<SEC-DOCUMENT>0001552781-17-000290.txt : 20170505
<SEC-HEADER>0001552781-17-000290.hdr.sgml : 20170505
<ACCEPTANCE-DATETIME>20170505084421
ACCESSION NUMBER:		0001552781-17-000290
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20170503
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170505
DATE AS OF CHANGE:		20170505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MACROGENICS INC
		CENTRAL INDEX KEY:			0001125345
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36112
		FILM NUMBER:		17816245

	BUSINESS ADDRESS:	
		STREET 1:		9704 MEDICAL CENTER DRIVE
		CITY:			Rockville
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		301-251-5172

	MAIL ADDRESS:	
		STREET 1:		9704 MEDICAL CENTER DRIVE
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e17264_mgnx-8k.htm
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<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-top: 0; text-align: center; margin-bottom: 0">&nbsp;<B>WASHINGTON, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934</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">Date of report (Date of earliest event
reported):&nbsp; <B>May 3, 2017</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>MACROGENICS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 30%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>001-36112</B></TD>
    <TD STYLE="width: 34%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>06-1591613</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">(State or Other Jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center">of Incorporation)</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center">File Number)</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: bottom; width: 65%; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>9704 Medical Center Drive,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center"><B>Rockville, Maryland</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 35%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>20850</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 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:&nbsp; <B>(301) 251-5172</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>Not applicable&nbsp;</B></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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT>  Soliciting material pursuant
to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT>  Pre-commencement communications
pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT>  Pre-commencement communications
pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 16.75pt 10.35pt 0"><FONT STYLE="color: #211D1E">Indicate by
check mark whether the registrant is an emerging growth </FONT>company <FONT STYLE="color: #211D1E">as defined in Rule 405 of the
</FONT>Securities Act of 1933 (&sect;230.405 of this chapter) <FONT STYLE="color: #211D1E">or Rule 12b-2 of the </FONT>Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter)<FONT STYLE="color: #211D1E">. </FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 16.75pt 10.35pt 0"><FONT STYLE="color: #211D1E">Emerging growth
</FONT>company <FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #211D1E">If an emerging growth </FONT>company<FONT STYLE="color: #211D1E">,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the </FONT>Exchange Act<FONT STYLE="color: #211D1E">.</FONT>
<FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT> </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>

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

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    <TD NOWRAP STYLE="width: 5%; padding-right: 3pt; padding-left: 3pt; font: 10pt Times New Roman, Times, Serif"><B>ITEM 8.01.</B>&nbsp;&nbsp;</TD>
    <TD STYLE="width: 95%; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other Events</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">On May 3, 2017, MacroGenics, Inc. (the
&ldquo;Company&rdquo;) entered into a sales agreement (the &ldquo;Sales Agreement&rdquo;) with Cowen and Company, LLC (&ldquo;Cowen&rdquo;),
pursuant to which the Company may, from time to time, sell shares of the Company&rsquo;s common stock, par value $0.01 per share
(the &ldquo;Shares&rdquo;), having an aggregate offering price of up to $75,000,000 through Cowen, as the Company&rsquo;s agent
and/or principal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the terms and conditions of the Sales
Agreement, Cowen will use its commercially reasonable efforts to sell the Shares from time to time, based upon the Company&rsquo;s
instructions. The Company has provided Cowen with customary indemnification rights, and Cowen will be entitled to a commission
of up to 3.0% of the gross sales price of the Shares sold through it pursuant to the Sales Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The Shares were offered
by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-214385), filed with the Securities and Exchange
Commission on November 2, 2016. The Shares may be offered only by means of a prospectus, including a prospectus supplement, forming
a part of the effective registration statement. Sales of the Shares, if any, under the Sales Agreement may be made in transactions
that are deemed to be &ldquo;at the market offerings&rdquo; as defined in Rule 415 under the Securities Act of 1933, as amended,
including sales made by means of ordinary brokers&rsquo; transactions, including on The NASDAQ Global Select Market, at market
prices or as otherwise agreed with Cowen. The Company has no obligation to sell any of the Shares, and may at any time suspend
offers under the Sales Agreement or terminate the Sales Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing description of the Sales Agreement
does not purport to be complete and is qualified in its entirety by reference to the full Sales Agreement, a copy of which is attached
hereto as Exhibit 1.1 and is incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Current Report on Form 8-K does not constitute
an offer to sell the Shares or a solicitation of an offer to buy the Shares, nor shall there be any sale of the Shares in any state
or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.&nbsp;</P>

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

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

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<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP STYLE="width: 5%; padding-right: 3pt; padding-left: 3pt; font: 10pt Times New Roman, Times, Serif"><B>ITEM 9.01.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 95%; padding-right: 3pt; padding-left: 3pt; font: 10pt Times New Roman, Times, Serif"><B>Financial Statements and Exhibits.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 8%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">Exhibit No.</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 91%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">Description</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.1</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sales Agreement, dated May 3, 2017, between MacroGenics,
Inc. and Cowen and Company, LLC.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Covington &amp; Burling LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">23.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">Consent of Covington &amp; Burling LLP (included in Exhibit 5.1).</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 0 10pt; text-align: center; text-indent: 0.5in"></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">Date:&nbsp; May 5, 2017</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">MACROGENICS, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 55%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 40%; padding-right: 2pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0"><U>/s/ Atul Saran&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Atul Saran</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt">Senior Vice President and General Counsel</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"></P>

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

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



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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center">MacroGenics,
Inc.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center">$75,000,000<U><BR>
</U>Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><u>SALES AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none">May&nbsp;3,
2017</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps">Cowen
and Company</FONT>, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">599 Lexington Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, NY 10022</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">Ladies and Gentlemen:</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 0 10pt; text-align: justify; text-indent: 0.5in">MacroGenics, Inc.,
a Delaware corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), confirms its agreement (this &ldquo;<B><U>Agreement</U></B>&rdquo;)
with Cowen and Company, LLC (&ldquo;<B><U>Cowen</U></B>&rdquo;), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance and Sale of Shares</U>. The Company agrees that, from time to time during the term of this Agreement, on the
terms and subject to the conditions set forth herein, it may issue and sell through Cowen, acting as agent and/or principal, shares
of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<B><U>Common Stock</U></B>&rdquo;), having an aggregate
offering price of up to $75,000,000. Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance
with the limitation set forth in this <U>Section&nbsp;1</U> on the number of shares of Common Stock issued and sold under this
Agreement shall be the sole responsibility of the Company, and Cowen shall have no obligation in connection with such compliance.
The issuance and sale of Common Stock through Cowen will be effected pursuant to the Registration Statement (as defined below)
filed by the Company and declared effective by the Securities and Exchange Commission (the &ldquo;<B><U>Commission</U></B>&rdquo;),
although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement (as defined below)
to issue the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in">The Company has filed,
in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively,
the &ldquo;<B><U>Securities Act</U></B>&rdquo;), with the Commission a registration statement on Form&nbsp;S-3ASR (File No.&nbsp;333-214385),
including a base prospectus, relating to certain securities, including the Common Stock, to be issued from time to time by the
Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions
of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &ldquo;<B><U>Exchange
Act</U></B>&rdquo;). The Company has prepared a prospectus supplement specifically relating to the Placement Shares (as defined
below) (the &ldquo;<B><U>Prospectus Supplement</U></B>&rdquo;) to the base prospectus included as part of such registration statement.
The Company has furnished to Cowen, for use by Cowen, copies of the prospectus included as part of such registration statement,
as supplemented by the Prospectus Supplement, relating to the Placement Shares. Except where the context otherwise requires, such
registration statement, as amended when it became effective, including all documents filed as part thereof or incorporated by reference
therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant
to Rule&nbsp;424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule&nbsp;430B or
462(b) of the Securities Act, is herein called the &ldquo;<B><U>Registration Statement</U></B>.&rdquo; The base prospectus, including
all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus
Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with
the Commission pursuant to Rule&nbsp;424(b) under the Securities Act, together with any &ldquo;issuer free writing prospectus,&rdquo;
as defined in Rule&nbsp;433 of the Securities Act regulations (&ldquo;<B><U>Rule&nbsp;433</U></B>&rdquo;), relating to the Placement
Shares that (i) is required to be filed with the Commission by the Company or (ii) is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i),
in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained
in the Company&rsquo;s records pursuant to Rule&nbsp;433(g), is herein called the &ldquo;<B><U>Prospectus</U></B>.&rdquo; Any reference
herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include
the documents incorporated by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo;
or &ldquo;supplement&rdquo; with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include
the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. For purposes
of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall
be deemed to include any copy filed with the Commission pursuant to the Electronic Data Gathering, Analysis, and Retrieval System
(&ldquo;<B><U>EDGAR</U></B>&rdquo;).</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Placements</U>. Each time that the Company wishes to issue and sell Common Stock hereunder (each, a &ldquo;<B><U>Placement</U></B>&rdquo;),
it will notify Cowen by email notice (or other method mutually agreed to in writing by the parties) (a &ldquo;<B><U>Placement Notice</U></B>&rdquo;)
containing the parameters in accordance with which it desires the Common Stock to be sold, which shall at a minimum include the
number of Common Stock to be issued (the &ldquo;<B><U>Placement Shares</U></B>&rdquo;), the time period during which sales are
requested to be made, any limitation on the number of Placement Shares that may be sold in any one (1) Trading Day (as defined
in <U>Section&nbsp;3</U>) and any minimum price below which sales may not be made, a form of which containing such minimum sales
parameters necessary is attached hereto as <B><U>Schedule&nbsp;1</U></B>. The Placement Notice shall originate from any of the
individuals from the Company set forth on <B><U>Schedule&nbsp;2</U></B> (with a copy to each of the other individuals from the
Company listed on such schedule), and shall be addressed to each of the individuals from Cowen set forth on <B><U>Schedule&nbsp;2</U></B>,
as such <B><U>Schedule&nbsp;2</U></B> may be amended in writing from time to time. The Placement Notice shall be immediately effective
upon receipt by Cowen unless and until (i) in accordance with the notice requirements set forth in <U>Section&nbsp;4</U>, Cowen
declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Placement
Shares thereunder have been sold, (iii) in accordance with the notice requirements set forth in <U>Section&nbsp;4</U>, the Company
suspends or terminates the Placement Notice for any reason, in its sole discretion, (iv) the Company issues a subsequent Placement
Notice with parameters superseding those on the earlier dated Placement Notice, or (v) this Agreement has been terminated under
the provisions of <U>Section&nbsp;11</U>. The amount of any discount, commission or other compensation to be paid by the Company
to Cowen in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in <B><U>Schedule&nbsp;3</U></B>.
It is expressly acknowledged and agreed that neither the Company nor Cowen will have any obligation whatsoever with respect to
a Placement or any Placement Shares unless and until the Company delivers a Placement Notice to Cowen and Cowen does not decline
such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the
event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice
will control.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sale of Placement Shares by Cowen.</U> Subject to the terms and conditions herein set forth, upon the Company&rsquo;s
delivery of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or
otherwise terminated in accordance with the terms of this Agreement, Cowen, for the period specified in the Placement Notice, will
use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal
laws, rules and regulations and the rules of the Nasdaq Global Select Market LLC (&ldquo;<B><U>Nasdaq</U></B>&rdquo;) to sell such
Placement Shares up to the amount specified in such Placement Notice, and otherwise in accordance with the terms of such Placement
Notice. Cowen will provide written confirmation to the Company (including by email correspondence to each of the individuals of
the Company set forth on <B><U>Schedule&nbsp;2</U></B>, if receipt of such correspondence is actually acknowledged by any of the
individuals to whom the notice is sent, other than via auto-reply) no later than the opening of the Trading Day (as defined below)
immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth (i) the number of
Placement Shares sold on such day, (ii) the volume-weighted average price of the Placement Shares sold and (iii) the Net Proceeds
(as defined below) payable to the Company. Subject to the terms of a Placement Notice, Cowen may sell Placement Shares by any method
permitted by law deemed to be an &ldquo;at the market&rdquo; offering as defined in Rule&nbsp;415(a)(4) of the Securities Act,
including without limitation sales made through Nasdaq or on any other existing trading market for the Common Stock or to or through
a market maker. If expressly authorized by the Company in a Placement Notice, Cowen may also sell Placement Shares by any other
method permitted by law, including but not limited to negotiated transactions. Cowen shall not purchase Placement Shares for its
own account as principal unless expressly authorized to do so by the Company in a Placement Notice. The Company acknowledges and
agrees that (i) there can be no assurance that Cowen will be successful in selling Placement Shares, and (ii) Cowen will incur
no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other
than a failure by Cowen to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell
such Placement Shares as required under this <U>Section&nbsp;3</U>. For the purposes hereof, &ldquo;<B><U>Trading Day</U></B>&rdquo;
means any day on which the Company&rsquo;s Common Stock is purchased and sold on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Suspension of Sales</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&#9;The
Company or Cowen may, upon notice to the other party in writing (including by email correspondence to each of the individuals of
the other party set forth on <B><U>Schedule&nbsp;2</U></B>, if receipt of such correspondence is actually acknowledged by any of
the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile
transmission or email correspondence to each of the individuals of the other party set forth on <B><U>Schedule&nbsp;2</U></B>),
suspend any sale of Placement Shares; <I>provided, however</I>, that such suspension shall not affect or impair either party&rsquo;s
obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees
that no such notice under this <U>Section&nbsp;4</U> shall be effective against the other unless it is made to one of the individuals
named on <B><U>Schedule&nbsp;2</U></B> hereto, as such schedule may be amended from time to time.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&#9;Notwithstanding
any other provision of this Agreement, during any period in which the Company is in possession of material non-public information,
the Company and Cowen agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request the sale of
any Placement Shares, and (iii) Cowen shall not be obligated to sell or offer to sell any Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&#9;If
either Cowen or the Company has reason to believe that the exemptive provisions set forth in Rule&nbsp;101(c)(1) of Regulation&nbsp;M
under the Exchange Act are not satisfied with respect to the Common Stock, it shall promptly notify the other party, and Cowen
may, at its sole discretion, suspend sales of the Placement Shares under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Settlement.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&#9;<U>Settlement
of Placement Shares</U>. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares
will occur on the third (3<SUP>rd</SUP>) Trading Day (or such earlier day as is industry practice for regular-way trading) following
the date on which such sales are made (each, a &ldquo;<B><U>Settlement Date</U></B>&rdquo; and the first such settlement date,
the &ldquo;<B><U>First Delivery Date</U></B>&rdquo;). The amount of proceeds to be delivered to the Company on a Settlement Date
against receipt of the Placement Shares sold (the &ldquo;<B><U>Net Proceeds</U></B>&rdquo;) will be equal to the aggregate sales
price received by Cowen at which such Placement Shares were sold, after deduction for (i)&nbsp;Cowen&rsquo;s commission, discount
or other compensation for such sales payable by the Company pursuant to <U>Section&nbsp;2</U> hereof, (ii) any other amounts due
and payable by the Company to Cowen hereunder pursuant to <U>Section&nbsp;7(g)</U> hereof, and (iii) any transaction fees imposed
by any governmental or self-regulatory organization in respect of such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&#9;<U>Delivery
of Placement Shares</U>. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Placement Shares being sold by crediting Cowen&rsquo;s or its designee&rsquo;s account (provided Cowen shall have
given the Company written notice of such designee at least one (1) Trading Day prior to the Settlement Date) at The Depository
Trust Company through its Deposit and Withdrawal at Custodian System (&ldquo;<B><U>DWAC</U></B>&rdquo;) or by such other means
of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradeable, transferable, registered
shares in good deliverable form. On each Settlement Date, Cowen will deliver the related Net Proceeds in same day funds to an account
designated by the Company on, or prior to, the Settlement Date. Cowen shall be responsible for providing DWAC instructions or instructions
for delivery by other means with regards to the transfer of Placement Shares. The Company agrees that if the Company, or its transfer
agent (if applicable), defaults in its obligation to deliver duly authorized Placement Shares on a Settlement Date through no fault
of Cowen, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in <U>Section&nbsp;9(a)</U>
hereto, it will (i)&nbsp;hold Cowen harmless against any loss, claim, damage, or reasonable documented expense (including reasonable
documented legal fees and expenses), as incurred, arising out of or in connection with such default by the Company and (ii) pay
to Cowen (without duplication) any commission, discount, or other compensation to which it would otherwise have been entitled absent
such default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties of the Company</U>. The Company represents and warrants to, and agrees with, Cowen that
as of the date of this Agreement, each Representation Date (as defined in <U>Section&nbsp;7(m)</U>), each date on which a Placement
Notice is given, and any date on which Placement Shares are sold hereunder:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&#9;<U>Compliance
with Registration Requirements</U>. The Registration Statement has been declared effective by the Commission under the Securities
Act. The Company has complied in all material respects with all requests of the Commission for additional or supplemental information,
if any. No stop order suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose
have been instituted or are pending or, to the knowledge of the Company, contemplated or threatened by the Commission. The Company
meets the requirements for use of Form&nbsp;S-3 under the Securities Act. The sale of the Placement Shares hereunder meets the
requirements or General Instruction I.B.1 of Form&nbsp;S-3. The Company is a well-known seasoned issuer (as defined in Rule&nbsp;405
under the Securities Act) eligible to use the Registration Statement as an automatic shelf registration statement and the Company
has not received notice that the Commission objects to the use of the Registration Statement as an automatic shelf registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(b)&nbsp; &#9;<U>No
Misstatement or Omission</U>. The Prospectus, when filed, complied, and, as amended or supplemented, if applicable, will comply
in all material respects with the Securities Act. Each of the Registration Statement and any post-effective amendments or supplements
thereto, at the time it became effective, complied in all material respects with the Securities Act and did not and will not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading. The Prospectus, as amended or supplemented, as of its date, did not and, as of each of the Settlement
Dates, if any, will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations
and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration
Statement or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance
upon and in conformity with information relating to Cowen furnished to the Company in writing by Cowen expressly for use therein.
There are no contracts or other documents required to be described in the Prospectus or to be filed as exhibits to the Registration
Statement which have not been described or filed as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&#9;<U>Offering
Materials Furnished to Cowen</U>. The Company has delivered to Cowen one complete copy of the Registration Statement and a copy
of each consent and certificate of experts filed as a part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&#9;<U>Not
an Ineligible Issuer</U>. The Company currently is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule&nbsp;405 of the rules
and regulation of the Commission. The Company agrees to notify Cowen promptly upon the Company becoming an &ldquo;ineligible issuer.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&#9;<U>Distribution
of Offering Material By the Company</U>. The Company has not distributed and will not distribute, prior to the completion of Cowen&rsquo;s
distribution of the Placement Shares, any offering material in connection with the offering and sale of the Placement Shares other
than the Prospectus or the Registration Statement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&#9;<U>The
Sales Agreement</U>. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of,
the Company, enforceable against the Company in accordance with its terms, except as rights to indemnification and contribution
hereunder may be limited by applicable law and public policy considerations and except as the enforcement hereof may be limited
by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of
creditors or by general equitable principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(g)&nbsp;&#9;<U>Authorization
of the Placement Shares</U>. The Placement Shares, when issued and delivered, will be duly authorized for issuance and sale pursuant
to this Agreement and, when issued and delivered by the Company against payment therefor pursuant to this Agreement, will be duly
authorized, validly issued and fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(h)&nbsp;&#9;<U>No
Applicable Registration or Other Similar Rights</U>. There are no persons with registration or other similar rights to have any
equity or debt securities registered for sale under the Registration Statement or included in the offering contemplated by this
Agreement, except for such rights as have been waived in accordance with their terms and all applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(i)&nbsp;&#9;<U>No
Material Adverse Change</U>. Except as otherwise disclosed in the Prospectus, subsequent to the respective dates as of which information
is given in the Prospectus: (i)&nbsp;there has been no material adverse change, or any development that could reasonably be expected
to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, operations or prospects,
whether or not arising from transactions in the ordinary course of business, of the Company and its subsidiaries, considered as
one entity (any such change is called a &ldquo;<B><U>Material Adverse Change</U></B>&rdquo;); (ii)&nbsp;the Company and its subsidiaries,
considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary
course of business nor entered into any material transaction or agreement not in the ordinary course of business; and (iii)&nbsp;there
has been no dividend or distribution of any kind declared, paid or made by the Company or, except for regular quarterly dividends
publicly announced by the Company or dividends paid to the Company or other subsidiaries, by any of its subsidiaries on any class
of capital stock or repurchase or redemption by the Company or any of its subsidiaries of any class of capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(j)&nbsp;&#9;<U>Independent
Accountants</U>. To the Company&rsquo;s knowledge, Ernst &amp; Young LLP, who has expressed its opinion with respect to the financial
statements (which term as used in this Agreement includes the related notes thereto) and supporting schedules filed with the Commission
or incorporated by reference as a part of the Registration Statement and included in the Prospectus, is an independent registered
public accounting firm as required by the Securities Act and the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(k)&nbsp;&#9;<U>Preparation
of the Financial Statements</U>. The financial statements filed with the Commission as a part of or incorporated by reference in
the Registration Statement and included in the Prospectus present fairly in all material respects the consolidated financial position
of the Company and its consolidated subsidiaries as of and at the dates indicated and the results of their operations and cash
flows for the periods specified. Such financial statements have been prepared in conformity with U.S. generally accepted accounting
principles (&ldquo;<B><U>U.S. GAAP</U></B>&rdquo;) applied on a consistent basis throughout the periods involved, except as may
be expressly stated in the related notes thereto. No other financial statements or supporting schedules are required to be included
in or incorporated in the Registration Statement.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(l)&nbsp;&#9;<U>XBRL</U>.
The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement
fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&rsquo;s
rules and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(m)&nbsp;&#9;<U>Incorporation
and Good Standing of the Company and its Subsidiaries</U>. The Company has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of Delaware and has corporate power and authority to own, lease and operate
its properties and to conduct its business as described in the Prospectus and to enter into and perform its obligations under this
Agreement. There are no &ldquo;significant subsidiaries&rdquo; of the Company (as such term is defined in Rule&nbsp;1-02(w) of
Regulation&nbsp;S-X of the Exchange Act). The Company is duly qualified as a foreign corporation to transact business and is in
good standing in the States of Maryland and California and each other jurisdiction in which such qualification is required, whether
by reason of the ownership or leasing of property or the conduct of business, except for such jurisdictions where the failure to
so qualify or to be in good standing would not, individually or in the aggregate, result in a Material Adverse Change. The Company
does not own or control, directly or indirectly, any corporation, association or other entity other than (i)&nbsp;those subsidiaries
not required to be listed on Exhibit 21.1 by Item&nbsp;601 of Regulation&nbsp;S-K under the Exchange Act and (ii)&nbsp;those subsidiaries
formed since the last day of the most recently ended fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(n)&nbsp;&#9;<U>Capital
Stock Matters</U>. The Common Stock conforms in all material respects to the description thereof contained in the Prospectus. All
of the issued and outstanding shares of Common Stock have been duly authorized and validly issued, are fully paid and nonassessable
and have been issued in compliance with federal and state securities laws. None of the outstanding shares of Common Stock were
issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities
of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights
to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company
or any of its subsidiaries other than those accurately described in all material respects in the Registration Statement and the
Prospectus. The description of the Company&rsquo;s stock option, stock bonus and other stock plans or arrangements, and the options
or other rights granted thereunder, set forth in the Prospectus accurately and fairly presents in all material respects the information
required to be shown with respect to such plans, arrangements, options and rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(o)&nbsp;&#9;<U>Non-Contravention
of Existing Instruments; No Further Authorizations or Approvals Required</U>. Neither the Company nor any of its subsidiaries is
in violation of its charter or by-laws or is in default (or, with the giving of notice or lapse of time, would be in default) (&ldquo;<B><U>Default</U></B>&rdquo;)
under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other 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 property or assets of
the Company or any of its subsidiaries is subject (each, an &ldquo;<B><U>Existing Instrument</U></B>&rdquo;), except for such Defaults
as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. The Company&rsquo;s
execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Prospectus
(i)&nbsp;have been duly authorized by all necessary corporate action and do not and will not result in any violation of the provisions
of the charter or by-laws of the Company or any subsidiary, (ii)&nbsp;will not conflict with or constitute a breach of, or Default
under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or
any of its subsidiaries pursuant to, or require the consent of any other party to, any Existing Instrument, except for such conflicts,
breaches, Defaults, liens, charges or encumbrances as would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Change and (iii)&nbsp;will not result in any violation of any law, administrative regulation or administrative
or court decree applicable to the Company or any subsidiary. No consent, approval, authorization or other order of, or registration
or filing with, any court or other governmental or regulatory authority or agency, is required for the Company&rsquo;s execution,
delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Prospectus, except
such as have been obtained or made by the Company and are in full force and effect under the Securities Act, applicable state securities
or blue sky laws, from Nasdaq and from the Financial Industry Regulatory Authority (&ldquo;<B><U>FINRA</U></B>&rdquo;).</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(p)&nbsp;&#9;<U>No
Material Actions or Proceedings</U>. Except as disclosed in the Prospectus, there are no legal or governmental actions, suits or
proceedings pending or, to the Company&rsquo;s knowledge, threatened (i)&nbsp;against or affecting the Company or any of its subsidiaries
or (ii)&nbsp;which has as the subject thereof any officer or director of the Company or any of its subsidiaries, where in any such
case (A)&nbsp;there is a reasonable possibility that such action, suit or proceeding might be determined adversely to the Company
or such subsidiary and (B)&nbsp;any such action, suit or proceeding, if so determined adversely, would reasonably be expected to
result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. No
labor dispute with the employees of the Company or any of its subsidiaries exists or, to the Company&rsquo;s knowledge, is threatened
or imminent which would reasonably be expected to result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(q)&nbsp;&#9;<U>All
Necessary Permits, etc</U>. The Company and its subsidiaries possess such permits, licenses, approvals, consents and other authorizations
(collectively, &ldquo;<B>Governmental Licenses</B>&rdquo;) issued by the appropriate governmental or regulatory authority or agency
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 Change. 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 Change. 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 Change. Neither the Company nor any of its subsidiaries has received any notice 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 Change. The Company and its subsidiaries (i)&nbsp;are, and at all times have been,
in compliance with all statutes, rules and regulations applicable to the ownership, testing, development, manufacture, packaging,
processing, use, distribution, storage, import, export or disposal of any product manufactured or distributed by the Company or
its subsidiaries (&ldquo;<B>Applicable Laws</B>&rdquo;), except where such noncompliance would not, singly or in the aggregate,
result in a Material Adverse Change; and (ii)&nbsp;have not received any U.S. Food and Drug Administration (&ldquo;<B>FDA</B>&rdquo;)
Form&nbsp;483, written notice of adverse finding, warning letter, untitled letter or other correspondence or written notice from
any court or arbitrator or governmental or regulatory authority alleging or asserting non-compliance with (x)&nbsp;any Applicable
Laws or (y)&nbsp;any licenses, exemptions, certificates, approvals, clearances, authorizations, permits and supplements or amendments
thereto required by any such Applicable Laws, except where being in contravention of any of the foregoing representations or warranties,
singly or in the aggregate, would not have a Material Adverse Change.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(r)&nbsp;&#9;<U>Tax
Law Compliance</U>. Subject to permitted exemptions, the Company and its consolidated subsidiaries have filed all necessary federal,
state and foreign income, property and franchise tax returns or have properly requested extensions thereof and have paid all taxes
required to be paid by any of them and, if due and payable, any related or similar assessment, fine or penalty levied against any
of them except (i) as may be being contested in good faith and by appropriate proceedings or (ii) where the failure to file or
pay would not, individually or in the aggregate, have a Material Adverse Change. The Company has made adequate charges, accruals
and reserves in the applicable financial statements referred to in <U>Section&nbsp;6(l)</U> above in respect of all federal, state
and foreign income, property and franchise taxes for all periods as to which the tax liability of the Company or any of its consolidated
subsidiaries has not been finally determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(s)&nbsp;&#9;<U>Company
Not an &ldquo;Investment Company</U>.&rdquo; The Company is not, and after receipt of payment for the Placement Shares will not
be, required to register as an &ldquo;investment company&rdquo; within the meaning of Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(t)&nbsp;&#9;<U>Insurance</U>.
Except as otherwise described in the Registration Statement or the Prospectus, the Company is insured by reputable insurers with
policies in such amounts and with such deductibles and covering such risks as the Company reasonably deems adequate and customary
for its business. The Company has no reason to believe that it or any subsidiary will not be able (i)&nbsp;to renew its existing
insurance coverage as and when such policies expire or (ii)&nbsp;to obtain comparable coverage from similar institutions as may
be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to result
in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(u)&nbsp;&#9;<U>No
Price Stabilization or Manipulation</U>. The Company has not taken and will not take, directly or indirectly (without giving any
effect to the activities by Cowen), any action designed to or that would be reasonably expected to cause or result in stabilization
or manipulation of the price of the Common Stock to facilitate the sale or resale of the Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(v)&nbsp;&#9;[Intentionally
Omitted.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(w)&nbsp;&#9;<U>Exchange
Act Compliance</U>. The documents incorporated or deemed to be incorporated by reference in the Prospectus, at the time they were
or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the Exchange
Act.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(x)&nbsp;&#9;<U>No
Unlawful Contributions or Other Payments</U>. Neither the Company nor any of its subsidiaries nor, to the Company&rsquo;s knowledge,
any director, officer, employee, agent, affiliate or other person acting on behalf of the Company or any subsidiary has (i) used
any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity;
(ii) made any direct or indirect unlawful payment to any foreign or domestic government officials or employees, political parties
or campaigns, political party officials, or candidates for political office from corporate funds; (iii) violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or any applicable anti-corruption laws, rules,
or regulations of any other jurisdiction in which the Company or any subsidiary conducts business; or (iv) made any other unlawful
bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(y)&nbsp;&#9;<U>Compliance
with 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 U.S. Bank Secrecy Act, as amended by Title
III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its subsidiaries
conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, the &ldquo;<B><U>Anti-Money Laundering Laws</U></B>&rdquo;), and no action,
suit or proceeding by or before any court or governmental agency, authority, body or any arbitrator involving the Company or any
of its subsidiaries with respect to Anti-Money Laundering Laws is pending, or to the knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 0in">(z)&nbsp;&#9;<U>Compliance
with OFAC</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its subsidiaries, nor, to the Company&rsquo;s knowledge, any director, officer, employee,
agent, affiliate, representative, or other person acting on behalf of the Company or any of its subsidiaries, is an individual
or entity (&ldquo;<B><U>Person</U></B>&rdquo;) that is, or is owned or controlled by a Person that is: (i) the subject of any sanctions
administered or enforced by the U.S. Department of Treasury&rsquo;s Office of Foreign Assets Control (&ldquo;<B><U>OFAC</U></B>&rdquo;),
the United Nations Security Council (&ldquo;<B><U>UNSC</U></B>&rdquo;), the European Union (&ldquo;<B><U>EU</U></B>&rdquo;), Her
Majesty&rsquo;s Treasury (&ldquo;<B><U>HMT</U></B>&rdquo;), or other relevant sanctions authority (collectively, &ldquo;<B><U>Sanctions</U></B>&rdquo;),
nor (ii) located, organized, or resident in a country or territory that is the subject of a U.S. government embargo (including,
without limitation, Cuba, Iran, North Korea, Sudan, Syria and the Crimea).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will not, directly or indirectly, use the Net Proceeds, or lend, contribute or otherwise make available such
Net Proceeds to any subsidiary, joint venture partner or other Person: (i) to fund or facilitate any activities or business of
or with any Person that, at the time of such funding or facilitation, is the subject of Sanctions, or in any country or territory
that, at the time of such funding or facilitation, is the subject of a U.S. government embargo; or (ii) in any other manner that
will result in a violation of Sanctions by any Person (including Cowen).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the past five (5) years, the Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged
in, and will not knowingly engage in, any direct or indirect dealings or transactions with any Person that at the time of the dealing
or transaction is or was the subject of Sanctions or any country or territory that, at the time of the dealing or transaction is
or was the subject of a U.S. government embargo.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(aa)&nbsp;&#9;<U>Company&rsquo;s
Accounting System</U>. The Company maintains a system of &ldquo;internal control over financial reporting&rdquo; (as such term
is defined in Rule&nbsp;13a-15(f) of the General Rules and Regulations under the Exchange Act (the &ldquo;<B><U>Exchange Act Rules</U></B>&rdquo;))
that is sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management&rsquo;s general
or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. Except as described in the Registration Statement and
the Prospectus, the Company&rsquo;s internal control over financial reporting is effective and, since the end of the Company&rsquo;s
most recent audited fiscal year, there has been (A) no material weakness in the Company&rsquo;s internal control over financial
reporting (whether or not remediated) and (B) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(bb)&nbsp;&#9;<U>Disclosure
Controls</U>. The Company and each of its subsidiaries maintain a system of internal accounting controls (as defined in Rule&nbsp;13a-15(f)
of the Exchange Act) sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&rsquo;s
general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements
in conformity with generally accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to assets is
permitted only in accordance with management&rsquo;s general or specific authorization; (iv)&nbsp;the recorded accountability for
assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences;
and (v)&nbsp;the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration
Statement is accurate. The Company&rsquo;s internal controls over financial reporting are effective and the Company is not aware
of any material weakness in its internal controls over financial reporting. The Company and each of its subsidiaries maintain an
effective system of &ldquo;disclosure controls and procedures&rdquo; (as defined in Rule 13a-15(e) under the Exchange Act); such
disclosure controls and procedures are effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(cc)&nbsp;&#9;<U>Compliance
with Environmental Laws</U>. Except as described in the Registration Statement and the Prospectus or would not, singly or in the
aggregate, result in a Material Adverse Change, (i)&nbsp;neither the Company nor any of its subsidiaries is in violation of any
federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial
or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating
to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater,
land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or
threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum
products, asbestos-containing materials or mold (collectively, &ldquo;<B><U>Hazardous Materials</U></B>&rdquo;) or to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, &ldquo;<B><U>Environmental
Laws</U></B>&rdquo;), (ii)&nbsp;the Company and its subsidiaries have all permits, authorizations and approvals required under
any applicable Environmental Laws and are each in compliance with their requirements, (iii)&nbsp;there are no pending or to the
Company&rsquo;s knowledge, threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens,
notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against the Company or any
of its subsidiaries and (iv)&nbsp;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>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(dd)&nbsp;&#9;<U>Intellectual
Property</U>. The Company and each of its subsidiaries own or possess, or can acquire on reasonable terms, adequate rights to use
all 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
(including all registrations and applications for registration of, and all goodwill associated with, the foregoing) (collectively,
&ldquo;<B><U>Intellectual Property</U></B>&rdquo;) necessary for the conduct of their respective businesses, and to the knowledge
of the Company, neither the Company nor any of its subsidiaries has infringed, misappropriated or otherwise violated any Intellectual
Property of any third party in any material respect. Neither the Company nor any of its subsidiaries has received any notice of,
or is otherwise aware of, any threatened or pending claim of infringement, misappropriation or other violation of any Intellectual
Property of any third party, or any notice challenging the validity, scope or enforceability of the Intellectual Property owned
by or licensed to the Company or any of its subsidiaries, or their respective rights therein, in each case which, individually
or in the aggregate, would reasonably be expected to have a Material Adverse Change. The Company is not aware of any specific facts
that would support a finding that any of the issued or granted patents owned by or licensed to the Company is invalid or unenforceable
and, to the knowledge of the Company, all such issued or granted patents are valid and enforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(ff)&nbsp;&#9;<U>Brokers</U>.
Except for Cowen, there is no broker, finder or other party that is entitled to receive from the Company any brokerage or finder&rsquo;s
fee or other fee or commission as a result of any transactions contemplated by this Agreement.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(hh)&nbsp;&#9;<U>No
Reliance</U>. The Company has not relied upon Cowen or legal counsel for Cowen for any legal, tax or accounting advice in connection
with the offering and sale of the Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&#9;<U>Cowen
Purchases</U>. The Company acknowledges and agrees that Cowen has informed the Company that Cowen may, to the extent permitted
under the Securities Act and the Exchange Act, purchase and sell shares of Common Stock for its own account while this Agreement
is in effect; <I>provided, that</I> (i) no such purchase or sales shall take place while a Placement Notice is in effect (except
to the extent Cowen may engage in sales of Placement Shares purchased or deemed purchased from the Company as a &ldquo;riskless
principal&rdquo; or in a similar capacity) and (ii) the Company shall not be deemed to have authorized or consented to any such
purchases or sales by Cowen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(jj)&nbsp;&#9;<U>FINRA
Exemption</U>. To enable Cowen to rely on Rule&nbsp;5110(b)(7)(C)(i) of FINRA, the Company represents that the Company (i) has
a non-affiliate, public common equity float of at least $150 million or a non-affiliate, public common equity float of at least
$100 million and annual trading volume of at least three million shares and (ii) has been subject to the Exchange Act reporting
requirements for a period of at least 36 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(kk)&nbsp;&#9;<U>Compliance
with Laws</U>. The Company has not been advised, and has no reason to believe, that it and each of its subsidiaries are not conducting
business in compliance with all applicable laws, rules and regulations of the jurisdictions in which it is conducting business,
except where failure to be so in compliance would not reasonably be expected to result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(ll)&nbsp;&#9;<U>Clinical
Trials</U>. The clinical and pre-clinical trials conducted by or, to the knowledge of the Company after due inquiry, on behalf
of or sponsored by the Company or its subsidiaries, or in which the Company or its subsidiaries have participated, that are described
in the Registration Statement and the Prospectus, or the results of which are referred to in the Registration Statement and the
Prospectus, as applicable, were, and if still pending are, being conducted in all material respects in accordance with standard
medical and scientific research procedures and all applicable rules and regulations of the FDA and comparable drug regulatory agencies
outside of the United States to which they are subject (collectively, the &ldquo;<B><U>Regulatory Authorities</U></B>&rdquo;) and
current Good Clinical Practices and Good Laboratory Practices; the descriptions in the Registration Statement or the Prospectus
of the results of such studies and tests are accurate and complete in all material respects and fairly present the data derived
from such trials; the Company has no knowledge of any other trials not described in the Registration Statement and the Prospectus,
the results of which are inconsistent with or call into question the results described or referred to in the Registration Statement
and the Prospectus; the Company and its subsidiaries have operated at all times and are currently in compliance in all material
respects with all applicable statutes, rules and regulations of the Regulatory Authorities; neither the Company nor any of its
subsidiaries have received any written notices, correspondence or other communications from the Regulatory Authorities or any other
governmental agency requiring or threatening the termination, material modification or suspension of any clinical or pre-clinical
trials that are described in the Registration Statement and the Prospectus or the results of which are referred to in the Registration
Statement and the Prospectus, other than ordinary course communications with respect to modifications in connection with the design
and implementation of such trials, and, to the Company&rsquo;s knowledge, there are no reasonable grounds for the same.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(mm)&nbsp; &#9;<U>Required
Filings</U>. The Company has not failed to file with the Regulatory Authorities any required filing, declaration, listing, registration,
report or submission with respect to the Company&rsquo;s product candidates that are described or referred to in the Registration
Statement and the Prospectus; all such filings, declarations, listings, registrations, reports or submissions were in material
compliance with applicable laws when filed; and no deficiencies regarding compliance with applicable law have been asserted by
any applicable regulatory authority with respect to any such filings, declarations, listings, registrations, reports or submissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Any certificate signed by an officer
of the Company and delivered to Cowen or to counsel for Cowen in connection with this Agreement shall be deemed to be a representation
and warranty by the Company to Cowen as to the matters set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company acknowledges that Cowen
and, for purposes of the opinions to be delivered pursuant to <U>Section&nbsp;7</U> hereof, counsel to the Company and counsel
to Cowen, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Covenants of the Company</U>. The Company covenants and agrees with Cowen that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&#9;<U>Registration
Statement Amendments</U>. After the date of this Agreement and during any period in which a Prospectus relating to any Placement
Shares is required to be delivered by Cowen under the Securities Act (including in circumstances where such requirement may be
satisfied pursuant to Rule&nbsp;172 under the Securities Act), (i)&nbsp;the Company will notify Cowen promptly of the time when
any subsequent amendment to the Registration Statement, other than documents incorporated by reference or not related to any Placement
Shares, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been
filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus related
to any Placement Shares or for additional information related to any Placement Shares, (ii) the Company will prepare and file with
the Commission, promptly upon Cowen&rsquo;s reasonable request, any amendments or supplements to the Registration Statement or
Prospectus that, in Cowen&rsquo;s reasonable opinion, may be necessary or advisable in connection with the distribution of the
Placement Shares by Cowen (<I>provided, however</I>, that the failure of Cowen to make such request shall not relieve the Company
of any obligation or liability hereunder, or affect Cowen&rsquo;s right to rely on the representations and warranties made by the
Company in this Agreement); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus,
other than documents incorporated by reference, relating to the Placement Shares or a security convertible into the Placement Shares
unless a copy thereof has been submitted to Cowen within a reasonable period of time before the filing and Cowen has not reasonably
objected thereto (<I>provided, however</I>, that (A) the failure of Cowen to make such objection shall not relieve the Company
of any obligation or liability hereunder, or affect Cowen&rsquo;s right to rely on the representations and warranties made by the
Company in this Agreement, (B) the Company has no obligation to provide Cowen any advance copy of such filing or to provide Cowen
an opportunity to object to such filing if the filing does not name Cowen or does not relate to the transaction herein provided,
and (C) the only remedy Cowen shall have with respect to the failure by the Company to provide Cowen with such copy or the filing
of such amendment or supplement despite Cowen&rsquo;s objection shall be to cease making sales under this Agreement); (iv) the
Company will furnish to Cowen at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated
by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (v) the Company
will cause each amendment or supplement to the Prospectus, other than documents incorporated by reference, to be filed with the
Commission as required pursuant to the applicable paragraph of Rule&nbsp;424(b) of the Securities Act (the determination to file
or not file any amendment or supplement with the Commission under this <U>Section 7(a)</U>, based on the Company&rsquo;s reasonable
opinion or reasonable objections, shall be made exclusively by the Company).</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&#9;<U>Notice
of Commission Stop Orders</U>. The Company will advise Cowen, promptly after it receives notice or obtains knowledge thereof, of
the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement,
of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or
threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the
issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&#9;<U>Delivery
of Prospectus; Subsequent Changes</U>. During any period in which a Prospectus relating to the Placement Shares is required to
be delivered by Cowen under the Securities Act with respect to a pending sale of the Placement Shares, (including in circumstances
where such requirement may be satisfied pursuant to Rule&nbsp;172 under the Securities Act), the Company will comply with all requirements
imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates (taking
into account any extensions available under the Exchange Act) all reports and any definitive proxy or information statements required
to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under
the Exchange Act. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would
include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the
light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration
Statement or Prospectus to comply with the Securities Act, the Company will promptly notify Cowen to suspend the offering of Placement
Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense
of the Company) so as to correct such statement or omission or effect such compliance; provided, however, that the Company may
delay the filing of any amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&#9;<U>Listing
of Placement Shares</U>. During any period in which the Prospectus relating to the Placement Shares is required to be delivered
by Cowen under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such
requirement may be satisfied pursuant to Rule&nbsp;172 under the Securities Act), the Company will use its commercially reasonable
efforts to cause the Placement Shares to be listed on Nasdaq and to qualify the Placement Shares for sale under the securities
laws of such jurisdictions as Cowen reasonably designates and to continue such qualifications in effect so long as required for
the distribution of the Placement Shares; <I>provided, however,</I> that the Company shall not be required in connection therewith
to qualify as a foreign corporation or dealer in securities or file a general consent to service of process in any jurisdiction.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&#9;<U>Delivery
of Registration Statement and Prospectus</U>. The Company will furnish to Cowen and its counsel (at the reasonable expense of the
Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all
amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during any period in
which a Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including all documents
filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as
reasonably practicable and in such quantities as Cowen may from time to time reasonably request and, at Cowen&rsquo;s request,
will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; <I>provided,
however,</I> that the Company shall not be required to furnish any document (other than the Prospectus) to Cowen to the extent
such document is available on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&#9;<U>Earnings
Statement</U>. The Company will make generally available to its security holders as soon as practicable, but in any event not later
than 15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement covering a 12-month period that
satisfies the provisions of Section&nbsp;11(a) and Rule&nbsp;158 of the Securities Act. For the avoidance of doubt, the Company&rsquo;s
compliance with the reporting requirements of the Exchange Act shall be deemed to satisfy the requirements of this <U>Section 7(f)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(g)&nbsp;&#9;<U>Expenses</U>.
The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, in accordance
with the provisions of <U>Section&nbsp;11</U> hereunder, will pay the following expenses all incident to the performance of its
obligations hereunder, including, but not limited to, expenses relating to (i) the preparation, printing and filing of the Registration
Statement and each amendment and supplement thereto, of each Prospectus and of each amendment and supplement thereto, (ii) the
preparation, issuance and delivery of the Placement Shares, (iii) the qualification of the Placement Shares under securities laws
in accordance with the provisions of <U>Section&nbsp;7(d)</U> of this Agreement, including filing fees (provided, however, that
any fees or disbursements of counsel for Cowen in connection therewith shall be paid by Cowen except as set forth in (vii) below),
(iv) the printing and delivery to Cowen of copies of the Prospectus and any amendments or supplements thereto, and of this Agreement,
(v) the fees and expenses incurred in connection with the listing or qualification of the Placement Shares for trading on Nasdaq,
(vi) the filing fees and expenses, if any, of the Commission, (vii) the filing fees for filings with the FINRA Corporate Financing
Department, and (viii) the reasonable fees and disbursements of Cowen&rsquo;s counsel in an amount not to exceed $50,000; provided,
however, in no event shall the total compensation paid to Cowen, including reimbursements of fees, expenses and disbursements of
its counsel, exceed 8.0% of the gross proceeds to the Company from the sale of Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(h)&nbsp;&#9;<U>Use
of Proceeds</U>. The Company will use the Net Proceeds as described in the Prospectus in the section entitled &ldquo;Use of Proceeds.&rdquo;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(i)&nbsp;&#9;<U>Notice
of Other Sales</U>. During the pendency of any Placement Notice given hereunder, and for 5 Trading Days following the termination
of any Placement Notice given hereunder, the Company shall provide Cowen notice as promptly as reasonably possible before it offers
to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any shares of Common Stock (other than Placement
Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for Common Stock, warrants
or any rights to purchase or acquire Common Stock; <I>provided</I>, that such notice shall not be required in connection with the
(i) issuance, grant or sale of Common Stock, options to purchase shares of Common Stock or Common Stock issuable upon the exercise
of options or other equity awards pursuant to any stock option, stock bonus or other stock plan or arrangement described in the
Registration Statement or the Prospectus, (ii) issuance of securities in connection with an acquisition, merger or sale or purchase
of assets, (iii) issuance or sale of Common Stock pursuant to any dividend reinvestment plan that the Company may adopt from time
to time provided the implementation of such is disclosed to Cowen in advance, (iv) issuance of any Common Stock issuable upon the
exchange, conversion or redemption of securities or the exercise of warrants, options or other rights in effect or outstanding
or (v) the issuance or sale of any Common Stock, or securities convertible into or exercisable for Common Stock, offered and sold
in a privately negotiated transaction to vendors, customers, investors, strategic partners or potential strategic partners and
otherwise conducted in a manner so as not to be integrated with the offering of Common Stock hereby. Notwithstanding the foregoing,
nothing herein shall be construed to restrict the Company&rsquo;s ability, or require the Company to provide notice to Cowen, to
file a registration statement under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(j)&nbsp;&#9;<U>Change
of Circumstances</U>. The Company will, at any time during the pendency of a Placement Notice, advise Cowen promptly after it shall
have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect
any opinion, certificate, letter or other document provided to Cowen pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(k)&nbsp;&#9;<U>Due
Diligence Cooperation</U>. During the term of this Agreement, the Company will cooperate with any reasonable due diligence review
conducted by Cowen or its agents in connection with the transactions contemplated hereby, including, without limitation, providing
information and making available documents and senior corporate officers, during regular business hours and at the Company&rsquo;s
principal offices or such other location mutually agreeable by the parties, as Cowen may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(l)&nbsp;&#9;<U>Required
Filings Relating to Placement of Placement Shares</U>. The Company agrees that on or before such dates as the Securities Act shall
require, the Company will (i)&nbsp;file a prospectus supplement with the Commission under the applicable paragraph of Rule&nbsp;424(b)
under the Securities Act (each and every filing under Rule&nbsp;424(b), a &ldquo;<B><U>Filing Date</U></B>&rdquo;), which prospectus
supplement will set forth, to the extent required, within the relevant period, the amount of Placement Shares sold through Cowen,
the Net Proceeds to the Company and the compensation payable by the Company to Cowen with respect to such Placement Shares (provided
that the Company may satisfy its obligations under this <U>Section 7(l)(i)</U> by effecting a filing in accordance with the Exchange
Act with respect to such information), and (ii) deliver such number of copies of each such prospectus supplement to each exchange
or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(m)&nbsp;&#9;<U>Representation
Dates; Certificate</U>. On or prior to the First Delivery Date and each time the Company (i) files the Prospectus relating to the
Placement Shares or amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares (other
than a prospectus supplement filed in accordance with <U>Section&nbsp;7(l)</U> of this Agreement) by means of a post-effective
amendment, sticker, or supplement but not by means of incorporation of document(s) by reference to the Registration Statement or
the Prospectus relating to the Placement Shares; (ii) files an annual report on Form&nbsp;10-K under the Exchange Act; (iii) files
its quarterly reports on Form&nbsp;10-Q under the Exchange Act; or (iv) files a current report on Form&nbsp;8-K containing amended
financial information which is deemed to be incorporated by reference in the Registration Statement and the Prospectus under the
Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a &ldquo;<B><U>Representation
Date</U></B>&rdquo;); the Company shall furnish Cowen with a certificate, in the form attached hereto as <U>Exhibit&nbsp;7(m)</U>
within three (3) Trading Days of any Representation Date. The requirement to provide a certificate under this <U>Section&nbsp;7(m)</U>
shall be automatically waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver
shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar
quarter shall be considered a Representation Date) and the next occurring Representation Date; <I>provided</I>, <I>however</I>,
that such waiver shall not apply for any Representation Date on which the Company files its annual report on Form&nbsp;10-K. Notwithstanding
the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied
on such waiver and did not provide Cowen with a certificate under this <U>Section&nbsp;7(m)</U>, then before the Company delivers
the Placement Notice or Cowen sells any Placement Shares, the Company shall provide Cowen with a certificate, in the form attached
hereto as <U>Exhibit 7(m)</U>, dated the date of the Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(n)&nbsp;&#9;<U>Legal
Opinion</U>. On or prior to the First Delivery Date and within three (3) Trading Days of each Representation Date with respect
to which the Company is obligated to deliver a certificate in the form attached hereto as <U>Exhibit 7(m)</U> for which no waiver
is applicable, the Company shall cause to be furnished to Cowen a written opinion of Covington &amp; Burling LLP (&ldquo;<U>Company
Counsel</U>&rdquo;), or other counsel satisfactory to Cowen, in form and substance satisfactory to Cowen and its counsel, dated
the date that the opinion is required to be delivered, modified, as necessary, to relate to the Registration Statement and the
Prospectus as then amended or supplemented; <I>provided</I>, <I>however</I>, that in lieu of such opinions for subsequent Representation
Dates, Company Counsel may furnish Cowen with a letter (a &ldquo;<B><U>Reliance Letter</U></B>&rdquo;) to the effect that Cowen
may rely on a prior opinion delivered under this <U>Section&nbsp;7(n)</U> to the same extent as if it were dated the date of such
letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus
as amended or supplemented at such Representation Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(o)&nbsp;&#9;<U>Comfort
Letter</U>. On or prior to the First Delivery Date and within the later of (i) three (3) Trading Days of each Representation Date
with respect to which the Company is obligated to deliver a certificate in the form attached hereto as <U>Exhibit&nbsp;7(m)</U>
for which no waiver is applicable or (ii) the date a Placement Notice is first delivered by the Company following a Representation
Date, the Company shall cause its independent accountants to furnish Cowen letters (the &ldquo;<B><U>Comfort Letters</U></B>&rdquo;),
dated the date the Comfort Letter is delivered, in form and substance reasonably satisfactory to Cowen, (A) confirming that they
are an independent registered public accounting firm within the meaning of the Securities Act and the PCAOB, (B) stating, as of
such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered
by accountants&rsquo; &ldquo;comfort letters&rdquo; to Cowen in connection with registered public offerings (the first such letter,
the &ldquo;<B><U>Initial Comfort Letter</U></B>&rdquo;) and (C) updating the Initial Comfort Letter with any information that would
have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration
Statement and the Prospectus, as amended and supplemented to the date of such letter.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(p)&nbsp;&#9;<U>Market
Activities</U>. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Placement Shares or (ii) sell, bid for, or purchase the Placement Shares to be issued and
sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Placement Shares other than Cowen;
<I>provided, however</I>, that the Company may bid for and purchase Common Stock in accordance with Rule&nbsp;10b-18 under the
Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(q)&nbsp;&#9;<U>Insurance</U>.
The Company and its subsidiaries shall maintain, or cause to be maintained, insurance in such amounts and covering such risks as
is reasonable and customary for the business for which it is engaged, except where the failure to do so would not reasonably be
expected to result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(r)&nbsp;&#9;<U>Compliance
with Laws</U>. The Company and each of its subsidiaries shall maintain, or cause to be maintained, all material environmental permits,
licenses and other authorizations required by applicable federal, state and local law in order to conduct their businesses as described
in the Prospectus, and the Company and each of its subsidiaries shall conduct their businesses, or cause their businesses to be
conducted, in substantial compliance with such permits, licenses and authorizations and with applicable environmental laws, except
where the failure to maintain or be in compliance with such permits, licenses and authorizations would not reasonably be expected
to result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(s)&nbsp;&#9;<U>Investment
Company Act</U>. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor its subsidiaries
will be, at any time prior to the termination of this Agreement, required to register as an &ldquo;investment company,&rdquo; as
such term is defined in the Investment Company Act, assuming no change in the Commission&rsquo;s current interpretation as to entities
that are not considered an investment company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(t)&nbsp;&#9;<U>Securities
Act and Exchange Act</U>. The Company will use its reasonable efforts to comply with all requirements imposed upon it by the Securities
Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings
in, the Placement Shares as contemplated by the provisions hereof and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(u)&nbsp;&#9;<U>No
Offer to Sell</U>. Other than the Prospectus or a free writing prospectus (as defined in Rule&nbsp;405 under the Securities Act)
approved in advance by the Company and Cowen in its capacity as principal or agent hereunder, neither Cowen nor the Company (including
its agents and representatives, other than Cowen in its capacity as such) will make, use, prepare, authorize, approve or refer
to any written communication (as defined in Rule&nbsp;405 under the Securities Act), required to be filed with the Commission,
that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(v)&nbsp;&#9;<U>Sarbanes-Oxley
Act</U>. The Company and its subsidiaries will use their best efforts to comply with all effective applicable provisions of the
Sarbanes-Oxley Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Cowen&rsquo;s Obligations</U>. The obligations of Cowen hereunder with respect to a Placement will be subject
to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance
by the Company of its obligations hereunder, to the completion by Cowen of a due diligence review satisfactory to Cowen in its
reasonable judgment, and to the continuing satisfaction (or waiver by Cowen in its sole discretion) of the following additional
conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&#9;<U>Registration
Statement Effective</U>. The Registration Statement shall be effective and shall be available for (i) all sales of Placement Shares
issued pursuant to all prior Placement Notices and (ii) the sale of all Placement Shares contemplated to be issued by any Placement
Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&#9;<U>No
Material Notices</U>. None of the following events shall have occurred and be continuing: (i) receipt by the Company or any of
its subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority
during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments
or supplements to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other federal or
state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of
any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration
Statement or the Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires the making of any changes in the Registration Statement, related Prospectus or such documents
so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in
the case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&#9;<U>No
Material Misstatement or Material Omission</U>. Cowen shall not have advised the Company that the Registration Statement or Prospectus,
or any amendment or supplement thereto, contains an untrue statement of fact that in Cowen&rsquo;s reasonable opinion is material,
or omits to state a fact that in Cowen&rsquo;s reasonable opinion is material and is required to be stated therein or is necessary
to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&#9;<U>Material
Changes</U>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission, there
shall not have been any material adverse change, on a consolidated basis, in the authorized capital stock of the Company or any
Material Adverse Change or any development that could reasonably be expected to result in a Material Adverse Change, or any downgrading
in or withdrawal of the rating assigned to any of the Company&rsquo;s securities (other than asset backed securities) by any rating
organization or a public announcement by any rating organization that it has under surveillance or review its rating of any of
the Company&rsquo;s securities (other than asset backed securities), the effect of which, in the case of any such action by a rating
organization described above, in the reasonable judgment of Cowen (without relieving the Company of any obligation or liability
it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement
Shares on the terms and in the manner contemplated in the Prospectus.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&#9;<U>Company
Counsel Legal Opinion</U>. Cowen shall have received the opinions of Company Counsel required to be delivered pursuant to <U>Section&nbsp;7(n)</U>
on or before the date on which such delivery of such opinion is required pursuant to <U>Section&nbsp;7(n)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&#9;<U>Cowen
Counsel Legal Opinion</U>. Cowen shall have received from Nelson Mullins Riley &amp; Scarborough LLP, counsel for Cowen, such opinion
or opinions, on or before the date on which the delivery of the Company Counsel legal opinion is required pursuant to <U>Section&nbsp;7(n)</U>,
with respect to such matters as Cowen may reasonably require, and the Company shall have furnished to such counsel such documents
as they request for enabling them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(g)&nbsp;&#9;<U>Comfort
Letter</U>. Cowen shall have received the Comfort Letter required to be delivered pursuant to <U>Section&nbsp;7(o)</U> on or before
the date on which such delivery of such Comfort Letter is required pursuant to <U>Section&nbsp;7(o)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(h)&nbsp;&#9;<U>Representation
Certificate</U>. Cowen shall have received the certificate required to be delivered pursuant to <U>Section&nbsp;7(m)</U> on or
before the date on which delivery of such certificate is required pursuant to <U>Section&nbsp;7(m)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(i)&nbsp;&#9;<U>Secretary&rsquo;s
Certificate</U>. On or prior to the First Delivery Date, Cowen shall have received a certificate, signed on behalf of the Company
by its corporate Secretary, in form and substance satisfactory to Cowen and its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(j)&nbsp;&#9;<U>No
Suspension</U>. Trading in the Common Stock shall not have been suspended on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(k)&nbsp;&#9;<U>Other
Materials</U>. On each date on which the Company is required to deliver a certificate pursuant to <U>Section&nbsp;7(m)</U>, the
Company shall have furnished to Cowen such appropriate further information, certificates and documents as Cowen may have reasonably
requested. All such opinions, certificates, letters and other documents shall have been in compliance with the provisions hereof.
The Company will furnish Cowen with such conformed copies of such opinions, certificates, letters and other documents as Cowen
shall have reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(l)&nbsp;&#9;<U>Securities
Act Filings Made</U>. All filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed prior
to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing
by Rule&nbsp;424.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(m)&nbsp;&#9;<U>Approval
for Listing</U>. The Placement Shares shall either have been (i) approved for listing on Nasdaq, subject only to notice of issuance,
or (ii) the Company shall have filed an application for listing of the Placement Shares on Nasdaq at, or prior to, the issuance
of any Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(n)&nbsp;&#9;<U>No
Termination Event</U>. There shall not have occurred any event that would permit Cowen to terminate this Agreement pursuant to
<U>Section&nbsp;11(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&#9;<U>Company
Indemnification</U>. The Company agrees to indemnify and hold harmless Cowen, the directors, officers, partners, employees and
agents of Cowen and each person, if any, who (i) controls Cowen within the meaning of Section&nbsp;15 of the Securities Act or
Section&nbsp;20 of the Exchange Act, or (ii) is controlled by or is under common control with Cowen (a &ldquo;<B><U>Cowen Affiliate</U></B>&rdquo;)
from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable
investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance
with <U>Section&nbsp;9(c)</U>) of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties
or between any indemnified party and any third party, or otherwise, or any claim asserted), as and when incurred, to which Cowen,
or any such person, may become subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation,
at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or are based, directly
or indirectly, on (A) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement
or the Prospectus or any amendment or supplement to the Registration Statement or the Prospectus or in any free writing prospectus
or in any application or other document executed by or on behalf of the Company or based on written information furnished by or
on behalf of the Company filed in any jurisdiction in order to qualify the Common Stock under the securities laws thereof or filed
with the Commission, (B) the omission or alleged omission to state in any such document a material fact required to be stated in
it or necessary to make the statements in it not misleading or (C) any breach by any of the indemnifying parties of any of their
respective representations, warranties and agreements contained in this Agreement; <I>provided</I>, <I>however</I>, that this indemnity
agreement shall not apply to the extent that such loss, claim, liability, expense or damage arises from the sale of the Placement
Shares pursuant to this Agreement and is caused directly or indirectly by an untrue statement or omission made in reliance upon
and in conformity with the Agent&rsquo;s Information. This indemnity agreement will be in addition to any liability that the Company
might otherwise have. &ldquo;Agent&rsquo;s information&rdquo; means solely the following information in the Prospectus: the fifth
(5th) paragraph and the third (3rd) sentence in the eighth (8th) paragraph under the caption &ldquo;Plan of Distribution&rdquo;
in the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&#9;<U>Cowen
Indemnification</U>. Cowen agrees to indemnify and hold harmless the Company and its directors and each officer and director of
the Company that signed the Registration Statement, and each person, if any, who (i)&nbsp;controls the Company within the meaning
of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act or (ii) is controlled by or is under common control
with the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in <U>Section&nbsp;9(a)</U>,
as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendments thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity
with the Agent&rsquo;s Information.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&#9;<U>Procedure</U>.
Any party that proposes to assert the right to be indemnified under this <U>Section&nbsp;9 </U>will, promptly after receipt of
written notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying
party or parties under this <U>Section&nbsp;9</U>, notify in writing each such indemnifying party of the commencement of such action,
enclosing a copy of all papers served, but the failure to so notify such indemnifying party will not relieve the indemnifying party
from (i) any liability that it might have to any indemnified party otherwise than under this <U>Section&nbsp;9</U> and (ii) any
liability that it may have to any indemnified party under the foregoing provision of this <U>Section&nbsp;9</U> unless, and only
to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any
such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying
party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party
promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying
party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and
after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party
will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable
and documented costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified
party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel
will be at the expense of such indemnified party unless (A) the employment of counsel by the indemnified party has been authorized
in writing by the indemnifying party, (B) the indemnified party has reasonably concluded (based on advice of counsel) that there
may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to
the indemnifying party, (C) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between
the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (D) the indemnifying party has not in fact employed counsel to assume the
defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases
the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It
is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the
same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to
practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other
charges will be reimbursed by the indemnifying party promptly after the indemnifying party receives a written invoice relating
to fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any
settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written
consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim,
action or proceeding relating to the matters contemplated by this <U>Section&nbsp;9</U> (whether or not any indemnified party is
a party thereto), unless such settlement, compromise or consent includes (1) an unconditional release of each indemnified party
from all liability arising or that may arise out of such claim, action or proceeding and (2) 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: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&#9;<U>Contribution</U>.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this <U>Section&nbsp;9</U> is applicable in accordance with its terms but for any reason is held to be unavailable
from the Company or Cowen, the Company and Cowen will contribute to the total losses, claims, liabilities, expenses and damages
(including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement
of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons
other than Cowen, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who
signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and
Cowen may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the
one hand and Cowen on the other. The relative benefits received by the Company on the one hand and Cowen on the other hand shall
be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses)
received by the Company bear to the total compensation received by Cowen from the sale of Placement Shares on behalf of the Company.
If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution
shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence
but also the relative fault of the Company, on the one hand, and Cowen, on the other, with respect to the statements or omission
that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable
considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Company or Cowen, the intent of the parties and their relative knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company and Cowen agree that it would not be just and equitable if contributions
pursuant to this <U>Section&nbsp;9(d)</U> were to be determined by pro rata allocation or by any other method of allocation that
does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party
as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this <U>Section&nbsp;9(d)</U>
shall be deemed to include, for the purpose of this <U>Section&nbsp;9(d)</U>, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with <U>Section&nbsp;9(c)</U>
hereof. Notwithstanding the foregoing provisions of this <U>Section&nbsp;9(d)</U>, Cowen shall not be required to contribute any
amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation
(within the meaning of Section&nbsp;11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. For purposes of this <U>Section&nbsp;9(d)</U>, any person who controls a party to this Agreement
within the meaning of the Securities Act, and any officers, directors, partners, employees or agents of Cowen, will have the same
rights to contribution as that party, and each officer and director of the Company who signed the Registration Statement will have
the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution,
promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution
may be made under this <U>Section&nbsp;9(d)</U>, will notify any such party or parties from whom contribution may be sought, but
the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation
it or they may have under this <U>Section&nbsp;9(d)</U> except to the extent that the failure to so notify such other party materially
prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into
pursuant to the last sentence of <U>Section&nbsp;9(c)</U> hereof, no party will be liable for contribution with respect to any
action or claim settled without its written consent if such consent is required pursuant to <U>Section&nbsp;9(c)</U> hereof.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Agreements to Survive Delivery</U>. The indemnity and contribution agreements contained in <U>Section&nbsp;9</U>
of this Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall
survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of Cowen, any controlling persons,
or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement
Shares and payment therefor or (iii) any termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&#9;Cowen
shall have the right by giving written notice as hereinafter specified at any time to terminate this Agreement if (i) any Material
Adverse Change, or any development that would reasonably be expected to result in a Material Adverse Change has occurred that,
in the reasonable judgment of Cowen, may materially impair the ability of Cowen to sell the Placement Shares hereunder, (ii) the
Company shall have failed, refused or been unable to perform any agreement on its part to be performed hereunder; <I>provided,
however,</I> in the case of any failure of the Company to deliver (or cause another person to deliver) any certification, opinion,
or letter required under <U>Sections 7(m)</U>, <U>7(n)</U>, or <U>7(o)</U>, Cowen&rsquo;s right to terminate shall not arise unless
such failure to deliver (or cause to be delivered) continues for more than thirty (30) days from the date such delivery was required;
or (iii)&nbsp;any other condition of Cowen&rsquo;s obligations hereunder is not fulfilled, or (iv), any suspension or limitation
of trading in the Placement Shares or in securities generally on Nasdaq shall have occurred. Any such termination shall be without
liability of any party to any other party except that the provisions of <U>Section&nbsp;7(g)</U>, <U>Section&nbsp;9</U>, <U>Section&nbsp;10</U>,
<U>Section&nbsp;16</U> and <U>Section&nbsp;17</U> hereof shall remain in full force and effect notwithstanding such termination.
If Cowen elects to terminate this Agreement as provided in this <U>Section&nbsp;11(a)</U>, Cowen shall provide the required written
notice as specified in <U>Section&nbsp;12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&#9;The
Company shall have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole discretion
at any time after the date of this Agreement. Any such termination shall
be without liability of any party to any other party except that the provisions of <U>Section&nbsp;7(g)</U>, <U>Section&nbsp;9</U>,
<U>Section&nbsp;10</U>, <U>Section&nbsp;16</U> and <U>Section&nbsp;17</U> hereof shall remain in full force and effect notwithstanding
such termination.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&#9;Cowen
shall have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole discretion
at any time after the date of this Agreement. Any such termination shall
be without liability of any party to any other party except that the provisions of <U>Section&nbsp;7(g)</U>, <U>Section&nbsp;9</U>,
<U>Section&nbsp;10</U>, <U>Section&nbsp;16</U> and <U>Section&nbsp;17</U> hereof shall remain in full force and effect notwithstanding
such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&#9;Unless
earlier terminated pursuant to this <U>Section&nbsp;11</U>, this Agreement shall automatically terminate upon the issuance and
sale of all of the Placement Shares through Cowen on the terms and subject to the conditions set forth herein; <I>provided</I>
that the provisions of <U>Section&nbsp;7(g)</U>, <U>Section&nbsp;9</U>, <U>Section&nbsp;10</U>, <U>Section&nbsp;16</U> and <U>Section&nbsp;17</U>
hereof shall remain in full force and effect notwithstanding such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&#9;This
Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections 11(a)</U>, <U>(b)</U>, <U>(c)</U>, or
<U>(d)</U> above or otherwise by mutual agreement of the parties; <I>provided, however, </I>that any such termination by mutual
agreement shall in all cases be deemed to provide that <U>Section&nbsp;7(g)</U>, <U>Section&nbsp;9</U>, <U>Section&nbsp;10</U>,
<U>Section&nbsp;16</U> and <U>Section&nbsp;17</U> shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&#9;Any
termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided, however,</I>
that such termination shall not be effective until the close of business on the date of receipt of such notice by Cowen or the
Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such
Placement Shares shall settle in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(g)&nbsp;In the
event of termination of this Agreement prior to the sale of any Placement Shares, Cowen shall be entitled only to payment by the
Company of the expenses set forth in <U>Section 7(g)</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. All notices or other communications required or permitted to be given by any party to any other party pursuant
to the terms of this Agreement shall be in writing, unless otherwise specified in this Agreement, and if sent to Cowen, shall be
delivered to Cowen at Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, fax no. 646-562-1124, Attention: General
Counsel, with a copy to Nelson Mullins Riley &amp; Scarborough, fax no.&nbsp;(202) 712-2860; or if sent to the Company, shall be
delivered to MacroGenics, Inc., 9704 Medical Center Drive, Rockville, Maryland 20850, fax no. (301) 354-2683, attention: General
Counsel, with a copy to Covington &amp; Burling LLP, fax no. (646) 441-9111, attention: Eric Blanchard. Each party to this Agreement
may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.
Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission
(with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day (as defined below), or, if such day
is not a Business Day on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized
overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail,
return receipt requested, postage prepaid). For purposes of this Agreement, &ldquo;<B><U>Business Day</U></B>&rdquo; shall mean
any day on which the Nasdaq and commercial banks in the City of New York are open for business. An electronic communication (&ldquo;<B><U>Electronic
Notice</U></B>&rdquo;) shall be deemed written notice for purposes of this Section 12 if sent to the electronic mail address specified
by the receiving party under separate cover and confirmed by such receiving party in writing (including via email or fax). Any
party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&ldquo;<B><U>Nonelectronic
Notice</U></B>&rdquo;) which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic
Notice.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. This Agreement shall inure to the benefit of and be binding upon the Company and Cowen and
their respective successors and the affiliates, controlling persons, officers and directors referred to in <U>Section&nbsp;9</U>
hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns
of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this
Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement
without the prior written consent of the other party; <I>provided</I>, <I>however</I>, that Cowen may assign its rights and obligations
hereunder to an affiliate of Cowen without obtaining the Company&rsquo;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustments for Share Splits</U>. The parties acknowledge and agree that all share-related numbers contained in this
Agreement shall be adjusted to take into account any share split, share dividend or similar event effected with respect to the
Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement; Amendment; Severability</U>. This Agreement (including all schedules and exhibits attached hereto and
Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements
and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement
nor any term hereof may be amended except pursuant to a written instrument executed by the Company and Cowen. In the event that
any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or
unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the
fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be
construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that
giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of
the parties as reflected in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Applicable Law; Consent to Jurisdiction</U>. This Agreement shall be governed by, and construed in accordance with, the
internal laws of the State of New York without regard to the principles of conflicts of laws. Each party hereby irrevocably submits
to the non-exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan, for the
adjudication of any dispute hereunder or in connection with any transaction contemplated hereby, and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action
or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof (certified or registered mail, return receipt requested) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">17.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Jury Trial</U>. The Company and Cowen each hereby irrevocably waives any right it may have to a trial by jury
in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">18.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Fiduciary Relationship</U><I>. </I>The Company acknowledges and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&#9;Cowen
has been retained solely to act as sales agent in connection with the sale of the Common Stock and that no fiduciary, advisory
or agency relationship between the Company and Cowen has been created in respect of any of the transactions contemplated by this
Agreement, irrespective of whether Cowen has advised or is advising the Company on other matters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&#9;the
Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&#9;the
Company has been advised that Cowen and its affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company and that Cowen has no obligation to disclose such interests and transactions to the Company
by virtue of any fiduciary, advisory or agency relationship; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&#9;the
Company waives, to the fullest extent permitted by law, any claims it may have against Cowen, for breach of fiduciary duty or alleged
breach of fiduciary duty and agrees that Cowen shall have no liability (whether direct or indirect) to the Company in respect of
such a fiduciary claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders,
partners, employees or creditors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">19.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other
may be made by facsimile transmission.</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: center"><B>[Remainder of Page Intentionally Blank]</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">If the foregoing
correctly sets forth the understanding between the Company and Cowen, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement between the Company and Cowen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 3in">Very truly yours,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><B>COWEN AND COMPANY, LLC</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">By:&nbsp; _<U>/s/ Robert Sine</U>______________________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Name: Robert Sine</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Title: Managing Director</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><B>ACCEPTED as of the date </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><B>first-above written:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><FONT STYLE="text-transform: uppercase"><B>MacroGenics,
Inc.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">By: _<U>/s/ Atul Saran</U>_________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Name: Atul Saran</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Title: Senior Vice President and General Counsel</P>

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

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

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

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

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



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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><U>form
of PLACEMENT NOTICE</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>From:</B></FONT></TD>
    <TD STYLE="width: 95%; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MacroGenics,
    Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>To:
    </B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cowen
    and Company, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subject:
    </B>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cowen
    at the Market Offering&mdash;Placement Notice</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">Pursuant to the terms
and subject to the conditions contained in the Sales Agreement between MacroGenics, Inc. (the &ldquo;<U>Company</U>&rdquo;), and
Cowen and Company, LLC (&ldquo;<U>Cowen</U>&rdquo;) dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2017 (the &ldquo;<U>Agreement</U>&rdquo;),
I hereby request on behalf of the Company that Cowen sell up to [ ] shares of the Company&rsquo;s common stock, par value 0.01
per share, at a minimum market price of $<B>[&nbsp;<FONT STYLE="font-family: Wingdings">w</FONT>&nbsp;]</B> per share. Sales should
begin on the date of this Notice and shall continue until [DATE] [all shares are sold] [the aggregate sales price of the shares
reaches $<B>[&nbsp;<FONT STYLE="font-family: Wingdings">w</FONT>&nbsp;]]</B>. [The Company may include such other sales parameters
as it deems appropriate.]</P>

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

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

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



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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left">Jim Karrels, Senior Vice President, Chief
Financial Officer and Secretary, email: karrelsj@macrogenics.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left">Lynn Cilinski, Vice President, Controller
and Treasurer, email: cilinskil@macrogenics.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left">Jeff Peters, Vice President and Deputy
General Counsel, email: petersj@macrogenics.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><B><U>Cowen</U></B></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: left">Rob Sine, Managing Director</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">William Follis, Director</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 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>SCHEDULE 3</U></B></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Cowen shall be paid compensation equal
to up to 3.0% of the gross proceeds from the sales of Common Stock pursuant to the terms of this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>Exhibit 7(m)</U></B></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">The undersigned,
the duly qualified and elected _______________________, of MacroGenics, Inc. (&ldquo;<B><U>Company</U></B>&rdquo;), a Delaware
corporation, does hereby certify in such capacity and on behalf of the Company, pursuant to <U>Section&nbsp;7(m)</U> of the Sales
Agreement dated <U>,</U> 2017 (the &ldquo;<B><U>Sales Agreement</U></B>&rdquo;) between the Company and Cowen and Company, LLC,
that to the knowledge of the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties of the Company in <U>Section&nbsp;6</U> of the Sales Agreement (A) to the extent such representations
and warranties are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse Change,
are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof,
except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such
date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and
correct in all material respects as of the date hereof as if made on and as of the date hereof with the same force and effect as
if expressly made on and as of the date hereof except for those representations and warranties that speak solely as of a specific
date and which were true and correct as of such date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the
Sales Agreement at or prior to the date hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Name:</P>

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

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

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>e17264_ex5-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="img001.jpg" ALT=""></TD>
    <TD STYLE="width: 50%"><IMG SRC="img002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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">&nbsp;</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 0 0 4in; text-align: justify">May 5, 2017</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">MacroGenics, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9704 Medical Center Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rockville, MD 20850</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">Ladies and Gentlemen:</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; text-indent: 1in">We have acted as counsel
to MacroGenics, Inc., a Delaware corporation (the &ldquo;<I>Company</I>&rdquo;), in connection with the registration by the Company
under the Securities Act of 1933, as amended (the &ldquo;<I>Securities Act</I>&rdquo;), of up to $75,000,000 in aggregate amount
of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<I>Shares</I>&rdquo;), pursuant to the Registration
Statement on Form S-3 (File No. 333-214385) filed with the Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;)
on November 2, 2016 (such registration statement, as amended to the date hereof, is herein referred to as the &ldquo;<I>Registration
Statement</I>&rdquo;).</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; text-indent: 1in">We have reviewed (i) the
Sales Agreement, dated May 3, 2017, between the Company and Cowen and Company, LLC (the &ldquo;<I>Sales Agreement</I>&rdquo;);
(ii) the Registration Statement; (iii) the prospectus, consisting of the base prospectus, dated November 2, 2016, as supplemented
by a prospectus supplement, dated May 3, 2017, relating to the offering of the Shares, filed with the Commission on May 3, 2017
pursuant to Rule 424(b) under the Securities Act (the &ldquo;<I>Prospectus</I>&rdquo;); and (iv) such corporate records, certificates
and other documents, and such questions of law, as we have considered necessary or appropriate for the purposes of this opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">We have assumed that all
signatures are genuine, that all documents submitted to us as originals are authentic and that all copies of documents submitted
to us conform to the originals.</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; text-indent: 1in">We have relied as to certain
matters on information obtained from public officials, officers of the Company and other sources believed by us to be responsible.</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; text-indent: 1in">Based upon the foregoing,
we are of the opinion that the Shares have been duly authorized and, when the terms of the issuance and sales of the Shares have
been duly approved by all necessary corporate action by the Company, the Shares, when duly issued and sold as contemplated in the
Registration Statement, the Prospectus and the Sales Agreement, will be validly issued, fully paid and non-assessable.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></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"><IMG SRC="img003.jpg" ALT="">&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">MacroGenics Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">May 5, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</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; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">We are members of the bar
of the State of New York. We do not express any opinion herein on any laws other than the Delaware General Corporation Law and
reported judicial decisions interpreting such law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">We hereby consent to the
filing of this opinion as Exhibit 5.1 to the Company&rsquo;s Current Report on Form 8-K dated the date hereof relating to the
offering of the Shares. We also hereby consent to the reference to our firm under the heading &ldquo;Legal Matters&rdquo; in the
Prospectus constituting part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the
category of persons whose consent is required under Section 7 of the Securities Act.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in">/s/ Covington &amp; Burling LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in"></P>

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

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