persons) sold by the Underwriters. The Invitees have confirmed
to the Underwriters the amounts to be purchased by the Invitees at the public offering price. The Reserved Securities shall not
be subject to any underwriting discount or commission. The Initial Securities that are not Reserved Securities shall be &ldquo;Non-Reserved
Securities.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company has
prepared and filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) a shelf registration statement on
Form S-3 (File No. 333-171164) covering the public offering and sale of certain securities, including the Securities, under the
Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), and the rules and regulations promulgated thereunder (the &ldquo;1933
Act Regulations&rdquo;), which shelf registration statement has been declared effective by the Commission. Such registration statement,
as of any time, means such registration statement as amended by any post-effective amendments thereto to such time, including the
exhibits and any schedules thereto at such time, the documents incorporated or deemed to be incorporated by reference therein at
such time pursuant to Item 12 of Form S-3 under the 1933 Act and the documents otherwise deemed to be a part thereof as of such
time pursuant to Rule 430B under the 1933 Act Regulations (&ldquo;Rule 430B&rdquo;), and is referred to herein as the &ldquo;Registration
Statement;&rdquo; provided, however, that the &ldquo;Registration Statement&rdquo; without reference to a time means such registration
statement as amended by any post-effective amendments thereto as of the time of the first contract of sale for the Securities,
which time shall be considered the &ldquo;new effective date&rdquo; of such registration statement with respect to the Securities
within the meaning of paragraph (f)(2) of Rule 430B, including the exhibits and schedules thereto as of such time, the documents
incorporated or deemed incorporated by reference therein at such time pursuant to Item 12 of Form S-3 under the 1933 Act and the
documents otherwise deemed to be a part thereof as of such time pursuant to the Rule 430B. Each preliminary prospectus used in
connection with the offering of the Securities, including the documents incorporated or deemed to be incorporated by reference
therein pursuant to Item 12 of Form S-3 under the 1933 Act, are collectively referred to herein as a &ldquo;preliminary prospectus.&rdquo;
Promptly after execution and delivery of this Agreement, the Company will prepare and file a final prospectus relating to the Securities
in accordance with the provisions of Rule 424(b) under the 1933 Act Regulations (&ldquo;Rule 424(b)&rdquo;). The final prospectus,
in the form first furnished or made available to the Underwriters for use in connection with the offering of the Securities, including
the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act,
are collectively referred to herein as the &ldquo;Prospectus.&rdquo; For purposes of this Agreement, all references to the Registration
Statement, any preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to
include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (or any successor
system)(&ldquo;EDGAR&rdquo;). <B> </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;Applicable
Time&rdquo; means 8:00 A.M., New York City time, on February 16, 2012 or such other time as agreed by the Company and the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;General
Disclosure Package&rdquo; means any Issuer General Use Free Writing Prospectuses issued at or prior to the Applicable Time, the
most recent preliminary prospectus (including any documents incorporated therein by reference) that is distributed to investors
prior to the Applicable Time and the information included on Schedule&nbsp;B-1 hereto, all considered together.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;Issuer
Free Writing Prospectus&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the 1933 Act Regulations
(&ldquo;Rule 433&rdquo;), including without limitation any &ldquo;free writing prospectus&rdquo; (as defined in Rule 405 of the
1933 Act Regulations (&ldquo;Rule 405&rdquo;)) relating to the Securities that is (i) required to be filed with the Commission
by the Company, (ii) a &ldquo;road show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i), whether
or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i)
because it contains a description of the Securities or of the offering that does not reflect the final terms, in each case in the
form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s
records pursuant to Rule 433(g).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;Issuer
General Use Free Writing Prospectus&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to
prospective investors (other than a &ldquo;<I>bona fide</I> electronic road show,&rdquo; as defined in Rule&nbsp;433), as evidenced
by its being specified in Schedule&nbsp;B-2 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;Issuer
Limited Use Free Writing Prospectus&rdquo; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All references in
this Agreement to financial statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included&rdquo;
or &ldquo;stated&rdquo; (or other references of like import) in the Registration Statement, any preliminary prospectus or the Prospectus
shall be deemed to include all such financial statements and schedules and other information incorporated or deemed incorporated
by reference in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be, prior to the execution
and delivery of this Agreement; and all references in this Agreement to amendments or supplements to the Registration Statement,
any preliminary prospectus or the Prospectus shall be deemed to 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;1934 Act&rdquo;), incorporated
or deemed to be incorporated by reference in the Registration Statement, such preliminary prospectus or the Prospectus, as the
case may be, at or after the execution and delivery of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.&#9;<U>Representations
and Warranties</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;<I>Representations
and Warranties by the Company</I>. The Company represents and warrants to each Underwriter as of the date hereof, and shall represent
and warrant as of the Applicable Time, the Closing Time (as defined below) and any Date of Delivery (as defined below), in each
case as applicable, and agrees with each Underwriter, as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#9;<FONT STYLE="color: black"><U>Registration
Statement and Prospectuses</U></FONT>. The Company meets the requirements for use of Form S-3 under the 1933 Act. The Securities
have been and remain eligible for registration by the Company on such shelf registration statement. The Registration Statement
has become effective under the 1933 Act. No stop order suspending the effectiveness of the Registration Statement has been issued
under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and
no proceedings for any of those purposes have been instituted or are pending or, to the Company&rsquo;s knowledge, threatened.
The Company has complied with each request (if any) from the Commission for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">Each of the
Registration Statement and any post-effective amendment thereto, at the time of its effectiveness and at each deemed effective
date with respect to the Underwriters pursuant to Rule 430B(f)(2) under the 1933 Act Regulations, complied in all material respects
with the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus, the Prospectus and any amendment
or supplement thereto, at the time each was filed with the Commission, complied in all material respects with the requirements
of the 1933 Act Regulations and each preliminary prospectus and the Prospectus delivered to the Underwriters for use in connection
with this offering was identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR,
except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">The documents
incorporated or deemed to be incorporated by reference in the Registration Statement and the Prospectus, when they became effective
or at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the
requirements of the 1934 Act and the rules and regulations of the Commission under the 1934 Act (the &ldquo;1934 Act Regulations&rdquo;).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#9;<U>Accurate
Disclosure</U>. Neither the Registration Statement nor any amendment thereto, at its effective time, at the Closing Time or at
any Date of Delivery, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will 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, neither (A) the General Disclosure Package nor (B) any individual Issuer Limited Use Free Writing Prospectus, when considered
together with the General Disclosure Package, included, includes or will include an untrue statement of a material fact or omitted,
omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Neither the Prospectus nor any amendment or supplement thereto (including any prospectus
wrapper), as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b), at the Closing Date or at
any Date of Delivery, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The documents incorporated or deemed to be incorporated by reference in the Registration Statement,
the General Disclosure Package and the Prospectus, at the time the Registration Statement became effective or when such documents
incorporated by reference were filed with the Commission, as the case may be, when read together with the other information in
the Registration Statement, the General Disclosure Package or the Prospectus, as the case may be, did not and will not include
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">The representations
and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment
thereto), the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) made in reliance upon and in
conformity with written information furnished to the Company by any Underwriter through PJC expressly for use therein. For purposes
of this Agreement, the only information so furnished shall be the information in the first paragraph under the heading &ldquo;Underwriting&ndash;Commissions
and Discounts,&rdquo; the information in the second, third and fourth paragraphs under the heading &ldquo;Underwriting&ndash;Price
Stabilization and Short Positions&rdquo; and the information under the heading &ldquo;Underwriting&ndash;Electronic Distribution&rdquo;
in each case contained in the Prospectus (collectively, the &ldquo;Underwriter Information&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&#9;<U>Issuer
Free Writing Prospectuses</U>. No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the
Registration Statement or the Prospectus, including any document incorporated by reference therein, and any preliminary or other
prospectus deemed to be a part thereof that has not been superseded or modified. No offer that is a written communication relating
to the Securities was made prior to the initial filing of the Registration Statement by the Company or any person acting on its
behalf.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&#9;<U>Company
Not Ineligible Issuer</U>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest
time thereafter that the Company or another offering participant made or makes a <I>bona fide</I> offer (within the meaning of
Rule 164(h)(2) of the 1933 Act Regulations) of the Securities and at the date hereof, the Company was not and is not an &ldquo;ineligible
issuer,&rdquo; as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that
it is not necessary that the Company be considered an ineligible issuer.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&#9;<U>Independent
Accountants</U>. KPMG LLP, which expressed its opinion with respect to the consolidated financial statements of the Company as
of December&nbsp;31, 2010 and 2009, and for the years ended December&nbsp;31, 2010, 2009 and 2008 (the term &ldquo;consolidated
financial statements&rdquo; as used in this Agreement includes the related notes and schedules thereto) included in the Registration
Statement, the General Disclosure Package and the Prospectus is, to the knowledge of the Company, an independent registered public
accounting firm as required by the 1933 Act, the 1933 Act Regulations, the 1934 Act Regulations and the Public Company Accounting
Oversight Board. KPMG LLP, which expressed its opinion with respect to the consolidated financial statements of Black Diamond Equipment,
Ltd. for the period from July&nbsp;1, 2009 to May&nbsp;28, 2010 included in the Registration Statement, the General Disclosure
Package and the Prospectus was, to the knowledge of the Company, an independent public accountant with respect to Black Diamond
Equipment, Ltd. as of March&nbsp;15, 2011 and during the period covered by such financial statements as required by the 1933 Act,
the 1933 Act Regulations, the 1934 Act Regulations and the Public Company Accounting Oversight Board. Tanner LLC (formerly Tanner
LC), which expressed its opinion with respect to the consolidated financial statements of Black Diamond Equipment, Ltd. as of June&nbsp;30,
2009 and for the years ended June&nbsp;30, 2009 and 2008 included in the Registration Statement, the General Disclosure Package
and the Prospectus was, to the knowledge of the Company, an independent public accountant with respect to Black Diamond Equipment,
Ltd. as of September&nbsp;15, 2009 and during the period covered by such financial statements as required by the 1933 Act, the
1933 Act Regulations, the 1934 Act Regulations and the Public Company Accounting Oversight Board.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(vi)&#9;<U>Financial
Statements; Non-GAAP Financial Measures</U>. The financial statements of the Company included or incorporated by reference in the
Registration Statement, the General Disclosure Package and the Prospectus, together with the related schedules and notes, present
fairly in all material respects the financial position of the Company and its consolidated subsidiaries at the dates indicated
and the statement of operations, stockholders&rsquo; equity and cash flows of the Company and its consolidated subsidiaries for
the periods specified; said financial statements have been prepared in conformity with U.S. generally accepted accounting principles
(&ldquo;GAAP&rdquo;) applied on a consistent basis throughout the periods involved (except as noted therein). The supporting schedules,
if any, present fairly in accordance with GAAP the information required to be stated therein. The financial statements of Black
Diamond Equipment, Ltd. included or incorporated by reference in the Registration Statement, the General Disclosure Package and
the Prospectus, together with the related schedules and notes, present fairly in all material respects the financial position of
Black Diamond Equipment, Ltd. and its consolidated subsidiaries at the dates indicated and the statement of operations, stockholders&rsquo;
equity and cash flows of Black Diamond Equipment, Ltd. and its consolidated subsidiaries for the periods specified; said financial
statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved (except as
noted therein). The supporting schedules, if any, present fairly in accordance with GAAP the information required to be stated
therein. The selected financial data and the summary financial information included in the Registration Statement, the General
Disclosure Package and the Prospectus present fairly in all material respects the information shown therein and have been compiled
on a basis consistent with that of the audited financial statements included therein (except as noted therein). Except as included
therein, no historical or pro forma financial statements or supporting schedules are required to be included or incorporated by
reference in the Registration Statement, the General Disclosure Package or the Prospectus under the 1933 Act or the 1933 Act Regulations.
All disclosures contained in the Registration Statement, the General Disclosure Package or the Prospectus, or incorporated by reference
therein, regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations of the Commission)
comply with Regulation G of the 1934 Act and Item 10(e) of Regulation S-K of the 1933 Act, to the extent applicable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(vii)&#9;<U>No
Material Adverse Change in Business</U>. Except as otherwise stated therein, since the respective dates as of which information
is given in the Registration Statement, the General Disclosure Package or the Prospectus, (A)&nbsp;there has been no material adverse
change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and
its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business (a &ldquo;Material Adverse
Effect&rdquo;), (B)&nbsp;there have been no transactions entered into by the Company or any of its subsidiaries, other than those
in the ordinary course of business, which are material with respect to the Company and its subsidiaries considered as one enterprise,
and (C)&nbsp;there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital
stock.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(viii)&#9;<U>Good
Standing of the Company</U>. 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 corporate power and authority to own, lease and operate its properties and to conduct
its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and to enter into and
perform its obligations under this Agreement; and the Company is duly qualified as a foreign corporation to transact business and
is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing
of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a
Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(ix)&#9;<U>Good
Standing of Subsidiaries</U>. Each &ldquo;significant subsidiary&rdquo; of the Company (as such term is defined in Rule 1-02 of
Regulation S-X and identified on Schedule D hereto) (each, a &ldquo;Subsidiary&rdquo; and, collectively, the &ldquo;Subsidiaries&rdquo;)
has been duly incorporated or organized and is validly existing in good standing under the laws of the jurisdiction of its incorporation
or organization, has corporate or similar power and authority to own, lease and operate its properties and to conduct its business
as described in the Registration Statement, the General Disclosure Package and the Prospectus and is duly qualified 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 or to be in good standing would not result
in a Material Adverse Effect. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the
Prospectus, all of the issued and outstanding capital stock of each Subsidiary has been duly authorized and validly issued, is
fully paid and non-assessable and is owned by the Company, directly or through subsidiaries, free and clear of any security interest,
mortgage, pledge, lien, encumbrance, claim or equity. None of the outstanding shares of capital stock of any Subsidiary were issued
in violation of the preemptive or similar rights of any securityholder of such Subsidiary. The only subsidiaries of the Company
are (A) the Subsidiaries listed on Schedule D hereto and (B) certain other subsidiaries which, considered in the aggregate as a
single subsidiary, do not constitute a &ldquo;significant subsidiary&rdquo; as defined in Rule 1-02 of Regulation S-X.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(x)&#9;<U>Capitalization</U>.
The authorized, issued and outstanding shares of capital stock of the Company are as set forth in the Registration Statement, the
General Disclosure Package and the Prospectus in the column entitled &ldquo;Actual&rdquo; under the caption &ldquo;Capitalization&rdquo;
(except for subsequent issuances, if any, pursuant to this Agreement, pursuant to reservations, agreements or employee benefit
plans referred to in the Registration Statement, the General Disclosure Package and the Prospectus or pursuant to the exercise
of convertible securities or options referred to in the Registration Statement, the General Disclosure Package and the Prospectus).
The outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable.
None of the outstanding shares of capital stock of the Company were issued in violation of the preemptive or other similar rights
of any securityholder of the Company.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xi)&#9;<U>Absence
of Ratings</U>. Neither the Company nor any of its Subsidiaries has any securities that are rated by any &ldquo;nationally recognized
statistical rating organization&rdquo; (as defined in Section&nbsp;3(a)(62) of the 1934 Act).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xii)&#9;<U>Authorization
of Agreement</U>. This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xiii)&#9;<U>Authorization
and Description of Securities</U>. The Securities to be purchased by the Underwriters from the Company have been duly authorized
for issuance and sale to the Underwriters pursuant to this Agreement and, when issued and delivered by the Company pursuant to
this Agreement against payment of the consideration set forth herein, will be validly issued and fully paid and non-assessable;
and the issuance of the Securities is not subject to the preemptive or other similar rights of any securityholder of the Company.
The Common Stock conforms to all statements relating thereto contained in the Registration Statement, the General Disclosure Package
and the Prospectus and such description conforms to the rights set forth in the instruments defining the same. No holder of Securities
will be subject to personal liability by reason of being such a holder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xiv)&#9;<U>Registration
Rights</U>. There are no persons with registration rights or other similar rights to have any securities registered for sale pursuant
to the Registration Statement or otherwise registered for sale or sold by the Company under the 1933 Act pursuant to this Agreement,
other than those rights that have been disclosed in the Registration Statement, the General Disclosure Package and the Prospectus,
including ongoing rights arising under the Registration Rights Agreement, dated as of May 28, 2010, among Clarus Corporation, and
each of the Investors named therein, the form of which was incorporated by reference as an exhibit in the Registration Statement,
and the Registration Rights Agreement, dated as of May 28, 2010, among Clarus Corporation, Kanders GMP Holdings, LLC and Schiller
Gregory Investment Company, LLC, the form of which was incorporated by reference as an exhibit in the Registration Statement (collectively,
the &ldquo;Registration Rights Agreements&rdquo;). The Company has registered all of the Registrable Securities (as such term is
defined in the respective Registration Rights Agreements) under the Registration Rights Agreements pursuant to a &ldquo;shelf&rdquo;
registration statement and has filed a prospectus supplement with the Commission relating to the Registrable Securities.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xv)&#9;<U>Absence
of Violations, Defaults and Conflicts</U>. Neither the Company nor any of its subsidiaries is (A) in violation of its charter,
by-laws or similar organizational document, (B) in default in the performance or observance of any obligation, agreement, covenant
or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement
or instrument 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 the properties or assets of the Company or any Subsidiary is subject (collectively, &ldquo;Agreements and Instruments&rdquo;),
except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect, or (C) in violation of
any law, statute, rule, regulation, judgment, order, writ or decree of any arbitrator, court, governmental body, regulatory body,
administrative agency or other authority, body or agency having jurisdiction over the Company or any of its subsidiaries or any
of their respective properties, assets or operations (each, a &ldquo;Governmental Entity&rdquo;), except for such violations that
would not, singly or in the aggregate, result in a Material Adverse Effect. The execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated herein and in the Registration Statement, the General Disclosure Package
and the Prospectus (including the issuance and sale of the Securities and the use of the proceeds from the sale of the Securities
as described therein under the caption &ldquo;Use of Proceeds&rdquo;) and compliance by the Company with its obligations hereunder
have been duly authorized by all necessary corporate action and do not and will not, whether with or without the giving of notice
or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or
result in the creation or imposition of any lien, charge or encumbrance upon any properties or assets of the Company or any Subsidiary
pursuant to, the Agreements and Instruments (except for such conflicts, breaches, defaults or Repayment Events or liens, charges
or encumbrances that would not, singly or in the aggregate, result in a Material Adverse Effect), nor will such action result in
any violation of the provisions of the charter, by-laws or similar organizational document of the Company or any of its subsidiaries
or, except for such violations as would not, singly or in the aggregate, result in a Material Adverse Effect, any law, statute,
rule, regulation, judgment, order, writ or decree of any Governmental Entity. As used herein, a &ldquo;Repayment Event&rdquo; means
any event or condition which gives 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>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xvi)&#9;<U>Absence
of Labor Dispute</U>. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge
of the Company, is threatened, which would result in a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xvii)&#9;<U>Absence
of Proceedings</U>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there
is no action, suit, proceeding, inquiry or investigation before or brought by any Governmental Entity now pending or, to the knowledge
of the Company, threatened, against or affecting the Company or any of its Subsidiaries, which might reasonably be expected to
result in a Material Adverse Effect, or which might reasonably be expected to materially and adversely affect their respective
properties or assets or the consummation of the transactions contemplated in this Agreement 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 which are not described in the Registration
Statement, the General Disclosure Package and the Prospectus, including ordinary routine litigation incidental to the business,
could not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xviii)&#9;<U>Accuracy
of Exhibits</U>. There are no contracts or documents which are required to be described in the Registration Statement, the General
Disclosure Package or the Prospectus or to be filed as exhibits to the Registration Statement which have not been so described
and filed as required.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xix)&#9;<U>Absence
of Further Requirements</U>. No filing with, or authorization, approval, consent, license, order, registration, qualification or
decree of, any Governmental Entity is necessary or required for the performance by the Company of its obligations hereunder, in
connection with the offering, issuance or sale of the Securities hereunder or the consummation of the transactions contemplated
by this Agreement, except such as have been already obtained or as may be required under the 1933 Act, the 1933 Act Regulations,
the rules of the NASDAQ Stock Market LLC, state securities laws or the rules of Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xx)&#9;<U>Possession
of Licenses and Permits</U>. The Company and its Subsidiaries possess such permits, licenses, approvals, consents and other authorizations
(collectively, &ldquo;Governmental Licenses&rdquo;) issued by the appropriate Governmental Entities necessary to conduct the business
now operated by them, except where the failure so to possess would not, singly or in the aggregate, result in a Material Adverse
Effect. The Company and its Subsidiaries are in compliance with the terms and conditions of all Governmental Licenses, except where
the failure so to comply would not, singly or in the aggregate, result in a Material Adverse Effect. All of the Governmental Licenses
are valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental
Licenses to be in full force and effect would not, singly or in the aggregate, result in a Material Adverse Effect. Neither the
Company nor any of its Subsidiaries has received any notice of, or has actual knowledge of, proceedings relating to the revocation
or modification of any Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision, ruling
or finding, would result in a Material Adverse Effect.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxi)&#9;<U>Title
to Property</U>. The Company and its Subsidiaries have good and marketable title to all real property owned by them and good title
to all other properties owned by them, in each case, free and clear of all mortgages, pledges, liens, security interests, claims,
restrictions or encumbrances of any kind except such as (A) are described in the Registration Statement, the General Disclosure
Package and the Prospectus or (B) do not, singly or in the aggregate, materially affect the value of such property and do not interfere
with the use made and proposed to be made of such property by the Company or any of its Subsidiaries; and all of the leases and
subleases under which the Company or any of its Subsidiaries holds properties described in the Registration Statement, the General
Disclosure Package or the Prospectus, are in full force and effect, except for such failures to be in full force and effect that
would not result in a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxii)&#9;<U>Possession
of Intellectual Property</U>. The Company and its Subsidiaries own or possess, or can acquire on reasonable terms, adequate patents,
patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary
or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively,
&ldquo;Intellectual Property&rdquo;) necessary to carry on the business now operated by them, except for any failure to own, possess
or acquire Intellectual Property which, singly or in the aggregate, would not result in a Material Adverse Effect, and neither
the Company nor any of its Subsidiaries has received any notice or has actual knowledge of any infringement of or conflict with
asserted rights of others with respect to any Intellectual Property or of any facts or circumstances which would render any Intellectual
Property invalid or inadequate to protect the interest of the Company or any of its Subsidiaries therein, and which infringement
or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate,
would result in a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxiii)&#9;<U>Environmental
Laws</U>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus or would not, singly
or in the aggregate, result in a Material Adverse Effect, (A) 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, asbestos-containing materials or mold (collectively, &ldquo;Hazardous Materials&rdquo;) or to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, &ldquo;Environmental
Laws&rdquo;), (B) 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, (C) there are no pending or, to the knowledge of the Company,
threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance
or violation, investigation or proceedings relating to any Environmental Law against the Company or any of its subsidiaries and
(D) there are no events or circumstances that would 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 Entity, against or affecting the Company or any of its Subsidiaries
relating to Hazardous Materials or any Environmental Laws.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxiv)&#9;<U>Accounting
Controls and Disclosure Controls</U>. The Company and each of its Subsidiaries maintain effective internal control over financial
reporting (as defined under Rule 13-a15 and 15d-15 under the 1934 Act Regulations) and a system of internal accounting controls
sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management&rsquo;s general or
specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. Except as described in the Registration Statement, the
General Disclosure Package and the Prospectus, since the end of the Company&rsquo;s most recent audited fiscal year, there has
been (1) no material weakness in the Company&rsquo;s internal control over financial reporting (whether or not remediated) and
(2) 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 and each of its Subsidiaries maintain
a system of disclosure controls and procedures (as defined in Rule 13a-15 and Rule 15d-15 under the 1934 Act Regulations) that
are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the
1934 Act is accumulated and communicated to the Company&rsquo;s management, including its principal executive officer or officers
and principal financial officer or officers, as appropriate, to allow timely decisions regarding disclosure; and such disclosure
controls are effective.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxv)&#9;<U>Payment
of Taxes</U>. All United States federal income tax returns of the Company and its Subsidiaries required by law to be filed have
been filed and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except assessments
against which appeals have been or will be promptly taken and as to which adequate reserves have been provided or with respect
to which the failure to pay would not reasonably be expected to result in a Material Adverse Effect. The United States federal
income tax returns of the Company through the fiscal year ended December 31, 2007 have been audited and any assessment in connection
therewith has been paid. The Company and its Subsidiaries have filed all other tax returns that are required to have been filed
by them pursuant to applicable foreign, state, local or other law except insofar as the failure to file such returns would not
result in a Material Adverse Effect, and has paid all taxes due pursuant to such returns or pursuant to any assessment received
by the Company and its Subsidiaries, except for such taxes, if any, as are being contested in good faith and as to which adequate
reserves have been established by the Company or with respect to which the failure to pay would not reasonably be expected to result
in a Material Adverse Effect. The charges, accruals and reserves on the books of the Company in respect of any income and corporation
tax liability for any years not finally determined are adequate to meet any assessments or re-assessments for additional income
tax for any years not finally determined, except to the extent of any inadequacy that would not result in a Material Adverse Effect.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxvi)&#9;<U>Insurance</U>.
The Company and its Subsidiaries carry or are entitled to the benefits of insurance, with reputable insurers, in such amounts and
covering such risks as the Company believes are adequate and customary in the businesses in which it and its Subsidiaries are engaged,
and all such insurance is in full force and effect. The Company has no reason to believe that it or any of its Subsidiaries will
not be able (A)&nbsp;to renew its existing insurance coverage as and when such policies expire or (B)&nbsp;to obtain comparable
coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that
would not reasonably be expected to result in a Material Adverse Effect. Neither of 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: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxvii)&#9;<U>Investment
Company Act</U>. The Company is not required, and upon the issuance and sale of the Securities as herein contemplated and the application
of the net proceeds therefrom as described in the Registration Statement, the General Disclosure Package and the Prospectus will
not be required, to register as an &ldquo;investment company&rdquo; under the Investment Company Act of 1940, as amended (the &ldquo;1940
Act&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxviii)&#9;<U>Absence
of Manipulation</U>. Neither the Company nor any of its subsidiaries, nor to the knowledge of the Company, any affiliate of the
Company, has taken, and the Company and its subsidiaries will not, and the Company will use its commercially reasonable efforts
to cause its affiliates not to, take, directly or indirectly, any action which is designed, or would be expected, to cause or result
in, or which has constituted, the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of the Securities or to result in a violation of Regulation M under the 1934 Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxix)&#9;<U>Foreign
Corrupt Practices Act</U>. None of the Company, any of its subsidiaries or, 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 is aware of or has taken
any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (the &ldquo;FCPA&rdquo;), including, without limitation, making use of the
mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization
of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any
&ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or official thereof or any
candidate for foreign political office, in contravention of the FCPA and the Company and, to the knowledge of the Company, its
affiliates have conducted their 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: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxx)&#9;<U>Money
Laundering Laws</U>. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the &ldquo;Money Laundering
Laws&rdquo;); and no action, suit or proceeding by or before any Governmental Entity 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>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxi)&#9;<U>OFAC</U>.
None of the Company, any of its subsidiaries or, 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 is currently the subject of any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;OFAC&rdquo;); and the Company will not directly
or indirectly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to
any of its subsidiaries, joint venture partners or other person, for the purpose of financing the activities of any person currently
subject to any U.S. sanctions administered by OFAC.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxii)&#9;<U>Lending
Relationship</U><I>. </I>Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus,
the Company (i)&nbsp;does not have any&nbsp;material lending or other relationship with any bank or lending affiliate of any Underwriter
and (ii)&nbsp;does not intend to use any of the proceeds from the sale of the Securities to repay any outstanding debt owed to
any affiliate of any Underwriter.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxiii)&#9;<U>Statistical
and Market-Related Data</U>. Any statistical and market-related data included in the Registration Statement, the General Disclosure
Package or the Prospectus are based on or derived from sources that the Company believes, after reasonable inquiry, to be reliable
and accurate and, to the extent required, the Company has obtained the written consent to the use of such data from such sources.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;<I>Officer&rsquo;s
Certificates</I>. Any certificate signed by any officer of the Company or any of its Subsidiaries delivered to the Representative
or to counsel for the Underwriters shall be deemed a representation and warranty by the Company to each Underwriter as to the matters
covered thereby.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.&#9;<U>Sale
and Delivery to Underwriters; Closing</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;<I>Initial
Securities</I>. On the basis of the representations and warranties herein contained and subject to the terms and conditions herein
set forth, the Company agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly,
agrees to purchase from the Company, at the respective prices per share set forth in Schedule A, that number of Non-Reserved Securities
and that number of Reserved Securities set forth in Schedule A opposite the name of such Underwriter, plus any additional number
of Initial Securities which such Underwriter may become obligated to purchase pursuant to the provisions of Section 10 hereof,
subject, in each case, to such adjustments among the Underwriters as the Representative in its sole discretion shall make to eliminate
any sales or purchases of fractional shares.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;<I>Option
Securities</I>. In addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase up to an additional
1,162,500 shares of Common Stock at the price per share set forth in Schedule A, less an amount per share equal to any dividends
or distributions declared by the Company and payable on the Initial Securities but not payable on the Option Securities. The option
hereby granted may be exercised for 30&nbsp;days after the date hereof and may be exercised in whole or in part from time to time
only for the purpose of covering overallotments made in connection with the offering and distribution of the Initial Securities
upon notice by the Representative to the Company setting forth the number of Option Securities as to which the several Underwriters
are then exercising the option and the time and date of payment and delivery for such Option Securities. Any such time and date
of delivery (a &ldquo;Date of Delivery&rdquo;) shall be determined by the Representative, but shall not be later than seven full
business days after the exercise of said option, nor in any event prior to the Closing Time. If the option is exercised as to all
or any portion of the Option Securities, each of the Underwriters, acting severally and not jointly, will purchase that proportion
of the total number of Option Securities then being purchased which the total number of Initial Securities set forth in Schedule
A opposite the name of such Underwriter bears to the total number of Initial Securities, subject, in each case, to such adjustments
as the Representative in its sole discretion shall make to eliminate any sales or purchases of fractional shares.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&#9;<I>Payment</I>.
Payment of the purchase price for, and delivery of certificates for, the Initial Securities shall be made at the offices of Sullivan&nbsp;&amp;
Cromwell LLP, 125&nbsp;Broad Street, New&nbsp;York, NY 10004, or at such other place as shall be agreed upon by the Representative
and the Company, at 9:00&nbsp;A.M. (New York City time) on the third (fourth, if the pricing occurs after 4:30 P.M. (New York City
time) on any given day) business day after the date hereof (unless postponed in accordance with the provisions of Section&nbsp;10),
or such other time not later than ten business days after such date as shall be agreed upon by the Representative and the Company
(such time and date of payment and delivery being herein called &ldquo;Closing Time&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, in
the event that any or all of the Option Securities are purchased by the Underwriters, payment of the purchase price for, and delivery
of certificates for, such Option Securities shall be made at the above-mentioned offices, or at such other place as shall be agreed
upon by the Representative and the Company, on each Date of Delivery as specified in the notice from the Representative to the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Payment shall be
made to the Company by wire transfer of immediately available funds to a bank account designated by the Company against delivery
to the Representative for the respective accounts of the Underwriters of certificates for the Securities to be purchased by them.
It is understood that each Underwriter has authorized the Representative, for its account, to accept delivery of, receipt for,
and make payment of the purchase price for, the Initial Securities and the Option Securities, if any, which it has agreed to purchase.
PJC, individually and not as representative of the Underwriters, may (but shall not be obligated to) make payment of the purchase
price for the Initial Securities or the Option Securities, if any, to be purchased by any Underwriter whose funds have not been
received by the Closing Time or the relevant Date of Delivery, as the case may be, but such payment shall not relieve such Underwriter
from its obligations hereunder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&#9;<I>Denominations;
Registration</I>. Certificates for the Initial Securities and the Option Securities, if any, shall be in such denominations and
registered in such names as the Representative may request in writing at least one full business day before the Closing Time or
the relevant Date of Delivery, as the case may be. The certificates for the Initial Securities and the Option Securities, if any,
will be made available for examination and packaging by the Representative in The City of New York not later than 10:00&nbsp;A.M.
(New York City time) on the business day prior to the Closing Time or the relevant Date of Delivery, as the case may be.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.&#9;<U>Covenants
of the Company</U>. The Company covenants with each Underwriter as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;<I>Compliance
with Securities Regulations and Commission Requests</I>. The Company, subject to Section 3(b), will comply with the requirements
of Rule 430B, and will notify the Representative promptly, and confirm the notice in writing, (i) when any post-effective amendment
to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed, (ii)&nbsp;of
the receipt of any comments from the Commission, (iii)&nbsp;of any request by the Commission for any amendment to the Registration
Statement or any amendment or supplement to the Prospectus, including any document incorporated by reference therein or for additional
information, (iv)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
or any post-effective amendment or of any order preventing or suspending the use of any preliminary prospectus or the Prospectus,
or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening
of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the 1933 Act concerning the
Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the 1933 Act in connection
with the offering of the Securities. The Company will effect all filings required under Rule 424(b), in the manner and within the
time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain
promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and,
in the event that it was not, it will promptly file such prospectus. The Company will use commercially reasonable efforts to prevent
the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof promptly
thereafter.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;<I>Continued
Compliance with Securities Laws</I>. The Company will comply with the 1933 Act, the 1933 Act Regulations, the 1934 Act and the
1934 Act Regulations so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and
in the Registration Statement, the General Disclosure Package and the Prospectus. If at any time when a prospectus relating to
the Securities is (or, but for the exception afforded by Rule 172 of the 1933 Act Regulations (&ldquo;Rule 172&rdquo;), would be)
required by the 1933 Act to be delivered in connection with sales of the Securities, any event shall occur or condition shall exist
as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to (i) amend the Registration
Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were
made, not misleading, (ii) amend or supplement the General Disclosure Package or the Prospectus in order that the General Disclosure
Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein not misleading to a purchaser or (iii) amend the Registration Statement
or amend or supplement the General Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements
of the 1933 Act or the 1933 Act Regulations, the Company will promptly (A) give the Representative notice of such event, (B) prepare
any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the
General Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed
filing or use, furnish the Representative with copies of any such amendment or supplement and (C) file with the Commission any
such amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the Representative
or counsel for the Underwriters shall reasonably object, except for such filings the Company reasonably deems necessary to comply
with federal or state securities laws or any rules of a stock exchange upon which the Company&rsquo;s securities are currently
listed. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters
may reasonably request. The Company has given the Representative notice of any filings made pursuant to the 1934 Act or 1934 Act
Regulations within 48 hours prior to the Applicable Time; the Company will give the Representative notice of its intention to make
any such filing from the Applicable Time to the Closing Time and will furnish the Representative with copies of any such documents
a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which
the Representative or counsel for the Underwriters shall reasonably object, except for such filings the Company reasonably deems
necessary to comply with federal or state securities laws or any rules of a stock exchange upon which the Company&rsquo;s securities
are currently listed.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&#9;<I>Delivery
of Registration Statements</I>. The Company has furnished or will deliver to the Representative and counsel for the Underwriters,
without charge, conformed or, upon request, signed copies of the Registration Statement as originally filed and each amendment
thereto (including exhibits filed therewith or incorporated by reference therein and documents incorporated or deemed to be incorporated
by reference therein) and facsimile signed copies of all consents and certificates of experts, and will also deliver to the Representative,
without charge, a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits)
for each of the Underwriters. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters
will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent
permitted by Regulation S-T.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&#9;<I>Delivery
of Prospectuses</I>. The Company has delivered to each Underwriter, without charge, as many copies of each preliminary prospectus
as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the
1933 Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Securities
is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the 1933 Act, such number of copies
of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or
supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with
the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&#9;<I>Blue
Sky Qualifications</I>. The Company will use its commercially reasonable efforts, in cooperation with the Underwriters, if necessary,
to qualify the Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic
or foreign) as the Representative may designate and to maintain such qualifications in effect so long as required to complete the
distribution of the Securities; provided, however, that the Company shall not be obligated to file any general consent to service
of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified
or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)&#9;<I>Rule
158</I>. The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available
to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters the
benefits contemplated by, the last paragraph of Section 11(a) of the 1933 Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(g)&#9;<I>Use
of Proceeds</I>. The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in
the Registration Statement, the General Disclosure Package and the Prospectus under &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(h)&#9;<I>Listing</I>.
The Company will use its commercially reasonable efforts to effect and maintain the listing of the Securities on the Nasdaq Global
Market.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(i)&#9;<I>Restriction
on Sale of Securities</I>. During a period of 90 days from the date of the Prospectus, the Company will not, without the prior
written consent of PJC, (i) directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any
shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or file any registration
statement under the 1933 Act with respect to any of the foregoing or (ii) enter into any swap or any other agreement or any transaction
that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Common Stock, whether
any such swap or transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities,
in cash or otherwise. The foregoing sentence shall not apply to (A) the Securities to be sold hereunder, (B) any shares of Common
Stock issued by the Company upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof
and referred to in the Registration Statement, the General Disclosure Package and the Prospectus, (C) any shares of Common Stock
issued or options to purchase Common Stock granted pursuant to existing employee benefit plans of the Company referred to in the
Registration Statement, the General Disclosure Package and the Prospectus; (D) any shares of Common Stock issued pursuant to any
non-employee director stock plan or dividend reinvestment plan referred to in the Registration Statement, the General Disclosure
Package and the Prospectus or (E) issuances of Common Stock, or of options, warrants or other securities convertible or exchangeable
into Common Stock, in connection with any acquisition of a business, by purchase, merger or otherwise, by the Company or any of
its wholly-owned subsidiaries, provided that each recipient of such Common Stock, options, warrants or securities executes an agreement
stating that the recipient is acquiring the securities subject to the restrictions set forth in this clause 3(i). Notwithstanding
the foregoing, if (1) during the last 17 days of the 90-day restricted period the Company issues an earnings release or material
news or a material event relating to the Company occurs or (2) prior to the expiration of the 90-day restricted period, the Company
announces that it will issue an earnings release or becomes aware that material news or a material event will occur during the
16-day period beginning on the last day of the 90-day restricted period, the restrictions imposed in this clause (i) shall, subject
to the exceptions in clauses (A) through (E) above, continue to apply until the expiration of the 18-day period beginning on the
date of the issuance of the earnings release or the occurrence of the material news or material event, unless PJC waives, in writing,
such extension.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(j)&#9;<I>Reporting
Requirements</I>. The Company, during the period when a Prospectus relating to the Securities is (or, but for the exception afforded
by Rule 172, would be) required to be delivered under the 1933 Act, will file all documents required to be filed with the Commission
pursuant to the 1934 Act within the time periods required by the 1934 Act and 1934 Act Regulations.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(k)&#9;<I>Issuer
Free Writing Prospectuses</I>. The Company agrees that, unless it obtains the prior written consent of the Representative, it will
not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute
a &ldquo;free writing prospectus,&rdquo; or a portion thereof, required to be filed by the Company with the Commission or retained
by the Company under Rule 433; provided that the Representative will be deemed to have consented to the Issuer Free Writing Prospectuses
listed on Schedule&nbsp;B-2 hereto and any &ldquo;road show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i)
that has been reviewed by the Representative. The Company represents that it has treated or agrees that it will treat each such
free writing prospectus consented to, or deemed consented to, by the Representative as an &ldquo;issuer free writing prospectus,&rdquo;
as defined in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto,
including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of
an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing
Prospectus conflicted or would conflict with the information contained in the Registration Statement, any preliminary prospectus
or the Prospectus 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 existing at that subsequent time, not
misleading, the Company will promptly notify the Representative and will promptly amend or supplement, at its own expense, such
Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.&#9;<U>Payment
of Expenses</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;<I>Expenses</I>.
The Company will pay or cause to be paid all expenses incident to the performance of their obligations under this Agreement, including
(i) the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally
filed and each amendment thereto, (ii)&nbsp;the preparation, printing and delivery to the Underwriters of copies of each preliminary
prospectus, each Issuer Free Writing Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated
with electronic delivery of any of the foregoing by the Underwriters to investors, (iii) the preparation, issuance and delivery
of the certificates for the Securities to the Underwriters, including any stock or other transfer taxes and any stamp or other
duties payable upon the sale, issuance or delivery of the Securities to the Underwriters, (iv)&nbsp;the fees and disbursements
of the Company&rsquo;s counsel, accountants and other advisors, (v)&nbsp;the qualification of the Securities under securities laws
in accordance with the provisions of Section&nbsp;3(e) hereof, including filing fees and the reasonable fees and disbursements
of counsel for the Underwriters in connection therewith and in connection with the preparation of the Blue Sky Survey and any supplement
thereto, (vi) the fees and expenses of any transfer agent or registrar for the Securities, (vii) the costs and expenses of the
Company relating to investor presentations on any &ldquo;road show&rdquo; undertaken in connection with the marketing of the Securities,
including without limitation, 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, travel and lodging expenses of the representatives and officers
of the Company and any such consultants and the cost of aircraft and other travel chartered in connection with the road show, (viii)
the filing fees incident to, and the reasonable fees and disbursements of counsel to the Underwriters in connection with, the review
by FINRA of the terms of the sale of the Securities, (ix) the fees and expenses incurred in connection with the listing of the
Securities on the Nasdaq Global Select Market, and (x) the costs and expenses (including, without limitation, any damages or other
amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts for sale of the
Securities made by the Underwriters caused by a breach of the representation contained in the third sentence of Section 1(a)(ii).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;(b)&#9;<I>Termination
of Agreement</I>. If this Agreement is terminated by the Representative in accordance with the provisions of Section&nbsp;5, Section&nbsp;9(a)(i)
or (iii), Section 10 or Section 11 hereof, the Company shall reimburse the Underwriters (except for any defaulting Underwriters)
for all of their out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.&#9;<U>Conditions
of Underwriters&rsquo; Obligations</U>. The obligations of the several Underwriters hereunder are subject to the accuracy of the
representations and warranties of the Company contained herein as of the date hereof and as of the Closing Time as though then
made or in certificates of any officer of the Company or any of its subsidiaries delivered pursuant to the provisions hereof, to
the performance by the Company of its covenants and other obligations hereunder, and to the following further conditions:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;<I>Effectiveness
of Registration Statement</I>. The Registration Statement has become effective and at Closing Time no stop order suspending the
effectiveness of the Registration Statement or any post-effective amendment thereto has been issued under the 1933 Act, no order
preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for any of
those purposes have been instituted or are pending or, to the Company&rsquo;s knowledge, threatened; and the Company has complied
with each request (if any) from the Commission for additional information.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;<I>Opinion
of Counsel for Company</I>. At the Closing Time, the Representative shall have received the favorable opinion, dated the Closing
Time, of Kane Kessler, P.C., counsel for the Company, in form and substance reasonably satisfactory to counsel for the Underwriters,
together with signed or reproduced copies of such letter for each of the other Underwriters substantially to the effect set forth
in Exhibit A hereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&#9;<I>Opinion
of Counsel for Underwriters</I>. At the Closing Time, the Representative shall have received the favorable opinion, dated the Closing
Time, of Sullivan&nbsp;&amp; Cromwell LLP, counsel for the Underwriters together with signed or reproduced copies of such letter
for each of the other Underwriters, with respect to such matters as the Representative may require. In giving such opinion such
counsel may rely, as to all matters governed by the laws of jurisdictions other than the law of the State of New York, the General
Corporation Law of the State of Delaware and the federal securities laws of the United States, upon the opinions of counsel satisfactory
to the Representative. Such counsel may also state that, insofar as such opinion involves factual matters, they have relied, to
the extent they deem proper, upon certificates of officers and other representatives of the Company and its subsidiaries and certificates
of public officials.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&#9;<I>Officers&rsquo;
Certificate</I>. At the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which
information is given in the Registration Statement, the General Disclosure Package or the Prospectus, any material adverse change
in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of business, and the Representative shall have received
a certificate of the Chief Executive Officer or the President of the Company and of the chief financial or chief accounting officer
of the Company, dated the Closing Time, to the effect that (i) there has been no such material adverse change, (ii)&nbsp;the representations
and warranties of the Company in this Agreement are true and correct with the same force and effect as though expressly made at
and as of the Closing Time, (iii)&nbsp;the Company has complied with all agreements and satisfied all conditions on its part to
be performed or satisfied at or prior to the Closing Time, and (iv)&nbsp;no stop order suspending the effectiveness of the Registration
Statement under the 1933 Act has been issued, no order preventing or suspending the use of any preliminary prospectus or the Prospectus
has been issued and no proceedings for any of those purposes have been instituted or are pending or, to their knowledge, threatened.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&#9;<I>KPMG&rsquo;s
Comfort Letter</I>. At the time of the execution of this Agreement, the Representative shall have received from KPMG LLP a letter
or letters, dated such date, in form and substance reasonably satisfactory to the Representative, together with signed or reproduced
copies of such letter for each of the other Underwriters containing statements and information of the type ordinarily included
in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements and certain financial
information contained in the Registration Statement, the General Disclosure Package and the Prospectus.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)&#9;<I>KPMG&rsquo;s
Bring-down Comfort Letter</I>. At the Closing Time, the Representative shall have received from KPMG LLP a letter or letters, dated
as of the Closing Time, to the effect that they reaffirm the statements made in the letter or letters furnished pursuant to subsection
(e) of this Section, except that the specified date referred to shall be a date not more than three business days prior to the
Closing Time.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(g)&#9;<I>Tanner
Comfort Letter</I>. At the time of the execution of this Agreement, the Representative shall have received from Tanner LLC a letter,
dated such date, in form and substance reasonably satisfactory to the Representative, together with signed or reproduced copies
of such letter for each of the other Underwriters containing statements and information of the type ordinarily included in accountants&rsquo;
&ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements and certain financial information contained
in the Registration Statement, the General Disclosure Package and the Prospectus.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(h)&#9;<I>Tanner
Bring-down Comfort Letter</I>. At the Closing Time, the Representative shall have received from Tanner LLC a letter, dated as of
the Closing Time, to the effect that they reaffirm the statements made in the letter furnished pursuant to subsection (g) of this
Section, except that the specified date referred to shall be a date not more than three business days prior to the Closing Time.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(i)&#9;<I>Approval
of Listing</I>. At the Closing Time, the Securities shall have been approved for listing on the Nasdaq Global Market, subject only
to official notice of issuance.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(j)&#9;<I>No
Objection</I>. FINRA has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the
underwriting terms and arrangements relating to the offering of the Securities.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(k)&#9;<I>Lock-up
Agreements</I>. At the date of this Agreement, the Representative shall have received an agreement substantially in the form of
Exhibit&nbsp;B hereto signed by the persons listed on Schedule&nbsp;C hereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(l)&#9;<I>Conditions
to Purchase of Option Securities</I>. In the event that the Underwriters exercise their option provided in Section&nbsp;2(b) hereof
to purchase all or any portion of the Option Securities, the representations and warranties of the Company contained herein and
the statements in any certificates furnished by the Company and any of its subsidiaries hereunder shall be true and correct as
of each Date of Delivery and, at the relevant Date of Delivery, the Representative shall have received:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#9;<U>Officers&rsquo;
Certificate</U>. A certificate, dated such Date of Delivery, of the President or a Vice President of the Company and of the chief
financial or chief accounting officer of the Company confirming that the certificate delivered at the Closing Time pursuant to
Section&nbsp;5(d) hereof remains true and correct as of such Date of Delivery.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#9;<U>Opinion
of Counsel for Company</U>. If requested by the Representative, the favorable opinion of Kane Kessler, P.C., counsel for the Company,
in form and substance reasonably satisfactory to counsel for the Underwriters, dated such Date of Delivery, relating to the Option
Securities to be purchased on such Date of Delivery and otherwise to the same effect as the opinion required by Section&nbsp;5(b)
hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&#9;<U>Opinion
of Counsel for Underwriters</U>. If requested by the Representative, the favorable opinion of Sullivan&nbsp;&amp; Cromwell LLP,
counsel for the Underwriters, dated such Date of Delivery, relating to the Option Securities to be purchased on such Date of Delivery
and otherwise to the same effect as the opinion required by Section&nbsp;5(c) hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&#9;<U>KPMG
Bring-down Comfort Letter</U>. If requested by the Representative, a letter or letters from KPMG&nbsp;LLP, in form and substance
reasonably satisfactory to the Representative and dated such Date of Delivery, substantially in the same form and substance as
the letter or letters furnished to the Representative pursuant to Section&nbsp;5(e) hereof, except that the &ldquo;specified date&rdquo;
in the letter or letters furnished pursuant to this paragraph shall be a date not more than three business days prior to such Date
of Delivery.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&#9;<U>Tanner
Bring-down Comfort Letter</U>. If requested by the Representative, a letter from Tanner LLC, in form and substance reasonably satisfactory
to the Representative and dated such Date of Delivery, substantially in the same form and substance as the letter furnished to
the Representative pursuant to Section&nbsp;5(g) hereof, except that the &ldquo;specified date&rdquo; in the letter furnished pursuant
to this paragraph shall be a date not more than three business days prior to such Date of Delivery.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(m)&#9;<I>Additional
Documents</I>. At the Closing Time and at each Date of Delivery (if any) counsel for the Underwriters shall have been furnished
with such documents and opinions as they may require for the purpose of enabling them to pass upon the issuance and sale of the
Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment
of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of
the Securities as herein contemplated shall be reasonably satisfactory in form and substance to the Representative and counsel
for the Underwriters.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(n)&#9;<I>Termination
of Agreement</I>. If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled,
this Agreement, or, in the case of any condition to the purchase of Option Securities on a Date of Delivery which is after the
Closing Time, the obligations of the several Underwriters to purchase the relevant Option Securities, may be terminated by the
Representative by notice to the Company at any time at or prior to Closing Time or such Date of Delivery, as the case may be, and
such termination shall be without liability of any party to any other party except as provided in Section 4 and except that Sections
6, 7, 15, 16, 17 and, in the event that there has been payment and delivery of any Securities, Sections 1 and 8, shall survive
any such termination and remain in full force and effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 6.&#9;<U>Indemnification</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;<I>Indemnification
of Underwriters</I>. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates (as such term is defined
in Rule 501(b) under the 1933 Act (each, an &ldquo;Affiliate&rdquo;)), its selling agents and each person, if any, who controls
any Underwriter within the meaning of Section&nbsp;15 of the 1933 Act or Section 20 of the 1934 Act as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#9;against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including any information
deemed to be a part thereof pursuant to Rule 430B, or the omission or alleged omission therefrom of a material fact required to
be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged
untrue statement of a material fact included (A) in any preliminary prospectus, any Issuer Free Writing Prospectus, the General
Disclosure Package or the Prospectus (or any amendment or supplement thereto) or (B) in any materials or information provided to
investors by, or with the approval of, the Company in connection with the marketing of the offering of the Stock (&ldquo;Marketing
Materials&rdquo;), including any roadshow or investor presentations made to investors by the Company (whether in person or electronically),
or the omission or alleged omission in any preliminary prospectus, Issuer Free Writing Prospectus, Prospectus or in any Marketing
Materials of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#9;against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject
to Section 6(d) below) any such settlement is effected with the written consent of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&#9;against
any and all expense whatsoever, as incurred (including the reasonable fees and disbursements of counsel chosen by PJC), reasonably
incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">provided, however,
that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any
untrue statement or omission or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto),
including any information deemed to be a part thereof pursuant to Rule 430B, the General Disclosure Package or the Prospectus (or
any amendment or supplement thereto) in reliance upon and in conformity with the Underwriter Information.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;<I>Indemnification
of Company, Directors and Officers</I>. Each Underwriter severally agrees to indemnify and hold harmless the Company, its directors,
each of its officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning
of Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all loss, liability, claim, damage and expense described
in the indemnity contained in subsection (a) of this Section, as incurred, but only with respect to untrue statements or omissions,
or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), including any information
deemed to be a part thereof pursuant to Rule 430B, the General Disclosure Package or the Prospectus (or any amendment or supplement
thereto) in reliance upon and in conformity with the Underwriter Information.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&#9;<I>Actions
against Parties; Notification</I>. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a
result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity
agreement. In the case of parties indemnified pursuant to Section 6(a) above, counsel to the indemnified parties shall be selected
by PJC, and, in the case of parties indemnified pursuant to Section 6(b) above, counsel to the indemnified parties shall be selected
by the Company, provided, that in each case such counsel shall be reasonably satisfactory to the indemnifying parties. An indemnifying
party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying
party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall
the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from
their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the
same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect
of which indemnification or contribution could be sought under this Section 6 or Section 7 hereof (whether or not the indemnified
parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release
of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&#9;<I>Settlement
without Consent if Failure to Reimburse</I>. If at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for reasonable fees and expenses of counsel, such indemnifying party agrees that it shall be liable
for any settlement of the nature contemplated by Section 6(a)(ii) effected without its written consent if (i) such settlement is
entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party
shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)
such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such
settlement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.&#9;<U>Contribution</U>.
If the indemnification provided for in Section&nbsp;6 hereof is for any reason unavailable to or insufficient to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified
party, as incurred, (i) 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 Securities pursuant to this Agreement or (ii) if the allocation
provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and of the Underwriters,
on the other hand, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The relative benefits
received by the Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Securities
pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering
of the Securities pursuant to this Agreement (before deducting expenses) received by the Company, on the one hand, and the total
underwriting discount received by the Underwriters, on the other hand, in each case as set forth on the cover of the Prospectus,
bear to the aggregate initial public offering price of the Securities as set forth on the cover of the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">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 or by the Underwriters 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: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company and
the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 7 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 above in this Section 7. The aggregate amount of losses, liabilities,
claims, damages and expenses incurred by an indemnified party and referred to above in this Section 7 shall be deemed to include
any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue or alleged untrue statement or omission or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the provisions of this Section 7, <FONT STYLE="color: black">no Underwriter shall be required to contribute any amount in excess
of the underwriting commissions received by such Underwriter in connection with the Shares underwritten by it and distributed to
the public</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For purposes of
this Section 7, each person, if any, who controls an Underwriter within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act and each Underwriter&rsquo;s Affiliates and selling agents 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 Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act shall have the same
rights to contribution as the Company. The Underwriters&rsquo; respective obligations to contribute pursuant to this Section 7
are several in proportion to the total number of Initial Securities set forth opposite their respective names in Schedule A hereto
and not joint.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 8.&#9;<U>Representations,
Warranties and Agreements to Survive</U>. All representations, warranties and agreements contained in this Agreement or in certificates
of officers of the Company or any of its subsidiaries submitted pursuant hereto, shall remain operative and in full force and effect
regardless of (i)&nbsp;any investigation made by or on behalf of any Underwriter or its Affiliates or selling agents, any person
controlling any Underwriter, its officers or directors, or any person controlling the Company and (ii)&nbsp;delivery of and payment
for the Securities.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 9.&#9;<U>Termination
of Agreement</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;<I>Termination</I>.
The Representative may terminate this Agreement, by notice to the Company, at any time at or prior to the Closing Time (i) if there
has been, since the time of execution of this Agreement or since the respective dates as of which information is given in the Registration
Statement, the General Disclosure Package or the Prospectus, any material adverse change in the condition, financial or otherwise,
or in the earnings, business affairs or business prospects of the Company and its subsidiaries considered as one enterprise, whether
or not arising in the ordinary course of business, which is such as to make it, in the judgment of the Representative, impracticable
or inadvisable to proceed with the completing of the offering contemplated hereby, or (ii)&nbsp;if there has occurred any material
adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities
or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international
political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Representative,
impracticable or inadvisable to <FONT STYLE="color: black">proceed with the completion of the offering</FONT> or to enforce contracts
for the sale of the Securities, or (iii)&nbsp;if trading in any securities of the Company has been suspended or materially limited
by the Commission or the Nasdaq Global Market, or (iv)&nbsp;if trading generally on the American Stock Exchange or the New York
Stock Exchange or in the Nasdaq Global Market has been suspended or materially limited, or minimum or maximum prices for trading
have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission, FINRA
or any other governmental authority, or (v)&nbsp;if a material disruption has occurred in commercial banking or securities settlement
or clearance services in the United States or with respect to Clearstream or Euroclear systems in Europe, or (vi) if a banking
moratorium has been declared by either Federal or New York authorities.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;<I>Liabilities</I>.
If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party to any other
party except as provided in Section 4 hereof, and provided further that Sections 6, 7, 15, 16, 17 and, in the event that there
has been payment and delivery of any Securities, Sections 1 and 8, shall survive such termination and remain in full force and
effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 10.&#9;<U>Default
by One or More of the Underwriters</U>. If one or more of the Underwriters shall fail at Closing Time or a Date of Delivery to
purchase the Securities which it or they are obligated to purchase under this Agreement (the &ldquo;Defaulted Securities&rdquo;),
the Representative shall have the right, within 24&nbsp;hours thereafter, to make arrangements for one or more of the non-defaulting
Underwriters, or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as
may be agreed upon and upon the terms herein set forth; if, however, the Representative shall not have completed such arrangements
within such 24-hour period, then:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#9;if
the number of Defaulted Securities does not exceed 10% of the number of Securities to be purchased on such date, each of the non-defaulting
Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective
underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting Underwriters, or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#9;if
the number of Defaulted Securities exceeds 10% of the number of Securities to be purchased on such date, this Agreement or, with
respect to any Date of Delivery which occurs after the Closing Time, the obligation of the Underwriters to purchase, and the Company
to sell, the Option Securities to be purchased and sold on such Date of Delivery shall terminate without liability on the part
of any non-defaulting Underwriter or the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No action taken
pursuant to this Section shall relieve any defaulting Underwriter from liability in respect of its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event of
any such default which does not result in a termination of this Agreement or, in the case of a Date of Delivery which is after
the Closing Time, which does not result in a termination of the obligation of the Underwriters to purchase and the Company to sell
the relevant Option Securities, as the case may be, either the (i) Representative or (ii) the Company shall have the right to postpone
Closing Time or the relevant Date of Delivery, as the case may be, for a period not exceeding seven days in order to effect any
required changes in the Registration Statement, the General Disclosure Package or the Prospectus or in any other documents or arrangements.
As used herein, the term &ldquo;Underwriter&rdquo; includes any person substituted for an Underwriter under this Section 10.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 11.&#9;<U>Default
by the Company</U>. If the Company shall fail at the Closing Time or a Date of Delivery, as the case may be, to sell the number
of Securities that it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of
any nondefaulting party; provided, however, that the provisions of Sections 1, 4, 6, 7, 8, 15, 16 and 17 shall remain in full force
and effect. No action taken pursuant to this Section shall relieve the Company from liability, if any, in respect of such default.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 12.&#9;<U>Notices</U>.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
by any standard form of telecommunication. Notices to the Underwriters shall be directed to PJC at 800 Nicollet Mall, Minneapolis,
MN 55402, attention of Syndicate Department, with a copy to General Counsel Department; notices to the Company shall be directed
to it at Black Diamond, Inc., 2084 East 3900 South, Salt Lake City, Utah 84124, attention of Peter Metcalf, President &amp; Chief
Executive Officer, and Robert N. Peay, Chief Financial Officer.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 13.&#9;<U>No
Advisory or Fiduciary Relationship</U>. The Company acknowledges and agrees that (a)&nbsp;the purchase and sale of the Securities
pursuant to this Agreement, including the determination of the initial public offering price of the Securities 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)&nbsp;in connection with the offering of the Securities and the process leading thereto, each
Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Company, any of its subsidiaries
or their respective stockholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory
or fiduciary responsibility in favor of the Company with respect to the offering of the Securities or the process leading thereto
(irrespective of whether such Underwriter has advised or is currently advising the Company or any of its subsidiaries on other
matters) and no Underwriter has any obligation to the Company with respect to the offering of the Securities 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 of the Securities and the Company has consulted its own respective
legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 14.&#9;<U>Parties</U>.
This Agreement shall each inure to the benefit of and be binding upon the Underwriters and the Company and their respective successors.
Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other
than the Underwriters and the Company and their respective successors and the controlling persons and officers and directors referred
to in Sections&nbsp;6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended
to be for the sole and exclusive benefit of the Underwriters and the Company and their respective successors, and said controlling
persons and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation.
No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such purchase.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION
15.&#9;<U>Trial by Jury</U>. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any
and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 16.&#9;<U>GOVERNING
LAW</U>. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 17.&#9;<U>Consent
to Jurisdiction; Waiver of Immunity</U>. Any legal suit, action or proceeding arising out of or based upon this Agreement or the
transactions contemplated hereby (&ldquo;Related Proceedings&rdquo;) shall&nbsp;be instituted in (i) the federal courts of the
United States of America located in the City and County of New York, Borough of Manhattan or&nbsp;(ii) the courts of the State
of New York located in the City and County of New York, Borough of Manhattan (collectively, the &ldquo;Specified Courts&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;Related Judgment&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: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 18.&#9;<U>TIME</U>.
TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK
CITY TIME.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 19.&#9;<U>Counterparts</U>.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 20.&#9;<U>Effect
of Headings</U>. The Section headings herein are for convenience only and shall not affect the construction hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the foregoing
is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon
this instrument, along with all counterparts, will become a binding agreement among the Underwriters and the Company in accordance
with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,<br>&nbsp;<br>

BLACK DIAMOND, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Robert Peay</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Title: Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="2">CONFIRMED AND ACCEPTED,<br>
	as of the date first above written:<br>

&nbsp;<br>
PIPER JAFFRAY &amp; CO.</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Christie L. Christina</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: Christie L. Christina
<br>Title: Managing Director</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">For itself and as Representative of the other<BR>
Underwriters named in Schedule A hereto.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The initial public offering price per share for the Securities
shall be $7.50.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The purchase price per share for the Non-Reserve Securities
and the Option Securities to be paid by the several Underwriters shall be $7.05, being an amount equal to the initial public offering
price set forth above less $0.45 per share, subject to adjustment in accordance with Section 2(b) for dividends or distributions
declared by the Company and payable on the Initial Securities but not payable on the Option Securities. The purchase price per
share for the Reserved Securities to be paid by the several Underwriters shall be $7.50, being an amount equal to the initial public
offering price.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">Name of Underwriter</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of<BR>Non-Reserve Securities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of <BR>Reserve Securities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left; padding-left: 5.4pt; padding-bottom: 1pt">Piper Jaffray &amp; Co.</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">7,450,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">1,117,500</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt; padding-bottom: 1pt">Wm Smith &amp; Co.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">300,000</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">45,000</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double">7,750,000</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double">1,162,500</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">1.&#9;The Company is selling 7,750,000
shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">2.&#9;The Company has granted an option
to the Underwriters, severally and not jointly, to purchase up to an additional 1,162,500 shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">3.&#9;The initial public offering price per share for the
Securities shall be $7.50.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">4.&#9;The number of Reserved Securities to be sold by the
Company to certain employees, directors and officers is 1,333,333 shares of Common Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">None.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>List of Persons and Entities Subject
to Lock-up</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left">Warren B. Kanders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Kanders GMP Holdings, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Robert R. Schiller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Nicholas Sokolow</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Donald L. House</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Philip N. Duff</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Michael A. Henning</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Peter Metcalf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Robert N. Peay</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Richard S. Luskin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Aaron Kuehne</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Bill Kulczycki</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Chris Grover</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Mark Ritchie</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Rosalie Mark</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Ryan Gellert</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Scott Carlson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Christian Jaeggi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Ethan R. Schiller UTMA, Robert Schiller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Jonah A. Schiller UTMA, Robert Schiller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Robert R. Schiller Cornerstone Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Robert R. Schiller Revocable Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Robert R. Schiller Roth IRA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Samuel M. Schiller UTMA, Robert R. Schiller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Schiller Gregory Investment Corp LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">ST Investors Fund, LLC</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>List of &ldquo;Significant Subsidiaries&rdquo;
of the Company</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-decoration: underline">Subsidiary</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-decoration: underline">Jurisdiction of Incorporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Black Diamond Equipment, Ltd.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Gregory Mountain Products, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Black Diamond Equipment AG</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Switzerland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Black Diamond Equipment Asia Ltd.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(a/k/a Black Diamond Sporting
        Equipment</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(ZFTZ) Co. Ltd.)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">China</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v303119_ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Black Diamond Closes Public Offering of Common
Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Underwriters Exercise Over-Allotment Option
in Full</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SALT LAKE CITY, Utah &ndash; (February 22, 2012) &ndash;</B>
Black Diamond, Inc. (NASDAQ: BDE) (the &ldquo;Company&rdquo; or &ldquo;Black Diamond&rdquo;) announced that it closed the public
offering of its common stock, par value $0.0001 per share, underwritten by Piper Jaffray &amp; Co., as representative of the underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In connection with such offering, the underwriters exercised their
over-allotment option in full, increasing the total number of shares of common stock sold by the Company in the offering to 8,912,500.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The securities described above were offered by Black Diamond pursuant
to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the
&quot;SEC&quot;) on February 1, 2011. A final prospectus supplement related to the offering has been filed with the SEC and is
available on the SEC's website at <U>http://www.sec.gov</U>. Copies of the final prospectus supplement and accompanying prospectus
relating to these securities may also be obtained from Piper Jaffray &amp; Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402,
or email prospectus@pjc.com, or by telephone at (800) 747-3924.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of
any such state or jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About Black Diamond, Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Black Diamond, Inc. is a global leader in the design, manufacturing
and marketing of innovative active outdoor performance products for climbing, mountaineering, backpacking, skiing and other active
outdoor recreation activities for a wide range of year-round use. The Company's principal brands, Black Diamond&reg; and Gregory&trade;,
are iconic in the active outdoor industry and linked intrinsically with the modern history of these sports. Black Diamond is synonymous
with performance, innovation, durability and safety that the climbing, mountaineering, skiing and backpacking communities rely
on and embrace in their active lifestyle. Headquartered in Salt Lake City at the base of the Wasatch Mountains, the Company's products
are created and tested on some of the best alpine peaks, crags and trails in the world. These close connections to the Black Diamond
lifestyle enhance the authenticity of the Company's brands, inspire product innovation and strengthen customer loyalty. The Company's
products are sold by leading specialty retailers in the U.S. and 40 countries around the world. For additional information, please
visit the Company's websites at www.blackdiamond-inc.com, www.blackdiamondequipment.com, or www.gregorypacks.com.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Please note that in this press release we may use words such as
&ldquo;appears,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;plans,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo;
&ldquo;future,&rdquo; and similar expressions which constitute forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations
and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution
that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied
in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial
condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include,
but are not limited to, the overall level of consumer spending on our products; general economic conditions and other factors affecting
consumer confidence; disruption and volatility in the global capital and credit markets; the financial strength of the Company's
customers; the Company's ability to implement its growth strategy; the Company's ability to successfully integrate and grow acquisitions;
the Company's ability to maintain the strength and security of its information technology systems; stability of the Company's manufacturing
facilities and foreign suppliers; the Company's ability to protect trademarks and other intellectual property rights; fluctuations
in the price, availability and quality of raw materials and contracted products; foreign currency fluctuations; our ability to
utilize our net operating loss carryforwards; and legal, regulatory, political and economic risks in international markets. More
information on potential factors that could affect the Company's financial results is included from time to time in the Company's
public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this release are based upon information
available to the Company as of the date of this release, and speak only as of the date hereof. We assume no obligation to update
any forward-looking statements to reflect events or circumstances after the date of this release.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Tel 1-203-428-2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">warren.kanders@bdel.com</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Tel 1-801-278-5552</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">peter.metcalf@bdel.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Investor Relations:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Scott Liolios or Cody Slach</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Tel 1-949-574-3860</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">BDE@liolios.com</P>

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

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

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

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



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
