<SEC-DOCUMENT>0001213900-20-009372.txt : 20200417
<SEC-HEADER>0001213900-20-009372.hdr.sgml : 20200417
<ACCEPTANCE-DATETIME>20200416182421
ACCESSION NUMBER:		0001213900-20-009372
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200416
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200417
DATE AS OF CHANGE:		20200416

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Inmune Bio, Inc.
		CENTRAL INDEX KEY:			0001711754
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				475205835
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38793
		FILM NUMBER:		20797348

	BUSINESS ADDRESS:	
		STREET 1:		1200 PROSPECT STREET
		STREET 2:		SUITE 525
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
		BUSINESS PHONE:		8589643720

	MAIL ADDRESS:	
		STREET 1:		1200 PROSPECT STREET
		STREET 2:		SUITE 525
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ea120711-8k_inmunebioinc.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date
of earliest event reported): April 16, 2020</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 100%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INMUNE
    BIO INC.</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
    name of registrant as specified in charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-38793</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>47-5205835</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>1200 Prospect Street, Suite 525,
La Jolla, CA 92037</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)
(Zip Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(858) 964 3720</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s Telephone Number, Including
Area Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Not Applicable</U></B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
                                         communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
                                         material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
                                         communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
                                         communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company&nbsp;&#9746;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mart if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. &#9744;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    of each class</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
    Symbol(s)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of each exchange on which registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INMB</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I<B>tem&nbsp;1.01.
Entry into a Material Definitive Agreement.</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 16, 2020, INmune Bio Inc. (the &ldquo;Company&rdquo;)
entered into an At-The-Market Sales Agreement (the &ldquo;Sales Agreement&rdquo;) with BTIG, LLC (&ldquo;BTIG&rdquo;), pursuant
to which the Company may offer and sell, from time to time, through BTIG, as sales agent, shares of its common stock, par value
$0.001 per share (the &ldquo;Common Stock&rdquo;), having an aggregate offering price of up to $10,000,000, subject to certain
limitations on the amount of Common Stock that may be offered and sold by the Company set forth in the Sales Agreement. The Company
is not obligated to make any sales of Common Stock under the Sales Agreement and any determination by the Company to do so will
be dependent, among other things, on market conditions and the Company&rsquo;s capital raising needs.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Offers and sales of Common Stock by the Company under the
Sales Agreement, if any, will be made through a prospectus supplement to the prospectus forming a part of the Company&rsquo;s
shelf registration statement on Form&nbsp;S-3 (File No. 333-237638) declared effective by the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) on April 2, 2020 (the &ldquo;Registration Statement&rdquo;). The Company filed with the
SEC a prospectus supplement dated April 16, 2020 specifically relating to offers and sales of Common Stock under the Sales
Agreement (the &ldquo;ATM Prospectus Supplement&rdquo;), together with the prospectus forming a part of the effective
registration statement. Due to the offering limitations currently applicable to the Company under General Instruction I.B.6.
of Form S-3 and the Company&rsquo;s public float as of as of April 16, 2020, and in accordance with the terms of the Sales
Agreement, the Company may offer and sell shares of Common Stock having an aggregate gross sales price of up to $6,678,000
(the &ldquo;Shares&rdquo;) under the ATM Prospectus Supplement through BTIG, as sales agent, pursuant to the Sales Agreement.
If the Company&rsquo;s public float increases after the date of the ATM Prospectus Supplement such that the Company may sell
additional amounts of Common Stock under the Sales Agreement and the Registration Statement, the Company will file with the
SEC another prospectus supplement to the prospectus forming a part of the Registration Statement that will include such
additional amount of shares of Common Stock that the Company may sell under the Sales Agreement before any such additional
shares are sold under the Sales Agreement.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares may be sold through the ATM Prospectus Supplement by
any method deemed to be an &ldquo;at the market offering&rdquo; as defined in Rule 415(a)(4) under the Securities Act of 1933,
as amended. including sales made through The Nasdaq Capital Market or any other trading market for the common stock, sales made
to or through a market maker other than on an exchange or through an electronic communications network, or in negotiated transactions
pursuant to terms set forth in a placement notice delivered by the Company to BTIG under the Sales Agreement. Upon delivery of
a placement notice and subject to the terms and conditions of the Sales Agreement, BTIG will use commercially reasonable efforts,
consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations, and the rules
of The Nasdaq Capital Market, to sell the Shares from time to time based upon the Company&rsquo;s instructions, including any
price, time or size limits specified by the Company. BTIG is not obligated to purchase any shares of Common Stock on a principal
basis pursuant to the Sales Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will pay BTIG commissions for its services in acting
as agent in the sale of shares of Common Stock pursuant to the Sales Agreement. BTIG will be entitled to compensation at a fixed
commission rate of 3.0% of the gross proceeds from the sale of shares of Common Stock pursuant to the Sales Agreement. The Company
has agreed to provide BTIG with customary indemnification and contribution rights, including for liabilities under the Securities
Act. The Company also will reimburse BTIG for certain specified expenses in connection with entering into the Sales Agreement.
The Sales Agreement contains customary representations and warranties and conditions to the placements of the Shares pursuant
thereto. The Sales Agreement will terminate upon the earlier of (i) the sale of all shares of Common Stock subject to the Sales
Agreement and (ii) termination of the Sales Agreement as permitted therein. The Company may terminate the Sales Agreement in its
sole discretion at any time by giving 10 days&rsquo; prior notice to BTIG. BTIG may terminate the Sales Agreement under the circumstances
specified in the Sales Agreement and in its sole discretion at any time by giving 10 days&rsquo; prior notice to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the Sales Agreement does not purport
to be complete and is qualified in its entirety by reference to the full text of the Sales Agreement. A copy of the Sales Agreement
is filed with this Current Report on Form&nbsp;8-K as Exhibit&nbsp;1.1 and is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the opinion of Sichenzia Ross Ference LLP relating
to the validity of the Shares that may be offered and sold under the ATM Prospectus Supplement, is filed with this Current Report
on Form&nbsp;8-K as Exhibit&nbsp;5.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Current Report on Form&nbsp;8-K does not constitute an
offer to sell or the solicitation of offers to buy any securities of the Company, and shall not constitute an offer, solicitation
or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or jurisdiction.</P>

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;Number</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 88%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea120711ex1-1_inmunebio.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At-The-Market Sales Agreement, dated April 16, 2020, between the Company and BTIG.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea120711ex5-1_inmunebio.htm" STYLE="-sec-extract: exhibit">Opinion of Sichenzia Ross Ference LLP</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea120711ex5-1_inmunebio.htm" STYLE="-sec-extract: exhibit">Consent of Sichenzia Ross Ference LLP (included in Exhibit 5.1)</A></FONT></TD></TR>
</TABLE>


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

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INMUNE
    BIO INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    April 16, 2020</FONT></TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 36%; border-bottom: black 1.5pt solid; text-align: justify">/s/ David Moss</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Moss</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial
    Officer</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">3</P>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ea120711ex1-1_inmunebio.htm
<DESCRIPTION>AT-THE-MARKET SALES AGREEMENT, DATED APRIL 16, 2020, BETWEEN THE COMPANY AND BTIG
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INMUNE
BIO INC.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>UP
TO $10,000,000 OF COMMON STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(par value $0.001 per share)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>At-the-market
SALES AGREEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">April 16, 2020</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">825 Third Avenue, 6<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">INmune Bio Inc., a
Nevada corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), confirms its agreement (this &ldquo;<B><U>Agreement</U></B>&rdquo;)
with BTIG, LLC (&ldquo;<B><U>BTIG</U></B>&rdquo; and, together with the Company, the &ldquo;<B><U>Parties</U></B>&rdquo;), as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. <U>Issuance and
Sale of Shares</U>. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to
the conditions set forth herein, it may issue and sell to or through BTIG, as sales agent and/or principal, up to that number
of shares of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;<B><U>Common Stock</U></B>&rdquo;), having
an aggregate offering price of $10,000,000 (the &ldquo;<B><U>Shares</U></B>&rdquo;), subject to the limitations set forth in <U>Section&nbsp;5(c)
</U>hereof (the &ldquo;<B><U>Maximum Amount</U></B>&rdquo;). The issuance and sale of Shares to or through BTIG will be effected
pursuant to the Registration Statement (as defined below) filed by the Company and which was declared effective under the Securities
Act (as defined below) by the U.S. Securities and Exchange Commission (the &ldquo;<B><U>Commission</U></B>&rdquo;).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 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, not earlier than three years prior to the date hereof, a
shelf registration statement on Form S-3 (File No. 333-237368), 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
to the base prospectus included as part of such registration statement at the time it became effective specifically relating to
the offering of Common Stock pursuant to this Agreement (the &ldquo;<B><U>Prospectus Supplement</U></B>&rdquo;). The Company will
furnish to BTIG, for use by BTIG, copies of the prospectus included as part of such registration statement at the time it became
effective, as supplemented by the Prospectus Supplement, relating to the offering of Common Stock pursuant to this Agreement. Except
where the context otherwise requires, &ldquo;<B><U>Registration Statement</U></B>,&rdquo; as used herein, means such registration
statement, as amended at the time of such registration statement&rsquo;s effectiveness for purposes of Section&nbsp;11 of the Securities
Act, as well as any new registration statement as may have been filed pursuant to <U>Section&nbsp;7(aa)</U>, including (1) all
documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2) any information contained
or incorporated by reference in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule&nbsp;424(b)
under the Securities Act, to the extent such information is deemed, pursuant to Rule&nbsp;430B under the Securities Act, to be
part of the registration statement at the effective time, and (3) any abbreviated registration statement filed pursuant to Rule&nbsp;462(b)
under the Securities Act to register the offer and sale of additional shares of Common Stock pursuant to this Agreement. Except
where the context otherwise requires, &ldquo;<B><U>Prospectus</U></B>,&rdquo; as used herein, means the base prospectus included
in the registration statement at the time it became effective, including all documents incorporated therein by reference to the
extent such information has not been superseded or modified in accordance with Rule&nbsp;412 under the Securities Act (as qualified
by Rule&nbsp;430B(g) under the Securities Act), 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 (&ldquo;<B><U>Rule&nbsp;433</U></B>&rdquo;), relating to the Common Stock that (i)&nbsp;is required to be filed with the Commission
by the Company or (ii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i), in each case in the form filed or required
to be filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to
Rule&nbsp;433(g). 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 (the &ldquo;<B><U>Incorporated Documents</U></B>&rdquo;). 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 either the Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive
Data Electronic Applications (collectively &ldquo;<B><U>EDGAR</U></B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. <U>Placements</U>.
Each time that the Company wishes to issue and sell Shares <FONT STYLE="font-size: 10pt">hereunder (each, a &ldquo;<B><U>Placement</U></B>&rdquo;),
it will notify BTIG by email notice (or other method mutually agreed to in writing by the Parties) of the amount of Shares requested
to be sold or the gross proceeds to be raised in a given time period (subject to the limitations set forth in </FONT><U>Section&nbsp;5(c)
</U><FONT STYLE="font-size: 10pt">hereof), the time period during which sales are requested to be made, any limitation on the
amount of Shares that may be sold in any single day, any minimum price below which sales may not be made or any minimum price
requested for sales in a given time period and any other instructions relevant to such requested sales (a &ldquo;<B><U>Placement
Notice</U></B>&rdquo;), the form of which is attached hereto as <B><U>Schedule 1</U></B>. A Placement Notice shall originate from
any of the individual representatives of the Company set forth on <B><U>Schedule 3</U></B>, and shall be addressed to each of
the individual representatives of BTIG set forth on <B><U>Schedule 3</U>,</B> as such <B><U>Schedule 3</U></B> may be amended
from time to time. Provided the Company is otherwise in compliance with the terms of this Agreement, the Placement Notice shall
be effective unless and until (i) BTIG, in accordance with the notice requirements set forth in <U>Section 4</U>, declines to
accept the terms contained therein for any reason, in its sole discretion (which shall not be deemed a breach of BTIG&rsquo;s
agreement herein), (ii) the entire amount of the Shares thereunder have been sold or the aggregate Shares sold under this Agreement
equals the Maximum Amount, whichever occurs first, (iii) the Company, in accordance with the notice requirements set forth in
<U>Section 4</U>, suspends or terminates the Placement Notice or sales thereunder, (iv) BTIG, in accordance with the notice requirements
set forth in <U>Section 4</U>, suspends sales under the Placement Notice, (v) the Company issues a subsequent Placement Notice
with parameters superseding those on the earlier dated Placement Notice or (vi) this Agreement has been terminated under the provisions
of <U>Section 12</U>. The amount of any commission to be paid by the Company to BTIG in connection with the sale of the Shares
effected through BTIG, as agent, shall be calculated in accordance with the terms set forth in <B><U>Schedule 2</U></B>. It is
expressly acknowledged and agreed that neither the Company nor BTIG will have any obligation whatsoever with respect to a Placement
or any Shares unless and until the Company delivers a Placement Notice to BTIG and BTIG 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. <U>Sale of Shares
by BTIG</U>. On the basis of the representations and warranties herein contained and subject to the terms and conditions herein
set forth, upon the Company&rsquo;s issuance of a Placement Notice, and unless the sale of the Shares described therein has been
declined, suspended or otherwise terminated in accordance with the terms of this Agreement, BTIG 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 Capital Market (the &ldquo;<B><U>Exchange</U></B>&rdquo;), for the period specified in the Placement Notice
to sell such Shares up to the amount specified by the Company in, and otherwise in accordance with the terms of, such Placement
Notice. BTIG will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below)
next following the Trading Day on which it has made sales of Shares hereunder, setting forth the number of Shares sold on such
day, the compensation payable by the Company to BTIG with respect to such sales pursuant to <U>Section 2</U>, and the Net Proceeds
(as defined below) payable to the Company, with an itemization of the deductions made by BTIG (as set forth in <U>Section 5(a</U>))
from the gross proceeds for the Shares that it receives from such sales. BTIG may sell Shares by any method permitted by law deemed
to be an &ldquo;at-the-market&rdquo; offering as defined in Rule 415 under the Securities Act, including, without limitation,
sales made directly on the Exchange, on any other existing trading market for the Common Stock or to or through a market maker
or through an electronic communications network. After consultation with the Company and subject to the terms of a Placement Notice,
BTIG may also sell Shares in privately negotiated transactions. During the term of this Agreement and notwithstanding anything
to the contrary herein, BTIG agrees that in no event will it or any of its affiliates engage in any market making, bidding, stabilization
or other trading activity with regard to the Common Stock if such activity would be prohibited under Regulation M or other anti-manipulation
rules under the Exchange Act. The Company acknowledges and agrees that (i) there can be no assurance that BTIG will be successful
in selling Shares hereunder, (ii) BTIG will incur no liability or obligation to the Company or any other person or entity if it
does not sell Shares for any reason other than a failure by BTIG to use its commercially reasonable efforts consistent with its
normal trading and sales practices to sell such Shares as required under this <U>Section 3</U>, and (iii) BTIG shall be under
no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as may otherwise be specifically agreed
by each of BTIG and the Company and set forth in a separate agreement, and then only to the extent permitted by applicable law
and the rules and regulations of the Exchange. For the purposes hereof, &ldquo;<B><U>Trading Day</U></B>&rdquo; means any day
on which Common Stock is purchased and sold on the principal market on which the Common Stock is listed or quoted.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) The Company
or BTIG may, upon notice to the other party in writing (including by email correspondence to each of the individual representatives
of the other party set forth on <B><U>Schedule 3</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 individual representatives of the other party set forth on <B><U>Schedule 3</U></B>),
suspend this offering and any sale of Shares for a period of time (a &ldquo;<B><U>Suspension Period</U></B>&rdquo;); <I>provided,
however</I>, that such suspension shall not affect or impair either party&rsquo;s obligations with respect to any Shares sold hereunder
prior to the receipt of such notice. Each of the Parties agrees that no such notice under this <U>Section 4</U> shall be effective
against the other unless it is made to one of the individuals named on <B><U>Schedule 3</U></B> hereto, as such Schedule may be
amended from time to time. During a Suspension Period, the Company shall not issue any Placement Notices and BTIG shall not sell
any Shares hereunder. The party that issued a Suspension Notice shall notify the other party in writing of the Trading Day on which
the Suspension Period shall expire not later than twenty-four (24) hours prior to such Trading Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) Notwithstanding
any other provision of this Agreement, the Company shall not offer or sell, or request the offer or sale of, any Shares and, by
notice to BTIG given by telephone (confirmed promptly by verifiable facsimile transmission or email), shall cancel any instructions
for the offer or sale of any Shares, and BTIG shall not be obligated to offer or sell any Shares, (i) during any period in which
the Company is, or may be deemed to be, in possession of material non-public information or (ii) except as expressly provided in
<U>Section 4(c)</U> below, at any time from and including the date (each, an &ldquo;<B><U>Announcement Date</U></B>&rdquo;) on
which the Company shall issue a press release containing, or shall otherwise publicly announce, its earnings, revenues or other
results of operations (each, an &ldquo;<B><U>Earnings Announcement</U></B>&rdquo;) through and including the time that is 24 hours
after the time that the Company files (a &ldquo;<B><U>Filing Time</U></B>&rdquo;) a quarterly report on Form 10-Q or an annual
report on Form 10-K that includes consolidated financial statements as of and for the same period or periods, as the case may be,
covered by such Earnings Announcement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) If the
Company wishes to offer, sell or deliver Shares at any time during the period from and including an Announcement Date through and
including the time that is 24 hours after the corresponding Filing Time, the Company shall, as conditions to the giving or continuation
of any Placement Notice, (i) prepare and deliver to BTIG (with a copy to counsel to BTIG) a report on Form 8-K which shall include
substantially the same financial and related information as was set forth in the relevant Earnings Announcement (other than any
earnings or other projections, similar forward-looking data and officers&rsquo; quotations) (each, an &ldquo;<B><U>Earnings 8-K</U></B>&rdquo;),
in form and substance reasonably satisfactory to BTIG and its counsel, (ii) provide BTIG with the officer&rsquo;s certificate called
for by <U>Section 7(m)</U>, dated the date of the Placement Notice, which certificate shall be deemed to remain in effect during
the applicable period unless withdrawn by the Company, and the opinion of Company Counsel (or Reliance Letter, as applicable) and
Comfort Letter called for by <U>Sections 7(n)</U> and <U>7(o)</U>, respectively, dated the date of the Placement Notice, (iii)
afford BTIG the opportunity to conduct a due diligence review in accordance with <U>Section 7(k)</U> hereof and (iv) file such
Earnings 8-K with the Commission (so that it is deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Exchange Act). The
provisions of clause (ii) of <U>Section 4(b)</U> shall not be applicable for the period from and after the time at which the conditions
set forth in the immediately preceding sentence shall have been satisfied (or, if later, the time that is 24 hours after the time
that the relevant Earnings Announcement was first publicly released) through and including the time that is 24 hours after the
Filing Time of the relevant Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be. For purposes of clarity,
the Parties agree that (A) the delivery of any officers&rsquo; certificate, opinion of Company Counsel (or Reliance Letter, as
applicable) and Comfort Letter pursuant to this <U>Section 4(c)</U> shall not relieve the Company from any of its obligations under
this Agreement with respect to any quarterly report on Form 10-Q, annual report on Form 10-K, or report on Form 8-K, as the case
may be, including, without limitation, the obligation to deliver the officers&rsquo; certificate, opinion of Company Counsel (or
Reliance Letter, as applicable) and Comfort Letter called for by <U>Sections 7(m)</U>, <U>7(n)</U> and <U>7(o)</U>, respectively,
which Sections shall have independent application, and (B) this <U>Section 4(c) </U>shall in no way affect or limit the operation
of the provisions of clause (i) of <U>Section 4(b)</U>, which shall have independent application.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) <U>Settlement
of Shares</U>. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Shares will occur on the
second (2<SUP>nd</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;). The amount of proceeds to be delivered to the
Company on a Settlement Date against receipt of the Shares sold (the &ldquo;<B><U>Net Proceeds</U></B>&rdquo;) will be equal to
the aggregate sales price received by BTIG for the Shares, after deduction for (i) BTIG&rsquo;s commission for such sales payable
by the Company pursuant to <U>Section 2</U> hereof, (ii) any other amounts due and payable by the Company to BTIG hereunder pursuant
to <U>Section 7(g)</U> (Expenses) 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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) <U>Delivery
of Shares</U>. On or before each Settlement Date, the Company will, or will cause its transfer agent to, issue and electronically
transfer the Shares being sold by crediting BTIG&rsquo;s or its designee&rsquo;s (provided BTIG shall have given the Company written
notice of such designee prior to the Settlement Date) account at The Depository Trust Company through its Deposit and Withdrawal
at Custodian System or by such other means of delivery as may be mutually agreed upon by the Parties, which Shares in all cases
shall be freely tradeable, transferable, registered shares in good deliverable form. On each Settlement Date, BTIG will deliver
the related Net Proceeds in same day funds to an account designated by the Company prior to the Settlement Date. The Company agrees
that if the Company, or its transfer agent, defaults in its obligation to deliver Shares on a Settlement Date, in addition to and
in no way limiting the rights and obligations set forth in <U>Section 10(a)</U> (Indemnification by the Company), the Company will
(i) hold BTIG, its directors, officers, members, partners, employees and agents of BTIG and each person, if any, who (A) controls
BTIG within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (B) is controlled by or is under
common control with BTIG (other than the Company and its subsidiaries) (a &ldquo;<B><U>BTIG Affiliate</U></B>&rdquo;), harmless
against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection
with such default by the Company or its transfer agent (if applicable) and (ii) pay to BTIG any commission or other compensation
to which it would otherwise have been entitled absent such default.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) <U>Limitations
on Offering Size</U>. With respect to each Trading Day during which sales are requested to be made pursuant to a Placement Notice,
under no circumstances shall the Company cause or request the offer or sale of any Shares pursuant to this Agreement or any Placement
Notice (and BTIG shall not be obligated to offer or sell any such Shares) on, or over the course of, such Trading Day in excess
of 20% of the average daily trading volume (as such term is used in Rule 10b-18 of the Exchange Act) in the Common Stock on the
Exchange for the thirty (30) Trading Days immediately preceding the date of delivery of the applicable Placement Notice, or as
otherwise agreed between the Company and BTIG and documented in the applicable Placement Notice. Under no circumstances shall the
Company cause or request the offer or sale of any Shares pursuant to this Agreement or any Placement Notice (and BTIG shall not
be obligated to offer or sell any such Shares) if, after giving effect to the sale of such Shares, the aggregate number or gross
sales proceeds of Shares sold pursuant to this Agreement would exceed the lesser of: (i)&nbsp;the number or dollar amount of shares
of Common Stock registered pursuant to the Registration Statement pursuant to which the offering hereunder is being made, (ii)&nbsp;the
number of authorized but unissued and unreserved shares of Common Stock, (iii)&nbsp;the number or dollar amount of shares of Common
Stock permitted to be offered and sold by the Company under General Instruction I.B.6. of Form S-3 (for so long as applicable),
(iv)&nbsp;the number or dollar amount of shares of Common Stock authorized from time to time to be issued and sold under this Agreement
by the Company&rsquo;s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified
to the BTIG in writing, or (v)&nbsp;the number or dollar amount of shares of Common Stock for which the Company has filed the Prospectus
Supplement or other prospectus supplement specifically relating to the offering of the Shares pursuant to this Agreement. Under
no circumstances shall the Company cause or request the offer or sale of any Shares pursuant to this Agreement or any Placement
Notice (and BTIG shall not be obligated to offer or sell any such Shares) at a price lower than the minimum price therefor authorized
from time to time by the Company&rsquo;s board of directors, a duly authorized committee thereof or a duly authorized executive
committee, and notified to BTIG in writing. Notwithstanding anything to the contrary contained herein, the Parties acknowledge
and agree that compliance with the limitations set forth in this <U>Section 5(c)</U> on the number or amount of Shares that may
be issued and sold under this Agreement shall be the sole responsibility of the Company, and that BTIG shall have no obligation
in connection with such compliance.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6. <U>Representations
and Warranties of the Company</U>. The Company represents and warrants to, and agrees with, BTIG that as of (i) the date of this
Agreement, (ii) each Representation Date (as defined in <U>Section 7(m</U>)) on which a certificate is required to be delivered
pursuant to <U>Section 7(m)</U>, (iii) the date on which any Placement Notice is delivered by the Company hereunder and (iv) each
time of sale of Shares pursuant to this Agreement (each such time of sale, an &ldquo;<B><U>Applicable Time</U></B>&rdquo;), as
the case may be:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) <U>Registration
Statement and Prospectus</U>. The Registration Statement was declared effective under the Securities Act by the Commission on April
2, 2020, and any post-effective amendment thereto and any Rule&nbsp;462(b) Registration Statement have also been declared effective
by the Commission or became effective upon filing under the Securities Act. The Company has not received from the Commission any
notice pursuant to Rule&nbsp;401(g)(1) under the Securities Act objecting to the use of the shelf registration statement form.
At the time of the initial filing of the Registration Statement, the Company paid the required Commission filing fees relating
to the Shares in accordance with Rules&nbsp;456(a) and 457(o) under the Securities Act. The Company has complied to the Commission&rsquo;s
satisfaction with all requests of the Commission for additional or supplemental information. No stop order suspending the effectiveness
of the Registration Statement or any Rule&nbsp;462(b) Registration Statement is in effect and no proceedings for such purpose have
been instituted or are pending or, to the best knowledge of the Company, are contemplated or threatened by the Commission. At the
time of (i)&nbsp;the initial filing of the Registration Statement with the Commission and (ii)&nbsp;the most recent amendment thereto
for the purposes of complying with Section&nbsp;10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment,
incorporated report filed pursuant to Section&nbsp;13 or 15(d) of the Exchange Act or form of prospectus), the Company met the
then applicable requirements for use of Form S-3 under the Securities Act, including compliance with General Instructions I.A and
I.B.6. of Form S-3, if and for so long as applicable. The Registration Statement and the offer and sale of the Shares as contemplated
hereby meet the requirements of Rule&nbsp;415 under the Securities Act and comply in all material respects with said Rule. In the
section entitled &ldquo;Plan of Distribution&rdquo; in the Prospectus Supplement, the Company has named BTIG, LLC as an agent that
the Company has engaged in connection with the transactions contemplated by this Agreement. The Company was not and is not an &ldquo;ineligible
issuer&rdquo; as defined in Rule&nbsp;405 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) <U>No
Material Misstatement or Omission</U>. At the respective times the Registration Statement and each amendment thereto became effective,
at each deemed effective date with respect to BTIG pursuant to Rule 430B(f)(2) under the Securities Act, and at each Settlement
Date, as the case may be, the Registration Statement complied, complies and will comply in all material respects with the requirements
of the Securities Act (including Rule 415(a)(1)(x) under the Act), and did not and will not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
The Prospectus, when so filed with the Commission under Rule 424(b) under the Securities Act, complied, complies and will comply
in all material respects with the requirements of the Securities Act, and each Prospectus furnished to BTIG for use in connection
with the offering of the Shares was identical to the electronically transmitted copies thereof filed with the Commission pursuant
to EDGAR, except to the extent permitted by Regulation S-T. Neither the Prospectus nor any amendments or supplements thereto, at
the time the Prospectus or any such amendment or supplement was issued, as of the date hereof, at each Representation Date, and
at each Applicable Time, as the case may be, included, includes or will include an untrue statement of a material fact or omitted
or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The representations and warranties in this subsection shall not apply to statements in or
omissions from the Registration Statement, the Prospectus or any amendments or supplements thereto made in reliance upon and in
conformity with written information furnished to the Company by BTIG expressly for use therein.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) <U>Incorporated
Documents</U>. Each Incorporated Document heretofore filed, when it was filed (or, if any amendment with respect to any such document
was filed, when such amendment was filed), conformed in all material respects with the requirements of the Exchange Act, and any
further Incorporated Documents so filed and incorporated after the date of this Agreement will, when they are filed, conform in
all material respects with the requirements of the Exchange Act; no such Incorporated Document when it was filed (or, if an amendment
with respect to any such document was filed, when such amendment was filed), contained an untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; and no such Incorporated Document, when it is filed, will contain
an untrue statement of a material fact or will omit to state a material fact required to be stated therein or necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) <U>Free
Writing Prospectuses</U>. The Company has not distributed and will not distribute any &ldquo;prospectus&rdquo; (within the meaning
of the Securities Act) or offering material in connection with the offering or sale of the Shares other than the then most recent
Prospectus Supplement and any &ldquo;issuer free writing prospectus&rdquo; (as defined in Rule 433) reviewed and consented to by
BTIG, in each case accompanied by the then most recent base prospectus. Each issuer free writing prospectus (as defined in Rule
433), as of its issue date and as of each Applicable Time, did not, does not and will not include any information that conflicted,
conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any Incorporated
Document deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not apply to any statements
in or omissions from any issuer free writing prospectus made in reliance upon and in conformity with written information furnished
to the Company by BTIG expressly for use in such issuer free writing prospectus. The Company is not disqualified, by reason of
subsection (f) or (g) of Rule 164 under the Securities Act, from using, in connection with the offer and sale of the Shares, issuer
free writing prospectuses pursuant to Rules 164 and 433 under the Securities Act. The Company was not and is not an &ldquo;ineligible
issuer&rdquo; as defined in Rule 405 under the Securities Act at the times specified in Rules 164 and 433 under the Securities
Act in connection with the offering of the Shares. Any issuer free writing prospectus that the Company is required to file pursuant
to Rule 433 has been, or will be, timely filed with the Commission in accordance with the requirements of Rule 433. Each issuer
free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433 or that was prepared by or on
behalf of or used by the Company complies or will comply in all material respects with the requirements of the Securities Act.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e) <U>Capitalization</U>.
The Company has an authorized and outstanding capitalization as set forth in the Registration Statement and the Prospectus as of
the dates referred to therein (subject, in each case, to the issuance of shares of Common Stock under this Agreement, the issuance
of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement and
the Prospectus, the grant of options under existing stock option plans described in the Registration Statement and the Prospectus).
All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly authorized
and validly issued and are fully paid and non-assessable, have been issued in compliance, in all material respects, with all federal
and state securities laws and were not issued in violation of any preemptive right or similar right. Except as disclosed in the
Registration Statement and the Prospectus, there are no outstanding (i) securities or obligations of the Company or any of its
Subsidiaries (as defined below) convertible into or exchangeable for any equity interests of the Company or any such Subsidiary,
(ii) warrants, rights or options to subscribe for or purchase from the Company or any such Subsidiary any such equity interests
or any such convertible or exchangeable securities or obligations or (iii) obligations of the Company or any such Subsidiary to
issue any equity interests, any such convertible or exchangeable securities or obligation, or any such warrants, rights or options.
The Company&rsquo;s Common Stock has been registered pursuant to Section 12(b) of the Exchange Act and is authorized for trading
on the Exchange, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration
of the Common Stock from the Exchange, nor has the Company received any notification that the Commission or the Exchange is contemplating
terminating such registration or listing. The Company is in compliance with the current listing standards of the Exchange. The
Company has filed a Notification of Listing of Additional Shares with the Exchange with respect to the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f) <U>Organization
of the Company</U>. The Company has been duly incorporated and is validly existing as a corporation in good standing under the
laws of the State of Nevada, with the corporate power and authority to acquire, own, lease and operate its properties, and to lease
the same to others, and to conduct its business as described in the Registration Statement and the Prospectus, to execute and deliver
this Agreement and to issue and sell the Shares as contemplated herein; and the Company is in compliance in all respects with the
laws, orders, rules, regulations and directives issued or administered by such jurisdictions, except where the failure to be in
compliance would not, individually or in the aggregate, have a Material Adverse Effect (as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g) <U>Foreign
Qualification of the Company</U>. The Company is duly qualified to do business as a foreign corporation and is in good standing
in each jurisdiction where the ownership or leasing of its properties or the conduct of its business requires such qualification,
except where the failure to be so qualified and in good standing would not, individually or in the aggregate, either (i) have or
reasonably be expected to have a material adverse effect on the business, operations, properties, financial condition, results
of operations or prospects of the Company and its Subsidiaries, taken as a whole, or (ii) prevent, materially interfere with or
materially delay consummation of the transactions contemplated hereby (the effects described in the foregoing clauses (i) and (ii)
being herein referred to as a &ldquo;<B><U>Material Adverse Effect</U></B>&rdquo;).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h) <U>Subsidiaries</U>.
Each subsidiary of the Company (each a &ldquo;<B><U>Subsidiary</U></B>&rdquo; and collectively, the &ldquo;<B><U>Subsidiaries</U></B>&rdquo;)
that is a significant subsidiary, as defined in Rule 1-02(w) of Regulation S-X of the Exchange Act (each a &ldquo;<B><U>Significant
Subsidiary</U></B>&rdquo; and collectively, the &ldquo;<B><U>Significant Subsidiaries</U></B>&rdquo;), has been duly incorporated
or organized and is validly existing as a corporation, limited liability company or limited partnership, as the case may be, in
good standing under the laws of the jurisdiction of its incorporation or organization, has corporate power and authority to own,
lease and operate its properties and conduct its business as described in the Prospectus and is duly qualified as a foreign corporation,
limited liability company or limited partnership, as the case may be, to transact business and is in good standing in each jurisdiction
in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business,
except where the failure to so qualify would not have a Material Adverse Effect. All of the issued and outstanding capital stock
of, or other ownership interests in, each such Significant Subsidiary has been duly authorized and validly issued, is fully paid
and non-assessable and, except for directors&rsquo; qualifying shares, is owned by the Company, directly or through subsidiaries,
free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity; and attached hereto as <B><U>Schedule
4</U></B> is an accurate and complete list of the Significant Subsidiaries. At the date of filing with the Commission, the Company
did not have any Significant Subsidiary not listed on Exhibit 21 to the Company&rsquo;s most recent Annual Report on Form 10-K
which was required to be so listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) <U>Validity
of Shares</U>. The Shares have been duly and validly authorized and, when issued and delivered against payment therefor as provided
herein, will be duly and validly issued, fully paid and non-assessable and free of preemptive rights and similar rights. No further
approval or authority of the stockholders or the Board of Directors of the Company are required for the issuance and sale of the
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j) <U>Description
of Shares</U>. The capital stock of the Company, including the Shares, conforms in all material respects to the description thereof
contained in the Registration Statement and the Prospectus, and the certificates for the Shares are in due and proper form and
the holders of the Shares will not be subject to personal liability solely by reason of being such holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k) <U>Authorization</U>.
This Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and legally binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors&rsquo;
rights generally and by general principles of equity. This Agreement conforms in all material respects to the descriptions thereof
in the Registration Statement and the Prospectus.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l) <U>Absence
of Defaults and Conflicts</U>. Neither the Company nor any Significant Subsidiary is (i) in breach or violation of its certificate
or articles of incorporation, charter, bylaws, limited liability company agreement, certificate or agreement of limited or general
partnership, memorandum and articles of association, or other similar organizational documents, as the case may be, of such entity,
(ii) in breach of or in default (or, with the giving of notice or lapse of time or both, would be in default) (&ldquo;<B><U>Default</U></B>&rdquo;)
under any indenture, mortgage, loan or credit agreement, deed of trust, note, contract, franchise, lease or other agreement, obligation,
condition, covenant or instrument to which the Company or any of its Significant Subsidiaries is a party or by which it or any
of them may be bound or to which any of the property or assets of the Company or any of its Significant Subsidiaries is subject
(each, an &ldquo;<B><U>Existing Instrument</U></B>&rdquo;), or (iii) in violation of any statute, law, rule, regulation, judgment,
order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction
over the Company or any of its Significant Subsidiaries or any of their properties, as applicable, except, with respect to clauses
(ii) and (iii) only, for such breaches, violations or Defaults that would not, individually or in the aggregate, have a Material
Adverse Effect. The Company&rsquo;s execution, delivery and performance of this Agreement and consummation of the transactions
contemplated hereby or by the Registration Statement and the Prospectus (including the issuance and sale of the Shares and the
use of the proceeds from the sale of the Shares as described in the Prospectus under the caption &ldquo;Use of Proceeds&rdquo;)
(i) have been duly authorized by all necessary corporate action, and will not result in any breach or violation of the certificate
or articles of incorporation, charter, bylaws, limited liability company agreement, certificate or agreement of limited or general
partnership, memorandum and articles of association, or other similar organizational documents, as the case may be, of the Company
or any of its Significant Subsidiaries, (ii) will not conflict with or constitute a breach of, or Default or a Debt Repayment Triggering
Event (as defined below) under, or result in the creation or imposition of any lien, charge, claim or encumbrance upon any property
or assets of the Company or any of its Significant Subsidiaries pursuant to, or require the consent of any other party to, any
Existing Instrument, and (iii) will not result in any violation of any statute, law, rule, regulation, judgment, order or decree
applicable to the Company or any of its Significant Subsidiaries of any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority having jurisdiction over the Company or any of its Significant Subsidiaries or any of its or
their properties, as applicable, except, with respect to clauses (ii) and (iii) only, for such conflicts, breaches, Defaults, Debt
Repayment Triggering Events or violations that would not, individually or in the aggregate, have a Material Adverse Effect. As
used herein, a &ldquo;<B><U>Debt Repayment Triggering Event</U></B>&rdquo; means any event or condition which gives, or with the
giving of notice or lapse of time or both would give, the holder of any note, debenture or other evidence of indebtedness (or any
person acting on such holder&rsquo;s behalf), issued by the Company, the right to require the repurchase, redemption or repayment
of all or a portion of such indebtedness by the Company or any of its Significant Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m) <U>Absence
of Further Requirements</U>. No consent, approval, license, permit, qualification, authorization or other order or decree 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 or consummation of the transactions contemplated hereby or by the Registration
Statement and the Prospectus (including the issuance and sale of the Shares hereunder), except such as have been already obtained
or made or as may be required under the Securities Act, applicable state securities or Blue Sky laws, the rules of the Exchange,
or the rules and regulations of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B><U>FINRA</U></B>&rdquo;).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n) <U>No
Preferential Rights; No Commissions</U>. Except as set forth in the Registration Statement and the Prospectus, (i) no person (as
such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act) has the right, contractual or otherwise,
to cause the Company to issue or sell to such person any Common Stock or shares of any other capital stock or other securities
of the Company, (ii) no person (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act) has
any preemptive rights, resale rights, rights of first refusal, or any other rights (whether pursuant to a &ldquo;poison pill&rdquo;
provision or otherwise) to purchase any Common Stock or shares of any other capital stock or other securities of the Company, (iii)
no person (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act) has the right to act as
an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Shares hereunder, whether
as a result of the filing or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise,
and (iv) no person (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act) has the right,
contractual or otherwise, to cause the Company to register under the Securities Act any shares of Common Stock or shares of any
other capital stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement
or the offering contemplated thereby. Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or
understanding with any person (other than as contemplated by this Agreement) that would give rise to a valid claim against the
Company or any of its Subsidiaries or BTIG for a brokerage commission, finder&rsquo;s fee or like payment in connection with the
offering and sale of the Shares by BTIG under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o) <U>Intellectual
Property</U>. Except as set forth in the Registration Statement and the Prospectus, the Company or its Significant Subsidiaries
own or possess a valid right to use all material patents, trademarks, service marks, trade names, copyrights, patentable inventions,
trade secrets, know-how and other intellectual property (collectively, the &ldquo;<B><U>Intellectual Property</U></B>&rdquo;) used
by the Company or its Significant Subsidiaries in, and material to, the conduct of the Company&rsquo;s or its Significant Subsidiaries&rsquo;
business as now conducted or as proposed in the Registration Statement and the Prospectus to be conducted. Except as set forth
in the Registration Statement and the Prospectus, there is no material infringement by third parties of any of the Intellectual
Property and there are no legal or governmental actions, suits, proceedings or claims pending or, to the Company&rsquo;s knowledge,
threatened, against the Company (i) challenging the Company&rsquo;s rights in or to any Intellectual Property, (ii) challenging
the validity or scope of any Intellectual Property owned by the Company, or (iii) alleging that the operation of the Company&rsquo;s
business as now conducted infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights
of a third party, where any such action, suit, proceeding or claim would, individually or in the aggregate, have a Material Adverse
Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p) <U>Possession
of Licenses and Permits</U>. Each of the Company and its Significant Subsidiaries has all necessary licenses, authorizations, consents
and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and
has obtained all necessary licenses, certificates, authorizations, orders, permits, consents and approvals from other persons,
in order to acquire and own, lease or sublease, lease to others and conduct its respective business as described in the Registration
Statement or Prospectus, except where the failure to have or obtain such licenses, permits, authorizations, consents and approvals
and to make such filings would not, individually or in the aggregate, have a Material Adverse Effect. All of such license, permit,
authorization, consent or approval are valid and in full force and effect, except where the invalidity of such license, permit,
authorization, consent or approval to be in full force and effect would not have a Material Adverse Effect. Neither the Company
nor any of its Significant Subsidiaries is in violation of, or in default under, or has received notice of any proceedings relating
to revocation or modification of, any such license, permit, authorization, consent or approval (or has any reason to believe that
any such license, permit, authorization, consent or approval will not be renewed in the ordinary course) or any federal, state,
local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its Significant Subsidiaries,
except where such violation, default, revocation or modification would not, individually or in the aggregate, have a Material Adverse
Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q) <U>Contracts
and Agreements</U>. There are no contracts, agreements, instruments or other documents that are required to be described in the
Registration Statement or the Prospectus or any Incorporated Documents or to be filed as exhibits thereto which have not been so
described in all material respects and filed as required by Item 601(b) of Regulation S-K under the Securities Act. The copies
of all contracts, agreements, instruments and other documents (including governmental licenses, authorizations, permits, consents
and approvals and all amendments or waivers relating to any of the foregoing) that have been furnished to BTIG or its counsel are
complete and genuine and include all material collateral and supplemental agreements thereto. All contracts and agreements between
the Company and third parties expressly referenced in the Registration Statement or the Prospectus are legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with their respective terms, except as enforceability
may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to
or affecting creditors&rsquo; rights generally and by general principles of equity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r) <U>Absence
of Proceedings</U>. Except as disclosed in the Registration Statement and Prospectus, there are no actions, suits, claims, investigations
or proceedings pending or, to the Company&rsquo;s knowledge, threatened to which the Company or any of the Subsidiaries is or would
be a party, or of which any of the respective properties or assets of the Company and the Subsidiaries is or would be subject,
at law or in equity, before any court or arbitral body or by or before any federal, state, local or foreign governmental or regulatory
commission, board, body, authority or agency, which are required to be disclosed in the Registration Statement or Prospectus, or
which would reasonably be expected to result in a judgment, decree or order having, individually or in the aggregate, a Material
Adverse Effect, or which could materially and adversely affect the respective properties or assets of the Company or any of its
Subsidiaries. The aggregate of all pending legal or governmental proceedings to which the Company or any Subsidiary is a party
or of which any of their respective properties or assets is the subject which are not described in the Registration Statement and
Prospectus, including ordinary routine litigation incidental to the business of the Company, would not, individually or in the
aggregate, result in a Material Adverse Effect.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s) <U>Independent
Accountants</U>. Marcum LLP, whose report on the consolidated financial statements of the Company and the Subsidiaries is incorporated
by reference in the Registration Statement and the Prospectus, is an independent registered public accounting firm with respect
to the Company as required by the Securities Act, the Exchange Act and the Public Company Accounting Oversight Board (United States)
(the &ldquo;<B><U>PCAOB</U></B>&rdquo;). Marcum LLP has not been engaged by the Company to perform any &ldquo;prohibited activities&rdquo;
(as defined in Section 10A of the Exchange Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(t) <U>Financial
Statements</U>. The financial statements included or incorporated by reference in the Registration Statement and the Prospectus,
together with the related notes and schedules, present fairly the consolidated financial position of the Company and the Subsidiaries
as of the dates indicated and the consolidated results of operations and cash flows of the Company and the Subsidiaries for the
periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange Act and in conformity
with United States generally accepted accounting principles (&ldquo;<B><U>GAAP</U></B>&rdquo;) applied on a consistent basis during
the periods involved. The selected financial data and the summary financial information included in the Registration Statement
and the Prospectus present fairly the information shown therein and have been compiled on a basis consistent with that of the financial
statements included or incorporated by reference in the Registration Statement and the Prospectus, as of and at the dates indicated.
Any <I>pro forma</I> financial statements or data included or incorporated by reference in the Registration Statement and the Prospectus
comply with the requirements of Regulation S-X of the Securities Act, including, without limitation, Article 11 thereof, and the
assumptions used in the preparation of such <I>pro forma</I> financial statements and data are reasonable, the <I>pro forma</I>
adjustments used therein are appropriate to give effect to the circumstances referred to therein and the <I>pro forma</I> adjustments
have been properly applied to the historical amounts in the compilation of those statements and data. The other financial data
set forth or incorporated by reference in the Registration Statement and the Prospectus is accurately presented and prepared on
a basis consistent with the financial statements and books and records of the Company. The Company and the Subsidiaries do not
have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations or any &ldquo;variable
interest entities&rdquo; as that term is used in Accounting Standards Codification Paragraph 810-10-25-20), not disclosed in the
Registration Statement and the Prospectus. All disclosures contained in the Registration Statement or the Prospectus, including
the Incorporated Documents, that contain &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations
of the Commission) comply, in all material respects, with Regulation G under the Exchange Act and Item 10 of Regulation S-K under
the Securities Act, to the extent applicable.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(u) <U>No
Material Adverse Change in Business</U>. Subsequent to the respective dates as of which information is given in the Registration
Statement and the Prospectus, there has not been (i) any material adverse change in the business, operations, properties, financial
condition, results of operations or prospects of the Company and its Subsidiaries, taken as a whole, (ii) any transaction, other
than in the ordinary course, which is material to the Company and the Subsidiaries, taken as a whole, (iii) any obligation, direct
or contingent (including any off-balance sheet obligations), incurred by the Company or any Subsidiary, which is material to the
Company and the Subsidiaries, taken as a whole, (iv) any change in the authorized capital stock of the Company, or (v) any dividend
or distribution of any kind declared, paid or made on the capital stock of the Company. Without limiting the generality of the
foregoing, except as disclosed in the Registration Statement and the Prospectus, there has not been any material adverse change
in the business, operations, properties, financial condition, results of operations or prospects of the Company and its Subsidiaries,
taken as a whole, including, without limitation, any material disruption, material delay or other material adverse change in (A)
the development of any of the Company&rsquo;s product candidates, (B) the anticipated timeline of pre-clinical or clinical trials
to support the development of any of the Company&rsquo;s product candidates, or (C) the recruitment of candidates for clinical
trials to support the development of any of the Company&rsquo;s product candidates, in each case as a result of the recent outbreak
of COVID-19, or as a result of any measures intended to contain the outbreak of COVID-19 imposed by any federal, state, local or
foreign government or government agency in any country or region in which the Company, or any of its agents, consultants, advisors
or vendors, has assets or properties or conducts business, including, without limitation, any limitations, curtailments, suspensions
or closures of businesses, business offices or establishments, schools, properties and other public areas due to quarantines, curfews,
travel restrictions, workplace controls, &ldquo;stay at home&rdquo; orders, social distancing requirements or guidelines or other
public gathering restrictions or limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v) <U>Investment
Company Act</U>. The Company is not, and after receipt of payment for the Shares and the application of the proceeds thereof as
contemplated under the caption &ldquo;Use of Proceeds&rdquo; in the Registration Statement and the Prospectus will not be, required
to be registered as an &ldquo;investment company&rdquo; under the Investment Company Act of 1940, as amended, and the rules and
regulations promulgated thereunder (collectively, the &ldquo;<B><U>Investment Company Act</U></B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(w) <U>Property</U>.
Except as set forth in the Registration Statement and the Prospectus, the Company and each of its Significant Subsidiaries have
good and marketable title to all of the properties and assets reflected as owned in the financial statements referred to in <U>Section
6(t)</U> above (or elsewhere in the Registration Statement and the Prospectus), in each case free and clear of any security interests,
mortgages, liens, encumbrances, equities, claims and other defects, except such as do not materially and adversely affect the value
of such property or assets and, to the Company&rsquo;s knowledge, do not materially interfere with the use made or proposed to
be made of such property by the Company or any Significant Subsidiary. The material real property, improvements, equipment and
personal property held under lease by the Company or any of its Significant Subsidiaries are held under valid and enforceable leases,
with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real
property, improvements, equipment or personal property by the Company or such Significant Subsidiary. The Company and each of its
Subsidiaries have such consents, easements, rights-of-way or licenses from any person (&ldquo;<B><U>rights-of-way</U></B>&rdquo;)
as are necessary to enable the Company and each of its Subsidiaries to conduct its business in the manner described in the Registration
Statement and the Prospectus, and except for such rights-of-way the lack of which would not have, individually or in the aggregate,
a Material Adverse Effect.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x) <U>Environmental
Laws</U>. Except as otherwise disclosed in the Registration Statement and Prospectus, neither the Company nor any of its Subsidiaries
has been in material violation of, in connection with the ownership, use, maintenance or operation of its properties and assets,
any applicable federal, state, municipal, local or foreign laws, rules, regulations, decisions, orders, policies, permits, licenses,
certificates or approvals having force of law, domestic or foreign, relating to environmental, health, or safety matters or hazardous
or toxic substances or wastes, pollutants or contaminants (collectively, &ldquo;<B><U>Environmental Laws</U></B>&rdquo;). Without
limiting the generality of the foregoing and except as otherwise described in the Registration Statement and Prospectus: (i) the
Company and each of its Subsidiaries has occupied its properties and has received, handled, used, stored, treated, shipped and
disposed of all pollutants, contaminants, hazardous or toxic materials, controlled or dangerous substances or wastes in compliance
with all applicable Environmental Laws to conduct their respective businesses; (ii) neither the Company nor any of its Subsidiaries
is aware of any unlawful spills, releases, discharges or disposal of any pollutants, contaminants, hazardous or toxic materials,
controlled or dangerous substances or wastes that have occurred or are presently occurring on or from its properties as a result
of any construction on or operation and use of its properties, (iii) there are no orders, rulings or directives issued against
the Company or any of its Subsidiaries, and there are no orders, rulings or directives pending or, to the knowledge of the Company,
threatened against the Company or any of its Subsidiaries under or pursuant to any Environmental Laws requiring any work, repairs,
construction or capital expenditures with respect to any properties or assets of the Company or any of its Subsidiaries; and (iv)
no notice with respect to any of the matters referred to in this <U>Section 6(x)</U>, including any alleged violations by the Company
or any of the Subsidiaries with respect thereto has been received by the Company or any of its Subsidiaries, and no writ, injunction,
order or judgment is outstanding, and no legal proceeding under or pursuant to any Environmental Laws or relating to the ownership,
use, maintenance or operation of the properties and assets of the Company or any of its Subsidiaries is in progress, pending or
threatened, which could reasonably be expected to have a Material Adverse Effect, and to the knowledge of the Company, there are
no grounds or conditions which exist, on or under any property now or previously owned, operated or leased by the Company or any
of its Subsidiaries, on which any such legal proceeding might be commenced with any reasonable likelihood of success or with the
passage of time, or the giving of notice or both, would give rise thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(y) <U>Insurance</U>.
The Company and its Subsidiaries carry or are entitled to the benefits of insurance in such amounts and covering such risks as
the Company reasonably deems adequate, and all such insurance is in full force and effect. The Company has no reason to believe
that it or any Subsidiary will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii)
to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted
and at a cost that would not result in a Material Adverse Effect. Neither the Company nor any Subsidiary has been denied any material
insurance coverage which it has sought or for which it has applied.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(z) <U>Accounting
Controls and Disclosure Controls</U>. Except as disclosed in the Registration Statement and Prospectus, the Company and each of
its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurances that (i)&nbsp;transactions
are executed in accordance with management&rsquo;s general or specific authorization; (ii)&nbsp;transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii)&nbsp;receipts
and expenditures are being made only in accordance with management&rsquo;s general or specific authorization; (iv)&nbsp;access
to assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (v)&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. Except as described in the Registration Statement and the Prospectus, since the end of the Company&rsquo;s
most recent audited fiscal year, there has been (A)&nbsp;no material weakness in the Company&rsquo;s internal control over financial
reporting (whether or not remediated) and (B)&nbsp;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.
Except as disclosed in the Registration Statement and the Prospectus, (1) the Company and its Subsidiaries, considered as one enterprise,
have established and currently maintain disclosure controls and procedures within the meaning of Rule 13a-15 under the Exchange
Act; (2) as of March 31, 2020, the Company has determined that such disclosure controls and procedures were not effective and,
therefore, not in compliance with Rule 13a-15 under the Exchange Act and (3) as of March 31, 2020 and as of the date of this Agreement,
the Company&rsquo;s Chief Executive Officer and its Chief Financial Officer each have determined that notwithstanding the failure
of the Company&rsquo;s disclosure controls and procedures to be effective in compliance with Rule 13a-15 under the Exchange Act,
<FONT STYLE="background-color: white">they were sufficient to ensure that information required to be disclosed by the Company in
the reports that it files or submits to the Commission under the Exchange Act is accumulated and communicated to the Company&rsquo;s
management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding
required disclosure.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(aa) <U>Compliance
with the Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company or any of the Company&rsquo;s directors
or officers, in their capacities as such, to comply in all material respects with any applicable provision of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated in connection therewith (the &ldquo;<B><U>Sarbanes-Oxley Act</U></B>&rdquo;),
including Section&nbsp;402 related to loans and Sections&nbsp;302 and 906 related to certifications.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(bb) <U>Payment
of Taxes</U>. All tax returns of the Company and its Subsidiaries required by law to be filed have been filed and all taxes shown
by such returns or otherwise assessed, which are due and payable, have been paid, except assessments against which appeals have
been or will be promptly taken and as to which adequate reserves have been provided. The charges, accruals and reserves on the
books of the Company in respect of any income and corporation tax liability for any years not finally determined are adequate to
meet any assessments or re-assessments for additional income tax for any years not finally determined, except to the extent of
any inadequacy that would not result in a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(cc) <U>Stock
Transfer Taxes</U>. On each Settlement Date, all stock transfer or other taxes (other than income taxes) which are required to
be paid in connection with the sale and transfer of the Shares to be sold hereunder will be, or will have been, fully paid or provided
for by the Company and all laws imposing such taxes will be or will have been fully complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(dd) <U>Statistical
and Market-Related Data</U>. The statistical and market-related data included or incorporated by reference in the Registration
Statement and the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate, and the
Company has obtained the written consent to the use of such data from such sources to the extent required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ee) <U>Foreign
Corrupt Practices Act</U>. None of the Company, any Subsidiary or, to the knowledge of the Company, any director, officer, agent,
employee, affiliate or other person acting on behalf of the Company or any of its Subsidiaries, is aware of or has taken any action,
directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended,
and the rules and regulations thereunder (collectively, the &ldquo;<B><U>FCPA</U></B>&rdquo;), including, without limitation, making
use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise
to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of
anything of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or
official thereof or any candidate for foreign political office, in contravention of the FCPA. The Company and the Subsidiaries
have conducted their respective businesses in compliance with the FCPA and have instituted and maintain policies and procedures
designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ff) <U>Money
Laundering Laws</U>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &ldquo;<B><U>Money
Laundering Laws</U></B>&rdquo;) and no action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to
the knowledge of the Company, threatened.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(gg) <U>OFAC</U>.
None of the Company, any Subsidiary or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or person
acting on behalf of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B><U>OFAC</U></B>&rdquo;); and the Company will not directly
or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to
any U.S. sanctions administered by OFAC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(hh) <U>Related
Party Transactions</U>. No relationship, direct or indirect, exists between or among the Company or any of its Subsidiaries on
the one hand, and the directors, officers, trustees, managers, stockholders, partners, customers or suppliers of the Company or
any of the Subsidiaries on the other hand, which would be required by the Securities Act to be disclosed in the Registration Statement
and the Prospectus, which is not so disclosed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) <U>ERISA</U>.
(i) The Company and its Significant Subsidiaries and any &ldquo;employee benefit plan&rdquo; (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively,
&ldquo;<B><U>ERISA</U></B>&rdquo;)) established or maintained by the Company, its Significant Subsidiaries or their ERISA Affiliates
(as defined below) are in compliance in all material respects with ERISA and the Code; (ii) no &ldquo;reportable event&rdquo; (as
defined under ERISA), other than an event for which the reporting requirement has been waived under regulations issued by the Pension
Benefit Guaranty Corporation, has occurred with respect to any pension plan subject to Title IV of ERISA that is established or
maintained by the Company, its Significant Subsidiaries or any of their ERISA Affiliates (&ldquo;<B><U>Pension Plan</U></B>&rdquo;);
(iii) no Pension Plan&rsquo;s benefit liabilities under Section 4001(a)(16) of ERISA exceed the current value of that Pension Plan&rsquo;s
assets, all as determined as of the most recent valuation date for the Pension Plan&nbsp;in accordance with the assumptions used
for funding the Pension Plan pursuant to Section 412 of ERISA; (iv) none of the Company, its Significant Subsidiaries or any of
their ERISA Affiliates has incurred or reasonably expects to incur any liability under (A) Title IV of ERISA with respect to termination
of, or withdrawal from, any &ldquo;employee benefit plan,&rdquo; (B) Sections 4971 or 4975 of the Code, (C) Section 412 of the
Code as a result of a failure to satisfy the minimum funding standard, or (D) Section 4980B of the Code with respect to the excise
tax imposed thereunder; and (v) each &ldquo;employee benefit plan&rdquo; established or maintained by the Company, its Significant
Subsidiaries or any of their ERISA Affiliates that is intended to be qualified under Section 401(a) of the Code has received a
favorable determination letter from the Internal Revenue Service and nothing has occurred, whether by action or failure to act,
which is reasonably likely to cause disqualification of any such employee benefit plan under Section 401(a) of the Code, except
in the case of each of clauses (i) through (v), which would not have a Material Adverse Effect. &ldquo;<B><U>ERISA Affiliate</U></B>&rdquo;
means, with respect to the Company or a Significant Subsidiary, any member of any group of organizations described in Section 414(b),
(c), (m) or (o) of the Code, of which the Company or such Significant Subsidiary is a member.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(jj) <U>Clinical
Studies</U>. The clinical, pre-clinical and other studies and tests conducted by or, to the knowledge of the Company, on behalf
of the Company were, and, if still pending, are being, conducted in accordance in all material respects with all statutes, laws,
rules and regulations, as applicable (including, without limitation, the U.S. Federal and Drug Administration&rsquo;s (the &ldquo;<B><U>FDA</U></B>&rdquo;)
Good Laboratory Practices and Good Clinical Practices as well as all other applicable rules, regulations, or requirements of the
FDA or any foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed
by the FDA). Except as set forth in the Registration Statement and Prospectus, the Company has not received any written notices
or other written correspondence from the FDA or any other foreign, federal, state or local governmental or regulatory authority
performing functions similar to those performed by the FDA requiring the Company to terminate or suspend any ongoing clinical or
pre-clinical studies or tests. Except as set forth in the Registration Statement and Prospectus, the Company has not received any
483 or other adverse finding from the FDA or any other regulator with respect to any clinical site, clinical trial protocol, or
clinical investigator.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(kk) <U>Labor
Disputes</U>. No labor disturbance by or dispute with employees of the Company or any of its Subsidiaries exists or, to the knowledge
of the Company, is threatened which would reasonably be expected to result in a Material Adverse Effect. None of the employees
of the Company or any of its Subsidiaries is represented by a union and, to the knowledge of the Company, no union organizing activities
are taking place. Neither the Company nor any of its Subsidiaries has violated any federal, state or local law or foreign law relating
to the discrimination in hiring, promotion or pay of employees, nor any applicable wage or hour laws, or the rules and regulations
thereunder, or analogous foreign laws and regulations, which might, individually or in the aggregate, result in a Material Adverse
Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ll) <U>Market
Capitalization</U>. As of the close of trading on the Exchange on April 16, 2020, the aggregate market value of the outstanding
voting and non-voting common equity (as defined in Rule&nbsp;405) of the Company held by persons other than affiliates of the Company
(pursuant to Rule&nbsp;144 of the Securities Act, those that directly, or indirectly through one or more intermediaries, control,
or are controlled by, or are under common control with, the Company) (the &ldquo;<B><U>Non-Affiliate Shares</U></B>&rdquo;), was
approximately $20,034,182 million (calculated by multiplying (x)&nbsp;the price at which the common equity of the Company was last
sold on the Exchange on February 20, 2020 by (y)&nbsp;the number of Non-Affiliate Shares outstanding on April 16, 2020). The Company
is not a shell company (as defined in Rule 405 under the Securities Act) and has not been a shell company for at least 12 calendar
months previously and if it has been a shell company at any time previously, has filed current &ldquo;Form 10 information&rdquo;
(as defined in Instruction 4 to General Instruction I.B.6. of Form S-3) with the Commission at least 12 calendar months previously
reflecting its status as an entity that is not a shell company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(mm) <U>No
Material Defaults</U>. Neither the Company nor any of the Subsidiaries has defaulted on any installment on indebtedness for borrowed
money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since
the filing of its last Annual Report on Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment
on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more
long-term leases, which defaults, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(nn) <U>Absence
of Manipulation; Compliance with Regulation M</U>. Neither the Company, nor any of its Subsidiaries, nor any of its or their respective
directors, officers or, to the knowledge of the Company, controlling persons has taken, directly or indirectly, any action designed
to stabilize or manipulate, or which has constituted or might reasonably be expected to cause or result in, the stabilization or
manipulation of, the price of any security of the Company to facilitate the sale or resale of the Shares, or has taken any action
which would directly or indirectly violate Regulation M, including, without limitation, Rule 102 of Regulation M.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(oo) <U>Director
Independence</U>. Each of the independent directors (or independent director nominees, once appointed, if applicable) named in
the Registration Statement and Prospectus satisfies the independence standards established by the Exchange and, with respect to
members of the Company&rsquo;s audit committee, the enhanced independence standards contained in Rule 10A-3(b)(1) promulgated by
the Commission under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(pp) <U>Broker-Dealer
Status; FINRA Matters</U>. The Company is not required to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance
with the provisions of the Exchange Act and does not, directly or indirectly through one or more intermediaries, control or have
any other association with (within the meaning of Article&nbsp;I of the By-laws of FINRA) any member firm of FINRA. No relationship,
direct or indirect, exists between or among the Company, on the one hand, and the directors, officers or stockholders of the Company,
on the other hand, which is required by the rules of FINRA to be described in the Registration Statement and the Prospectus, which
is not so described. All of the information (including, but not limited to, information regarding affiliations, security ownership
and trading activity) provided to BTIG or its counsel by the Company, its officers and directors and the holders of any securities
(debt or equity) or warrants, options or rights to acquire any securities of the Company in connection with the filing to be made
and other supplemental information to be provided to FINRA pursuant to FINRA Rule 5110 in connection with the transactions contemplated
by this Agreement is true, complete and correct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(qq) <U>Margin
Rules</U>. Neither the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the Company as
described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal
Reserve System or any other regulation of such Board of Governors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(rr) <U>Underwriter
Agreements</U>. The Company is not a party to any agreement with an agent or underwriter for any other &ldquo;at-the-market&rdquo;
or continuous equity transaction or any &ldquo;equity line&rdquo; transaction, other than the transactions contemplated by that
certain Purchase Agreement, dated as of May 15, 2019, by and between the Company and Lincoln Park Capital Fund, LLC, and the agreements
and other documents relating thereto.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(tt) <U>No
Integration</U>. Neither the Company nor, to the Company&rsquo;s knowledge, any of its affiliates (within the meaning of Securities
Act Rule 144) has, prior to the date hereof, made any offer or sale of any securities which could be &ldquo;integrated&rdquo; (within
the meaning of the Securities Act) with the offer and sale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(uu) &nbsp;<U>IT
Systems.</U> (i)(x) To the knowledge of Company, there has been no material security breach or other material compromise of any
of the Company&rsquo;s or its subsidiaries&rsquo; information technology and computer systems, networks, hardware, software, data
(including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf
of them), equipment or technology (collectively, &ldquo;<B><U>IT Systems and Data</U></B>&rdquo;) and (y) the Company has not been
notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any material security
breach or other material compromise to its or its subsidiaries&rsquo; IT Systems and Data; (ii) the Company is presently in material
compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or
governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT
Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification,
except as would not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse Effect; and (iii)
the Company has implemented backup and disaster recovery technology consistent with industry standards and practices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any certificate signed
by an officer of the Company and delivered to BTIG or to counsel for BTIG pursuant to or in connection with this Agreement shall
be deemed to be a representation and warranty by the Company to BTIG as to the matters set forth therein as of the date or dates
indicated therein.</P>

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) <U>Registration
Statement Amendments</U>. After the date of this Agreement and during any period in which a Prospectus relating to any Shares is
required to be delivered by BTIG under the Securities Act (without regard to the effects of Rules 153, 172 and 173 under the Securities
Act) (the &ldquo;<B><U>Prospectus Delivery Period</U></B>&rdquo;), (i) the Company will notify BTIG promptly of the time when any
subsequent amendment to the Registration Statement, other than the Incorporated Documents, 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 or for additional information, (ii) the Company will prepare
and file with the Commission, promptly upon BTIG&rsquo;s request, any amendments or supplements to the Registration Statement or
Prospectus that, in BTIG&rsquo;s reasonable judgment, may be necessary or advisable in connection with the distribution of the
Shares by BTIG (<I>provided, however</I>, that the failure of BTIG to make such request shall not relieve the Company of any obligation
or liability hereunder, or affect BTIG&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 relating to
the Shares (except for the Incorporated Documents) unless a copy thereof has been submitted to BTIG a reasonable period of time
before the filing and BTIG has not reasonably objected thereto (<I>provided, however,</I> (A) that the failure of BTIG to make
such objection shall not relieve the Company of any obligation or liability hereunder, or affect BTIG&rsquo;s right to rely on
the representations and warranties made by the Company in this Agreement, (B) that, if BTIG objects thereto, BTIG may cease making
sales of Shares pursuant to this Agreement and (C) that the Company has no obligation to provide BTIG any advance copy of such
filing or to provide BTIG an opportunity to object to such filing if such filing does not name BTIG or does not relate to the transactions
contemplated hereunder); (iv) the Company will furnish to BTIG 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 to be filed with the Commission as required
pursuant to the applicable paragraph of Rule 424(b) of the Securities Act (without reliance on Rule 424(b)(8) of the Securities
Act) or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within
the time period prescribed (the determination to file or not file any amendment or supplement with the Commission under this <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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) <U>Notice
of Commission Stop Orders</U>. During the Prospectus Delivery Period, the Company will advise BTIG, promptly after it receives
notice or obtains knowledge thereof, of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or any notice objecting to, or other order preventing or suspending the use of, the Prospectus, of the suspension of
the qualification of the Shares for offering or sale in any jurisdiction, or of the initiation of any proceeding for any such purpose
or any examination pursuant to Section 8(e) of the Securities Act, or if the Company becomes the subject of a proceeding under
Section 8A of the Securities Act in connection with the offering of the Shares; 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. Until such
time as any stop order is lifted, BTIG may cease making offers and sales under this Agreement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) <U>Delivery
of Prospectus; Subsequent Changes</U>. During the Prospectus Delivery Period, 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 all reports and
any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a),
13(c), 14, 15(d) or any other provision of or under the Exchange Act. If the Company has omitted any information from the Registration
Statement pursuant to Rule 430B under the Securities Act, it will use its best efforts to comply with the provisions of and make
all requisite filings with the Commission pursuant to said Rule 430B and to notify BTIG promptly of all such filings. If during
the Prospectus Delivery Period any event occurs as a result of which the Prospectus as then amended or supplemented would include
an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light
of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration
Statement or Prospectus to comply with the Securities Act, the Company will promptly notify BTIG to suspend the offering of 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) <U>Listing
of Shares</U>. During the Prospectus Delivery Period, the Company will use its commercially reasonable efforts to cause the Shares
to be listed on the Exchange. The Company will timely file with the Exchange all material documents and notices required by the
Exchange of companies that have or will issue securities that are traded on the Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e) <U>Delivery
of Registration Statement and Prospectus</U>. The Company will furnish to BTIG and its counsel (at the expense of the Company)
copies of the Registration Statement, the Prospectus (including all Incorporated Documents) and all amendments and supplements
to the Registration Statement or Prospectus that are filed with the Commission during the Prospectus Delivery Period, including
all documents filed with the Commission during such period that are deemed to be incorporated by reference therein, in each case,
as soon as reasonably practicable via e-mail in &ldquo;.pdf&rdquo; format to an e-mail account designated by BTIG and, at BTIG&rsquo;s
request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Shares may be made; <I>provided,
however</I>, that the Company shall not be required to furnish any document (other than the Prospectus) to BTIG to the extent such
document is available on EDGAR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f) <U>Earnings
Statement</U>. The Company will make generally available to its security holders as soon as practicable, but in any event not later
than 16 months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Securities Act), an
earnings statement of the Company and its subsidiaries (which need not be audited) complying with Section 11(a) and Rule 158 of
the Securities Act. The terms &ldquo;earnings statement&rdquo; and &ldquo;make generally available to its security holders&rdquo;
shall have the meanings set forth in Rule 158 under the Securities Act.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g) <U>Expenses</U>.
The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated in accordance
with the provisions of <U>Section 12</U> hereunder, will pay all expenses incident to the performance of its obligations hereunder,
including, but not limited to, expenses relating to: (i) the preparation, printing, filing and delivery to BTIG of the Registration
Statement and each amendment and supplement thereto, of each Prospectus and of each amendment and supplement thereto, and of this
Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of
the Shares; (ii) the preparation, issuance and delivery of the Shares, including any stock or other transfer taxes and any stamp
or other duties payable upon the sale, issuance or delivery of the Shares to BTIG; (iii) the fees and disbursements of the counsel,
accountants and other advisors to the Company in connection with the transactions contemplated by this Agreement; (iv) the reimbursement
for reasonable out-of-pocket expenses incurred by BTIG, including the fees and disbursements of counsel to BTIG, in connection
with the transactions contemplated by this Agreement, (A) in an amount not to exceed $50,000 in connection with the execution of
this Agreement and (B) in an amount not to exceed an additional $7,500 for each calendar quarter from and after the date of this
Agreement during which either (1) sales of Shares have been made pursuant to this Agreement or (2) a Representation Date has occurred
with respect to which the Company is obligated to deliver a certificate pursuant to <U>Section&nbsp;7(m)</U> for which no waiver
is applicable pursuant to <U>Section&nbsp;7(m)</U>; (v) the qualification of the Shares under securities laws in accordance with
the provisions of <U>Section 7(y</U>), including filing fees, if any, but excluding fees and disbursements of BTIG&rsquo;s counsel
in connection therewith; (vi) the fees and expenses incurred in connection with the listing or qualification of the Shares for
trading on the Exchange; (vii) the fees and expenses of the transfer agent or registrar for the Common Stock; and (viii) filing
fees and expenses, if any, of the Commission and FINRA.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) <U>Other
Sales</U>. Without the prior written consent of BTIG, the Company will not, directly or indirectly, offer to sell, sell, contract
to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Shares offered pursuant to this Agreement)
or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire, Common Stock during
the period beginning on the fifth (5<SUP>th</SUP>)&nbsp;Trading Day immediately prior to the date on which any Placement Notice
is delivered to BTIG hereunder and ending on the fifth (5<SUP>th</SUP>)&nbsp;Trading Day immediately following the final Settlement
Date with respect to Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended
prior to the sale of all Shares covered by a Placement Notice, the date of such suspension or termination); and will not directly
or indirectly in any other &ldquo;at-the-market&rdquo; or continuous equity transaction offer to sell, sell, contract to sell,
grant any option to sell or otherwise dispose of any Common Stock (other than the Shares offered pursuant to this Agreement) or
securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire, Common Stock prior
to the later of the termination of this Agreement and the twentieth (20<SUP>th</SUP>)&nbsp;day immediately following the final
Settlement Date with respect to Shares sold pursuant to such Placement Notice; <I>provided, however,</I> that such restrictions
will not be required in connection with the Company&rsquo;s issuance or sale of (i)&nbsp;Common Stock, options to purchase Common
Stock, other equity awards to acquire Common Stock, or Common Stock issuable upon the exercise or vesting of options or other equity
awards, pursuant to any employee or director equity awards or benefits plan, stock ownership plan or dividend reinvestment plan
(but not Common Stock subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in
effect or hereafter implemented, (ii)&nbsp;Common Stock issuable upon conversion of securities or the exercise or vesting of warrants,
options or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing
to BTIG and (iii)&nbsp;Common Stock or securities convertible into or exchangeable for shares of Common Stock as consideration
for mergers, acquisitions, other business combinations or strategic alliances, or offered and sold in a privately negotiated transaction
to vendors, customers, lenders, investors, strategic partners or potential strategic partners, occurring after the date of this
Agreement which are not issued primarily for capital raising purposes.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k) <U>Due
Diligence Cooperation</U>. The Company will cooperate with any reasonable due diligence review conducted by BTIG 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, as BTIG may
reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l) <U>Required
Filings Relating to Placement of Shares</U>. The Company agrees that (i) as promptly as practicable after the close of each of
the Company&rsquo;s fiscal quarters, or on such other dates as required under the Securities Act or under interpretations by the
Commission thereof, the Company shall prepare a prospectus supplement, which will set forth the number of Shares sold to or through
BTIG during such quarterly period (or other relevant period), the Net Proceeds to the Company and the compensation paid or payable
by the Company to BTIG with respect to such sales of Shares and shall file such prospectus supplement pursuant to Rule 424(b) under
the Securities Act (and within the time periods required by Rule 424(b) and Rule 430B under the Securities Act, as applicable)
and shall file any issuer free writing prospectus that is required to be filed with the Commission within the applicable time period
prescribed for such filing by Rule 433 of the Securities Act or (ii) if such prospectus supplement is not so filed with respect
to a particular fiscal quarter, the Company shall disclose the information referred to in clause (i) above in its annual report
on Form 10-K or its quarterly report on Form 10-Q, as applicable, in respect of such quarterly period and shall file such report
with the Commission within the applicable time period prescribed for such report under the Exchange Act. The Company shall not
file any such prospectus supplement or issuer free writing prospectus relating to such sales, and shall not file any report containing
disclosure relating to such sales, unless a copy of such prospectus supplement or issuer free writing prospectus or disclosure
relating to such sales to be included in a Form 10-K or Form 10-Q (it being acknowledged and agreed that the Company shall not
submit any portion of any Form 10-K or Form 10-Q other than the specific disclosure relating to any sales of Shares), as applicable,
has been submitted to BTIG a reasonable period of time before the filing and BTIG has not reasonably objected thereto (provided,
however, (A) that the failure of BTIG to make such objection shall not relieve the Company of any obligation or liability hereunder,
or affect BTIG&rsquo;s right to rely on the representations and warranties made by the Company in this Agreement, and (B) that,
if BTIG objects thereto, BTIG may cease making sales of Shares pursuant to this Agreement). The Company shall provide copies of
the Prospectus and such prospectus supplement and any issuer free writing prospectus to BTIG via e-mail in &ldquo;.pdf&rdquo; format
on such filing date to an e-mail account designated by BTIG and shall also furnish copies of the Prospectus and such prospectus
supplement to each exchange or market on which sales of the Shares may be made 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: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m) <U>Representation
Dates; Certificate</U>. On or prior to the date the first Placement Notice is given pursuant to this Agreement and each time the
Company (i) files the Prospectus relating to the Shares or amends or supplements the Registration Statement or the Prospectus relating
to the Shares (other than (A) a prospectus supplement filed in accordance with <U>Section 7(l</U>) or (B) a supplement or amendment
that relates to an offering of securities other than the Shares) by means of a post-effective amendment, sticker, or supplement,
but not by means of incorporation of document(s) by reference in the Registration Statement or the Prospectus relating to the Shares;
(ii) files an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information
or a material amendment to the previously filed Form 10-K); (iii) files a quarterly report on Form 10-Q under the Exchange Act;
or (iv) files a report on Form 8-K containing amended financial information (other than information &ldquo;furnished&rdquo; pursuant
to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassifications
of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) 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 BTIG within three (3) Trading Days after each Representation Date (but in the case
of clause (iv) above only if BTIG reasonably determines that the information contained in such Form 8-K is material) with a certificate,
in the form attached hereto as <U>Exhibit 7(m</U>). The requirement to provide a certificate under this <U>Section 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, however</I>, that such waiver
shall not apply for any Representation Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing,
if the Company subsequently decides to sell Shares following a Representation Date when the Company relied on such waiver and did
not provide BTIG with a certificate under this <U>Section 7(m</U>), then before the Company delivers the Placement Notice or BTIG
sells any Shares, the Company shall provide BTIG 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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n) <U>Legal
Opinions</U>. On or prior to the date the first Placement Notice is given pursuant to this Agreement, the Company shall cause to
be furnished to BTIG the written opinions and negative assurance of Sichenzia Ross Ference LLP, as primary outside corporate and
securities counsel to the Company, or other counsel reasonably satisfactory to BTIG (&ldquo;<B><U>Company Counsel</U></B>&rdquo;),
and the written opinions and negative assurance of Coastal Patent, as outside intellectual property counsel to the Company, or
other counsel reasonably satisfactory to BTIG (&ldquo;<B><U>Company IP Counsel</U></B>&rdquo;), in each case substantially in the
forms previously agreed between the Parties. Thereafter, within three (3) Trading Days after 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 pursuant to <U>Section 7(m)</U>, and not more than once per calendar quarter, the Company shall cause to be furnished
to BTIG the written opinions and negative assurance of Company Counsel and Company IP Counsel substantially in the form previously
agreed between the Parties, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended
or supplemented; <U>provided</U>, <U>however</U>, that if Company Counsel and Company IP Counsel have previously furnished to BTIG
such written opinions and negative assurance substantially in the form previously agreed between the Parties, Company Counsel and
Company IP Counsel may, in respect of any future Representation Date, furnish BTIG with a letter (a &ldquo;<B><U>Reliance Letter</U></B>&rdquo;)
in lieu of such opinions and negative assurance to the effect that BTIG may rely on the prior opinions and negative assurance of
Company Counsel and Company IP Counsel, respectively, delivered pursuant to this <U>Section 7(n)</U> to the same extent as if it
were dated the date of such Reliance Letter (except that statements in such prior opinion shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented to the date of such Reliance Letter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o) <U>Comfort
Letter</U>. On or prior to the date the first Placement Notice is given pursuant to this Agreement and within three (3) Trading
Days after 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 pursuant to <U>Section 7(m)</U>, the Company shall cause its independent
accountants to furnish BTIG a letter, dated as of such date (the &ldquo;<B><U>Comfort Letter</U></B>&rdquo;), in form and substance
satisfactory to BTIG, (i) confirming that they are an independent registered public accounting firm within the meaning of the Securities
Act, the Exchange Act and the rules and regulations of the PCAOB and are in compliance with the applicable requirements relating
to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission, (ii) stating, as of such date, the conclusions
and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants&rsquo;
&ldquo;comfort letters&rdquo; to underwriters in connection with registered public offerings (the first such letter, the &ldquo;<B><U>Initial
Comfort Letter</U></B>&rdquo;) and (iii) 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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p) <U>CSO
Certification</U>. On or prior to the date the first Placement Notice is given hereunder and, if requested by BTIG in its sole
discretion, within three (3) Trading Days after each subsequent Representation Date with respect to which the Company is obligated
to deliver a certificate pursuant to <U>Section&nbsp;7(m)</U> for which no waiver is applicable pursuant to <U>Section&nbsp;7(m)</U>,
the Company shall furnish BTIG with a certificate, signed on behalf of the Company by its Chief Scientific Officer, in the form
attached hereto as <U>Exhibit 7(p</U>), dated the date that the CSO Certificate is delivered (each, a &ldquo;<B><U>CSO Certificate</U></B>&rdquo;).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q) <U>Market
Activities</U>. The Company shall not, and shall cause its Subsidiaries and its and their respective directors, officers and controlling
persons not to, directly or indirectly, (i) take any action designed to stabilize or manipulate, or which constitutes or might
reasonably be expected to cause or result in, the stabilization or manipulation of, the price of any security of the Company to
facilitate the sale or resale of the Shares or (ii) sell, bid for, or purchase the Shares to be issued and sold pursuant to this
Agreement, or pay anyone any compensation for soliciting the purchases of the Shares, other than BTIG. Without limiting the generality
of the foregoing, the Company will, and shall cause each of its affiliates to, comply with all applicable provisions of Regulation
M, including, without limitation, Rule 102 of Regulation M.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r) <U>Insurance</U>.
The Company and its Subsidiaries shall maintain, or cause to be maintained, insurance in such amounts and covering such risks the
Company reasonably deems adequate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s) <U>Compliance
with Laws</U>. The Company and each of its Subsidiaries shall maintain, or cause to be maintained, all material permits, licenses
and other authorizations required by 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 laws, except where the failure to maintain or be
in compliance with such permits, licenses and authorizations could not reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(t) <U>Securities
Act and Exchange Act</U>. The Company will 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 Shares as contemplated
by the provisions hereof and the Prospectus. Without limiting the generality of the foregoing, during the Prospectus Delivery Period,
the Company will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods
required by the Exchange Act (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(u) <U>Sarbanes-Oxley
Act</U>. The Company, and each of the Significant Subsidiaries, will maintain a system of internal accounting controls sufficient
to provide reasonable assurance that (i) transactions are executed in accordance with management&rsquo;s general or specific authorization;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted
accounting principles 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 book value for assets is compared with the fair market value of such assets
(computed in accordance with generally accepted accounting principles) at reasonable intervals and appropriate action is taken
with respect to any differences. The Company will comply with all requirements imposed upon it by the Sarbanes-Oxley Act and the
rules and regulations of the Commission and the Exchange promulgated thereunder.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v) <U>No
Offer To Sell</U>. Other than a free writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance in
writing by the Company and BTIG in its capacity as agent hereunder, neither BTIG nor the Company (including its agents and representatives
other than BTIG in its capacity as such) will, directly or indirectly, make, use, prepare, authorize, approve or refer to any free
writing prospectus relating to the Shares to be sold by BTIG as agent hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(w) <U>Investment
Company Act</U>. The Company shall conduct its affairs in such a manner so as to reasonably ensure that neither it nor any of its
Subsidiaries will be or become, at any time prior to the termination of this Agreement, an &ldquo;investment company,&rdquo; as
such term is defined in the Investment Company Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x) <U>Transfer
Agent</U>. The Company shall maintain, at its sole expense, a registrar and transfer agent for the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(y) <U>Blue
Sky and Other Qualifications</U><I>.</I> The Company will use its commercially reasonable efforts, in cooperation with BTIG, to
qualify the Shares for offering and sale, or to obtain an exemption for the Shares to be offered and sold, under the applicable
securities laws of such states and other jurisdictions (domestic or foreign) as BTIG may designate and to maintain such qualifications
and exemptions in effect for so long as required for the distribution of the Shares (but in no event for less than one year from
the date of this Agreement); <I>provided, however</I>, that the Company shall not be obligated to file any general consent to service
of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified
or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each
jurisdiction in which the Shares have been so qualified or exempt, the Company will file such statements and reports as may be
required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long
as required for the distribution of the Shares (but in no event for less than one year from the date of this Agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(z) <U>Renewal
of Registration Statement</U>. If, immediately prior to the third (3<SUP>rd</SUP>) anniversary of the initial effective date of
the Registration Statement (the &ldquo;<B><U>Renewal Date</U></B>&rdquo;), any of the Shares remain unsold and this Agreement has
not been terminated for any reason, the Company will, prior to the Renewal Date, file a new shelf registration statement or, if
applicable, an automatic shelf registration statement relating to the Shares, in a form satisfactory to BTIG and its counsel, and,
if such registration statement is not an automatic shelf registration statement, will use its best efforts to cause such registration
statement to be declared effective within 180&nbsp;days after the Renewal Date. The Company will take all other reasonable actions
necessary or appropriate to permit the public offer and sale of the Shares to continue as contemplated in the expired registration
statement relating to the Shares. From and after the effective date thereof, references herein to the &ldquo;Registration Statement&rdquo;
shall include such new shelf registration statement or such new automatic shelf registration statement, as the case may be.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(aa) <U>Consent
to BTIG Purchases</U>. The Company acknowledges and agrees that BTIG has informed the Company that BTIG may, to the extent permitted
under the Securities Act and the Exchange Act, purchase and sell Shares for its own account while this Agreement is in effect;
<I>provided</I>, that (i) no such purchase or sales shall take place while a Placement Notice is in effect (except to the extent
BTIG may engage in sales of 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 BTIG,
except as may be otherwise agreed by the Company and BTIG.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8. <U>Representations
and Covenants of BTIG</U>. BTIG represents and warrants that it is duly registered as a broker-dealer under FINRA, the Exchange
Act and the applicable statutes and regulations of each state in which the Shares will be offered and sold, except such states
in which BTIG is exempt from registration or such registration is not otherwise required. BTIG shall continue, for the term of
this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations
of each state in which the Shares will be offered and sold, except in such states in which BTIG is exempt from registration or
such registration is not otherwise required, during the terms of this Agreement. BTIG will comply with all applicable laws and
regulations in connection with the sale of Shares pursuant to this Agreement, including, but not limited to, Regulation M under
the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9. <U>Conditions to
BTIG&rsquo;s Obligations</U>. The obligations of BTIG 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 BTIG of a due diligence review satisfactory to BTIG in its reasonable judgment,
and to the continuing satisfaction (or waiver by BTIG in its sole discretion) of the following additional conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) <U>Registration
Statement Effective</U>. The Registration Statement shall be effective and shall be available for the offer and sale of all Shares
that have been issued or are contemplated to be issued pursuant to all Placement Notices that have been delivered to BTIG by the
Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) <U>Prospectus
Supplement</U>. The Company shall have filed with the Commission the Prospectus Supplement pursuant to Rule 424(b) under the Securities
Act not later than the Commission&rsquo;s close of business on the second Business Day following the date of this Agreement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) <U>No
Material Notices</U>. None of the following events shall have occurred and be continuing: (i) receipt by the Company of any request
for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness
of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration
Statement or the Prospectus; (ii) 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 other order preventing or suspending the use of the Prospectus
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 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 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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) <U>No
Misstatement or Material Omission</U>. BTIG 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 BTIG&rsquo;s reasonable opinion is material,
or omits to state a fact that in BTIG&rsquo;s 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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e) <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 Effect, or any development that could reasonably be expected to cause a Material Adverse Effect, or a downgrading
in or withdrawal of the rating assigned to any of the Company&rsquo;s 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, the effect
of which, in the case of any such action by a rating organization described above, in the reasonable judgment of BTIG (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 Shares on the terms and in the manner contemplated by this Agreement and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f) <U>Legal
Opinions</U>. BTIG shall have received the opinions and negative assurances required to be delivered pursuant to <U>Section 7(n</U>)
on or before the date on which such delivery of such opinions are required pursuant to <U>Section 7(n</U>).</P>

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

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

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

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

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


<!-- Field: Page; Sequence: 32; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l) <U>Securities
Act Filings Made</U>. All filings with the Commission required by Rule 424(b) and Rule 433 under the Securities Act to have been
filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed
for such filing by Rule 424(b) (without reliance on Rule 424(b)(8) of the Securities Act) and Rule 433.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m) <U>Approval
for Listing</U>. The Shares shall have been approved for listing on the Exchange, subject only to notice of issuance.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o) <U>FINRA</U>.
BTIG shall have received a letter from the Corporate Financing Department of FINRA confirming that such department has determined
to raise no objection with respect to the fairness or reasonableness of the terms and arrangements related to the sale of the Shares
pursuant to this Agreement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 34.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 34.6pt">(a) <U>Indemnification
by the Company</U>. The Company agrees to indemnify and hold harmless BTIG, its directors, officers, members, partners, employees
and agents and each BTIG Affiliate, if any, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 70.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 70.6pt">(i) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged
omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading,
or arising out of any untrue statement or alleged untrue statement of a material fact included in any &ldquo;issuer free writing
prospectus&rdquo; (as defined in Rule 433 under the Securities Act) or the Prospectus (or any amendment or supplement thereto),
or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 70.6pt">(ii) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that any
such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed or withheld;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 70.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 70.6pt">(iii) against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by BTIG), reasonably incurred
in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged
untrue statement or omission, to the extent that any such expense is not paid under (i)&nbsp;or (ii)&nbsp;above;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>provided, however</I>, that
this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue
statement or omission, or alleged untrue statement or omission, made in reliance upon and in conformity with information relating
to BTIG that has been furnished in writing to the Company by BTIG expressly for inclusion in any document described in clause (i)
of this <U>Section 10(a)</U>. This indemnity agreement will be in addition to any liability that the Company might otherwise have.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) <U>Indemnification
by BTIG.</U> BTIG agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who signed
the Registration Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Company against any and all
losses, liabilities, claims, damages and expenses described in the indemnity contained in <U>Section 10(a)</U>, as and when incurred,
but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement
(or any amendment thereto), any &ldquo;issuer free writing prospectus&rdquo; (as defined in Rule 433 under the Securities Act)
or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information relating
to BTIG that has been furnished to the Company by BTIG expressly for inclusion in any document as described in clause (i) of <U>Section
10(a)</U>.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) <U>Procedure</U>.
Any indemnified party that proposes to assert the right to be indemnified under this <U>Section 10</U> will, promptly after receipt
of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party
or parties under this <U>Section 10</U>, notify each such indemnifying party of the commencement of such action, enclosing a copy
of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any
liability that it might have to any indemnified party otherwise than under this <U>Section 10</U> and (ii) any liability that it
may have to any indemnified party under the foregoing provision of this <U>Section 10</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 costs of investigation subsequently
incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel
in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless
(1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified
party has reasonably concluded (based on advice of counsel to the indemnified party) that there may be legal defenses available
to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict
or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying
party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified
party) or (4) 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 as they are incurred. 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 10</U> (whether or not any indemnified party is a party thereto), unless such settlement,
compromise or consent (1) includes 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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) <U>Contribution</U>.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this <U>Section 10</U> is applicable in accordance with its terms but for any reason is held to be unavailable from
the Company or BTIG, the Company and BTIG 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) to which the Company and BTIG may be subject in such proportion as shall be appropriate
to reflect the relative benefits received by the Company on the one hand and BTIG on the other. The relative benefits received
by the Company on the one hand and BTIG on the other hand shall be deemed to be in the same proportion as the total net proceeds
from the sale of the Shares (net of commissions to BTIG but before deducting expenses) received by the Company bear to the total
compensation received by BTIG from the sale of 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 BTIG, 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 BTIG,
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 BTIG agree that it would not be just and equitable if contributions pursuant to this <U>Section 10(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 10(d</U>) shall be deemed to include, for
the purpose of this <U>Section 10(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 10(c</U>) hereof. Notwithstanding
the foregoing provisions of this <U>Section 10(d</U>), BTIG 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 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 10(d</U>), any person who controls a party to this Agreement within the meaning of the Securities
Act, and any officers, directors, members, partners, employees or agents of BTIG, will have the same rights to contribution as
that party, and each officer 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
10(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
10(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
10(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 10(c</U>) hereof.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11. <U>Representations
and Agreements to Survive Delivery</U>. The indemnity and contribution agreements contained in <U>Section 10</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 BTIG, any controlling persons, or the Company
(or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Shares and payment
therefor or (iii) any termination of this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) BTIG
shall have the right, by giving notice as hereinafter specified in <U>Section 13</U>, at any time to terminate this Agreement if:
(i) any Material Adverse Effect, or any development that has actually occurred and that would reasonably be expected to result
in a Material Adverse Effect, has occurred that, in the reasonable judgment of BTIG, may materially impair the ability of BTIG
to sell the Shares hereunder; (ii) there has occurred any (A) material adverse change in the financial markets in the United States
or the international financial markets, (B) outbreak of hostilities or escalation thereof or other calamity or crisis or (C) change
or development involving a prospective change in national or international political, financial or economic conditions, in each
case the effect of which, in the reasonable judgment of BTIG, may materially impair the ability of BTIG to sell the Shares hereunder;
(iii) trading in the Common Stock has been suspended or limited by the Commission or the Exchange, or if trading generally on the
Exchange has been suspended or limited (including automatic halt in trading pursuant to market-decline triggers other than those
in which solely program trading is temporarily halted), or minimum prices for trading have been fixed on the Exchange; (iv) any
suspension of trading of any securities of the Company on any exchange or in the over-the-counter market shall have occurred and
be continuing; (v) a major disruption of securities settlements or clearance services in the United States shall have occurred
and be continuing; or (vi) a banking moratorium has been declared by either U.S. Federal or New York authorities. Any such termination
pursuant to this <U>Section 12(a)</U> shall be without liability of any party to any other party, except that the provisions of
<U>Section 7(g</U>) (Expenses), <U>Section 10</U> (Indemnification), <U>Section 11</U> (Survival of Representations), <U>Section
12(f)</U>, <U>Section 17</U> (Applicable Law; Consent to Jurisdiction) and <U>Section 18</U> (Waiver of Jury Trial) hereof shall
remain in full force and effect notwithstanding such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) The Company
shall have the right, by giving ten (10) days&rsquo; notice as hereinafter specified in <U>Section 13</U>, 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 7(g</U>), <U>Section 10</U>, <U>Section 11</U>, <U>Section 12(f)</U>,
<U>Section 17</U> and <U>Section 18</U> hereof shall remain in full force and effect notwithstanding such termination.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) BTIG
shall have the right, by giving ten (10) days&rsquo; notice as hereinafter specified in <U>Section 13</U>, 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 7(g</U>), <U>Section 10</U>, <U>Section 11</U>, <U>Section 12(f)</U>,
<U>Section 17</U> and <U>Section 18</U> hereof shall remain in full force and effect notwithstanding such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) Unless
earlier terminated pursuant to this <U>Section 12</U>, this Agreement shall automatically terminate upon the issuance and sale
of all of the Shares to or through BTIG on the terms and subject to the conditions set forth herein; <I>provided</I> that the provisions
of <U>Section 7(g</U>), <U>Section 10</U>, <U>Section 11</U>, <U>Section 12(f)</U>, <U>Section 17</U> and <U>Section 18</U> hereof
shall remain in full force and effect notwithstanding such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e) This
Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections 12(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 7(g</U>), <U>Section 10</U>, <U>Section 11</U>, <U>Section 12(f)</U>,
<U>Section 17</U> and <U>Section 18</U> shall remain in full force and effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13. <U>Notices</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notices or other
communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall
be in writing, unless otherwise specified, and if sent to BTIG, shall be delivered to</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">825 Third
Avenue, 6<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">New York,
NY 10022</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">with copies (which shall not constitute
notice) to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">600 Montgomery
Street, 6<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">San Francisco,
CA 94111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Attention:
General Counsel and Chief Compliance Officer</P>

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Mintz, Levin,
Cohn, Ferris, Glovsky and Popeo, P.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">666 Third
Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">New York,
NY 10017</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and if to the Company, shall be delivered
to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">1200 Prospect
Street, Suite 525</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">La Jolla,
CA 92037</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">with a copy (which shall not constitute
notice) to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">1185 Avenue
of the Americas, 37<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">New York,
NY 10036</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party may change
such address for notices by sending to the other party 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 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 Exchange
and commercial banks in the City of New York are open for business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An electronic communication
(&ldquo;<B><U>Electronic Notice</U></B>&rdquo;) shall be deemed written notice for purposes of this <U>Section 13</U> if sent to
the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at
the time the party sending Electronic Notice receives confirmation of receipt by the receiving party (other than pursuant to auto-reply).
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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14. <U>Successors
and Assigns</U>. This Agreement shall inure to the benefit of and be binding upon the Company and BTIG and their respective successors
and permitted assigns and, as to <U>Sections 5(b)</U> and <U>10</U>, the other indemnified parties specified therein. 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 other person any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its
rights or obligations under this Agreement without the prior written consent of the other party; <I>provided, however</I>, that
BTIG may assign its rights and obligations hereunder to an affiliate of BTIG without obtaining the Company&rsquo;s consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15. <U>Adjustments
for Stock Splits</U>. The Parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted
to take into account any stock split, stock dividend or similar event effected with respect to the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16. <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 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 BTIG. In the event that any one or more of
the terms or 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 term or 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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17. <B><U>GOVERNING
LAW AND TIME; WAIVER OF JURY TRIAL</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. THE COMPANY
AND BTIG EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>18. <U>CONSENT
TO JURISDICTION</U>. 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.</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19. <U>Absence of Fiduciary
Relationship</U>. The Company acknowledges and agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) BTIG
is acting solely as agent in connection with the sale of the Shares contemplated by this Agreement and the process leading to such
transactions, and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or
other equity holders), creditors or employees or any other party, on the one hand, and BTIG, on the other hand, has been or will
be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether BTIG has advised or is
advising the Company on other matters, and BTIG has no obligation to the Company with respect to the transactions contemplated
by this Agreement, except the obligations expressly set forth in this Agreement;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) BTIG
has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement,
and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e) the Company
waives, to the fullest extent permitted by law, any claims it may have against BTIG for breach of fiduciary duty or alleged breach
of fiduciary duty and agrees that BTIG shall have no liability (whether direct or indirect, in contract, tort or otherwise) to
the Company in respect of such a fiduciary duty 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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20. <U>Effect of Headings;
Knowledge of the Company</U>. The section and Exhibit headings herein are for convenience only and shall not affect the construction
hereof. All references in this Agreement to the &ldquo;knowledge of the Company&rdquo; or the &ldquo;Company&rsquo;s knowledge&rdquo;
or similar qualifiers shall mean the actual knowledge of the directors and officers of the Company, after due inquiry.</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21. <U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile
or electronic transmission.</P>

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

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

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INMUNE BIO INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">/s/ David Moss</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>David Moss</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>CFO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACCEPTED as of the date first-above written:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BTIG, LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">/s/ KC Stone</P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>KC Stone</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Managing Director</P>


</TD></TR>
</TABLE>


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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">From:</TD><TD STYLE="text-align: justify">INmune Bio Inc.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Cc:</TD><TD STYLE="text-align: justify">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">To:</TD><TD STYLE="text-align: justify">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Subject:</TD><TD STYLE="text-align: justify">Placement Notice</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the terms
and subject to the conditions contained in the Sales Agreement between INmune Bio Inc., a Nevada corporation (the &ldquo;<B><U>Company</U></B>&rdquo;),
and BTIG, LLC (&ldquo;<B><U>BTIG</U></B>&rdquo;) dated April 16, 2020 (the &ldquo;<B><U>Agreement</U></B>&rdquo;), I hereby request
on behalf of the Company that BTIG sell up to [[___] shares] [$[___] worth of shares] of the Company&rsquo;s common stock, par
value $0.001 per share, subject to the Maximum Amount (the &ldquo;<B><U>Shares</U></B>&rdquo;), at market prices not lower than
$[____] per share, during the time period beginning [month, day, time] and ending [month, day, time].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[The company may include
such other sales parameters as it deems appropriate, subject to the terms and conditions of the Agreement.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Terms used herein and
not defined herein have the meanings ascribed to them in the Agreement.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BTIG shall be paid
cash compensation equal to three percent (3.0%) of the gross proceeds from the sales of Shares pursuant to the terms of this Agreement.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KC Stone (kcstone@btig.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Austin Hamilton (ahamilton@btig.com)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Carrie Taylor (ctaylor@btig.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kathleen Carney (kcarney@btig.com)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Matt Clark (mclark@btig.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nick Nolan (nnolan@btig.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Tufts (jtufts@btig.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richard Engle (rengle@btig.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brenna Cummings (bcummings@btig.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conner Scott (cscott@btig.com)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>INMUNE BIO INC.</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RJ Tesi (rtesi@inmunebio.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Moss (dmoss@inmunebio.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark Lowdell (mlowdell@inmunebio.com)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>SCHEDULE 4</U></B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAME OF SUBSIDIARY </B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>JURISDICTION OF FORMATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INmune Bio International Ltd.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">England</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INmune Bio Australia Pty Ltd. </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Australia</FONT></TD></TR>
</TABLE>


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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The undersigned,
the duly qualified and appointed _____________________ of INmune Bio Inc., a Nevada corporation (the &ldquo;<B><U>Company</U></B>&rdquo;),
does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(m) of the Sales Agreement, dated April
16, 2020 (the &ldquo;<B><U>Sales Agreement</U></B>&rdquo;), between the Company and BTIG, that:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">the representations and warranties of the Company
in Section 6 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 Effect, such representations and warranties are true and correct
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, with the same force and effect as if expressly made on and as of the date hereof, and (B)
to the extent such representations and warranties are not subject to any qualifications or exceptions, such representations and
warranties are true and correct in all material respects as of the date hereof as if 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,
with the same force and effect as if expressly made on and as of the date hereof;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">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;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">as of the date hereof, (i) the Registration Statement
does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein not misleading, (ii) the Prospectus does not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading and (iii) no event has occurred as a result of which it is necessary
to amend or supplement the Registration Statement or the Prospectus in order to make the statements therein not untrue or misleading
for clauses (i) and (ii) above, respectively, to be true and correct;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(iv)</TD><TD STYLE="text-align: justify">there has been no material adverse change since the date
as of which information is given in the Prospectus, as amended or supplemented;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(v)</TD><TD STYLE="text-align: justify">the Company does not possess any material non-public
information; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 47 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(vi)</TD><TD STYLE="text-align: justify">the aggregate offering price of the Shares that may
be issued and sold pursuant to the Sales Agreement and the maximum number or amount of Shares that may be sold pursuant to the
Sales Agreement have been duly authorized by the Company&rsquo;s board of directors or a duly authorized committee thereof.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Terms used herein and not defined herein
have the meanings ascribed to them in the Sales Agreement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>


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

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

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


<!-- Field: Page; Sequence: 48 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The undersigned,
the duly qualified and appointed Chief Scientific Officer of INmune Bio Inc., a Nevada corporation (the &ldquo;<B><U>Company</U></B>&rdquo;),
does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(p) of the Sales Agreement, dated April
16, 2020 (the &ldquo;<B><U>Sales Agreement</U></B>&rdquo;), between the Company and BTIG, that:</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">I am familiar with the clinical immunotherapy regulations
applicable to the Company and its Subsidiaries and their respective businesses and product candidates, and with their respective
governmental approvals or clearances, and applications for or submissions with all U.S. and foreign regulatory agencies, including
the FDA and the MHRA, regarding such approvals or clearances (collectively, the &ldquo;<B><U>Clinical Regulatory Matters</U></B>&rdquo;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">I have reviewed the Registration Statement and the Prospectus
(including, without limitation, the Prospectus Supplement), and all reports, statements, filings, and other documents incorporated
or deemed to be incorporated by reference therein (collectively, the &ldquo;<B><U>Offering Documents</U></B>&rdquo;), including,
without limitation, the information and other disclosure contained or incorporated by reference in the Offering Documents concerning
Clinical Regulatory Matters (the &ldquo;<B><U>Clinical Regulatory Information</U></B>&rdquo;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">Either I, or one of the Company&rsquo;s or its Subsidiaries&rsquo;
agents, consultants or advisors that report to or communicate with me directly on a regular basis and are primarily responsible
for the Clinical Regulatory Matters relating to any of the Company&rsquo;s or its Subsidiaries&rsquo; businesses, product candidates
or pre-clinical or clinical trials involving any product candidates of the Company or any of its Subsidiaries (collectively, the
&ldquo;<B><U>Regulatory Agents</U></B>&rdquo;), have calculated, derived, researched or compiled the Clinical Regulatory Information
or the information on which the Clinical Regulatory Information is primarily based. The Clinical Regulatory Information matched
or was accurately derived from the applicable books and records of the Company, one of its Subsidiaries or one of the Regulatory
Agents, or otherwise matched or was accurately derived from published or otherwise reasonably reliable information regarding the
Company&rsquo;s industry, business or product candidates through reasonable research efforts by the Company, one of its Subsidiaries,
or one of the Regulatory Agents, in all material respects.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">Nothing has come to my attention that caused me to believe
that each item of Clinical Regulatory Information contained in the Offering Documents was not accurate in all material respects
as of the date of this Certificate, except for any item of Clinical Regulatory Information that speaks solely as of a specific
date, in which case as of such specific date.</TD>
</TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: justify">Nothing has come to my attention that caused me to
believe that any item of Clinical Regulatory Information contained in the Offering Documents, as of the date of this Certificate
(except for any item of Clinical Regulatory Information that speaks solely as of a specific date, in which case as of such specific
date), contains or contained an untrue statement of a material fact or omits to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Terms used herein and not defined herein
have the meanings ascribed to them in the Sales Agreement.</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%">&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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Scientific Officer</FONT></TD></TR>
</TABLE>


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

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ea120711ex5-1_inmunebio.htm
<DESCRIPTION>OPINION OF SICHENZIA ROSS FERENCE LLP
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0; background-color: white"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0; text-indent: 0; background-color: white">April 16, 2020</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1200 Prospect Street, Suite 525</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">La Jolla, California 92037</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in"><B>Re: Securities Registered
under Registration Statement on Form S-3 (File No. 333-237368)</B></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">You
have requested our opinion with respect to certain matters in connection with the proposed offer and sale by INmune Bio Inc.,
a Nevada corporation (the &ldquo;Company&rdquo;), of up to an aggregate of $INmune Bio, Inc. of shares of the Company&rsquo;s
common stock (the &ldquo;Placement Shares&rdquo;), pursuant to a Registration Statement on Form S-3 (File No. 333-237368) (the
&ldquo;Registration Statement&rdquo;), which was originally filed under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) on March 24, 2020 and declared effective by the SEC
on April 2, 2020, the base prospectus contained in the Registration Statement (the &ldquo;Base Prospectus&rdquo;), and the prospectus
supplement relating to the proposed offer and sale of the Placement Shares filed with the SEC on April 16, 2020 pursuant to Rule
424(b) of the rules and regulations under the Securities Act (the &ldquo;Prospectus Supplement&rdquo;, and together with the Base
Prospectus, the &ldquo;Prospectus&rdquo;). We understand that the Placement Shares are proposed to be offered and sold by the
Company through BTIG, LLC. (the &ldquo;Agent&rdquo;) pursuant to an At-the-Market Sales Agreement by and between the Company and
the Agent (the &ldquo;At-the-Market Sales Agreement&rdquo;)</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">In
connection with the preparation of this opinion, we have examined such documents and considered such questions of law as we have
deemed necessary or appropriate. We have assumed the authenticity of all documents submitted to us as originals, the conformity
to originals of all documents submitted to us as copies thereof and the genuineness of all signatures. As to questions of fact
material to our opinions, we have relied upon the certificates of certain officers of the Company without independent investigation
or verification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Further,
in connection with our opinions expressed below, we have assumed that, (i)&nbsp;at or prior to the time of the delivery of any
of the Placement Shares, there will not have occurred any change in the law or the facts affecting the validity of the Placement
Shares, (ii)&nbsp;at the time of the offer, issuance and sale of any Placement Shares, no stop order suspending the Registration
Statement&rsquo;s effectiveness will have been issued and remain in effect, (iii)&nbsp;no future amendments will be made to the
company&rsquo;s Articles of Incorporation that would be in conflict with or inconsistent with the Company&rsquo;s right and ability
to issue the Placement Shares, (iv)&nbsp;at the time of each offer, issuance and sale of any Placement Shares, the Company will
have a sufficient number of authorized and unissued and unreserved shares of the applicable class or series of its capital stock
included in (or purchasable upon exercise or conversion of) the Placement Shares so issued and sold (after taking into account
all other outstanding securities of the Company which may require the Company to issue shares of such applicable class or series)
to be able to issue all such shares, and (v)&nbsp;all purchasers of the Placement Shares will timely pay in full to the Company
all amounts they have agreed to pay to purchase such Placement Shares, as approved by the Board of Directors of the Company or
a duly authorized committee thereof, and that the purchase price of any Placement Shares will not be less than the par value thereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">1185 Avenue of the Americas <FONT STYLE="color: #548DD4">|</FONT>
37<SUP>th</SUP> Floor <FONT STYLE="color: #548DD4">|</FONT> New York, NY <FONT STYLE="color: #548DD4">|</FONT> 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">T (212) 930 9700 <FONT STYLE="color: #548DD4">|</FONT>
F (212) 930 9725 <FONT STYLE="color: #548DD4">| <B>WWW.SRF.LAW</B></FONT></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">We
express no opinion regarding the effectiveness of any waiver or stay, extension or of unknown future rights.&nbsp;Further, we express
no opinion regarding the effect of provisions relating to indemnification, exculpation or contribution to the extent such provisions
may be held unenforceable as contrary to federal or state securities laws or public policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">With
respect to our opinion expressed below, we have assumed that, upon the issuance of any of the Placement Shares, the total number
of shares of Common Stock issued and outstanding and reserved for future issuance will not exceed the total number of shares of
Common Stock that the Company is then authorized to issue under its Articles of Incorporation as then in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Based
on the foregoing, we are of the opinion that the Placement Shares have been duly authorized and, when issued and sold in the manner
described in the Registration Statement, the Prospectus and the At-the-Market 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; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in; background-color: white">We
are members of the bar of the State of New York. We express no opinion as to the laws of any jurisdiction other than the laws of
the State of New York, and the federal laws of the United States of America.&nbsp; Insofar as the matters covered by this opinion
may be governed by the laws of other states we have assumed that such laws are identical in all respects to the laws of the State
of New York.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">We
hereby consent to the use of this opinion as Exhibit 5.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on
the date hereof, which is incorporated by reference into the Registration Statement, and further consent to the reference to us
in the Registration Statement and any amendments thereto. In giving such consent, we do not hereby admit that we are within the
category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">This
opinion is intended solely for use in connection with the offer and sale of the Placement Shares pursuant to the Registration Statement
and is not to be relied upon for any other purpose or delivered to or relied upon by any other person without our prior written
consent. This opinion is rendered as of the date hereof and based solely on our understanding of facts in existence as of such
date after the examination described in this opinion. We assume no obligation to advise you of any fact, circumstance, event or
change in the law or the facts that may hereafter be brought to our attention whether or not such occurrence would affect or modify
the opinions expressed herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in">/s/ Sichenzia Ross Ference LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in"><B>SICHENZIA ROSS FERENCE
LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">1185 Avenue of the Americas <FONT STYLE="color: #548DD4">|</FONT>
37<SUP>th</SUP> Floor <FONT STYLE="color: #548DD4">|</FONT> New York, NY <FONT STYLE="color: #548DD4">|</FONT> 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">T (212) 930 9700 <FONT STYLE="color: #548DD4">|</FONT>
F (212) 930 9725 <FONT STYLE="color: #548DD4">| <B>WWW.SRF.LAW</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5in">&nbsp;</P>

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