<SEC-DOCUMENT>0001213900-17-013524.txt : 20171221
<SEC-HEADER>0001213900-17-013524.hdr.sgml : 20171221
<ACCEPTANCE-DATETIME>20171221155826
ACCESSION NUMBER:		0001213900-17-013524
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20171221
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171221
DATE AS OF CHANGE:		20171221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IMMUCELL CORP /DE/
		CENTRAL INDEX KEY:			0000811641
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				010382980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12934
		FILM NUMBER:		171269462

	BUSINESS ADDRESS:	
		STREET 1:		56 EVERGREEN DR
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
		BUSINESS PHONE:		2078782770

	MAIL ADDRESS:	
		STREET 1:		56 EVERGREEN DRIVE
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k122117_immucellcorp.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
of Report: December 21, 2017</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B>(Date of earliest event reported)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>ImmuCell
Corporation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 32%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DE</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 32%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-12934</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 32%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>01-0382980</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(State or other jurisdiction <BR>
    of incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(IRS Employer <BR>
    Identification Number)</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0in; padding-right: 0in; border-bottom: Black 1.5pt solid; padding-left: 0in; width: 49%; text-indent: 0in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>56
        Evergreen Drive</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Portland,
Maine</B></FONT></P></TD>
    <TD STYLE="width: 2%; padding: 0in 0in 1.5pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0in; padding-right: 0in; border-bottom: Black 1.5pt solid; padding-left: 0in; text-align: center; width: 49%; text-indent: 0in; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>04103</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0in; text-align: center; text-indent: 0in">(Address of principal executive offices)</TD>
    <TD STYLE="padding: 0in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0in; text-align: center; text-indent: 0in">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0in; margin-top: 0in; text-align: center; margin-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>207-878-2770</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
Applicable</B><BR>
(Former Name or Former Address, if changed since last report)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant
under any of the following provisions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0in; margin-bottom: 0in; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0in; text-indent: 0in; width: 4%">&#9744;</TD>
    <TD STYLE="padding: 0in; text-indent: 0in; text-align: justify; width: 96%"><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>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0in; text-indent: 0in">&#9744;</TD>
    <TD STYLE="padding: 0in; text-indent: 0in; text-align: justify"><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>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0in; text-indent: 0in">&#9744;</TD>
    <TD STYLE="padding: 0in; text-indent: 0in; text-align: justify"><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>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0in; text-indent: 0in">&#9744;</TD>
    <TD STYLE="padding: 0in; text-indent: 0in; text-align: justify"><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: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company&nbsp;&nbsp;&nbsp; &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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




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

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

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
8.01 Other Events.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 21, 2017, ImmuCell Corporation (the &ldquo;Company&rdquo;) announced the closing of a previously announced underwritten
public offering of 417,807 shares of common stock at a price to the public of $7.30 per share pursuant to the Registration Statement
on Form S-3 (Registration Statement No. 333-207635) (the &ldquo;Registration Statement&rdquo;) previously filed with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) on November 5, 2015 and declared effective by the SEC on November 10, 2015, including
the prospectus supplement dated December 19, 2017 to the prospectus included in the Registration Statement. This offering is discussed
in greater detail in the Company&rsquo;s press release dated December 19, 2017 and today&rsquo;s press release, which is attached
as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein in its entirety.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of the Underwriting Agreement is filed as Exhibit&nbsp;1.1 to this Current Report and is incorporated herein by reference.
The Underwriting Agreement is also filed with reference to, and is hereby incorporated by reference into, the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attached
as Exhibit&nbsp;5.1 to this Current Report and incorporated herein by reference is a copy of the opinion of Pierce Atwood LLP
relating to the validity of the shares of common stock that were sold in the offering (the &ldquo;Legal Opinion&rdquo;). The Legal
Opinion is also filed with reference to, and is hereby incorporated by reference into, the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
9.01 Financial Statements and Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;Exhibits</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k122117ex1-1_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement between the Company and Craig-Hallum Capital Group LLC, dated December 19, 2017.</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k122117ex5-1_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Pierce Atwood LLP</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k122117ex5-1_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Pierce Atwood LLP (contained in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k122117ex99-1_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release of ImmuCell Corporation, dated December 21, 2017.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMMUCELL CORPORATION</B></FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: December 21, 2017</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    </I>Michael F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
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    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k122117ex1-1_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement between the Company and Craig-Hallum Capital Group LLC, dated December 19, 2017.</FONT></A></TD></TR>
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    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k122117ex5-1_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Pierce Atwood LLP</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k122117ex5-1_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Pierce Atwood LLP (contained in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
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    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k122117ex99-1_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release of ImmuCell Corporation dated December 21, 2017.</FONT></A></TD></TR>
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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>f8k122117ex1-1_immucell.htm
<DESCRIPTION>UNDERWRITING AGREEMENT BETWEEN THE COMPANY AND CRAIG-HALLUM CAPITAL GROUP LLC, DATED DECEMBER 19, 2017
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
1.1</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>417,807
Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>ImmuCell
Corporation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common
Stock, par value $0.10 per share </B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
19, 2017</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Craig-Hallum
Capital Group LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">222
South Ninth Street, Suite 350</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minneapolis,
Minnesota 55402</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ImmuCell
Corporation, a Delaware corporation (the <B><I>&ldquo;Company&rdquo;</I></B>), proposes to sell to Craig-Hallum Capital Group
LLC (<B><I>&ldquo;you&rdquo;</I></B> or the <B><I>&ldquo;Underwriter&rdquo;</I></B>) an aggregate of 417,807 shares (the <B><I>&ldquo;Shares&rdquo;</I></B>)
of Common Stock, par value $0.10 per share (the <B><I>&ldquo;Common Stock&rdquo;</I></B>), of the Company. The Shares consist
of authorized but unissued shares of Common Stock to be issued and sold by the Company to the Underwriter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and the Underwriter hereby confirm their agreement with respect to the sale of the Shares by the Company to the Underwriter
as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Registration
Statement and Prospectus</I></B>. The Company has prepared and filed with the Securities and Exchange Commission (the <B><I>&ldquo;Commission&rdquo;</I></B>)
a registration statement on Form S-3 (File No. 333-207635) under the Securities Act of 1933, as amended (the <B><I>&ldquo;Securities
Act&rdquo;</I></B> or the <B><I>&ldquo;Act&rdquo;</I></B>), and the rules and regulations (the <B><I>&ldquo;Rules and Regulations&rdquo;</I></B>)
of the Commission thereunder, and such amendments to such registration statement as may have been required to the date of this
Agreement. Such registration statement has been declared effective by the Commission. Each part of such registration statement,
including the amendments, exhibits and any schedules thereto, the documents incorporated by reference therein pursuant to Item
12 of Form S-3 under the Securities Act and the documents and information otherwise deemed to be a part thereof or included therein
by Rule 430B under the Securities Act (the <B><I>&ldquo;Rule 430B Information&rdquo;</I></B>) or otherwise pursuant to the Rules
and Regulations, as of the time the Registration Statement became effective, is herein called the <B><I>&ldquo;Registration Statement.&rdquo;
</I></B>Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the <B><I>&ldquo;Rule
462(b) Registration Statement&rdquo;</I></B> and, from and after the date and time of filing of the Rule 462(b) Registration Statement,
the term &ldquo;Registration Statement&rdquo; shall include the Rule 462(b) Registration Statement.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
prospectus in the form in which it has most recently been filed with the Commission on or prior to the date of this Agreement
is herein called the <B><I>&ldquo;Base Prospectus.&rdquo;</I></B> Each preliminary prospectus supplement to the Base Prospectus
(including the Base Prospectus as so supplemented), that describes the Shares and the offering thereof, that omitted the Rule
430B Information and that was used prior to the filing of the final prospectus supplement referred to in the following sentence
is herein called a <B><I>&ldquo;Preliminary Prospectus.&rdquo;</I></B> Promptly after execution and delivery of this Agreement,
the Company will prepare and file with the Commission a final prospectus supplement to the Base Prospectus relating to the Shares
and the offering thereof in accordance with the provisions of Rule 430B and Rule 424(b) of the Rules and Regulations. Such final
supplemental form of prospectus (including the Base Prospectus as so supplemented), in the form filed with the Commission pursuant
to Rule 424(b), is herein called the <B><I>&ldquo;Prospectus.&rdquo;</I></B> Any reference herein to the Base Prospectus, any
Preliminary Prospectus or the Prospectus shall be deemed to include the documents incorporated by reference therein pursuant to
Item 12 of Form S-3 under the Securities Act as of the date of such prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this Agreement, all references to the Registration Statement, the Rule 462(b) Registration Statement, the Base Prospectus,
any Preliminary Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the
copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System or any successor system
thereto (<B><I>&ldquo;EDGAR&rdquo;</I></B>). All references in this Agreement to financial statements and schedules and other
information which is &ldquo;described,&rdquo; &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the Registration
Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus (or other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information which is incorporated by reference in or
otherwise deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the Base Prospectus,
any Preliminary Prospectus or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements
to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to mean and include
the subsequent filing of any document under the Securities Exchange Act of 1934, as amended (the <B><I>&ldquo;Exchange Act&rdquo;</I></B>),
and which is deemed to be incorporated by reference therein or otherwise deemed by the Rules and Regulations to be a part thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Representations
and Warranties of the Company</I></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Company</U>. The Company represents and warrants to, and agrees with, the Underwriter as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Registration
Statement and Prospectuses</U></I>. No order preventing or suspending the use of any Preliminary Prospectus or the Prospectus
(or any supplement thereto) has been issued by the Commission and no proceeding for that purpose has been initiated or is pending
or, to the knowledge of the Company, threatened by the Commission. As of the time each part of the Registration Statement (or
any post-effective amendment thereto) became or becomes effective (including each deemed effective date with respect to the Underwriter
pursuant to Rule 430B or otherwise under the Securities Act), such part conformed or will conform in all material respects to
the requirements of the Act and the Rules and Regulations. Upon the filing or first use within the meaning of the Rules and Regulations,
each Preliminary Prospectus and the Prospectus (or any supplement to either) conformed or will conform in all material respects
to the requirements of the Act and the Rules and Regulations. The Registration Statement and any post-effective amendment thereto
has become effective under the Securities Act. The Company has complied, to the Commission&rsquo;s satisfaction, with all requests
of the Commission for additional or supplemental information. No stop order suspending the effectiveness of the Registration Statement,
any post-effective amendment or any part thereof is in effect and no proceedings for such purpose have been instituted or are
pending or, to the knowledge of the Company, are threatened by the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Accurate
Disclosure</U></I>. Each Preliminary Prospectus, at the time of filing thereof or the time of first use within the meaning of
the Rules and Regulations, did 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, in the light of the circumstances under which they were made, not
misleading. Neither the Registration Statement nor any amendment thereto, at the effective time of each part thereof, or at the
Closing Date (as defined below), contained, contains or will contain an untrue statement of a material fact or omitted, omits
or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
As of the Time of Sale (as defined below), neither (A) the Time of Sale Disclosure Package (as defined below) nor (B) any issuer
free writing prospectus (as defined below), when considered together with the Time of Sale Disclosure Package, included an untrue
statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading. Neither the Prospectus nor any supplement thereto, as of its issue
date, at the time of any filing with the Commission pursuant to Rule 424(b) of the Rules and Regulations, or at the Closing Date,
included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact
necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The
representations and warranties in this Section&nbsp;2(a)(ii) shall not apply to statements in or omissions from any Preliminary
Prospectus, the Registration Statement (or any amendment thereto), the Time of Sale Disclosure Package or the Prospectus (or any
supplement thereto) made in reliance upon, and in conformity with, written information furnished to the Company by you specifically
for use in the preparation of such document, it being understood and agreed that the only such information furnished by the Underwriter
consists of the information described as such in Section 6(e).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
reference to an <B><I>&ldquo;issuer free writing prospectus&rdquo;</I></B> herein means an issuer free writing prospectus as defined
in Rule 433 of the Rules and Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&ldquo;Time
of Sale Disclosure Package&rdquo;</I></B> means the any Preliminary Prospectus, any free writing prospectus set forth on Schedule
I and the information on Schedule II, all considered together.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
reference to a <B><I>&ldquo;free writing prospectus&rdquo;</I></B> herein means a free writing prospectus as defined in Rule 405
of the Rules and Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&ldquo;Time
of Sale&rdquo;</I></B> means 6:00 a.m. (Eastern Time) on the date of this Agreement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Issuer
Free Writing Prospectuses</U></I>. (A) Each issuer free writing prospectus does not include any information that conflicts with
the information contained in the Registration Statement, any Preliminary Prospectus or the Prospectus. The foregoing sentence
does not apply to statements in or omissions from any issuer free writing prospectus based upon and in conformity with written
information furnished to the Company by you specifically for use therein; it being understood and agreed that the only such information
furnished by the Underwriter consists of the information described as such in Section 6(e).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1) At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a <I>bona fide</I> offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Shares and (2) at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405 under the Securities Act, including the Company in the preceding three years not having been convicted of a felony or misdemeanor or having been made the subject of a judicial or administrative decree or order as described in Rule 405 of the Rules and Regulations (without taking account of any determination by the Commission pursuant to Rule 405 of the Rules and Regulations that it is not necessary that the Company be considered an ineligible issuer), nor an &ldquo;excluded issuer&rdquo; as defined in Rule 164 under the Securities Act.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each issuer free writing prospectus satisfied, as of its issue date and at all subsequent times to the Time of Sale, all other conditions to use thereof as set forth in Rules 164 and 433 under the Securities Act.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Other Offering Materials</U></I>. The Company has not distributed and will not distribute any prospectus or other offering material
in connection with the offering and sale of the Shares other than any Preliminary Prospectus, the Time of Sale Disclosure Package
or the Prospectus or other materials permitted by the Act to be distributed by the Company; <I>provided, however,</I> that, except
as set forth on Schedule I, the Company has not made and will not make any offer relating to the Shares that would constitute
a free writing prospectus, except in accordance with the provisions of Section&nbsp;4(a)(xv) of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Financial
Statements</U></I>. The financial statements of the Company, together with the related notes, set forth or incorporated by reference
in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus comply in all material respects with the
requirements of the Securities Act and the Exchange Act and fairly present, in all material respects, the financial condition
of the Company as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified
in conformity with generally accepted accounting principles (<B><I>&ldquo;GAAP&rdquo;</I></B>) in the United States consistently
applied throughout the periods involved (except as otherwise disclosed therein); the supporting schedules included in the Registration
Statement present fairly the information required to be stated therein; all non-GAAP financial information included in the Registration
Statement, the Time of Sale Disclosure Package and the Prospectus complies with the requirements of Regulation G and Item 10 of
Regulation S-K under the Act; and, except as disclosed in the Time of Sale Disclosure Package and the Prospectus, there are no
material off-balance sheet arrangements (as defined in Regulation S-K under the Act, Item 303(a)(4)(ii)) or any other relationships
with unconsolidated entities or other persons, that are likely to have a material current or, to the Company&rsquo;s knowledge,
material future effect on the Company&rsquo;s financial condition, results of operations, liquidity, capital expenditures, capital
resources or significant components of revenue or expenses. No other financial statements or schedules are required to be included
in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus. To the Company&rsquo;s knowledge, RSM US
LLP, which has expressed its opinion with respect to the financial statements as of and for the year ended December 31, 2016 filed
as a part of the Registration Statement and included in the Registration Statement, the Time of Sale Disclosure Package and the
Prospectus, is (x) an independent public accounting firm within the meaning of the Act and the Rules and Regulations, (y) a registered
public accounting firm (as defined in Section 2(a)(12) of the Sarbanes-Oxley Act of 2002 (the <B><I>&ldquo;Sarbanes-Oxley Act&rdquo;</I></B>))
and (z) not in violation of the auditor independence requirements of the Sarbanes-Oxley Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Organization
and Good Standing</U></I>. The Company has been duly organized and is validly existing as a corporation in good standing under
the laws of its jurisdiction of incorporation. The Company has full corporate power and authority to own its properties and conduct
its business as currently being carried on and as described in the Registration Statement, the Time of Sale Disclosure Package
and the Prospectus, and is duly qualified to do business as a foreign corporation in good standing in each jurisdiction in which
it owns or leases real property or in which the conduct of its business makes such qualification necessary and in which the failure
to so qualify would have a material adverse effect upon the business, prospects, management, properties, operations, condition
(financial or otherwise) or results of operations of the Company (<B><I>&ldquo;Material Adverse Effect&rdquo;</I></B>).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Absence
of Certain Events</U></I>. Except as contemplated in the Time of Sale Disclosure Package and in the Prospectus, subsequent to
the respective dates as of which information is given in the Time of Sale Disclosure Package and the Prospectus, the Company has
not incurred any material liabilities or obligations (other than in the ordinary course of business consistent with past practices),
direct or contingent, or entered into any material transactions (other than in the ordinary course of business consistent with
past practices), or declared or paid any dividends or made any distribution of any kind with respect to its capital stock; and
there has not been any change in the capital stock (other than a change in the number of outstanding shares of Common Stock due
to the issuance of shares upon the exercise of outstanding options or warrants or conversion of convertible securities), or any
material change in the short-term or long-term debt (other than as a result of the conversion of convertible securities), or any
issuance of options, warrants, convertible securities or other rights to purchase the capital stock of the Company, or any material
adverse change in the general affairs, business, prospects, management, properties, operations, financial condition or results
of operations of the Company (<B><I>&ldquo;Material Adverse Change&rdquo;</I></B>) or any development which could reasonably be
expected to result in any Material Adverse Change.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Absence
of Proceedings</U></I>. Except as set forth in the Time of Sale Disclosure Package and in the Prospectus, there is not pending
or, to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding (a) to which the Company is a
party or (b) which has as the subject thereof any officer or director of the Company, any employee benefit plan sponsored by the
Company or any property or assets owned or leased by the Company before or by any court or Governmental Authority (as defined
below), or any arbitrator, which, individually or in the aggregate, might result in any Material Adverse Change, or would materially
and adversely affect the ability of the Company to perform its obligations under this Agreement or which are otherwise material
in the context of the sale of the Shares. There are no current or, to the knowledge of the Company, pending, legal, governmental
or regulatory actions, suits or proceedings (x) to which the Company is subject or (y) which has as the subject thereof any officer
or director of the Company, any employee plan sponsored by the Company or any property or assets owned or leased by the Company,
that are required to be described in the Registration Statement, Time of Sale Disclosure Package and Prospectus by the Act or
by the Rules and Regulations and that have not been so described.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Disclosure
of Legal Matters</U></I>. There are no statutes, regulations, material contracts or documents that are required to be described
in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus or required to be filed as exhibits
to the Registration Statement by the Securities Act or by the Rules and Regulations that have not been so described or filed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Authorization;
No Conflicts; Authority</U></I>. This Agreement has been duly authorized, executed and delivered by the Company, and constitutes
a valid, legal and binding obligation of the Company, enforceable in accordance with its terms, except as rights to indemnity
and contribution hereunder may be limited by federal or state securities laws and except as such enforceability may be limited
by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles
of equity. The execution, delivery and performance of this Agreement and the consummation of the transactions herein contemplated
will not (A) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant
to any indenture, mortgage, deed of trust, loan agreement or other material agreement or instrument to which the Company is a
party or by which the Company is bound or to which any of the property or assets of the Company is subject, (B) result in any
violation of the provisions of the Company&rsquo;s charter or by-laws or (C) result in the violation of any law or statute or
any judgment, order, rule, regulation or decree of any court or arbitrator or federal, state, local or foreign governmental agency
or regulatory authority having jurisdiction over the Company or any of its properties or assets (each, a <B><I>&ldquo;Governmental
Authority&rdquo;</I></B>), except in the case of clauses (A) and (C) as would not result in a Material Adverse Effect. No consent,
approval, authorization or order of, or registration or filing with any Governmental Authority is required for the execution,
delivery and performance of this Agreement or for the consummation of the transactions contemplated hereby, including the issuance
or sale of the Shares by the Company, except such as may be required under the Act, the rules of the Financial Industry Regulatory
Authority (<B><I>&ldquo;FINRA&rdquo;</I></B>), the NASDAQ Stock Market Rules or state securities or blue sky laws; and the Company
has full power and authority to enter into this Agreement and to consummate the transactions contemplated hereby, including the
authorization, issuance and sale of the Shares as contemplated by this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Capitalization;
the Shares; Registration Rights</U></I>. All of the issued and outstanding shares of capital stock of the Company, including the
outstanding shares of Common Stock, are duly authorized and validly issued, fully paid and nonassessable, have been issued in
compliance with all federal and state and foreign securities laws, were not issued in violation of or subject to any preemptive
rights or other rights to subscribe for or purchase securities that have not been waived in writing (a copy of which has been
delivered to counsel to the Underwriter), and the holders thereof are not subject to personal liability by reason of being such
holders; the Shares which may be sold hereunder by the Company have been duly authorized and, when issued, delivered and paid
for in accordance with the terms of this Agreement, will have been validly issued and will be fully paid and nonassessable, and
the holders thereof will not be subject to personal liability by reason of being such holders; and the capital stock of the Company,
including the Common Stock, conforms to the description thereof in the Registration Statement, in the Time of Sale Disclosure
Package and in the Prospectus. Except as otherwise stated in the Registration Statement, in the Time of Sale Disclosure Package
and in the Prospectus, (A) there are no preemptive rights or other rights to subscribe for or to purchase, or any restriction
upon the voting or transfer of, any shares of Common Stock pursuant to the Company&rsquo;s charter, by-laws or any agreement or
other instrument to which the Company is a party or by which the Company is bound; (B)&nbsp;neither the filing of the Registration
Statement nor the offering or sale of the Shares as contemplated by this Agreement gives rise to any rights for or relating to
the registration of any shares of Common Stock or other securities of the Company (collectively <B><I>&ldquo;Registration Rights&rdquo;</I></B>)
and (C)&nbsp;any person to whom the Company has granted Registration Rights has agreed not to exercise such rights until after
expiration of the Lock-Up Period (as defined below). The Company does not have an equity interest in any other companies or persons.
The Company has an authorized and outstanding capitalization as set forth in the Registration Statement, in the Time of Sale Disclosure
Package and in the Prospectus. The Common Stock (including the Shares) conforms in all material respects to the description thereof
contained in the Time of Sale Disclosure Package and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Stock
Options</U></I>. Except as described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus,
and, except for options granted by the Company in the ordinary course of business since September 30, 2017 (and which do not relate
to more than 25,000 shares of Common Stock in the aggregate), there are no options, warrants, agreements, contracts or other rights
in existence to purchase or acquire from the Company any shares of the capital stock of the Company. The description of the Company&rsquo;s
stock option, stock bonus and other stock plans or arrangements (the <B><I>&ldquo;Company Stock Plans&rdquo;</I></B>), and the
options or other rights granted thereunder (collectively, the <B><I>&ldquo;Awards&rdquo;</I></B>), set forth in the Time of Sale
Disclosure Package and the Prospectus accurately and fairly presents in all material respects the information required to be shown
with respect to such plans, arrangements and Awards. Each grant of an Award (A) was duly authorized no later than the date on
which the grant of such Award was by its terms to be effective by all necessary corporate action, including, as applicable, approval
by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required stockholder
approval by the necessary number of votes or written consents, and the award agreement governing such grant (if any) was duly
executed and delivered by each party thereto and (B)&nbsp;was made in accordance with the terms of the applicable Company Stock
Plan, and all applicable laws and regulatory rules or requirements, including all applicable federal securities laws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Compliance
with Laws</U></I>. The Company holds, and is operating in compliance in all material respects with, all franchises, grants, authorizations,
licenses, permits, easements, consents, certificates and orders of any Governmental Authority or self-regulatory body required
for the conduct of its business and all such franchises, grants, authorizations, licenses, permits, easements, consents, certifications
and orders are valid and in full force and effect; and the Company has not received notice of any revocation or modification of
any such franchise, grant, authorization, license, permit, easement, consent, certification or order or has reason to believe
that any such franchise, grant, authorization, license, permit, easement, consent, certification or order will not be renewed
in the ordinary course, except where such revocation, modification or failure to renew would not have a Material Adverse Effect;
and the Company is in compliance in all material respects with all applicable federal, state, local and foreign laws, regulations,
orders and decrees.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Ownership
of Assets</U></I>. The Company has good and marketable title to, or have valid rights to lease or otherwise use, all property
(whether real or personal) described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus
as being owned, leased or used by it, in each case free and clear of all liens, claims, security interests, other encumbrances
or defects except such as are described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus
or those that do not interfere in any material respect with the use of such property by the Company. The property held under lease
by the Company is held by it under valid, subsisting and enforceable leases with only such exceptions with respect to any particular
lease as do not interfere in any material respect with the conduct of the business of the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Intellectual
Property</U></I>.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company owns or has the right to use pursuant to a valid and enforceable written license or other legally enforceable right, all
Intellectual Property necessary for the conduct of the Company&rsquo;s business as now conducted or as described in the Registration
Statement, the Time of Sale Disclosure Package and the Prospectus to be conducted (the <B><I>&ldquo;Company IP&rdquo;</I></B>).
<B><I>&ldquo;Intellectual Property&rdquo;</I></B> means all patents, patent applications, trade and service marks, trade and service
mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology and know-how.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1in; padding: 0in; text-align: justify; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any Company IP. There
is no pending or, to the knowledge of the Company, threatened, action, suit, proceeding or claim by others challenging the Company&rsquo;s
rights in or to any Company IP, and the Company is unaware of any facts which would form a reasonable basis for any such claim.
The Intellectual Property owned by the Company, and to the knowledge of the Company, the Intellectual Property licensed to the
Company, has not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to the knowledge of
the Company, threatened action, suit, proceeding or claim by others challenging the validity or scope of any Company IP, and the
Company is unaware of any facts which would form a reasonable basis for any such claim. There is no pending or, to the knowledge
of the Company, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise
violates any Intellectual Property or other proprietary rights of others, and the Company has not received any written notice
of such claim and the Company is unaware of any other fact which would form a reasonable basis for any material claim with respect
thereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1in; padding: 0in; text-align: justify; text-indent: 1in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Company&rsquo;s knowledge, no employee of the Company is in violation of any term of any employment contract, patent disclosure
agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any
restrictive covenant to or with a former employer where the basis of such violation relates to such employee&rsquo;s employment
with the Company or actions undertaken by the employee while employed with the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1in; padding: 0in; text-align: justify; text-indent: 1in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has taken reasonable security measures to protect the secrecy, confidentiality and value of all of their material Intellectual
Property.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1in; padding: 0in; text-align: justify; text-indent: 1in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
patent applications owned by the Company and filed with the U.S. Patent and Trademark Office (the <B><I>&ldquo;PTO&rdquo;</I></B>)
or any foreign or international patent authority that have resulted in patents or currently pending applications that describe
inventions necessary to conduct the business of the Company as now conducted or as described in the Registration Statement, the
Time of Sale Disclosure Package and the Prospectus to be conducted (collectively, the <B><I>&ldquo;Company Patent Applications&rdquo;</I></B>)
have been or were duly and properly filed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has complied with its duty of candor and disclosure to the PTO for the Company Patent Applications. To the Company&rsquo;s
knowledge, there are no facts required to be disclosed to the PTO that were not disclosed to the PTO and which would preclude
the grant of a patent for the Company Patent Applications. The Company has no knowledge of any facts which would preclude it from
having clear title to the Company Patent Applications that have been identified by the Company as being exclusively owned by the
Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>No
Violations or Defaults</U></I>. The Company is not in violation of its charter, by-laws or other organizational documents, or
in breach of or otherwise in default, and no event has occurred which, with notice or lapse of time or both, would constitute
such a default in the performance of any material obligation, agreement or condition contained in any bond, debenture, note, indenture,
loan agreement or any other material contract, lease or other instrument to which it is subject or by which it is be bound, or
to which any of the material property or assets of the Company is subject, which has had or is reasonably likely to have a Material
Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Taxes</U></I>.
The Company has timely filed all federal, state, local and foreign income and franchise tax returns required to be filed and is
not in default in the payment of any taxes which were payable pursuant to said returns or any assessments with respect thereto,
other than any which the Company is contesting in good faith. There is no pending dispute with any taxing authority relating to
any of such returns, and the Company has no knowledge of any proposed liability for any tax to be imposed upon the properties
or assets of the Company for which there is not an adequate reserve reflected in the Company&rsquo;s financial statements included
in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Exchange
Listing and Exchange Act Registration</U></I>. The Common Stock is registered pursuant to Section&nbsp;12(b) of the Exchange Act
and is included or approved for listing on the NASDAQ Stock Market and the Company has not taken any action designed to, or likely
to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from
the NASDAQ Stock Market, and the Company has not received any notification that the Commission or the NASDAQ Stock Market is contemplating
terminating such registration or listing. The Company has complied in all material respects with the applicable requirements of
the NASDAQ Stock Market for maintenance of inclusion of the Common Stock thereon. The Company has filed an application to include
the Shares on the NASDAQ Stock Market. Except as previously disclosed to counsel for the Underwriter or as set forth in the Time
of Sale Disclosure Package and the Prospectus, to the knowledge of the Company, no beneficial owners of the Company&rsquo;s capital
stock who, together with their associated persons and affiliates, hold in the aggregate 10% or more of such capital stock, have
any direct or indirect association or affiliate with a FINRA member.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Ownership
of Other Entities</U></I>. The Company, directly or indirectly, owns no capital stock or other equity or ownership or proprietary
interest in any corporation, partnership, association, trust or other entity.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Internal
Controls</U></I>. The Company maintains 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;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization;
and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. Except as disclosed in the Registration Statement, in the Time of Sale Disclosure
Package and in the Prospectus, the Company&rsquo;s internal control over financial reporting is effective and none of the Company,
its board of directors and audit committee is aware of any &ldquo;material weaknesses&rdquo; (as defined by the Public Company
Accounting Oversight Board) in its internal control over financial reporting, or any fraud, whether or not material, that involves
management or other employees of the Company who have a significant role in the Company&rsquo;s internal controls; and since the
end of the latest audited fiscal year, there has been no change in the Company&rsquo;s internal control over financial reporting
(whether or not remediated) that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal
control over financial reporting. The Company&rsquo;s board of directors has, subject to the exceptions, cure periods and the
phase in periods specified in the applicable stock exchange rules (<B><I>&ldquo;Exchange Rules&rdquo;</I></B>), validly appointed
an audit committee to oversee internal accounting controls whose composition satisfies the applicable requirements of the Exchange
Rules and the Company&rsquo;s board of directors and/or the audit committee has adopted a charter that satisfies the requirements
of the Exchange Rules.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>No
Brokers or Finders</U></I>. Other than as contemplated by this Agreement, the Company has not incurred any liability for any finder&rsquo;s
or broker&rsquo;s fee or agent&rsquo;s commission in connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Insurance</U></I>.
The Company carries, or is covered by, insurance from reputable insurers in such amounts and covering such risks as is adequate
for the conduct of its business and the value of its properties; all policies of insurance and any fidelity or surety bonds insuring
the Company or its business, assets, employees, officers and directors are in full force and effect; the Company is in compliance
with the terms of such policies and instruments in all material respects; there are no claims by the Company under any such policy
or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; the Company
has not been refused any insurance coverage sought or applied for within the past five (5) years; and the Company has no reason
to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Investment
Company Act</U></I>. The Company is not and, after giving effect to the offering and sale of the Shares, will not be an &ldquo;investment
company,&rdquo; as such term is defined in the Investment Company Act of 1940, as amended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Eligibility
to Use Form S-3</U></I>. The conditions for use of Form&nbsp;S-3, in connection with the offer and sale of the Shares, as set
forth in the General Instructions thereto, have been satisfied.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Incorporated
Documents</U></I>. The documents incorporated by reference in the Time of Sale Disclosure Package and in the Prospectus, when
they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and were filed on a timely basis with the Commission and none of such
documents contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; any further documents so filed and incorporated
by reference in the Time of Sale Disclosure Package or in the Prospectus, when such documents are filed with the Commission, will
conform in all material respects to the requirements of the Exchange Act, and will not contain 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 under which
they were made, not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><U>Sarbanes-Oxley Act</U></I>. The Company is in compliance, in all material respects, with all applicable provisions of the
Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><U>Disclosure Controls</U></I>. The Company has established and maintains disclosure controls and procedures (as defined in
Rules 13a-14 and 15d-14 under the Exchange Act) and such controls and procedures are effective in ensuring that material information
relating to the Company is made known to the principal executive officer and the principal financial officer. The Company has
utilized such controls and procedures in preparing and evaluating the disclosures in the Registration Statement, in the Time of
Sale Disclosure Package and in the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Anti-Bribery and Anti-Money Laundering Laws</U></I>. Each of the Company, and, to the Company&rsquo;s knowledge, any of
its officers, directors, agents or employees has not violated, its participation in the offering will not violate, and the Company
has instituted and maintains policies and procedures designed to ensure continued compliance with, each of the following laws:
anti-bribery laws, including but not limited to, any applicable law, rule, or regulation of any locality, including but not limited
to any law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials
in International Business Transactions, signed December&nbsp;17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977,
as amended, the U.K. Bribery Act 2010, or any other law, rule or regulation of similar purposes and scope, or anti-money laundering
laws, including but not limited to, applicable federal, state, international, foreign or other laws, regulations or government
guidance regarding anti-money laundering, including, without limitation, Title 18 US. Code section 1956 and 1957, the Patriot
Act, the Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization,
such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation
the United States representative to the group or organization continues to concur, all as amended, and any Executive order, directive,
or regulation pursuant to the authority of any of the foregoing, or any orders or licenses issued thereunder.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><U>OFAC</U></I>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company, nor, to the Company&rsquo;s knowledge, any of its directors, officers, employees, agents, affiliates or representatives,
is an individual or entity that is, or is owned or controlled by an individual or entity that is:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
subject of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s Office of Foreign Assets Control,
the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
<B><I>&ldquo;Sanctions&rdquo;</I></B>), nor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1.5in; padding: 0in; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;located,
organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar,
Cuba, Iran, Libya, North Korea, Sudan and Syria).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 individual or entity:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
fund or facilitate any activities or business of or with any individual or entity or in any country or territory that, at the
time of such funding or facilitation, is the subject of Sanctions; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any other manner that will result in a violation of Sanctions by any individual or entity (including any individual or entity
participating in the offering, whether as underwriter, advisor, investor or otherwise).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 1in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the past five (5) years, the Company has not knowingly engaged in, and is not now knowingly engaged in, any dealings or transactions
with any individual or entity, or in any country or territory, that at the time of the dealing or transaction is or was the subject
of Sanctions.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Compliance
with Environmental Laws</U></I>. Except as disclosed in the Time of Disclosure Package and the Prospectus, the Company is not
in violation of any statute, any rule, regulation, decision or order of any Governmental Authority or any court, domestic or foreign,
relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the
environment or human exposure to hazardous or toxic substances (collectively, <B><I>&ldquo;Environmental Laws&rdquo;</I></B>),
owns or operates any real property contaminated with any substance that is subject to any Environmental Laws, is liable for any
off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental
Laws, which violation, contamination, liability or claim would, individually or in the aggregate, have a Material Adverse Effect;
and the Company is not aware of any pending investigation which might lead to such a claim. The Company does not anticipate incurring
any material capital expenditures relating to compliance with Environmental Laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Compliance
with Occupational Laws</U></I>. The Company (A) is in compliance, in all material respects, with any and all applicable foreign,
federal, state and local laws, rules, regulations, treaties, statutes and codes promulgated by any and all Governmental Authorities
(including pursuant to the Occupational Health and Safety Act) relating to the protection of human health and safety in the workplace
(<B><I>&ldquo;Occupational Laws&rdquo;</I></B>); (B) has received all material permits, licenses or other approvals required of
it under applicable Occupational Laws to conduct its business as currently conducted; and (C) is in compliance, in all material
respects, with all terms and conditions of such permit, license or approval. No action, proceeding, revocation proceeding, writ,
injunction or claim is pending or, to the Company&rsquo;s knowledge, threatened against the Company relating to Occupational Laws,
and the Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting
practices that could reasonably be expected to form the basis for or give rise to such actions, suits, investigations or proceedings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>ERISA
and Employee Benefits Matters</U></I>. (A) To the knowledge of the Company, no &ldquo;prohibited transaction&rdquo; as defined
under Section 406 of ERISA or Section 4975 of the Code and not exempt under ERISA Section 408 and the regulations and published
interpretations thereunder has occurred with respect to any Employee Benefit Plan. At no time has the Company or any ERISA Affiliate
maintained, sponsored, participated in, contributed to or has or had any liability or obligation in respect of any Employee Benefit
Plan subject to Part 3 of Subtitle B of Title I of ERISA, Title IV of ERISA, or Section 412 of the Code or any &ldquo;multiemployer
plan&rdquo; as defined in Section 3(37) of ERISA or any multiple employer plan for which the Company or any ERISA Affiliate has
incurred or could incur liability under Section 4063 or 4064 of ERISA. No Employee Benefit Plan provides or promises, or at any
time provided or promised, retiree health, life insurance, or other retiree welfare benefits except as may be required by the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or similar state law. Each Employee Benefit Plan is and has
been operated in material compliance with its terms and all applicable laws, including but not limited to ERISA and the Code and,
to the knowledge of the Company, no event has occurred (including a &ldquo;reportable event&rdquo; as such term is defined in
Section 4043 of ERISA) and no condition exists that would subject the Company or any ERISA Affiliate to any material tax, fine,
lien, penalty or liability imposed by ERISA, the Code or other applicable law. Each Employee Benefit Plan intended to be qualified
under Code Section 401(a) is so qualified and has a favorable determination or opinion letter from the IRS upon which it can rely,
and any such determination or opinion letter remains in effect and has not been revoked; to the knowledge of the Company, nothing
has occurred since the date of any such determination or opinion letter that is reasonably likely to adversely affect such qualification;
(B) with respect to each Foreign Benefit Plan, such Foreign Benefit Plan (1) if intended to qualify for special tax treatment,
meets, in all material respects, the requirements for such treatment, and (2) if required to be funded, is funded to the extent
required by applicable law, and with respect to all other Foreign Benefit Plans, adequate reserves therefor have been established
on the accounting statements of the Company; (C) the Company has no obligations under any collective bargaining agreement with
any union and, to the Company&rsquo;s knowledge, no organization efforts are underway with respect to employees of the Company.
As used in this Agreement, <B><I>&ldquo;Code&rdquo;</I></B> means the Internal Revenue Code of 1986, as amended; <B><I>&ldquo;Employee
Benefit Plan&rdquo;</I></B> means any &ldquo;employee benefit plan&rdquo; within the meaning of Section 3(3) of ERISA, including,
without limitation, all stock purchase, stock option, stock-based severance, employment, change-in-control, medical, disability,
fringe benefit, bonus, incentive, deferred compensation, employee loan and all other employee benefit plans, agreements, programs,
policies or other arrangements, whether or not subject to ERISA, under which (1) any current or former employee, director or independent
contractor of the Company has any present or future right to benefits and which are contributed to, sponsored by or maintained
by the Company or (2)&nbsp;the Company has had or has any present or future obligation or liability; <B><I>&ldquo;ERISA&rdquo;
</I></B>means the Employee Retirement Income Security Act of 1974, as amended; <B><I>&ldquo;ERISA Affiliate&rdquo;</I></B> means
any member of the company&rsquo;s controlled group as defined in Code Section 414(b), (c), (m) or (o); and <B><I>&ldquo;Foreign
Benefit Plan&rdquo;</I></B> means any Employee Benefit Plan established, maintained or contributed to outside of the United States
of America or which covers any employee working or residing outside of the United States.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Business
Arrangements</U></I>. Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus
and except for such grants that are not material (individually or in the aggregate), the Company has not granted exclusive rights
to develop, manufacture, produce, assemble, distribute, license, market or sell its products to any other person and is not bound
by any agreement that materially affects the exclusive right of the Company to develop, manufacture, produce, assemble, distribute,
license, market or sell its products.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Labor
Matters</U></I>. No labor problem or dispute with the employees of the Company exists or, to the Company&rsquo;s knowledge, is
threatened or imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of
its principal suppliers, contractors or customers, that could have a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Statistical
Information</U></I>. Any third-party statistical and market-related data included in the Registration Statement, the Time of Sale
Disclosure Package and the Prospectus are based on or derived from sources that the Company believes to be reasonably current
and reliable and accurate in all material respects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xxxvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Forward-looking
Statements</U></I>. No forward-looking statement (within the meaning of Section&nbsp;27A of the Act and Section&nbsp;21E of the
Exchange Act) contained in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus has been made or
reaffirmed without a reasonable basis or has been disclosed other than in good faith.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(b)&nbsp;&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Certificates</U>. Any certificate signed by any officer of the Company and delivered to you or to counsel for the Underwriter
shall be deemed a representation and warranty by the Company to the Underwriter as to the matters covered thereby.</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Purchase,
Sale and Delivery of Shares</I></B>.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">(a)&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Shares</U>.
On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein
set forth, the Company agrees to issue and sell the Shares to the Underwriter, and the Underwriter agrees to purchase from the
Company the Shares. The purchase price for each Share shall be $6.862 per share.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Shares will be delivered by the Company to the Underwriter against payment of the purchase price therefor by wire transfer of
same day funds payable to the order of the Company at the offices of Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite
350, Minneapolis, Minnesota 55402, or such other location as may be mutually acceptable, at 9:00&nbsp;a.m. Central time on the
second (or if the Shares are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern time, the
third) full business day following the date hereof, or at such other time and date as you and the Company determine pursuant to
Rule 15c6-1(a) under the Exchange Act, such time and date of delivery being herein referred to as the <B><I>&ldquo;Closing Date.&rdquo;</I></B></FONT></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(b)</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery</U>.
On the Closing Date, the Shares shall be delivered via The Depository Trust Company Deposit or Withdrawal at Custodian system
to the accounts designated by the Underwriter.</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Covenants</I></B>.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(a)</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of the Company</U>. The Company covenants and agrees with the Underwriter as follows:</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Required
Filings</U></I>. During the period beginning on the date hereof and ending on the later of the Closing Date or such date, as in
the opinion of counsel for the Underwriter, the Prospectus is no longer required by law to be delivered (assuming the absence
of Rule 172 under the Securities Act), in connection with sales by the Underwriter or a dealer (the <B>&ldquo;<I>Prospectus Delivery
Period&rdquo;</I></B>), prior to amending or supplementing the Registration Statement (including any Rule 462(b) Registration
Statement), the Time of Sale Disclosure Package or the Prospectus, the Company shall furnish to the Underwriter for review a copy
of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which
the Underwriter or counsel to the Underwriter reasonably object; provided, however, that the foregoing shall not restrict the
Company from filing any such proposed amendment or supplement to the extent the Company, upon advice of counsel, deems such filing
necessary to comply with applicable law. Subject to this Section 4(a)(i), immediately following execution of this Agreement, the
Company will prepare the Prospectus containing the Rule 430B Information and other selling terms of the Shares, the plan of distribution
thereof and such other information as may be required by the Securities Act or the Rules and Regulations or as the Underwriter
and the Company may deem appropriate, and if requested by the Underwriter, an issuer free writing prospectus containing the selling
terms of the Shares and such other information as the Company and the Underwriter may deem appropriate, and will file or transmit
for filing with the Commission, in accordance with Rule 424(b) or Rule 433, as the case may be, copies of the Prospectus and each
issuer free writing prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Notification
of Certain Commission Actions</U></I>. After the date of this Agreement, the Company shall promptly advise the Underwriter in
writing (A) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (B)
of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement
to any Preliminary Prospectus, the Time of Sale Disclosure Package or the Prospectus, (C) of the time and date that any post-effective
amendment to the Registration Statement becomes effective, (D) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending
its use or the use of any Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus or any issuer free writing
prospectus, or (E) of any proceedings to remove, suspend or terminate from listing or quotation the Common Stock from any securities
exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation of any
proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its
best efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall
comply with the provisions of Rules 424(b) and 430B, as applicable, under the Securities Act and will use its reasonable efforts
to confirm that any filings made by the Company under Rule 424(b), Rule 433 or Rule 462 were received in a timely manner by the
Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Continued
Compliance with Securities Laws</U></I>. (A) During the Prospectus Delivery Period, the Company will comply with all requirements
imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in
force, and by the Exchange Act so far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated
by the provisions hereof, the Time of Sale Disclosure Package and the Prospectus. If during such period any event occurs as a
result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure
Package) 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 or appropriate
in the opinion of the Company or its counsel or the Underwriter or counsel to the Underwriter to amend the Registration Statement
or supplement the Prospectus (or, if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure
Package) to comply with the Securities Act or to file under the Exchange Act any document which would be deemed to be incorporated
by reference in the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure
Package) in order to comply with the Securities Act or the Exchange Act, the Company promptly will (x)&nbsp;notify you of such
untrue statement or omission, (y)&nbsp; amend the Registration Statement or supplement the Prospectus (or, if the Prospectus is
not yet available to prospective purchasers, the Time of Sale Disclosure Package) or file such document (at the expense of the
Company) so as to correct such statement or omission or effect such compliance, and (z) notify you when any amendment to the Registration
Statement is filed or becomes effective or when any supplement to the Prospectus (or, if the Prospectus is not yet available to
prospective purchasers, the Time of Sale Disclosure Package) is filed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">If at any time following issuance of an issuer free writing prospectus there occurred or occurs an event or development as a result of which such issuer free writing prospectus conflicted or would conflict with the information contained in the Registration Statement, the Preliminary Prospectus or the Prospectus or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company (x)&nbsp;has promptly notified or promptly will notify the Underwriter of such conflict, untrue statement or omission, (y)&nbsp;has promptly amended or will promptly amend or supplement, at its own expense, such issuer free writing prospectus to eliminate or correct such conflict, untrue statement or omission, and (z)&nbsp;has notified or promptly will notify you when such amendment or supplement was or is filed with the Commission where so required to be filed.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Blue
Sky Qualifications</U></I>. The Company shall take or cause to be taken all necessary action required by law to qualify the Shares
for sale under the securities laws of such jurisdictions as you reasonably designate and to continue such qualifications in effect
so long as required for the distribution of the Shares, except that the Company shall not be required in connection therewith
to qualify as a foreign corporation or to execute a general consent to service of process in any state.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Provision
of Documents</U></I>. The Company will furnish, at its own expense, to the Underwriter and counsel for the Underwriter copies
of the Registration Statement, and to the Underwriter and any dealer each Preliminary Prospectus, the Time of Sale Disclosure
Package, the Prospectus, any issuer free writing prospectus, and all amendments and supplements to such documents, in each case
as soon as available and in such quantities as you may from time to time reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Rule
158</U></I>. The Company will make generally available to its security holders as soon as practicable, but in no event later than
15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement (which need not be audited) covering
a 12-month period that shall satisfy the provisions of Section&nbsp;11(a) of the Securities Act and Rule&nbsp;158 of the Rules
and Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Payment
and Reimbursement of Expenses</U></I>. The Company, whether or not the transactions contemplated hereunder are consummated or
this Agreement is terminated, will pay or cause to be paid (A) all expenses (including transfer taxes allocated to the respective
transferees) incurred in connection with the delivery to the Underwriter of the Shares, (B) all expenses and fees (including,
without limitation, fees and expenses of the Company&rsquo;s accountants and counsel but, except as otherwise provided below,
not including fees of the Underwriter&rsquo;s counsel) in connection with the preparation, printing, filing, delivery, and shipping
of the Registration Statement (including the financial statements therein and all amendments, schedules, and exhibits thereto),
the Shares, each Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus, any issuer free writing prospectus
and any amendment thereof or supplement thereto, and the printing, delivery, and shipping of this Agreement and other underwriting
documents, including Blue Sky Memoranda (covering the states and other applicable jurisdictions), (C) all filing fees incurred
in connection with the qualification of the Shares for offering and sale by the Underwriter or by dealers under the securities
or blue sky laws of the states and other jurisdictions which you shall designate, (D) the fees and expenses of the transfer agent
or registrar, (E) the filing fees incident to any required review and approval by FINRA of the terms of the sale of the Shares,
(F) listing fees, if any, (G) the cost and expenses of the Company relating to investor presentations or any &ldquo;roadshow&rdquo;
undertaken in connection with marketing of the Shares, (H) all reasonable, out-of-pocket, accountable expenses of the Underwriter
(including but not limited to reasonable fees and disbursements of the Underwriter&rsquo;s counsel and the Underwriter&rsquo;s
reasonable travel, database, printing, postage, facsimile and telephone expenses) incurred in connection with the Underwriter&rsquo;s
investigation of the Company, preparing to market and marketing the Shares, sale of the Shares or in contemplation of performing
its obligations hereunder, which amount will not exceed $82,500 in the aggregate, and (I)&nbsp;all other costs and expenses of
the Company incident to the performance of its obligations hereunder that are not otherwise specifically provided for herein.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Use
of Proceeds</U></I>. The Company will apply the net proceeds from the sale of the Shares to be sold by it hereunder for the purposes
set forth in the Time of Sale Disclosure Package and in the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Company
Lock Up</U></I>. The Company will not, without the prior written consent of the Underwriter, from the date of execution of this
Agreement and continuing to and including the date 90 days after the date of the Prospectus (the <B><I>&ldquo;Lock-Up Period&rdquo;</I></B>),
(A) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly,
any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or (B) enter into
any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock,
whether any such transaction described in clause (A) or (B) above is to be settled by delivery of Common Stock or such other securities,
in cash or otherwise, except, in each case, for (x) the sale of the Shares as contemplated by this Agreement, (y) issuances of
shares of Common Stock upon the exercise or conversion of options, warrants or convertible securities disclosed as outstanding
in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, and (z) the issuance of employee stock
options not exercisable during the Lock-Up Period pursuant to the Company&rsquo;s stock option, stock bonus and other stock plans
or arrangements, as in effect on the date hereof in the ordinary course of business consistent with past practices. The Company
agrees not to accelerate the vesting of any option or warrant or the lapse of any repurchase right prior to the expiration of
the Lock-Up Period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Stockholder
Lock-Ups</U></I>. The Company has caused to be delivered to you prior to the date of this Agreement a letter, in the form of Exhibit
A hereto (the <B><I>&ldquo;Lock-Up Agreement&rdquo;</I></B>), from each individual or entity listed on Schedule III. The Company
will enforce the terms of each Lock-Up Agreement and issue stop-transfer instructions to the transfer agent for the Common Stock
with respect to any transaction or contemplated transaction that would constitute a breach of or default under the applicable
Lock-Up Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>No
Market Stabilization or Manipulation</U></I>. The Company has not taken and will not take, directly or indirectly, any action
designed to or which might reasonably be expected to cause or result in, or which has constituted, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>SEC
Reports</U></I>. During the Prospectus Delivery Period, the Company will file on a timely basis with the Commission such periodic
and special reports as required by the Rules and Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Internal
Controls</U></I>. During the Prospectus Delivery Period, the Company will maintain such controls and other procedures, including
without limitation those required by Sections 302 and 906 of the Sarbanes-Oxley Act and the applicable regulations thereunder,
that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission&rsquo;s rules
and forms, including without limitation, controls and procedures designed to ensure that information required to be disclosed
by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company&rsquo;s
management, including its principal executive officer and its principal financial officer, or persons performing similar functions,
as appropriate to allow timely decisions regarding required disclosure, to ensure that material information relating to Company
is made known to them by others within those entities.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Sarbanes-Oxley</U></I>.
During the Prospectus Delivery Period, the Company will comply with all applicable provisions of the Sarbanes-Oxley Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Free
Writing Prospectuses</U></I>. The Company represents and agrees that, unless it obtains the prior written consent of the Underwriter,
it has not made and will not make any offer relating to the Shares that would constitute an issuer free writing prospectus or
that would otherwise constitute a free writing prospectus required to be filed with the Commission; provided that the prior written
consent of the Underwriter shall be deemed to have been given in respect of the free writing prospectuses included in Schedule
I. Any such free writing prospectus consented to by the Underwriter is hereinafter referred to as a <B><I>&ldquo;Permitted Free
Writing Prospectus.&rdquo;</I></B> The Company represents that it has treated or agrees that it will treat each Permitted Free
Writing Prospectus as an issuer free writing prospectus and has complied and will comply with the requirements of Rule 164 and
Rule 433 applicable to any Permitted Free Writing Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Conditions
of Underwriter&rsquo;s Obligations</I></B>. The obligations of the Underwriter hereunder are subject to the accuracy, as of the
date hereof and at the Closing Date (as if made at the Closing Date), of and compliance with all representations, warranties and
agreements of the Company contained herein, to the performance by the Company of its obligations hereunder and to the following
additional conditions:</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">(a)<FONT STYLE="font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><I><U>Required
Filings; Absence of Certain Commission Actions</U>. If filing of the Prospectus, or any amendment or supplement thereto, or any
issuer free writing prospectus, is required under the Securities Act or the Rules and Regulations, the Company shall have filed
the Prospectus (or such amendment or supplement) or such issuer free writing prospectus with the Commission in the manner and
within the time period so required (without reliance on Rule 424(b)(8) or Rule 164(b)); the Registration Statement shall remain
effective; no stop order suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462(b) Registration
Statement, or any amendment thereof, nor suspending or preventing the use of the Time of Sale Disclosure Package, the Prospectus
or any issuer free writing prospectus shall have been issued; no proceedings for the issuance of such an order shall have been
initiated or threatened; any request of the Commission for additional information (to be included in the Registration Statement,
the Time of Sale Disclosure Package, the Prospectus, any issuer free writing prospectus or otherwise) shall have been complied
with to your reasonable satisfaction.</I></B></FONT></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Continued
Compliance with Securities Laws</U>. You shall not have advised the Company that (i) the Registration Statement or any amendment
thereof or supplement thereto contains an untrue statement of a material fact which, in your opinion, is material or omits to
state a material fact which, in your opinion, is required to be stated therein or necessary to make the statements therein not
misleading, or (ii) the Time of Sale Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto, or
any issuer free writing prospectus contains an untrue statement of fact which, in your opinion, is material, or omits to state
a fact which, in your opinion, is material and is required to be stated therein, or necessary to make the statements therein,
in light of the circumstances under which they are made, not misleading.</FONT></I></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Absence
of Certain Events</U>. Except as contemplated in the Time of Sale Disclosure Package and in the Prospectus or as permitted under
this Agreement, subsequent to the respective dates as of which information is given in the Time of Sale Disclosure Package, the
Company shall not have incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions,
or declared or paid any dividends or made any distribution of any kind with respect to its capital stock; and there shall not
have been any change in the capital stock (other than a change in the number of outstanding shares of Common Stock due to the
issuance of shares upon the exercise of outstanding options or warrants or conversion of convertible securities), or any material
change in the short-term or long-term debt of the Company (other than as a result of the conversion of convertible securities),
or any issuance of options, warrants, convertible securities or other rights to purchase the capital stock of the Company, or
any Material Adverse Change or any development involving a prospective Material Adverse Change (whether or not arising in the
ordinary course of business), or any loss by strike, fire, flood, earthquake, accident or other calamity, whether or not covered
by insurance, incurred by the Company, the effect of which, in any such case described above, in your judgment, makes it impractical
or inadvisable to offer or deliver the Shares on the terms and in the manner contemplated in the Time of Sale Disclosure Package
and in the Prospectus.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><U>Opinion
of Company Counsel</U>. On the Closing Date, there shall have been furnished to you the opinion and negative assurance letter
of Pierce Atwood LLP, counsel for the Company, dated the Closing Date and addressed to you in substantially the form attached
hereto as Exhibit&nbsp;B.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Opinion
of Underwriter&rsquo;s Counsel</U>. On the Closing Date, there shall have been furnished to you such negative assurance letter
of Ellenoff Grossman &amp; Schole LLP, counsel for the Underwriter, dated the Closing Date and addressed to you, with respect
to such matters as you reasonably may request, and such counsel shall have received such papers and information as they request
to enable them to pass upon such matters.</FONT></I></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<U>Comfort
Letter</U>. On the date hereof, on the effective date of any post-effective amendment to the Registration Statement filed after
the date hereof, and on the Closing Date you shall have received an accountant&rsquo;s &ldquo;comfort&rdquo; letter of RSM US
LLP, dated such date and addressed to you, in form and substance satisfactory to you.</FONT></I></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal">&nbsp;<U>Officers&rsquo;
Certificate</U>. On the Closing Date, there shall have been furnished to you a certificate, dated the Closing Date and addressed
to you, signed by the chief executive officer and by the chief financial officer of the Company, to the effect that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties of the Company in this Agreement are true and correct as if made at and as of the Closing Date,
and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied
at or prior to the Closing Date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof
or the qualification of the Shares for offering or sale nor suspending or preventing the use of the Time of Sale Disclosure Package,
the Prospectus or any issuer free writing prospectus, has been issued, and no proceeding for that purpose has been instituted
or, to the best of their knowledge, is contemplated by the Commission or any state or regulatory body; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirms
the accuracy of the matters set forth in subsection (c) of this Section 5.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><I>&nbsp;<U>Lock-Up
Agreement</U>. The Underwriter shall have received all of the Lock-Up Agreements referenced in Section 4 and the Lock-Up Agreements
shall remain in full force and effect.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<U>FINRA
No Objections</U>. FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</FONT></I></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<U>Other
Documents</U>. The Company shall have furnished to you and counsel for the Underwriter such additional documents, certificates
and evidence as you or they may have reasonably requested.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal">&nbsp;&nbsp;<U>Exchange
Listing</U>. The Shares to be delivered on the Closing Date have been approved for listing on the NASDAQ Stock Market, subject
to official notice of issuance.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>CFO Certificate</U>. On the date hereof
and on the Closing Date, the Company shall have furnished to you a certificate, dated as of such date, signed on behalf of the
Company by its chief financial officer, regarding certain financial information the Preliminary Prospectus and the Prospectus,
respectively, in form and substance satisfactory to you.</FONT></I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
such opinions, certificates, letters and other documents will be in compliance with the provisions hereof only if they are satisfactory
in form and substance to you and counsel for the Underwriter in their respective reasonable judgment. The Company will furnish
you with such conformed copies of such opinions, certificates, letters and other documents as you shall reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Indemnification
and Contribution</I></B>.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<U>Indemnification
by the Company</U>. The Company agrees to indemnify and hold harmless the Underwriter, its affiliates, directors and officers
and each person, if any, who controls the Underwriter within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the
Exchange Act, from and against any losses, claims, damages or liabilities, joint or several, to which the Underwriter may become
subject, under the Act or otherwise (including in settlement of any litigation if such settlement is effected with the written
consent of the Company), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including
the 430B Information and any other information deemed to be a part of the Registration Statement at the time of effectiveness
and at any subsequent time pursuant to the Rules and Regulations, if applicable, any Preliminary Prospectus, the Time of Sale
Disclosure Package, the Prospectus, or any amendment or supplement thereto, any issuer free writing prospectus, or any issuer
information that the Company has filed or is required to file pursuant to Rule 433(d) of the Rules and Regulations, or arise out
of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, and will reimburse the Underwriter for any legal or other expenses reasonably incurred
by it in connection with investigating or defending against such loss, claim, damage, liability or action as such expenses are
incurred; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage,
liability or action arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission
made in reliance upon and in conformity with written information furnished to the Company by you specifically for use in the preparation
thereof; it being understood and agreed that the only information furnished by the Underwriter consists of the information described
as such in Section&nbsp;6(e).</FONT></I></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(b)&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
by the Underwriter</U>. The Underwriter will indemnify and hold harmless the Company, its affiliates, directors and officers and
each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Act and Section&nbsp;20 of the Exchange
Act, from and against any losses, claims, damages or liabilities, joint or several, to which the Company may become subject, under
the Act or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the
Underwriter), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the
430B Information and any other information deemed to be a part of the Registration Statement at the time of effectiveness and
at any subsequent time pursuant to the Rules and Regulations, if applicable, any Preliminary Prospectus, the Time of Sale Disclosure
Package, the Prospectus, or any amendment or supplement thereto, or any issuer free writing prospectus, or any issuer information
that the Company has filed or is required to file pursuant to Rule 433(d) of the Rules and Regulations, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished
to the Company by you specifically for use in the preparation thereof (it being understood and agreed that the only information
furnished by the Underwriter consists of the information described as such in Section 6(e)), and will reimburse the Company for
any legal or other expenses reasonably incurred by the Company in connection with investigating or defending against any such
loss, claim, damage, liability or action as such expenses are incurred.</FONT></I></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(c)&nbsp;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
and Procedures</U>. Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement
of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under
such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying
party shall not relieve the indemnifying party from any liability that it may have to any indemnified party except to the extent
such indemnifying party has been materially prejudiced by such failure (through the forfeiture of substantive rights or defenses).
In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party, and
after notice from the indemnifying party to such indemnified party of the indemnifying party&rsquo;s election so to assume the
defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal or other
expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of
investigation; provided, however, that if, in the sole judgment of the Underwriter, it is advisable for the Underwriter to be
represented by separate counsel, the Underwriter shall have the right to employ a single counsel (in addition to local counsel)
to represent all of the indemnified parties, in which event the reasonable fees and expenses of such separate counsel shall be
borne by the indemnifying party or parties and reimbursed to the indemnified parties as incurred. An indemnifying party shall
not be obligated under any settlement agreement relating to any action under this Section 6 to which it has not agreed in writing.
In addition, no indemnifying party shall, without the prior written consent of the indemnified party (which consent shall not
be unreasonably withheld or delayed), effect any settlement of any pending or threatened proceeding unless such settlement includes
an unconditional release of such indemnified party for all liability on claims that are the subject matter of such proceeding
and does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified
party. Notwithstanding the foregoing, if at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel pursuant to this Section&nbsp;6(c), such indemnifying party agrees that
it shall be liable for any settlement effected without its written consent if (i) such settlement is entered into more than 45
days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed
such indemnified party in accordance with such request prior to the date of such settlement.</FONT></I></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(d)</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution;
Limitations on Liability; Non-Exclusive Remedy</U>. If the indemnification provided for in this Section&nbsp;6 is unavailable
or insufficient to hold harmless an indemnified party under subsection&nbsp;(a) or (b) above, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred
to in subsection&nbsp;(a) or (b) above, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received
by the Company on the one hand and the Underwriter on the other from the offering of the Shares or (ii)&nbsp;if the allocation
provided by clause&nbsp;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause&nbsp;(i) above but also the relative fault of the Company on the one hand and the
Underwriter on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities,
as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the
Underwriter on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting
expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriter, in each
case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company or the Underwriter and the parties&rsquo; relevant intent, knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Underwriter
agree that it would not be just and equitable if contributions pursuant to this subsection&nbsp;(d) were to be determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the first sentence of this subsection&nbsp;(d). The amount paid by an indemnified party as a result of the losses, claims, damages
or liabilities referred to in the first sentence of this subsection&nbsp;(d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which
is the subject of this subsection&nbsp;(d). Notwithstanding the provisions of this subsection&nbsp;(d), the Underwriter shall
not be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received
by the Underwriter with respect to the Shares purchased by it hereunder exceeds the amount of any damages that the Underwriter
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 6 are not exclusive
and shall not limit any rights or remedies that might otherwise be available to any indemnified party at law or in equity.</FONT></I></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(e)</I></FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information
Provided by the Underwriter</U>. The Underwriter confirms that the statements with respect to the public offering of the Shares
by the Underwriter set forth in the second paragraph under the caption &ldquo;Underwriting&rdquo; in the Time of Sale Disclosure
Package and in the Prospectus are correct. The Underwriter confirms and the Company acknowledges that the foregoing information
constitutes the only information concerning the Underwriter furnished in writing to the Company by the Underwriter specifically
for inclusion in the Registration Statement, any Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus or
any issuer free writing prospectus.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Representations
and Agreements to Survive Delivery</I></B>. All representations, warranties, and agreements of the Company and the Underwriter
herein or in certificates delivered pursuant hereto, including but not limited to the agreement of the Company and the Underwriter
contained in Section 6 hereof, shall remain operative and in full force and effect regardless of any investigation made by or
on behalf of the Underwriter or any controlling person thereof, or the Company or any of its officers, directors, or controlling
persons, and shall survive delivery of, and payment for, the Shares to and by the Underwriter hereunder and any termination of
this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Termination
of this Agreement.</I></B></FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(a)</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
to Terminate</U>. You shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified
at any time at or prior to the Closing Date if (i)&nbsp;the Company shall have failed, refused or been unable, at or prior to
the Closing Date, to perform any agreement on its part to be performed hereunder, (ii)&nbsp;any condition of the Underwriter&rsquo;s
obligations hereunder is not fulfilled, (iii)&nbsp;trading in the Company&rsquo;s Common Stock shall have been suspended by the
Commission or the NASDAQ Stock Market or&nbsp;trading in securities generally on the NYSE American, NASDAQ Stock Market or New
York Stock Exchange shall have been suspended, (iv)&nbsp;minimum or maximum prices for trading shall have been fixed, or maximum
ranges for prices for securities shall have been required, on the NYSE American, NASDAQ Stock Market or New York Stock Exchange,
by such Exchange or by order of the Commission or any other Governmental Authority having jurisdiction, (v)&nbsp;a banking moratorium
shall have been declared by federal or New York state authorities or a material disruption in commercial banking or securities
settlement or clearance services in the United States shall have occurred, or (vi)&nbsp;there shall have occurred any attack on,
outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration by the United States of
a national emergency or war, any material adverse change in financial markets, any substantial change or development involving
a prospective substantial change in United States or international political, financial or economic conditions, or any other calamity
or crisis that, in your reasonable judgment, is material and adverse and makes it impractical or inadvisable to proceed with the
completion of the sale of and payment for the Shares.</FONT></I></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(b)</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Termination</U>. If you elect to terminate this Agreement as provided in this Section, the Company shall be notified promptly
by you by telephone, confirmed by letter.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>(c)</I></FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Termination</U>. No party shall be relieved of any liability under this Agreement arising from any breach of its obligations
hereunder occurring prior to termination of this Agreement as a result of the termination of this Agreement.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Notices</I></B>.
Except as otherwise provided herein, all communications hereunder shall be in writing and, if to the Underwriter, shall be mailed
via overnight delivery service or hand delivered via courier to Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite
350, Minneapolis, Minnesota 55402, Attention: General Counsel; if to the Company, shall be mailed or delivered to it at 56 Evergreen
Drive, Portland, Maine 04103, Attention: Michael F. Brigham, with a copy to Pierce Atwood LLP, 254 Commercial Street, Portland,
Maine 04101, Attention: David J. Champoux, Esq.; or in each case to such other address as the person to be notified may have requested
in writing. Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written
notice of a new address for such purpose.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Persons
Entitled to Benefit of Agreement</I></B>. This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and assigns and the controlling persons, officers and directors referred to in Section 6. Nothing
in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy
or claim under or in respect of this Agreement or any provision herein contained. The term &ldquo;successors and assigns&rdquo;
as herein used shall not include any purchaser, as such purchaser, of any of the Shares from the Underwriter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Absence
of Fiduciary Relationship</I></B>. The Company acknowledges and agrees that: (a) the Underwriter has been retained solely to act
as an underwriter in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the
Company and the Underwriter has been created in respect of any of the transactions contemplated by this Agreement, irrespective
of whether the Underwriter has advised or is advising the Company on other matters; (b) the price and other terms of the Shares
set forth in this Agreement were established by the Company following discussions and arms-length negotiations with the Underwriter
and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the
transactions contemplated by this Agreement; (c) it has been advised that the Underwriter and its affiliates are engaged in a
broad range of transactions which may involve interests that differ from those of the Company and that the Underwriter has no
obligation to disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship;
(d) it has been advised that the Underwriter is acting, in respect of the transactions contemplated by this Agreement, solely
for the benefit of the Underwriter, and not on behalf of the Company; (e) it waives to the fullest extent permitted by law, any
claims it may have against the Underwriter for breach of fiduciary duty or alleged breach of fiduciary duty in respect of any
of the transactions contemplated by this Agreement and agrees that the Underwriter shall have no liability (whether direct or
indirect) to the Company in respect of such a fiduciary duty claim on behalf of or in right of the Company, including stockholders,
employees or creditors of the Company.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Governing
Law; Waiver of Jury Trial</I></B>. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates)
and the Underwriter hereby irrevocably waive, 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Counterparts</I></B>.
This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts
shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
Provisions.</I></B> This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior
written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.
This Agreement may not be amended or modified unless in writing by all of the parties hereto and no condition herein (express
or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Section headings
herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.
The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability
of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason
determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as
are necessary to make it valid and enforceable. Notwithstanding anything herein to the contrary, the Engagement Agreement, dated
December 11, 2017 (&ldquo;<B><I>Engagement Agreement</I></B>&rdquo;), by and between the Company and Craig-Hallum Capital Group
LLC, shall continue to be effective and the terms therein, including, without limitation, Section 3 with respect to any future
offerings, shall continue to survive and be enforceable by the Underwriter in accordance with its terms, provided that, in the
event of a conflict between the terms of the Engagement Agreement and this Agreement, the terms of this Agreement shall prevail.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">Please sign and return
to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between the Company
and the Underwriter in accordance with its terms.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>ImmuCell Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">By:</TD>
    <TD STYLE="width: 35%; text-align: justify; border-bottom: Black 1.5pt solid"><I>/s/</I> Michael F. Brigham </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Michael F. Brigham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Its:</TD>
    <TD STYLE="text-align: justify">Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Confirmed as of the date first </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">above mentioned.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Craig-Hallum Capital Group LLC</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><I>/s/</I> Rick Hartfiel </TD>
    <TD STYLE="text-align: justify"><I>&nbsp;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Rick Hartfiel</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Its:</TD>
    <TD STYLE="text-align: justify">Managing Partner</TD>
    <TD STYLE="text-align: justify">&nbsp;</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: center">[Signature Page to ICCC Underwriting Agreement]</P>

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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<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>SCHEDULE II</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>Pricing Information</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">Shares: 417,807 shares</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">Price to the public: $7.30 per share</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">Price to the Underwriter: $6.862 per share</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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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



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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE III</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>List of Individuals and Entities Executing
Lock-Up Agreements</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: justify"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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



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






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in; padding: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>f8k122117ex5-1_immucell.htm
<DESCRIPTION>OPINION OF PIERCE ATWOOD LLP
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>EXHIBIT 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 19, 2017</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">ImmuCell Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">56 Evergreen Driver</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portland, Maine 04104</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 0pt 1in"><B>Re: ImmuCell Corporation</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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as counsel
to ImmuCell Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), in connection with (i) the registration statement
on Form S-3 (File No. 333-207635) (the &ldquo;Registration Statement&rdquo;) filed by the Company on November 5, 2015 with the
Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (&ldquo;Act&rdquo;),
and (ii) the prospectus supplement, dated December 19, 2017 (the &ldquo;Prospectus Supplement&rdquo;) relating to the issuance
and sale by the Company of up to 417,807 shares of the Company&rsquo;s common stock, $0.10 par value (the &ldquo;Shares&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">We have examined originals
or copies, certified or otherwise identified to our satisfaction, of (i) the Company&rsquo;s Certificate of Incorporation, (ii)
the Company&rsquo;s By-laws, (iii) the Registration Statement, (iv) the Prospectus Supplement, and (v) such records of the Company,
certificates of officers of the Company and public officials, and other documents as we have deemed relevant and necessary as a
basis for the opinions hereinafter expressed. In such examination, we have assumed the genuineness of all signatures, the authenticity
of all documents submitted to us as certified copies or photocopies, and the authenticity of the originals of such documents.</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">Based on our examination
mentioned above and subject to the qualifications stated herein, we are of the opinion that the Shares will be, when sold in the
manner described in the Prospectus Supplement, validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to
the filing of this opinion with the Commission in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the
Act as an exhibit to the Current Report on Form 8-K to be filed by the Company in connection with the sale of the Shares and the
use of our name in the Prospectus Supplement, and in any amendment or supplement thereto.</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">In giving the foregoing
consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Act, or the rules
and regulations of the Commission.</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">Very truly yours,</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">/s/ PIERCE ATWOOD LLP</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">Pierce Atwood LLP</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">cc: Michael Brigham</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>f8k122117ex99-1_immucell.htm
<DESCRIPTION>PRESS RELEASE OF IMMUCELL CORPORATION DATED DECEMBER 21, 2017.
<TEXT>
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<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ImmuCell</B></P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>ImmuCell Corporation
Announces Closing of $3 Million Public Offering of Common Stock</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>FOR IMMEDIATE RELEASE:</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; background-color: white; text-align: justify"><B>PORTLAND, Maine&nbsp;&ndash;&nbsp;December
21, 2017 &ndash;</B> ImmuCell Corporation (&ldquo;ImmuCell&rdquo; or the &ldquo;Company&rdquo;) (Nasdaq: ICCC), a growing animal
health company that develops, manufactures and markets scientifically-proven and practical products that improve the health and
productivity of dairy and beef cattle, today announced the closing of a previously announced underwritten public offering of 417,807
shares of common stock at a price to the public of $7.30 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">Craig-Hallum Capital Group acted as
sole underwriter for the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">The net proceeds from the offering
are approximately $2.7 million, after deducting underwriting discounts and other estimated expenses incurred in connection with
the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">The Company intends to use the net
proceeds from the offering to increase its working capital reserves (which have been reduced to low levels due to expenditures
incurred to complete the construction and equipping of its Nisin production facility) and to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;<FONT STYLE="font-family: Symbol"></FONT></TD><TD STYLE="text-align: justify">complete the
                                         Nisin production facility (estimated total cost is now $21 million, which is $197,000
                                         greater than the previously disclosed estimate of $20,803,000);</TD></TR>                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;<FONT STYLE="font-family: Symbol"></FONT></TD><TD STYLE="text-align: justify">expand production
                                         capacity for the newly launched <B>First Defense</B><SUP>&reg;</SUP> <B>Tri-Shield</B>&trade;
                                         in a gel tube delivery format;</TD></TR>                                                                                 <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;<FONT STYLE="font-family: Symbol"></FONT></TD><TD STYLE="text-align: justify">hire additional
                                         regional sales managers; and</TD></TR>                                                                               <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;<FONT STYLE="font-family: Symbol"></FONT></TD><TD STYLE="text-align: justify">engage a qualified
                                         consultant to help achieve regulatory approval for the sale of the <B>First Defense</B>&reg;
                                         product line outside of North America.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;This additional capital enables us to complete the $21
million investment in our Nisin production facility, launch sales of our new product, <B>First Defense<SUP>&reg;</SUP> Tri-Shield</B>&trade;,
and continue to expand our sales and marketing initiatives&rdquo;, commented Michael F. Brigham, President and CEO. &ldquo;I am
encouraged by the level of fourth quarter sales as we close out 2017 and look forward to the exciting opportunities ahead in 2018
and beyond.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">The shares described above were offered
pursuant to an effective shelf registration statement on Form S-3 that was previously filed with, and declared effective by, the
Securities and Exchange Commission (&ldquo;SEC&rdquo;). The securities were offered only by means of a prospectus. The prospectus
and prospectus supplement related to the offering were filed with the SEC, and are available on the SEC&rsquo;s website located
at <U>http://www.sec.gov</U> and may also be obtained from Craig-Hallum Capital Group, 222 South Ninth Street, Suite 350, Minneapolis,
MN 55402, telephone 612-334-6300, email: <U>prospectus@chlm.com</U>.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">ImmuCell Corporation&rsquo;s&nbsp;(Nasdaq:
ICCC)&nbsp;purpose is to create scientifically-proven and practical products that improve the health and productivity of dairy
and beef cattle.&nbsp;ImmuCell has developed products that provide significant, immediate immunity to newborn dairy and beef livestock.
The Company is developing a novel treatment for mastitis, the most significant cause of economic loss to the dairy industry. Press
releases and other information about the Company are available at: <U>http://www.immucell.com</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><B><I><U>Safe Harbor
Statement:</U></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><B><I><U></U></I></B>This Press Release contains &ldquo;forward-looking statements&rdquo; within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited
to, any statements relating to: projections of future financial performance; the scope and timing of ongoing and future product
development work and commercialization of our products; future costs of product development efforts; the estimated prevalence
rate of subclinical mastitis; the expected efficacy of new products; future market share of and revenue generated by current products
and products still in development; future sources of financial support for our product development, manufacturing and marketing
efforts; the future adequacy of our own manufacturing facilities or those of third parties with which we have contractual relationships
to meet demand for our products on a timely basis; the future adequacy of our working capital and the availability and cost of
third party financing; timing and future costs of a facility to produce the Drug Substance (our active pharmaceutical ingredient,
Nisin); the timing and outcome of pending or anticipated applications for regulatory approvals; future regulatory requirements
relating to our products; future expense ratios and margins; future compliance with bank debt covenants; costs associated with
sustaining compliance with cGMP regulations in our current operations and attaining such compliance for the facility to produce
the Drug Substance; factors that may affect the dairy and beef industries and future demand for our products; our effectiveness
in competing against competitors within both our existing and our anticipated product markets; the cost-effectiveness of additional
sales and marketing expenditures and resources; the accuracy of our understanding of our distributors&rsquo; ordering patterns;
anticipated changes in our manufacturing capabilities and efficiencies; anticipated competitive and market conditions; and any
other statements that are not historical facts. Forward-looking statements can be identified by the use of words such as &ldquo;expects&rdquo;,
&ldquo;may&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;aims&rdquo;, &ldquo;intends&rdquo;, &ldquo;would&rdquo;, &ldquo;could&rdquo;,
&ldquo;should&rdquo;, &ldquo;will&rdquo;, &ldquo;plans&rdquo;, &ldquo;believes&rdquo;, &ldquo;estimates&rdquo;, &ldquo;targets&rdquo;,
&ldquo;projects&rdquo;, &ldquo;forecasts&rdquo; and similar words and expressions. In addition, there can be no assurance that
future developments affecting us will be those that we anticipate. Such statements involve risks and uncertainties, including,
but not limited to, those risks and uncertainties relating to difficulties or delays in development, testing, regulatory approval,
production and marketing of our products, competition within our anticipated product markets, customer acceptance of our new and
existing products, product performance, alignment between our manufacturing resources and product demand, the uncertainties associated
with product development and Drug Substance manufacturing, actual as compared to expected or estimated costs of expanding our
manufacturing facilities, our potential reliance upon third parties for financial support, products and services, changes in laws
and regulations, decision making by regulatory authorities, possible dilutive impacts on existing stockholders from any equity
financing transactions in which we may engage, currency values and fluctuations and other risks detailed from time to time in
filings we make with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q, our Annual Reports
on Form 10-K and our Current Reports on Form 8-K. Such statements are based on our current expectations, but actual results may
differ materially due to various factors, including the risk factors discussed above.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Contact:</B></TD><TD>Michael F. Brigham, President and CEO</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 1in">ImmuCell Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(207) 878-2770</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">Joe Diaz, Robert Blum and Joe
Dorame</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(602) 889-9700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"><U>iccc@lythampartners.com</U></P>

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

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