<SEC-DOCUMENT>0001206774-12-004181.txt : 20121005
<SEC-HEADER>0001206774-12-004181.hdr.sgml : 20121005
<ACCEPTANCE-DATETIME>20121005162446
ACCESSION NUMBER:		0001206774-12-004181
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20121002
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121005
DATE AS OF CHANGE:		20121005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RESEARCH FRONTIERS INC
		CENTRAL INDEX KEY:			0000793524
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				112103466
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09399
		FILM NUMBER:		121132613

	BUSINESS ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
		BUSINESS PHONE:		5163641902

	MAIL ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>research_8k.htm
<DESCRIPTION>CURRENT REPORT
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<P align=center><FONT face="Times New Roman" size=2>SECURITIES AND EXCHANGE
COMMISSION<BR>WASHINGTON, D.C. 20549 <BR>____________________</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>FORM 8-K
<BR>____________________</FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>CURRENT REPORT </FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>PURSUANT TO SECTION 13 OR 15(d) <BR>OF
THE SECURITIES EXCHANGE ACT OF 1934 </FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>DATE OF REPORT (DATE OF EARLIEST EVENT
REPORTED): October 2, 2012 <BR>____________________</FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR></FONT><FONT face="Times New Roman" size=2>(EXACT NAME OF REGISTRANT AS
SPECIFIED IN ITS CHARTER) </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>DELAWARE</FONT></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>1-9399</FONT></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>11-2103466</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>(STATE OR OTHER
JURISDICTION</FONT></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>(COMMISSION FILE NUMBER)</FONT></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>(IRS EMPLOYER</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>OF INCORPORATION)</FONT></TD>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>IDENTIFICATION
  NO.)</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>240 CROSSWAYS PARK DRIVE <BR>WOODBURY,
NEW YORK 11797-2033<BR></FONT><FONT face="Times New Roman" size=2>(ADDRESS OF PRINCIPAL
EXECUTIVE OFFICES AND ZIP CODE) </FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>REGISTRANT'S TELEPHONE NUMBER, INCLUDING
AREA CODE: (516) 364-1902 </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction
A.2. below): </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>[&nbsp;&nbsp; ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>[&nbsp; &nbsp;] Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>[&nbsp; &nbsp;] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>[&nbsp; &nbsp;] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) </FONT><FONT face="Times New Roman"></FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Item 1.01. Entry into a Material
Definitive Agreement</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Research Frontiers Incorporated (NASDAQ:
REFR) on October 2, 2012 entered into an agreement to sell 1,250,000 shares of
its common stock, and warrants to purchase 250,000 shares of its common stock,
to an institutional investor. Each share and corresponding warrant will be sold
at an aggregate price of $4.49, resulting in gross proceeds of approximately
$5,612,500. The warrants are exercisable for a period of five years beginning on
the six-month anniversary of the closing date at an exercise price of $6.73 per
share (approximately 150% of the aggregate offering price).</FONT><FONT face="Times New Roman"> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The Company intends to use the net
proceeds from this offering for working capital and general corporate purposes.
The offering is expected to close on or before October 8, 2012, subject to the
satisfaction of customary closing conditions. The purchase agreement for the
offering provides that the Company will indemnify the investor against certain
liabilities, including liabilities under the Securities Act of 1933, as amended,
or to reimburse the investor for payments that the investor may be required to
make because of such liabilities. The summary in this report of the terms of the
purchase agreement and warrants is subject to, and qualified in its entirety by,
the form of Common Stock and Warrant Purchase Agreement and form of Common Stock
Purchase Warrant, which are filed as Exhibit 4.3 with this report and
incorporated herein by reference.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Craig-Hallum Capital Group LLC acted as
the sole placement agent for the offering and will receive a placement agent fee of 6%
of the gross proceeds. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The securities issued in this private
placement have not been registered under the Securities Act of 1933, as amended,
or any state securities laws, and were issued and sold in a private placement
pursuant to Regulation D of the Securities Act. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The Company has agreed to file within 30
days a registration statement that covers the resale of the shares by the
purchaser and the shares issuable upon exercise of the warrants. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 3.02. Unregistered Sales of Equity
Securities.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The information stated above in Item 1.01
is incorporated into this Item 3.02 by reference. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The sale and issuance of common stock and
the warrants was completed in accordance with the exemption provided in
Regulation D of the Securities Act of 1933, as amended (the &#147;</FONT><U><FONT face="Times New Roman" size=2>Securities Act</FONT></U><FONT face="Times New Roman" size=2>&#148;), and/or
Section 4(2) of the Securities Act.</FONT><FONT face="Times New Roman" size=4> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 8.01. Other Events.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>On October 3, 2012, the Company issued a
press release announcing the offering described in Item 1.01. A copy of this
release is filed herewith as Exhibit 99.1 and is incorporated herein by
reference.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 9.01. Financial Statements and
Exhibits. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(d) Exhibits. </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.3</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Form of Common Stock
      and Warrant Purchase Agreement dated as of October 2, 2012 and Form of
      Common Stock Purchase Warrant.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>99.1</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Research Frontiers
      Press Release dated October 3, 2012.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>SIGNATURES </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>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><FONT face="Times New Roman"></FONT></P>
<DIV align=right>
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    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
      INCORPORATED</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face="Times New Roman" size=2>/s/
      Seth L. Van Voorhees</FONT></TD>
    <TD noWrap align=left width="70%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>By: Seth L. Van
      Voorhees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Title: Chief Financial
      Officer</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Dated: October 5, 2012</FONT><FONT face="Times New Roman"> </FONT></P>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>exhibit4-3.htm
<DESCRIPTION>FORM OF COMMON STOCK AND WARRANT PURCHASE AGREEMENT DATED AS OF OCTOBER 2, 2012
<TEXT>

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<P align=right><FONT face="Times New Roman" size=2>October 2, 2012 </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS INCORPORATED
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>AND </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>THE PURCHASERS NAMED HEREIN
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>____________________________________________________________
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2><BR>COMMON STOCK AND WARRANT PURCHASE
AGREEMENT <BR>&nbsp;<BR></FONT></B><B><FONT face="Times New Roman" size=2>____________________________________________________________
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2>October 2, 2012 </FONT></B></P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><FONT face="Times New Roman" size=2>October 2, 2012 </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS INCORPORATED
<BR></FONT></B><B><FONT face="Times New Roman" size=2>COMMON STOCK AND WARRANT PURCHASE
AGREEMENT</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Common Stock and Warrant Purchase Agreement</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>(this &#147;</FONT><I><FONT face="Times New Roman" size=2>Agreement</FONT></I><FONT face="Times New Roman" size=2>&#148;) is made as of October 2,
2012 by and between </FONT><B><FONT face="Times New Roman" style="font-variant: small-caps" size=2>Research Frontiers Incorporated</FONT></B><FONT face="Times New Roman" size=2>, a Delaware corporation
(the &#147;</FONT><I><FONT face="Times New Roman" size=2>Company</FONT></I><FONT face="Times New Roman" size=2>&#148;), and those purchasers listed on the attached </FONT><U><FONT face="Times New Roman" size=2>Exhibit A</FONT></U><FONT face="Times New Roman" size=2>, as such exhibit
may be amended from time to time (each a &#147;</FONT><I><FONT face="Times New Roman" size=2>Purchaser</FONT></I><FONT face="Times New Roman" size=2>&#148;, and collectively, the
&#147;</FONT><I><FONT face="Times New Roman" size=2>Purchasers</FONT></I><FONT face="Times New Roman" size=2>&#148;). </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps">Recitals</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.
The Company has authorized the sale and issuance of up to 1,250,000 shares (the
&#147;</FONT><I><FONT face="Times New Roman" size=2>Shares</FONT></I><FONT face="Times New Roman" size=2>&#148;)
of the common stock of the Company, $0.0001 par value per share (the
&#147;</FONT><I><FONT face="Times New Roman" size=2>Common Stock</FONT></I><FONT face="Times New Roman" size=2>&#148;), and warrants to purchase 250,000 shares of Common Stock in a private
placement (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Offering</FONT></I><FONT face="Times New Roman" size=2>&#148;).</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B.
Pursuant to Section 4(2) of the Securities Act of 1933 (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Securities Act</FONT></I><FONT face="Times New Roman" size=2>&#148; or the
&#147;</FONT><I><FONT face="Times New Roman" size=2>Act</FONT></I><FONT face="Times New Roman" size=2>&#148;) and
Rule 506 promulgated thereunder, the Company desires to sell to the Purchasers
listed on the attached </FONT><U><FONT face="Times New Roman" size=2>Exhibit
A</FONT></U><FONT face="Times New Roman" size=2>, as such exhibit may be amended from time
to time, and such Purchasers, severally and not jointly, desire to purchase from
the Company that aggregate number of shares of Common Stock set forth opposite
such Purchaser&#146;s name on </FONT><U><FONT face="Times New Roman" size=2>Exhibit
A</FONT></U><FONT face="Times New Roman" size=2>, and warrants to purchase that aggregate
number of shares of Common Stock set forth opposite such Purchaser&#146;s name on
</FONT><U><FONT face="Times New Roman" size=2>Exhibit A</FONT></U><FONT face="Times New Roman" size=2>
on the terms and subject to the conditions set forth in this Agreement.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps">Terms and Conditions</FONT></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Now, therefore, in consideration of the foregoing recitals and the mutual
covenants and agreements contained herein, the parties hereto, intending to be
legally bound, do hereby agree as follows: </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>1. Purchase of the Securities.
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>1.1 Agreement to Sell and Purchase. </STRONG></FONT><FONT face="Times New Roman" size=2>At the Closing (as hereinafter defined), the Company will issue and sell
to each of the Purchasers, and each Purchaser will, severally and not jointly,
purchase from the Company, the number of Shares and warrants to purchase Common
Stock of the Company (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Warrants</FONT></I><FONT face="Times New Roman" size=2>&#148; and together with the
Shares, the &#147;</FONT><I><FONT face="Times New Roman" size=2>Securities</FONT></I><FONT face="Times New Roman" size=2>&#148;) set forth opposite such Purchaser&#146;s name on </FONT><U><FONT face="Times New Roman" size=2>Exhibit A</FONT></U><FONT face="Times New Roman" size=2> for an aggregate
purchase price set forth opposite such Purchaser&#146;s name on </FONT><U><FONT face="Times New Roman" size=2>Exhibit A</FONT></U><FONT face="Times New Roman" size=2> (the
&#147;</FONT><I><FONT face="Times New Roman" size=2>Purchase Price</FONT></I><FONT face="Times New Roman" size=2>&#148;). The Warrants shall be in the form set forth hereto as </FONT><U><FONT face="Times New Roman" size=2>Exhibit B</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>1.2 Placement Agent
Fee</STRONG></FONT><FONT face="Times New Roman" size=2>. The Purchasers acknowledge that the
Company intends to pay to Craig-Hallum Capital Group LLC, in its capacity as the
placement agent for the Offering (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Placement Agent</FONT></I><FONT face="Times New Roman" size=2>&#148;), a fee in respect of
the sale of Securities to any Purchaser. The Company shall indemnify and hold
harmless the Purchasers from and against all fees, commissions, or other
payments owing by the Company to the Placement Agent or any other persons from
or acting on behalf of the Company hereunder. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>1.3 Closing; Closing Date. </STRONG></FONT><FONT face="Times New Roman" size=2>The
completion of the sale and purchase of the Securities (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Closing</FONT></I><FONT face="Times New Roman" size=2>&#148;) shall be held at
9:00 a.m. (Central Time) as soon as practicable following the satisfaction of
the conditions set forth in Section 4 (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Closing Date</FONT></I><FONT face="Times New Roman" size=2>&#148;), at the offices of the
Company, 240 Crossways Park Drive, Woodbury, New York 11797-2033, or at such
other time and place as the Company and Purchasers may agree. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>1.4 Delivery of the Shares. </STRONG></FONT><FONT face="Times New Roman" size=2>At
the Closing, subject to the terms and conditions hereof, the Company will
deliver to each Purchaser a stock certificate or certificates and Warrant or
Warrants, in such denominations and registered in such names as such Purchaser
may designate by notice to the Company, representing the Securities, dated as of
the Closing Date (each a &#147;</FONT><I><FONT face="Times New Roman" size=2>Certificate</FONT></I><FONT face="Times New Roman" size=2>&#148;), against payment of the
purchase price therefor by cash in the form of wire transfer, unless other means
of payment shall have been agreed upon by the Purchasers and the
Company.</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 1 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>2. Representations and Warranties of
the Company. </FONT></B><FONT face="Times New Roman" size=2>The Company hereby represents
and warrants to each Purchaser:</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.1 Authorization; No Conflicts; Authority. </FONT></B><FONT face="Times New Roman" size=2>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
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 Warrants have been duly authorized and, on the Closing
Date will be, duly executed and delivered by the Company, and, when issued and
paid for in accordance with the terms hereof, will constitute valid, legal and
binding obligations of the Company, enforceable in accordance with their terms,
except as rights to indemnity thereunder 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 (which, in all cases hereunder, includes the issuance of the
Common Stock issuable upon exercise of the Warrants (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Warrant Shares</FONT></I><FONT face="Times New Roman" size=2>&#148;)) will not
(i) 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 or any of its subsidiaries pursuant to any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which the Company or
any of its subsidiaries is a party or by which the Company or any of its
subsidiaries is bound or to which any of the property or assets of the Company
or any of its subsidiaries is subject, (ii) result in any violation of the
provisions of the Company&#146;s charter or by-laws or (iii) 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
subsidiaries or any of their properties or assets (each, a &#147;</FONT><I><FONT face="Times New Roman" size=2>Governmental Authority</FONT></I><FONT face="Times New Roman" size=2>&#148;),
except in the case of clause (i) as would not result in a material adverse
effect upon the business, prospects, management, properties, operations,
condition (financial or otherwise) or results of operations of the Company and
its subsidiaries, taken as a whole (&#147;</FONT><I><FONT face="Times New Roman" size=2>Material
Adverse Effect</FONT></I><FONT face="Times New Roman" size=2>&#148;). Except for notices required
or permitted to be filed with certain state and federal securities commissions,
which notices will be filed on a timely basis, 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 Securities by the Company, except such as
may be required under the Act 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 Securities as contemplated by this
Agreement.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.2 No Violations or Defaults.</FONT></B><FONT face="Times New Roman" size=2> Neither the
Company nor any of its subsidiaries is in violation of its respective 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 any of them may be bound, or to which any of the material
property or assets of the Company or any of its subsidiaries is subject.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.3 Organization, Good Standing and Qualification. </FONT></B><FONT face="Times New Roman" size=2>Each of the Company and its subsidiaries has been duly organized and is
validly existing as a corporation in good standing under the laws of its
jurisdiction of incorporation. Each of the Company and its subsidiaries has full
corporate power and authority to own its properties and conduct its business as
currently being carried on and as described in the Company SEC Documents, 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.</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 2 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.4 Ownership of Assets.
</FONT></B><FONT face="Times New Roman" size=2>The Company and its subsidiaries have good
and marketable title to all property (whether real or personal) described in the
Company SEC Documents as being owned by them, in each case free and clear of all
liens, claims, security interests, other encumbrances or defects except such as
are described in the Company SEC Documents. The property held under lease by the
Company and its subsidiaries is held by them 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 or its subsidiaries.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.5 SEC Filings. </FONT></B><FONT face="Times New Roman" size=2>Each report, registration
statement and definitive proxy statement filed by the Company with the
Securities and Exchange Commission (the &#147;</FONT><I><FONT face="Times New Roman" size=2>SEC</FONT></I><FONT face="Times New Roman" size=2>,&#148; and the documents, the
&#147;</FONT><I><FONT face="Times New Roman" size=2>Company SEC Documents</FONT></I><FONT face="Times New Roman" size=2>&#148;): (i) complied as to form in all material respects with the
published rules and regulations of the SEC applicable thereto and were timely
filed; (ii) the information contained therein as of the respective dates thereof
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 light of the circumstances under which they were made not misleading;
(iii) the consolidated financial statements contained therein were prepared in
accordance with generally accepted accounting principles applied on a consistent
basis throughout the periods covered, except as may be indicated in the notes to
such financial statements and (in the case of unaudited statements) as permitted
by Form 10-Q of the SEC, and except that unaudited financial statements may not
contain footnotes and are subject to year-end audit adjustments; and (iv) the
consolidated balance sheets contained therein fairly present the consolidated
financial position of the Company and its subsidiaries as of the respective
dates thereof and the consolidated results of operations cash flows and the
changes in stockholders&#146; equity of the Company and its subsidiaries for the
periods covered thereby. Except as set forth in the financial statements
included in the Company SEC Documents, neither the Company nor its subsidiaries
has any liabilities, contingent or otherwise, other than liabilities incurred in
the ordinary course of business subsequent to June 30, 2012, and liabilities of
the type not required under generally accepted accounting principles to be
reflected in such financial statements. Such liabilities incurred subsequent to
June 30, 2012, are not, in the aggregate, material to the financial condition or
operating results of the Company and its subsidiaries, taken as a whole.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.6 Capitalization. </FONT></B><FONT face="Times New Roman" size=2>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 Purchasers), and the holders thereof are not subject to personal
liability by reason of being such holders; the Shares and the Warrant Shares
have been duly authorized and, when issued, delivered and paid for in accordance
with the terms of this Agreement or, if applicable, in accordance with the terms
of the Warrants, 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 Shares and the Warrant Shares, conforms to the description thereof in the
Company SEC Documents. The Warrant Shares have been duly reserved for issuance
upon exercise of the Warrants. Except as otherwise stated in the Company SEC
Documents, (i) 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&#146;s charter, by-laws or any agreement or
other instrument to which the Company or any of its subsidiaries is a party or
by which the Company or any of its subsidiaries is bound and (ii) the offering
or sale of the Securities as contemplated by this Agreement does not give rise
to any rights for or relating to the registration of any shares of Common Stock
or other securities of the Company. All of the issued and outstanding shares of
capital stock of each of the Company&#146;s subsidiaries have been duly and validly
authorized and issued and are fully paid and nonassessable, and, except as
otherwise described in the Company SEC Documents, the Company owns of record and
beneficially, free and clear of any security interests, claims, liens, proxies,
equities or other encumbrances, all of the issued and outstanding shares of such
stock.</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 3 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.7 Stock Options. </FONT></B><FONT face="Times New Roman" size=2>Except as described in the Company SEC Documents, there are no
options, warrants, agreements, contracts or other rights in existence to
purchase or acquire from the Company or any subsidiary of the Company any shares
of the capital stock of the Company or any subsidiary of the Company. The
description of the Company&#146;s stock option, stock bonus and other stock plans or
arrangements (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Company Stock
Plans</FONT></I><FONT face="Times New Roman" size=2>&#148;), and the options (the
&#147;</FONT><I><FONT face="Times New Roman" size=2>Options</FONT></I><FONT face="Times New Roman" size=2>&#148;)
or other rights granted thereunder, set forth in the Company SEC Documents
accurately and fairly presents the information required to be shown with respect
to such plans, arrangements, options and rights. Each grant of an Option (i) was
duly authorized no later than the date on which the grant of such Option 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 (ii) 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><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.8 Subsidiaries. </FONT></B><FONT face="Times New Roman" size=2>Other than the subsidiaries of the Company listed in Exhibit
21 to the Company&#146;s Annual Report on Form 10-K for the fiscal year ended
December 31, 2011 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>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.9 Offering. </FONT></B><FONT face="Times New Roman" size=2>Assuming the accuracy of the representations of the Purchasers
in Section 3.3 of this Agreement on the date hereof, on the Closing Date and
solely as this Section 2.9 relates to the issue and sale of the Warrant Shares
on the date(s) of exercise of the Warrants, the offer, issue and sale of the
Securities and issuance of the Warrant Shares upon exercise of the Warrants
(assuming no change in applicable law prior to the date the Warrant Shares are
issued), are and will be exempt from the registration and prospectus delivery
requirements of the Securities Act and have been or will be registered or
qualified (or are or will be exempt from registration and qualification) under
the registration, permit or qualification requirements of all applicable state
securities laws. Neither the Company, nor any of its affiliates, nor any person
acting on its or their behalf, has directly or indirectly made any offers or
sales of any security or solicited any offers to buy any security under
circumstances that would require registration under the Securities Act of the
issuance of the Securities to the Purchasers or the issuance of the Warrant
Shares upon exercise of the Warrants. Other than the Company SEC Documents, the
Company has not distributed and will not distribute prior to the Closing Date
any offering material in connection with the offering and sale of the Securities
or Warrant Shares. The Company has not taken any action to sell, offer for sale
or solicit offers to buy any securities of the Company which would bring the
offer, issuance or sale of the Securities or the issuance of the Warrant Shares
upon exercise of the Warrants, within the provisions of Section 5 of the
Securities Act, unless such offer, issuance or sale was or shall be within the
exemptions of Section 4 of the Securities Act. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10 Litigation. </FONT></B><FONT face="Times New Roman" size=2>Except as set forth in the Company SEC Documents, there is not
pending or, to the knowledge of the Company, threatened or contemplated, any
action, suit or proceeding (a) to which the Company or any of its subsidiaries
is a party or (b) which has as the subject thereof any officer or director of
the Company or any subsidiary, any employee benefit plan sponsored by the
Company or any subsidiary or any property or assets owned or leased by the
Company or any subsidiary before or by any court or Governmental Authority, or
any arbitrator, which, individually or in the aggregate, might result in any
material adverse change in the general affairs, condition (financial or
otherwise), business, prospects, management, properties, operations or results
of operations of the Company and its subsidiaries, taken as a whole
(&#147;</FONT><I><FONT face="Times New Roman" size=2>Material Adverse Change</FONT></I><FONT face="Times New Roman" size=2>&#148;), 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 Securities. There are no
current or, to the knowledge of the Company, pending, legal, governmental or
regulatory actions, suits or proceedings (i) to which the Company or any of its
subsidiaries is subject or (ii) which has as the subject thereof any officer or
director of the Company or any subsidiary, any employee plan sponsored by the
Company or any subsidiary or any property or assets owned or leased by the
Company or any subsidiary, that are required to be described in the Company SEC
Documents by the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), the rules and regulations under the Exchange Act, the Act or by the rules
and regulations under the Act and that have not been so described.</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 4 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.11 No Brokers. </FONT></B><FONT face="Times New Roman" size=2>Except for any fees payable to the Placement Agent, no broker,
finder or investment banker is entitled to any brokerage, finder&#146;s or other fee
or commission in connection with the transactions contemplated by this Agreement
based on arrangements made by the Company. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.12 Compliance. </FONT></B><FONT face="Times New Roman" size=2>The Company and each of its
subsidiaries 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 neither
the Company nor any of its subsidiaries has 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; and the
Company and each of its subsidiaries is in compliance in all material respects
with all applicable federal, state, local and foreign laws, regulations, orders
and decrees. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.13 No Material Changes. </FONT></B><FONT face="Times New Roman" size=2>Except as disclosed
in the Company SEC Documents, since June 30, 2012, neither the Company nor any
of its subsidiaries has incurred any material liabilities or obligations, direct
or contingent, or entered into any material transactions (other than the
consummation of the sale of Common Stock and warrants to purchase Common Stock
on each of August 2, 2012 and August 31, 2012 (collectively, the
&#147;</FONT><I><FONT face="Times New Roman" size=2>Offerings</FONT></I><FONT face="Times New Roman" size=2>&#148;)), 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 Offerings or 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 (other than
the Offerings), of the Company or any of its subsidiaries, or any Material
Adverse Change or any development which could reasonably be expected to result
in any Material Adverse Change.</FONT><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.14 Intellectual Property. </FONT></B><FONT face="Times New Roman" size=2>The Company and
each of its subsidiaries owns, possesses, or can acquire on reasonable terms,
all Intellectual Property necessary for the conduct of the Company&#146;s and it
subsidiaries&#146; business as now conducted or as described in the Company SEC
Documents to be conducted, except as such failure to own, possess, or acquire
such rights would not result in a Material Adverse Effect. Furthermore, (i) to
the knowledge of the Company, there is no infringement, misappropriation or
violation by third parties of any such Intellectual Property, except as such
infringement, misappropriation or violation would not result in a Material
Adverse Effect; (ii) there is no pending or, to the knowledge of the Company,
threatened, action, suit, proceeding or claim by others challenging the
Company&#146;s or any of its subsidiaries&#146; rights in or to any such Intellectual
Property, and the Company is unaware of any facts which would form a reasonable
basis for any such claim; (iii) the Intellectual Property owned by the Company
and its subsidiaries, and to the knowledge of the Company, the Intellectual
Property licensed to the Company and its subsidiaries, 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 such Intellectual Property, and
the Company is unaware of any facts which would form a reasonable basis for any
such claim; (iv) there is no pending or, to the knowledge of the Company,
threatened action, suit, proceeding or claim by others
that the Company or any of its subsidiaries infringes, misappropriates or
otherwise violates any Intellectual Property or other proprietary rights of
others, neither the Company or any of its subsidiaries has received any written
notice of such claim and the Company is unaware of any other fact which would
form a reasonable basis for any such claim; and (v) to the Company&#146;s knowledge,
no employee of the Company or any of its subsidiaries is in or has ever been 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&#146;s
employment with the Company nor any of its subsidiaries or actions undertaken by
the employee while employed with the Company or any of its subsidiaries, except
as such violation would not result in a Material Adverse Effect.
&#147;</font><I><FONT face="Times New Roman" size=2>Intellectual Property</FONT></I><FONT face="Times New Roman" size=2>&#148; shall mean all patents, patent applications, trade and
service marks, trade and service mark registrations, trade names, copyrights,
licenses, inventions, trade secrets, domain names, technology, know-how and
other intellectual property.</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 5 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.15 Exchange Compliance. </FONT></B><FONT face="Times New Roman" size=2>The Common Stock is
registered pursuant to Section 12(b) of the Exchange Act and is included or
approved for listing on the NASDAQ Capital Market and the Company has taken no
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 Capital Market nor has the Company received any
notification that the SEC or the NASDAQ Capital Market is contemplating
terminating such registration or listing. The Company has complied in all
material respects with the applicable requirements of the NASDAQ Capital Market
for maintenance of inclusion of the Common Stock thereon. The Company has filed
an application to include the Securities on the NASDAQ Capital
Market.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman"></FONT><FONT face="Times New Roman">2.16 Form S-3
Eligibility</FONT></STRONG><FONT face="Times New Roman">. The Company is eligible to
register the Shares and the Warrant Shares for resale by the Purchasers using
Form S-3 promulgated under the Securities Act. </FONT></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.17 Taxes.</FONT></B><FONT face="Times New Roman" size=2> The Company and its subsidiaries
have timely filed all federal, state, local and foreign income and franchise tax
returns required to be filed and are 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 or any of its subsidiaries 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&#146;s financial statements included in the Company SEC Documents.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.18 Insurance. </FONT></B><FONT face="Times New Roman" size=2>The Company and each of its
subsidiaries 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 and the properties of its subsidiaries
and as is customary for companies engaged in similar businesses in similar
industries; all policies of insurance and any fidelity or surety bonds insuring
the Company or any of its subsidiaries or its business, assets, employees,
officers and directors are in full force and effect; the Company and its
subsidiaries are in compliance with the terms of such policies and instruments
in all material respects; there are no claims by the Company or any of its
subsidiaries under any such policy or instrument as to which any insurance
company is denying liability or defending under a reservation of rights clause;
neither the Company nor any of its subsidiaries has been refused any insurance
coverage sought or applied for; and neither the Company nor any of its
subsidiaries has 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 align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.19 Transfer Taxes.</FONT></B><FONT face="Times New Roman" size=2> On the Closing Date, all
stock transfer or other taxes (other than income taxes) that are required to be
paid in connection with the sale and transfer of the Securities hereunder will
be, or will have been, fully paid or provided for by the Company and the Company
will have complied with all laws imposing such taxes. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 6 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.20 Investment Company. </FONT></B><FONT face="Times New Roman" size=2>The Company is not
and, after giving effect to the offering and sale of the Securities, will not be
an &#147;investment company,&#148; as such term is defined in the Investment Company Act
of 1940, as amended. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.21 Internal Controls. </FONT></B><FONT face="Times New Roman" size=2>The Company and its
subsidiaries maintain a system of internal accounting controls sufficient to
provide reasonable assurances that (i) transactions are executed in accordance
with management&#146;s general or specific authorization; (ii) transactions are
recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles in the United States
and to maintain accountability for assets; (iii) access to assets is permitted
only in accordance with management&#146;s general or specific authorization; and (iv)
the recorded accountability for assets is compared with existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences. Except as disclosed in the Company SEC Documents, the Company&#146;s
internal control over financial reporting is effective and none of the Company,
its board of directors and audit committee is aware of any &#147;significant
deficiencies&#148; or &#147;material weaknesses&#148; (each 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 and its subsidiaries who have a significant role in the Company&#146;s
internal controls; and since the end of the latest audited fiscal year, there
has been no change in the Company&#146;s internal control over financial reporting
(whether or not remediated) that has materially affected, or is reasonably
likely to materially affect, the Company&#146;s internal control over financial
reporting. The Company&#146;s board of directors has, subject to the exceptions, cure
periods and the phase in periods specified in the applicable stock exchange
rules (&#147;</FONT><I><FONT face="Times New Roman" size=2>Exchange Rules</FONT></I><FONT face="Times New Roman" size=2>&#148;), validly appointed an audit committee to oversee internal
accounting controls whose composition satisfies the applicable requirements of
the Exchange Rules and the Company&#146;s board of directors and/or the audit
committee has adopted a charter that satisfies the requirements of the Exchange
Rules.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.22 No General
Solicitation</FONT></B><FONT face="Times New Roman" size=2>. Neither the Company, nor any of
its affiliates, nor any person acting on its or their behalf, has engaged in any
form of general solicitation or general advertising (within the meaning of
Regulation D promulgated under the Securities Act) in connection with the offer
or sale of the Securities.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.23 </FONT></B><FONT face="Times New Roman" size=2>[Intentionally omitted] </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24 Anti-Bribery and Money
Laundering Laws</FONT></B><FONT face="Times New Roman" size=2>. Each of the Company, its
subsidiaries, its affiliates and any of their respective officers, directors,
supervisors, managers, agents, or employees, has not violated, its participation
in the Offering will not violate, and the Company and each of its subsidiaries
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 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 align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25 Sarbanes-Oxley
Act</FONT></B><FONT face="Times New Roman" size=2>. The Company is in compliance with all
applicable provisions of the Sarbanes-Oxley Act and the rules and regulations of
the SEC thereunder. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 7 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26 Disclosure
Controls.</FONT></B><FONT face="Times New Roman" size=2> 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, including its
subsidiaries, 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 Company SEC
Documents.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.27 OFAC.</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)</FONT></B><FONT face="Times New Roman" size=2> Neither the Company nor any of its
subsidiaries, nor any or their directors, officers or employees, nor, to the
Company&#146;s knowledge, any agent, affiliate or representative of the Company or
its subsidiaries, is an individual or entity that is, or is owned or controlled
by an individual or entity that is: </FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(i)</FONT></STRONG><FONT face="Times New Roman"> the subject of any
sanctions administered or enforced by the U.S. Department of Treasury&#146;s Office
of Foreign Assets Control, the United Nations Security Council, the European
Union, Her Majesty&#146;s Treasury, or other relevant sanctions authority
(collectively, &#147;</FONT><I><FONT face="Times New Roman">Sanctions</FONT></I><FONT face="Times New Roman">&#148;), nor </FONT></FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(ii)</FONT></STRONG><FONT face="Times New Roman"> located, organized or
resident in a country or territory that is the subject of Sanctions (including,
without limitation, Cuba, Iran, Libya, North Korea, Sudan and Syria).
</FONT></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</FONT></B><FONT face="Times New Roman" size=2> Neither the Company nor any of its
subsidiaries will, 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 align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(i)</FONT></STRONG><FONT face="Times New Roman"> 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></FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(ii)</FONT></STRONG><FONT face="Times New Roman"> 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></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)</FONT></B><FONT face="Times New Roman" size=2> For the past five years, neither the
Company nor any of its subsidiaries has 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 align=right><FONT face="Times New Roman" size=2>Page 8 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.28 ERISA and Employee Benefits</FONT></B><FONT face="Times New Roman" size=2>. (A) To the
knowledge of the Company, no &#147;prohibited transaction&#148; 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 &#147;multiemployer plan&#148; 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 &#147;reportable event&#148; 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 applicable Company or subsidiary; (C) the Company does not have any
obligations under any collective bargaining agreement with any union and no
organization efforts are underway with respect to Company employees. As used in
this Agreement, &#147;</FONT><I><FONT face="Times New Roman" size=2>Code</FONT></I><FONT face="Times New Roman" size=2>&#148; means the Internal Revenue Code of 1986, as amended;
&#147;</FONT><I><FONT face="Times New Roman" size=2>Employee Benefit Plan</FONT></I><FONT face="Times New Roman" size=2>&#148; means any &#147;employee benefit plan&#148; 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 or its
subsidiaries has any present or future right to benefits and which are
contributed to, sponsored by or maintained by the Company or any of its
respective subsidiaries or (2) the Company or any of its subsidiaries has had or
has any present or future obligation or liability; &#147;</FONT><I><FONT face="Times New Roman" size=2>ERISA</FONT></I><FONT face="Times New Roman" size=2>&#148; means the Employee Retirement
Income Security Act of 1974, as amended; &#147;</FONT><I><FONT face="Times New Roman" size=2>ERISA Affiliate</FONT></I><FONT face="Times New Roman" size=2>&#148; means any member of
the company&#146;s controlled group as defined in Code Section 414(b), (c), (m) or
(o); and &#147;</FONT><I><FONT face="Times New Roman" size=2>Foreign Benefit Plan</FONT></I><FONT face="Times New Roman" size=2>&#148; 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>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29 Labor Matters. </FONT></B><FONT face="Times New Roman" size=2>No labor problem or dispute with the employees of the Company
or any of its subsidiaries exists or is threatened or imminent, and the Company
is not aware of any existing or imminent labor disturbance by the employees of
any of its or its subsidiaries&#146; principal suppliers, contractors or customers,
that could have a Material Adverse Effect. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30 </FONT></B><FONT face="Times New Roman" size=2>[Intentionally omitted] </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.31 Occupational Laws.
</FONT></B><FONT face="Times New Roman" size=2>The Company and each of its subsidiaries (i)
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 (&#147;</FONT><I><FONT face="Times New Roman" size=2>Occupational
Laws</FONT></I><FONT face="Times New Roman" size=2>&#148;); (ii) has received all material
permits, licenses or other approvals required of it under applicable
Occupational Laws to conduct its business as currently conducted; and (iii) 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&#146;s knowledge, threatened
against the Company or any of its subsidiaries 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><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.32 Environmental
Laws</FONT></B><FONT face="Times New Roman" size=2>. Except as disclosed in the Company SEC
Documents, neither the Company nor any of its subsidiaries is 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, &#147;</FONT><I><FONT face="Times New Roman" size=2>Environmental
Laws</FONT></I><FONT face="Times New Roman" size=2>&#148;), 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.
Neither the Company nor any of its subsidiaries anticipates incurring any
material capital expenditures relating to compliance with Environmental Laws.
</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 9 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman">2.33 Restrictions on Subsidiary Payments</FONT></STRONG><FONT face="Times New Roman">. No subsidiary of the Company is currently prohibited, directly or
indirectly, from paying any dividends to the Company, from making any other
distribution on such subsidiary&#146;s capital stock, from repaying to the Company
any loans or advances to such subsidiary from the Company or from transferring
any of such subsidiary&#146;s property or assets to the Company or any other
subsidiary of the Company, except as described in or contemplated by the Company
SEC Documents. </FONT></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.34 No Manipulation; Disclosure of Information</FONT></B><FONT face="Times New Roman" size=2>. The Company has not taken and will not take any action designed to or
that might reasonably be expected to cause or result in an unlawful manipulation
of the price of the Common Stock to facilitate the sale or resale of the
Securities. The Company confirms that, to its knowledge, with the exception of
the proposed sale of Securities as contemplated herein (as to which the Company
makes not representation), neither it nor any other person acting on its behalf
has provided any of the Purchasers or their agents or counsel with any
information that constitutes or might constitute material, non-public
information. The Company understands and confirms that the Purchasers shall be
relying on the foregoing representations in effecting transactions in securities
of the Company. All disclosures provided to the Purchasers regarding the
Company, its business and the transactions contemplated hereby, including the
exhibits to this Agreement, furnished by the Company are true and correct and do
not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements made therein, in light
of the circumstances under which they were made, not misleading. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>
3. Representations and Warranties of the Purchasers. </FONT></B><FONT face="Times New Roman" size=2>Each Purchaser, severally and not jointly, hereby represents and warrants
to the Company as follows: </FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman">3.1 Legal Power. </FONT></STRONG><FONT face="Times New Roman">The Purchaser has
the requisite authority to enter into this Agreement and to carry out and
perform its obligations under the terms of this Agreement. All action on the
Purchaser&#146;s part required for the lawful execution and delivery of this
Agreement have been or will be effectively taken prior to the Closing.
</FONT></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.2 Due Execution. </FONT></B><FONT face="Times New Roman" size=2>This Agreement has been
duly authorized, executed and delivered by the Purchaser, and, upon due
execution and delivery by the Company, this Agreement will be a valid and
binding agreement of the Purchaser, except as enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors&#146; rights generally or by equitable principles. </FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman">3.3 Investment Representations. </FONT></STRONG><FONT face="Times New Roman">In
connection with the sale and issuance of the Securities and Warrant Shares, the
Purchaser, for itself and no other Purchaser, makes the following
representations: </FONT></FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(a) Investment for Own Account. </FONT></STRONG><FONT face="Times New Roman">The Purchaser is acquiring the Securities and the Warrant Shares for
its own account, not as nominee or agent, and not with a view to, or for resale
in connection with, any distribution or public offering thereof within the
meaning of the Securities Act; provided, however, that by making the
representations herein, the Purchaser does not agree to hold any of the
Securities for any minimum or specific term and reserves the right to dispose of
the securities at any time in accordance with or pursuant to a registration
statement or an exemption from the registration requirements of the Securities
Act. </FONT></FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 10 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) Transfer Restrictions; Legends. </FONT></B><FONT face="Times New Roman" size=2>The
Purchaser understands that (i) the Securities and Warrant Shares have not been
registered under the Securities Act; (ii) the Securities and Warrant Shares are
being offered and sold pursuant to an exemption from registration, based in part
upon the Company&#146;s reliance upon the statements and representations made by the
Purchasers in this Agreement, and that the Securities and Warrant Shares must be
held by the Purchaser indefinitely, and that the Purchaser must, therefore, bear
the economic risk of such investment indefinitely, unless a subsequent
disposition thereof is registered under the Securities Act or is exempt from
such registration; (iii) each certificate representing the Securities and
Warrant Shares will be endorsed with the following legend until the earlier of
(1) in the case of the Shares and Warrant Shares, such date as the Shares or
Warrant Shares, as the case may be, have been registered for resale by the
Purchaser or (2) the date the Shares, the Warrants or the Warrant Shares, as the
case may be, are eligible for sale under Rule 144 under the Securities Act
(&#147;</FONT><I><FONT face="Times New Roman" size=2>Rule 144</FONT></I><FONT face="Times New Roman" size=2>&#148;): </FONT></P>
<P style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2>THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
</FONT><FONT face="Times New Roman" size=2>UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
&#147;</FONT><I><FONT face="Times New Roman" size=2>SECURITIES ACT</FONT></I><FONT face="Times New Roman" size=2>&#148;), OR UNDER THE SECURITIES LAWS OF ANY STATES. THESE SECURITIES ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED
OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE
SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. UNLESS SOLD
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, THE
ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR
RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(iv) the Company will instruct any
transfer agent not to register the transfer of the Securities or Warrant Shares
(or any portion thereof) until the applicable date set forth in clause (iii)
above unless the conditions specified in the foregoing legends are satisfied or,
if the opinion of counsel referred to above is to the further effect that such
legend is not required in order to establish compliance with any provisions of
the Securities Act or this Agreement, or other satisfactory assurances of such
nature are given to the Company. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company acknowledges and agrees that a Purchaser may from time to time
pledge, and/or grant a security interest in some or all of the Securities
pursuant to a bona fide margin agreement in connection with a bona fide margin
account and, if required under the terms of such agreement or account, the
Purchaser may transfer pledged or secured Securities to the pledgees or secured
parties. Such a pledge or transfer shall not be subject to approval or consent
of the Company and no legal opinion of legal counsel to the pledgee, secured
party or pledgor shall be required in connection with the pledge, but such legal
opinion may be required in connection with a subsequent transfer following
default by the Purchaser transferee of the pledge. No notice shall be required
of such pledge. At the appropriate Purchaser&#146;s expense, the Company will execute
and deliver such reasonable documentation as a pledgee or secured party of
Securities may reasonably request in connection with a pledge or transfer of the
Securities including the preparation and filing of any required prospectus
supplement under Rule 424(b)(3) of the Securities Act or other applicable
provision of the Securities Act to appropriately amend the list of Selling
Stockholders thereunder. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certificates evidencing the Shares and Warrant Shares shall not contain any
legend (including the legend set forth in this Section): (i) following a sale of
such Securities pursuant to an effective registration statement (including the
Registration Statement), or (ii) following a sale of such Shares or Warrant
Shares pursuant to Rule 144, or (iii) while such Shares or Warrant Shares are
eligible for sale under Rule 144, or (iv) if such legend is not required under
applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the Staff of the SEC). Following
such time as restrictive legends are not required to be placed on certificates
representing Shares or Warrant Shares, the Company will, no later than three
Trading Days following the delivery by a Purchaser to the Company or the
Company's transfer agent of a certificate representing Shares or Warrant Shares
containing a restrictive legend, deliver or cause to be delivered to such
Purchaser a certificate representing such Shares or Warrant Shares that is free
from all restrictive and other legends. The Company shall cause its counsel to
issue a legal opinion to the Company&#146;s transfer agent promptly after the
effective date of a registration statement covering the
Shares and Warrant Shares if required by the Company&#146;s transfer agent to effect
the removal of the legend hereunder. The Company may not make any notation on
its records or give instructions to any transfer agent of the Company that
enlarge the restrictions on transfer set forth in this Section. Certificates for
Shares or Warrant Shares subject to legend removal hereunder shall be
transmitted by the transfer agent of the Company to the Purchasers by crediting
the account of the Purchaser&#146;s prime broker with the Depository Trust Company
system. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 11 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Purchaser, severally and not jointly with the other Purchasers, agrees that
the removal of the restrictive legend from certificates representing Securities
as set forth in this Section 3.2(b) is predicated upon the Company&#146;s reliance
that the Purchaser will sell any Securities pursuant to either the registration
requirements of the Securities Act, including any applicable prospectus delivery
requirements, or an exemption therefrom. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>(c) Financial Sophistication; Due Diligence. </STRONG></FONT><FONT face="Times New Roman" size=2>The Purchaser has such knowledge and experience in financial
or business matters that it is capable of evaluating the merits and risks of the
investment in connection with the transactions contemplated in this Agreement.
Such Purchaser has, in connection with its decision to purchase the Securities,
relied only upon the representations and warranties contained herein and the
information contained in the Company SEC Documents. Further, the Purchaser has
had such opportunity to obtain additional information and to ask questions of,
and receive answers from, the Company, concerning the terms and conditions of
the investment and the business and affairs of the Company, as the Purchaser
considers necessary in order to form an investment decision. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>(d) Accredited Investor Status. </STRONG></FONT><FONT face="Times New Roman" size=2>The Purchaser is an &#147;accredited investor&#148; as such term is defined in Rule
501(a) of the rules and regulations promulgated under the Securities Act.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>(e) Residency.</STRONG></FONT><FONT face="Times New Roman" size=2> The Purchaser is
organized under the laws of the state set forth beneath such Purchaser&#146;s name on
the signature page attached hereto, and its principal place of operations is in
the state set forth beneath such Purchaser&#146;s name on the signature page attached
hereto. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>(f) General Solicitation</STRONG></FONT><FONT face="Times New Roman" size=2>. The
Purchaser is not purchasing the Securities as a result of any advertisement,
article, notice or other communication regarding the Securities published in any
newspaper, magazine or similar media or broadcast over the television or radio
or presented at any seminar or any other general solicitation or general
advertisement. Prior to the time that the Purchaser was first contacted by the
Company or the Placement Agent such Purchaser had a pre-existing and substantial
relationship with the Company or the Placement Agent.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>3.4</STRONG></FONT><FONT face="Times New Roman" size=2> </FONT><B><FONT face="Times New Roman" size=2>No Investment, Tax or Legal Advice</FONT></B><FONT face="Times New Roman" size=2>.
Each Purchaser understands that nothing in the Company SEC Documents, this
Agreement, or any other materials presented to the Purchaser in connection with
the purchase and sale of the Securities constitutes legal, tax or investment
advice. Each Purchaser has consulted such legal, tax and investment advisors as
it, in its sole discretion, has deemed necessary or appropriate in connection
with its purchase of Securities.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>3.5</STRONG></FONT><FONT face="Times New Roman" size=2> </FONT><B><FONT face="Times New Roman" size=2>Additional Acknowledgement. </FONT></B><FONT face="Times New Roman" size=2>Each
Purchaser acknowledges that it has independently evaluated the merits of the
transactions contemplated by this Agreement, that it has independently
determined to enter into the transactions contemplated hereby, that it is not
relying on any advice from or evaluation by any other person. Each Purchaser
acknowledges that the Placement Agent has acted solely as placement agent for
the Company in connection with the Offering of the Securities by the Company,
that the information and data provided to the Purchaser in connection with the
transaction contemplated hereby has not been subjected to independent
verification by the Placement Agent, and that the Placement Agent has made no
representation or warrant whatsoever with respect to the accuracy or
completeness of such information, data or other related disclosure material.
Each Purchaser acknowledges that it has not taken any actions that would deem
the Purchasers to be members of a &#147;group&#148; for purposes of Section 13(d) of the
Exchange Act. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 12 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.6 Limited Ownership. </FONT></B><FONT face="Times New Roman" size=2>The purchase of the
Securities issuable to each Purchaser at the Closing will not result in such
Purchaser (individually or together with any other person or entity with whom
such Purchaser has identified, or will have identified, itself as part of a
&#147;group&#148; in a public filing made with the SEC involving the Company&#146;s securities)
acquiring, or obtaining the right to acquire, in excess of 14.999% of the
outstanding shares of Common Stock or voting power of the Company on a
post-transaction basis that assumes that the Closing shall have occurred. Such
Purchaser does not presently intend to, along or together with others, make a
public filing with the SEC to disclose that it has (or that it together with
such other persons or entities have) acquired, or obtained the right to acquire,
as a result of the Closing (when added to any other securities of the Company
that it or they then own or have the right to acquire), in excess of 14.999% of
the outstanding shares of Common Stock or the voting power of the Company on a
post-transaction basis that assumes that the Closing shall have
occurred.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>4. Conditions to
Closing.</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.1 Conditions to Obligations of Purchasers at Closing. </FONT></B><FONT face="Times New Roman" size=2>Each Purchaser&#146;s obligation to purchase the Securities at the
Closing is subject to the fulfillment to that Purchaser&#146;s reasonable
satisfaction, on or prior to the Closing, of all of the following conditions,
any of which may be waived by the Purchaser: </FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(a) Representations and Warranties True; Performance of
Obligations. </FONT></STRONG><FONT face="Times New Roman">The representations and warranties
made by the Company in Section 2 shall be true and correct in all respects on
the Closing Date with the same force and effect as if they had been made on and
as of said date and the Company shall have performed and complied with all
obligations and conditions herein required to be performed or complied with by
it on or prior to the Closing and a certificate duly executed by an officer of
the Company, to the effect of the foregoing, shall be delivered to the
Purchasers. </FONT></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) Proceedings and Documents. </FONT></B><FONT face="Times New Roman" size=2>All corporate
and other proceedings in connection with the transactions contemplated at the
Closing and all documents and instruments incident to such transactions shall be
reasonably satisfactory in substance and form to counsel to the Purchaser, and
counsel to the Purchaser shall have received all such counterpart originals or
certified or other copies of such documents as they may reasonably request. The
Company shall have delivered (or caused to have been delivered) to each
Purchaser, the certificates required by this Agreement. The Warrant Shares shall
have been duly authorized and reserved for issuance upon exercise of the
Warrant. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) Qualifications, Legal Investment. </FONT></B><FONT face="Times New Roman" size=2>All
authorizations, approvals, or permits, if any, of any governmental authority or
regulatory body of the United States or of any state that are required in
connection with the lawful sale and issuance of the Securities and Warrant
Shares shall have been duly obtained and shall be effective on and as of the
Closing. No stop order or other order enjoining the sale of the Securities or
Warrant Shares shall have been issued and no proceedings for such purpose shall
be pending or, to the knowledge of the Company, threatened by the SEC, or any
commissioner of corporations or similar officer of any state having jurisdiction
over this transaction. At the time of the Closing, the sale and issuance of the
Securities and Warrant Shares shall be legally permitted by all laws and
regulations to which Purchasers and the Company are subject. No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction will
have been enacted, entered, promulgated or endorsed by or in any court or
governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby which
prohibits the consummation of any of the transactions contemplated by this
Agreement. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) Execution of Agreements. </FONT></B><FONT face="Times New Roman" size=2>The Company
shall have executed this Agreement and have delivered this Agreement to the
Purchasers.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e) Secretary&#146;s Certificate</FONT></B><FONT face="Times New Roman" size=2>. The Company
shall have delivered to the Purchasers a certificate of the Secretary of the
Company certifying as to the truth and accuracy of the resolutions of the board of directors and any committee thereof relating to the
transaction contemplated hereby (a copy of which shall be included with such
certificate). </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 13 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f) Trading and Listing. </FONT></B><FONT face="Times New Roman" size=2>Trading and listing
of the Company&#146;s common stock on the NASDAQ Capital Market shall not have been
suspended by the SEC or the NASDAQ Capital Market. </FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(g) Market Listing. </FONT></STRONG><FONT face="Times New Roman">The
Company will comply with all of the requirements of the Financial Industry
Regulatory Authority, Inc. (&#147;</FONT><I><FONT face="Times New Roman">FINRA</FONT></I><FONT face="Times New Roman">&#148;) and the NASDAQ Capital Market with respect to the issuance of the
Securities and the Warrant Shares and will list the Shares and the Warrant
Shares on the NASDAQ Capital Market no later than the earlier of (a) the
effective date of the Registration Statement (as hereinafter defined) or (b) 120
days following the Closing Date. </FONT></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h) Blue Sky. </FONT></B><FONT face="Times New Roman" size=2>The Company shall have obtained
all necessary &#147;blue sky&#148; law permits and qualifications, or have the
availability of exemptions therefrom, required by any state for the offer and
sale of the Securities and issuance of the Warrant Shares upon exercise of the
Warrant. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i) Material Adverse Change.</FONT></B><FONT face="Times New Roman" size=2> Since the date
of this Agreement, there shall not have occurred any event which results in a
Material Adverse Effect. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(j) Opinion. </FONT></B><FONT face="Times New Roman" size=2>The Company shall have delivered
to Purchasers the opinion of the Joseph M. Harary, special transaction counsel
to the Company, dated as of the Closing Date in substantially the form attached
hereto as </FONT><U><FONT face="Times New Roman" size=2>Exhibit C</FONT></U><FONT face="Times New Roman" size=2>.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.2 Conditions to Obligations of the Company. </FONT></B><FONT face="Times New Roman" size=2>The Company&#146;s obligation to issue and sell the Securities at the Closing
is subject to the fulfillment to the Company&#146;s reasonable satisfaction, on or
prior to the Closing of the following conditions, any of which may be waived by
the Company: </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) Representations and Warranties True. </FONT></B><FONT face="Times New Roman" size=2>The
representations and warranties made by the Purchasers in Section 3 shall be true
and correct on the Closing Date with the same force and effect as if they had
been made on and as of said date. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) Performance of Obligations. </FONT></B><FONT face="Times New Roman" size=2>The
Purchasers shall have performed and complied with all agreements and conditions
herein required to be performed or complied with by them on or before the
Closing. The Purchasers shall have delivered the Purchase Price, by wire
transfer, to the account designated by the Company for such purpose. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) Qualifications, Legal Investment. </FONT></B><FONT face="Times New Roman" size=2>All
authorizations, approvals, or permits, if any, of any governmental authority or
regulatory body of the United States or of any state that are required in
connection with the lawful sale and issuance of the Securities and Warrant
Shares shall have been duly obtained and shall be effective on and as of the
Closing. No stop order or other order enjoining the sale of the Securities or
Warrant Shares shall have been issued and no proceedings for such purpose shall
be pending or, to the knowledge of the Company, threatened by the SEC, or any
commissioner of corporations or similar officer of any state having jurisdiction
over this transaction. At the time of the Closing, the sale and issuance of the
Securities and the Warrant Shares shall be legally permitted by all laws and
regulations to which the Purchasers and the Company are subject. No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction will
have been enacted, entered, promulgated or endorsed by or in any court or
governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby which
prohibits the consummation of any of the transactions contemplated by this
Agreement. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) Execution of Agreements. </FONT></B><FONT face="Times New Roman" size=2>The Purchasers
shall have executed this Agreement and delivered this Agreement to the
Company.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>5. Additional
Covenants.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.1 Listing. </FONT></B><FONT face="Times New Roman" size=2>So long as a Purchaser owns any
of the Securities or Warrant Shares, the Company will use its reasonable efforts
to maintain the automated quotation of its Common Stock, including the Shares and Warrant Shares, on the NASDAQ Capital Market or
an alternative listing on the New York Stock Exchange or the NYSE MKT (formerly
the American Stock Exchange) and will comply in all material respects with the
Company&#146;s reporting, filing and other obligations under the bylaws or rules of
FINRA and such exchanges, if applicable.</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 14 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.2 Confidential Information. </FONT></B><FONT face="Times New Roman" size=2>Each Purchaser
covenants that it will maintain in confidence the receipt and content of any
Suspension Notice (as defined herein) under Section 6.2 until such information
(a) becomes generally publicly available other than through a violation of this
provision by the Purchaser or its agents or (b) is required to be disclosed in
legal proceedings (such as by deposition, interrogatory, request for documents,
subpoena, civil investigation demand, filing with any governmental authority or
similar process); provided, however, that before making any disclosure in
reliance on this Section 5.2(b), the Purchaser will give the Company at least 15
days prior written notice (or such shorter period as required by law) specifying
the circumstances giving rise thereto and the Purchaser will furnish only that
portion of the non-public information which is legally required and will
exercise its best efforts to ensure that confidential treatment will be accorded
any non-public information so furnished; provided, further, that notwithstanding
each Purchaser&#146;s agreement to keep such information confidential, each Purchaser
makes no such acknowledgement that any such information is material, non-public
information.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.3 Non-Public Information. </FONT></B><FONT face="Times New Roman" size=2>The Company
covenants and agrees that neither it nor any other person acting on its behalf
will provide any Purchaser or its agents or counsel with any information that
the Company believes constitutes material non-public information, unless prior
thereto such Purchaser shall have executed a written agreement regarding the
confidentiality and use of such information. The Company understands and
confirms that each Purchaser shall be relying on the foregoing representations
in effecting transactions in securities of the Company. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.4 Adjustments in Share Numbers and Prices. </FONT></B><FONT face="Times New Roman" size=2>In the event of any stock split, subdivision, dividend or distribution
payable in shares of Common Stock (or other securities or rights convertible
into, or entitling the holder thereof to receive directly or indirectly shares
of Common Stock), combination or other similar recapitalization or event
occurring after the date hereof, each reference in this Agreement or the
Warrants to a number of shares or price per share shall be amended appropriately
to account for such event.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>6. Registration
Rights.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.1 Registration Procedures and Expenses.</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Following the Closing, the Company shall prepare and file with the SEC a
registration statement on Form S-3 (or any successor to Form S-3) covering the
resale of the Registrable Securities (as defined below) (the &#147;</FONT><I><FONT face="Times New Roman" size=2>S-3 Registration Statement</FONT></I><FONT face="Times New Roman" size=2>&#148;) no later than 30 days after the Closing. For purposes of this
Agreement, the term &#147;</FONT><I><FONT face="Times New Roman" size=2>Registrable
Securities</FONT></I><FONT face="Times New Roman" size=2>&#148; shall mean (i) the Warrants; (ii)
the Shares and Warrant Shares; and (iii) any Common Stock of the Company issued
as (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to,
or in exchange for or in replacement of, any Shares or Warrant Shares. If the
S-3 Registration Statement has not been filed with the SEC on or before the date
that is 30 days after the Closing (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Required Filing Date</FONT></I><FONT face="Times New Roman" size=2>&#148;), the Company
shall, on the business day immediately following the Required Filing Date and
each 30<SUP>th</SUP> day thereafter, make a payment to the Purchasers as partial
liquidated damages for such delay (together, the &#147;</FONT><I><FONT face="Times New Roman" size=2>Late Registration Payments</FONT></I><FONT face="Times New Roman" size=2>&#148;) equal to
1% of the Purchase Price paid for the Securities then owned by the Purchasers
until the earlier of (i) the date the S-3 Registration Statement is filed with
the SEC or (ii) the date on which all Common Shares may be sold pursuant to Rule
144. Late Registration Payments will be prorated on a daily basis during each 30
day period and will be paid to the Purchasers by wire transfer or check within
five business days after the earlier of (i) the end of each 30 day period
following the Required Filing Date, (ii) the date of filing of the S-3
Registration Statement or (iii) the date on which all Common Shares may be sold
pursuant to Rule 144. If the Company fails to pay any
liquidated damages pursuant to this section in full within seven days after the
date payable, the Company will pay interest thereon at a rate of 12% per annum
(or such lesser maximum amount that is permitted to be paid by applicable law)
to the Purchasers, accruing daily from the date such liquidated damages are due
until such amounts, plus all such interest thereon, are paid in full.
&#147;</FONT><I><FONT face="Times New Roman" size=2>Business day</FONT></I><FONT face="Times New Roman" size=2>&#148; means any day except Saturday, Sunday and any day that is a federal
legal holiday in the United States. In the event that Form S-3 (or any successor
form) is or becomes unavailable to register the resale of the Registrable
Securities at any time prior to the expiration of the Purchasers&#146; registration
rights pursuant to Section 6.4, the Company shall prepare and file with the SEC
a registration statement on Form S-1 (or any successor to Form S-1), covering
the resale of the Registrable Securities (the &#147;</FONT><I><FONT face="Times New Roman" size=2>S-1 Registration Statement</FONT></I><FONT face="Times New Roman" size=2>&#148; and
collectively the S-3 Registration Statement, the &#147;</FONT><I><FONT face="Times New Roman" size=2>Registration Statement</FONT></I><FONT face="Times New Roman" size=2>&#148;) and cause the
SEC to declare the S-1 Registration Statement effective as promptly as
reasonably practicable. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 15 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The
Company shall use its best efforts to: </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>prepare and file with the SEC such amendments and supplements to the
Registration Statement and the prospectus that forms a part thereof (the
&#147;</FONT><I><FONT face="Times New Roman" size=2>Prospectus</FONT></I><FONT face="Times New Roman" size=2>&#148;) used in connection therewith as may be necessary or advisable to keep
the Registration Statement current and effective for the Shares and Warrant
Shares (collectively, &#147;</FONT><I><FONT face="Times New Roman" size=2>Common
Shares</FONT></I><FONT face="Times New Roman" size=2>&#148;) held by a Purchaser for a period
ending on the earlier of (i) the second anniversary of the Closing Date, (ii)
the date on which all Common Shares may be sold pursuant to Rule 144 under the
Securities Act or any successor rule (&#147;</FONT><I><FONT face="Times New Roman" size=2>Rule
144</FONT></I><FONT face="Times New Roman" size=2>&#148;) or (iii) such time as all Common Shares
have been sold pursuant to a registration statement or Rule 144. The Company
shall notify each Purchaser promptly upon the Registration Statement and each
post-effective amendment thereto, being declared effective by the SEC and advise
each Purchaser that the form of Prospectus contained in the Registration
Statement or post-effective amendment thereto, as the case may be, at the time
of effectiveness meets the requirements of Section 10(a) of the Securities Act
or that it intends to file a Prospectus pursuant to Rule 424(b) under the
Securities Act that meets the requirements of Section 10(a) of the Securities
Act; </FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman">(ii)</FONT><FONT face="Times New Roman"> </FONT></STRONG><FONT face="Times New Roman">furnish
to the Purchaser with respect to the Common Shares registered under the
Registration Statement such number of copies of the Registration Statement and
the Prospectus (including supplemental prospectuses) filed with the SEC in
conformance with the requirements of the Securities Act and other such documents
as the Purchaser may reasonably request, in order to facilitate the public sale
or other disposition of all or any of the Common Shares by the Purchaser;
</FONT></FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman">(iii)</FONT><FONT face="Times New Roman"> </FONT></STRONG><FONT face="Times New Roman">make
any necessary blue sky filings; </FONT></FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman">(iv)</FONT><FONT face="Times New Roman"> </FONT></STRONG><FONT face="Times New Roman">pay the
expenses incurred by the Company and the Purchasers in complying with Section 6,
including, all registration and filing fees, FINRA fees, exchange listing fees,
printing expenses, fees and disbursements of counsel for the Company, blue sky
fees and expenses and the expense of any special audits incident to or required
by any such registration (but excluding attorneys&#146; fees of any Purchaser and any
and all underwriting discounts and selling commissions applicable to the sale of
Registrable Securities by the Purchasers); </FONT></FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman">(v)</FONT><FONT face="Times New Roman"> </FONT></STRONG><FONT face="Times New Roman">advise
the Purchasers, promptly after it shall receive notice or obtain knowledge of
the issuance of any stop order by the SEC delaying or suspending the
effectiveness of the Registration Statement or of the initiation of any
proceeding for that purpose; and it will promptly use its commercially
reasonable best efforts to prevent the issuance of any stop order or to obtain
its withdrawal at the earliest possible moment if such stop order should be
issued; and </FONT></FONT></P>
<P align=justify><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>(vi)</STRONG> with a
view to making available to the Purchaser the benefits of Rule 144 and any other
rule or regulation of the SEC that may at any time permit the Purchaser to sell
Common Shares to the public without registration, the Company covenants and
agrees to use its commercially reasonable best efforts
to: (i) make and keep public information available, as those terms are
understood and defined in Rule 144, until the earlier of (A) such date as all of
the Common Shares qualify to be resold immediately pursuant to Rule 144 or any
other rule of similar effect or (B) such date as all of the Common Shares shall
have been resold pursuant to Rule 144 (and may be further resold without
restriction); (ii) file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and under the
Exchange Act; and (iii) furnish to the Purchaser upon request, as long as the
Purchaser owns any Common Shares, (A) a written statement by the Company as to
whether it has complied with the reporting requirements of the Securities Act
and the Exchange Act, (B) a copy of the Company&#146;s most recent Annual Report on
Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as
may be reasonably requested in order to avail the Purchaser of any rule or
regulation of the SEC that permits the selling of any such Common Shares without
registration. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 16 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company understands that the Purchasers disclaim being an underwriter, but
acknowledges that a determination by the SEC that a Purchaser is deemed an
underwriter shall not relieve the Company of any obligations it has hereunder.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>6.2</STRONG></FONT><STRONG><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>Transfer of Shares After Registration;
Suspension.</FONT></STRONG></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>(a)</STRONG></FONT><FONT face="Times New Roman" size=2><STRONG>
</STRONG></FONT><FONT face="Times New Roman" size=2>Except in the event that Section 6.2(b)
applies, the Company shall: (i) if deemed necessary or advisable by the Company,
prepare and file from time to time with the SEC a post-effective amendment to
the Registration Statement or a supplement to the related Prospectus or a
supplement or amendment to any document incorporated therein by reference or
file any other required document so that such Registration Statement will not
contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading, and so that, as thereafter delivered to purchasers of the Common
Shares being sold thereunder, such Prospectus will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; (ii) provide the
Purchasers copies of any documents filed pursuant to Section 6.2(a)(i); and
(iii) upon request, inform each Purchaser who so requests that the Company has
complied with its obligations in Section 6.2(b)(i) (or that, if the Company has
filed a post-effective amendment to the Registration Statement which has not yet
been declared effective, the Company will notify the Purchaser to that effect,
will use its commercially reasonable best efforts to secure the effectiveness of
such post-effective amendment as promptly as possible and will promptly notify
the Purchaser pursuant to Section 6.2(b)(i) when the amendment has become
effective). </FONT></P>
<P align=justify><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT face="Times New Roman">(b)</FONT></B><FONT face="Times New Roman"> Subject to Section 6.2(c), in the event: (i) of any request by the
SEC or any other federal or state governmental authority during the period of
effectiveness of the Registration Statement for amendments or supplements to the
Registration Statement or related Prospectus or for additional information; (ii)
of the issuance by the SEC or any other federal or state governmental authority
of any stop order suspending the effectiveness of the Registration Statement or
the initiation of any proceedings for that purpose; (iii) of the receipt by the
Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Common Shares for sale in any
jurisdiction or the initiation of any proceeding for such purpose; or (iv) of
any event or circumstance which necessitates the making of any changes in the
Registration Statement or Prospectus, or any document incorporated or deemed to
be incorporated therein by reference, so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein not misleading, and that in the case of the Prospectus, it
will not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading; then the Company shall promptly deliver a certificate in writing to
the Purchasers (the &#147;</FONT><I><FONT face="Times New Roman">Suspension
Notice</FONT></I>&#148;) to the effect of the foregoing and, upon
receipt of such Suspension Notice, the Purchasers will refrain from selling any
Common Shares pursuant to the Registration Statement (a
&#147;</FONT><I><FONT face="Times New Roman" size=2>Suspension</FONT></I><FONT face="Times New Roman" size=2>&#148;) until the Purchasers are advised in writing by the Company that the
current Prospectus may be used, and have received copies from the Company of any
additional or supplemental filings that are incorporated or deemed incorporated
by reference in any such Prospectus. In the event of any Suspension, the Company
will use its reasonable best efforts to cause the use of the Prospectus so
suspended to be resumed as soon as reasonably practicable after delivery of a
Suspension Notice to the Purchasers. In addition to and without limiting any
other remedies (including, without limitation, at law or at equity) available to
the Company and the Purchaser, the Company and the Purchasers shall be entitled
to specific performance in the event that the other party fails to comply with
the provisions of this Section 6.2(b).</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 17 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Notwithstanding the foregoing paragraphs of this Section 6.2, the Company
shall use its commercially reasonable best efforts to ensure that (i) a
Suspension shall not exceed 30 days individually, (ii) Suspensions covering no
more than 45 days, in the aggregate, shall occur during any twelve month period
and (iii) each Suspension shall be separated by a period of at least 30 days
from a prior Suspension (each Suspension that satisfies the foregoing criteria
being referred to herein as a &#147;</FONT><I><FONT face="Times New Roman" size=2>Qualifying
Suspension</FONT></I><FONT face="Times New Roman" size=2>&#148;). In the event that there occurs
a Suspension (or part thereof) that does not constitute a Qualifying Suspension,
the Company shall pay to the Purchaser, on the 30<SUP>th</SUP> day following the
first day of such Suspension (or the first day of such part), and on each
30<SUP>th</SUP> day thereafter, an amount equal to 1% of the Purchase Price paid
for the Securities purchased by the Purchaser and not previously sold by the
Purchaser with such payments to be prorated on a daily basis during each 30 day
period and will be paid to the Purchaser by wire transfer or check within five
business days after the end of each 30 day period following. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>If
a Suspension is not then in effect, the Purchasers may sell Common Shares under
the Registration Statement, provided that they comply with any applicable
prospectus delivery requirements. Upon receipt of a request therefor, the
Company will provide an adequate number of current Prospectuses to a Purchaser
and to any other parties reasonably requiring such Prospectuses. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The
Company agrees that it shall, immediately prior to the Registration Statement
being declared effective, deliver to its transfer agent an opinion letter of
counsel, opining that at any time the Registration Statement is effective, the
transfer agent may issue, in connection with the sale of the Common Shares,
certificates representing such Common Shares without restrictive legend,
provided the Common Shares are to be sold pursuant to the prospectus contained
in the Registration Statement. Upon receipt of such opinion, the Company shall
cause the transfer agent to confirm, for the benefit of the Purchasers, that no
further opinion of counsel is required at the time of transfer in order to issue
such Common Shares without restrictive legend. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Company shall cause its transfer agent to issue a certificate
without any restrictive legend to a purchaser of any Common Shares from the
Purchasers, if no Suspension is in effect at the time of sale, and (a) the sale
of such Common Shares is registered under the Registration Statement (including
registration pursuant to Rule 415 under the Securities Act); (b) the holder has
provided the Company with an opinion of counsel, in form, substance and scope
customary for opinions of counsel in comparable transactions, to the effect that
a public sale or transfer of such Common Shares may be made without registration
under the Securities Act; or (c) such Common Shares are sold in compliance with
Rule 144 under the Securities Act. In addition, the Company shall remove the
restrictive legend from any Common Shares held by the Purchasers following the
expiration of the holding period required by Rule 144 under the Securities Act
(or any successor rule).</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.3</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Indemnification. </FONT></B><FONT face="Times New Roman" size=2>For the purpose of
this Section 6.3: </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the
term &#147;</FONT><I><FONT face="Times New Roman" size=2>Selling Stockholder</FONT></I><FONT face="Times New Roman" size=2>&#148; shall mean a Purchaser, its executive officers and directors
and each person, if any, who controls that Purchaser within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act;</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 18 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the
term &#147;</FONT><I><FONT face="Times New Roman" size=2>Registration Statement</FONT></I><FONT face="Times New Roman" size=2>&#148; shall include any final Prospectus, exhibit, supplement or
amendment included in or relating to, and any document incorporated by reference
in, the Registration Statement (or deemed to be a part thereof) referred to in
Section 6.1; and </FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(c) </FONT></STRONG><FONT face="Times New Roman">The Company agrees to
indemnify and hold harmless each Selling Stockholder from and against any
losses, claims, damages or liabilities to which such Selling Stockholder may
become subject, under the Securities 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 any inaccuracy in the
representations and warranties of the Company contained herein or any failure of
the Company to perform its obligations hereunder, under the Warrants or under
the law in connection with the transactions contemplated by this Agreement or
arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement or the omission or
alleged omission to state therein a material fact required to be stated therein
to make the statements therein not misleading. The Company will reimburse each
Selling Stockholder 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
such Registration Statement in reliance upon and in conformity with written
information furnished to the Company by or on behalf of such Selling Stockholder
specifically for use in preparation of the Registration Statement or the failure
of such Selling Stockholder to comply with its covenants and agreements
contained herein or any statement or omission in any Prospectus that is
corrected in any subsequent Prospectus that was delivered to the Selling
Stockholder prior to the pertinent sale or sales by the Selling Stockholder.
</FONT></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) </FONT></B><FONT face="Times New Roman" size=2>Each Purchaser severally (as to itself),
and not jointly, agrees to indemnify and hold harmless the Company, its
affiliates, director and officers and each person, if any, who controls the
Company within the meaning of Section 15 of the Act and Section 20 of the
Exchange Act, from and against any losses, claims, damages or liabilities to
which the Company may become subject under the Act or otherwise (including in
settlement of any litigation, if such settlement is effective with the written
consent of the Purchasers), 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 or the omission or alleged omission to state therein a
material fact required to be stated therein to make the statements therein not
misleading, 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 by or on behalf of that Purchaser
specifically for use in preparation of the Registration Statement, and that
Purchaser will reimburse the Company for any legal or other expenses reasonably
incurred by the Company in connection with investigating or defending against
such loss, claim, damage, liability or action as such expenses are incurred. The
obligation to indemnify shall be limited to the net amount of the proceeds
received by the Purchaser from the sale of the Common Shares pursuant to the
Registration Statement. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 19 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e) </FONT></B><FONT face="Times New Roman" size=2>Promptly after receipt by an indemnified
party under subjection (c) or (d) above of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be
made against an 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, the indemnifying party shall be
entitled to participate in, and, to the extent it shall wish, jointly with any
other indemnifying party similarly notified, 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&#146;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 Purchasers, it is advisable for the
Purchasers to be represented by separate counsel, the Purchasers shall have the
right to employ a single counsel (in addition to local counsel) to represent the
Purchaser in respect of which indemnity may be sought by the Purchasers under
subsection (c) of this Section 6.3, 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 Purchasers as incurred. An indemnifying party
shall not be obligated under any settlement agreement relating to any action
under this Section 6.3 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 6.3(e), 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></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f) </FONT></B><FONT face="Times New Roman" size=2>If the indemnification provided for in
this Section 6.3 is unavailable or insufficient to hold harmless an indemnified
party under subsection (c) or (d) 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 (or actions in respect thereof) in
such proportion as is appropriate to reflect the relative fault of the Company
on the one hand and the liable Purchaser on the other in connection with the
statements or omissions or other matters which resulted in such losses, claims,
damages or liabilities (or actions in respect thereof), as well as any other
relevant equitable considerations. The relative fault shall be determined by
reference to, among other things, in the case of an untrue statement, whether
the untrue statement relates to information supplied by the Company on the one
hand or the liable Purchaser on the other and the parties&#146; relative intent,
knowledge, access to information and opportunity to correct or prevent such
untrue statement. The Company and the Purchasers agree that it would not be just
and equitable if contribution pursuant to this subsection (f) were to be
determined by pro rata allocation (even if the Purchasers were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to above in this
subsection (f). The amount paid or payable by an indemnified party as a result
of the losses, claims, damages or liabilities (or actions in respect thereof)
referred to above in this subsection (f) 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 (f). Notwithstanding the provisions of this subsection (f), no
Purchasers shall be required to contribute any amount in excess of the amount by
which the net amount received by that Purchaser from the sale of the Common
Shares to which such loss relates exceeds the amount of any damages which that
Purchaser has otherwise been required to pay to the Company by reason of such
untrue statement. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The Purchasers&#146;
obligations in this subsection to contribute are several in proportion to their
sales of Common Shares to which such loss relates and not joint. The remedies
provided for in this Section 6.3 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></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.4</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Termination of Conditions and Obligations. </FONT></B><FONT face="Times New Roman" size=2>The conditions precedent imposed by Section 3 or this Section 6 upon the
transferability of the Common Shares shall cease and terminate as to any particular number of the Common Shares when such Common
Shares shall have been effectively registered under the Securities Act and sold
or otherwise disposed of in accordance with the intended method of disposition
set forth in the Registration Statement covering such Common Shares or at such
time as an opinion of counsel satisfactory to the Company shall have been
rendered to the effect that such conditions are not necessary in order to comply
with the Securities Act. The Company shall request an opinion of counsel
promptly upon receipt of a request therefor from Purchaser. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 20 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.5</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Information Available. </FONT></B><FONT face="Times New Roman" size=2>So long as the
Registration Statement is effective covering the resale of Common Shares owned
by a Purchaser, the Company will furnish (or, to the extent such information is
available electronically through the Company&#146;s filings with the SEC, the Company
will make available via the SEC&#146;s EDGAR system or any successor thereto) to each
Purchaser: </FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(a)</FONT><FONT face="Times New Roman"> </FONT></STRONG><FONT face="Times New Roman">as
soon as practicable after it is available, one copy of (i) its Annual Report to
Stockholders (which Annual Report shall contain financial statements audited in
accordance with generally accepted accounting principles by a national firm of
certified public accountants) and (ii) if not included in substance in the
Annual Report to Stockholders, its Annual Report on Form 10-K (the foregoing, in
each case, excluding exhibits); </FONT></FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(b)</FONT><FONT face="Times New Roman"> </FONT></STRONG><FONT face="Times New Roman">upon the request of the Purchaser, all exhibits excluded by the
parenthetical to subparagraph (a)(ii) of this Section 6.5 as filed with the SEC
and all other information that is made available to stockholders; and
</FONT></FONT></P>
<P align=justify><FONT size=2 face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman">(c)</FONT><FONT face="Times New Roman"> </FONT></STRONG><FONT face="Times New Roman">upon the reasonable request of the Purchaser, an adequate number of
copies of the Prospectuses to supply to any other party requiring such
Prospectuses; and the Company, upon the reasonable request of a Purchaser, will
meet with each Purchaser or a representative thereof at the Company&#146;s
headquarters during the Company&#146;s normal business hours to discuss all
information relevant for disclosure in the Registration Statement covering the
Common Shares and will otherwise reasonably cooperate with the Purchasers
conducting an investigation for the purpose of reducing or eliminating the
Purchasers&#146; exposure to liability under the Securities Act, including the
reasonable production of information at the Company&#146;s headquarters; provided,
that the Company shall not be required to disclose any confidential information
to or meet at its headquarters with a Purchaser until and unless that Purchaser
shall have entered into a confidentiality agreement in form and substance
reasonably satisfactory to the Company with the Company with respect thereto.
</FONT></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.6</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Public Statements; Limitation on Information</FONT></B><FONT face="Times New Roman" size=2>. The Company agrees to disclose on a Current Report on Form 8-K the
existence of the Offering and the material terms, thereof, including pricing,
within one business day after it specifies the Closing Date in accordance with
Section 1.3. Such Current Report on Form 8-K shall include a form of this
Agreement (and all exhibits and schedules thereto) as an exhibit thereto. The
Company will not issue any public statement, press release or any other public
disclosure listing a Purchaser as one of the purchasers of the Common Shares
without that Purchaser&#146;s prior written consent, except as may be required by
applicable law or rules of any exchange on which the Company&#146;s securities are
listed. The Company shall not provide, and shall cause each of its subsidiaries
and the respective officers, directors, employees and agents of the Company and
each of its subsidiaries not to provide, the Purchasers with any material
nonpublic information regarding the Company or any subsidiary from and after the
date the Company files, or is required by this Section to file, the Current
Report on Form 8-K with the SEC without the prior express written consent of the
Purchaser. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.7</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Limits on Additional Issuances.</FONT></B><FONT face="Times New Roman" size=2> The
Company will not, for a period of six months following the Closing Date offer
for sale or sell any securities unless, in the opinion of the Company&#146;s counsel,
such offer or sale does not jeopardize the availability of exemptions from the
registration and qualification requirements under applicable securities laws
with respect to the Offering. Except for the Offerings, the issuance of stock
options under the Company&#146;s stock option plans, the issuance of common stock upon exercise of outstanding options and warrants, the
issuance of common stock purchase warrants, and the offering contemplated
hereby, the Company has not engaged in any offering of equity securities during
the six months prior to the date of this Agreement. The foregoing provisions
shall not prevent the Company from filing a &#147;shelf&#148; registration statement
pursuant to Rule 415 under the Securities Act, but the foregoing provisions
shall apply to any sale of securities thereunder. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 21 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.8</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Form D and State Securities Filings</FONT></B><FONT face="Times New Roman" size=2>.
The Company will file with the SEC a Notice of Sale of Securities on Form D with
respect to the Securities, as required under Regulation D under the Securities
Act, no later than 15 days after the Closing Date. The Company will promptly and
timely file all documents and pay all filing fees required by any states&#146;
securities laws in connection with the sale of Securities. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.9 Assignment of Registration Rights.</FONT></B><FONT face="Times New Roman" size=2> The
rights to cause the Company to register Registrable Securities pursuant to this
Section 6 may be assigned by a Purchaser to a party that acquires, other than
pursuant to the Registration Statement or Rule 144, any of the Shares and
Warrant Shares originally issued or issuable to such Purchaser pursuant to this
Agreement and the Warrants (or any Common Stock issued as (or issuable upon the
conversion or exercise of any warrant, right or other security which is issued
as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, any such Shares or Warrant Shares), or to any affiliate of a
Purchaser that acquires any Registrable Securities. Any such permitted assignee
shall have all the rights of such Purchaser under this Section 6 with respect to
the Registrable Securities transferred. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.10 Selling Stockholder Questionnaire. </FONT></B><FONT face="Times New Roman" size=2>Each
Purchaser agrees to furnish to the Company a completed questionnaire in the form
attached to this Agreement as </FONT><U><FONT face="Times New Roman" size=2>Exhibit
D</FONT></U><FONT face="Times New Roman" size=2> (a &#147;</FONT><I><FONT face="Times New Roman" size=2>Selling Holder Questionnaire</FONT></I><FONT face="Times New Roman" size=2>&#148;). The
Company shall not be required to include the Registrable Securities of a
Purchaser in a Registration Statement and shall not be required to pay any
liquidated or other damages hereunder to any such Purchaser who fails to furnish
to the Company a fully completed Selling Holder Questionnaire at least three
business days prior to the filing of the Registration Statement. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>7. Miscellaneous. </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.1 Governing Law. </FONT></B><FONT face="Times New Roman" size=2>This Agreement shall be
governed by and construed in accordance with the laws of the State of New York,
without regard to the choice of law provisions thereof, and the federal laws of
the United States. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.2 Successors and Assigns. </FONT></B><FONT face="Times New Roman" size=2>Except as
otherwise expressly provided herein, the provisions hereof shall inure to the
benefit of, and be binding upon, the successors, assigns, heirs, executors, and
administrators of the parties hereto. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.3 Entire Agreement. </FONT></B><FONT face="Times New Roman" size=2>This Agreement and the
exhibits hereto, and the other documents delivered pursuant hereto, constitute
the full and entire understanding and agreement among the parties with regard to
the subjects hereof and no party shall be liable or bound to any other party in
any manner by any representations, warranties, covenants, or agreements except
as specifically set forth herein or therein. Nothing in this Agreement, express
or implied, is intended to confer upon any party, other than the parties hereto
and their respective successors and assigns, any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as expressly
provided herein. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.4 Severability. </FONT></B><FONT face="Times New Roman" size=2>In the event any provision
of this Agreement shall be invalid, illegal, or unenforceable, it shall to the
extent practicable, be modified so as to make it valid, legal and enforceable
and to retain as nearly as practicable the intent of the parties, and the
validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.5 Amendment and Waiver. </FONT></B><FONT face="Times New Roman" size=2>Except as otherwise
provided herein, any term of this Agreement may be amended and the observance of
any term of this Agreement may be waived (either generally or in a particular
instance, either retroactively or prospectively, and either for a specified
period of time or indefinitely), with the written
consent of the Company and each Purchaser. Any amendment or waiver effected in
accordance with this Section 7.5 shall be binding upon any holder of any
Securities purchased under this Agreement (including securities into which such
Securities have been converted), each future holder of all such securities, and
the Company. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page 22 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.6 Fees and Expenses. </FONT></B><FONT face="Times New Roman" size=2>Except as otherwise
set forth herein, the Company and the Purchasers shall bear their own expenses
and legal fees incurred on their behalf with respect to this Agreement and the
transactions contemplated hereby. Each party hereby agrees to indemnify and to
hold harmless of and from any liability the other party for any commission or
compensation in the nature of a finder&#146;s fee to any broker or other person or
firm (and the costs and expenses of defending against such liability or asserted
liability) for which such indemnifying party or any of its employees or
representatives are responsible. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.7</FONT></B><FONT face="Times New Roman" size=2> </FONT><B><FONT face="Times New Roman" size=2>Notices. </FONT></B><FONT face="Times New Roman" size=2>All notices, requests,
consents and other communications hereunder shall be in writing, shall be
delivered (A) if within the United States, by first-class registered or
certified airmail, or nationally recognized overnight express courier, postage
prepaid, or by facsimile, or (B) if from outside the United States, by
International Federal Express (or comparable service) or facsimile, and shall be
deemed given (i) if delivered by first-class registered or certified mail
domestic, upon the business day received, (ii) if delivered by nationally
recognized overnight carrier, one business day after timely delivery to such
carrier, (iii) if delivered by International Federal Express (or comparable
service), two business days after so mailed, (iv) if delivered by facsimile,
upon electric confirmation of receipt and shall be addressed as follows, or to
such other address or addresses as may have been furnished in writing by a party
to another party pursuant to this paragraph: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>if to the Company, to: </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="1%" border=0>

  <TR>
    <TD noWrap width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>Research Frontiers Incorporated
      <BR>240 Crossways Park Drive <BR>Woodbury, New York 11797-2033
      <BR>Attention: Chief Executive Officer <BR>Facsimile: (516) 364-3798
      </FONT></P></TD></TR></TABLE></DIV>
<P align=justify><FONT face="Times New Roman" size=2>if to the Purchaser, at its address on
the signature page to this Agreement. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.8</FONT></B><FONT face="Times New Roman" size=2> </FONT><B><FONT face="Times New Roman" size=2>Survival of Representations,
Warranties and Agreements</FONT></B><FONT face="Times New Roman" size=2>. Notwithstanding
any investigation made by any party to this Agreement or by the Placement Agent,
all covenants, agreements, representations and warranties made by the Company
and the Purchaser herein shall survive the execution of this Agreement, the
delivery to the Purchaser of the Securities being purchased and the payment
therefor, and a party&#146;s reliance on such representations and warranties shall
not be affected by any investigation made by such party or any information
developed thereby. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.9 Counterparts. </FONT></B><FONT face="Times New Roman" size=2>This Agreement may be
executed by facsimile signature and in any number of counterparts, each of which
shall be deemed an original, but all of which together shall constitute one
instrument. </FONT></P>

<P align=right><FONT face="Times New Roman" size=2>Page 23 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10 Independent Nature of
Purchasers&#146; Obligations and Rights</FONT></B><FONT face="Times New Roman" size=2>. The
obligations of each Purchaser under this Agreement are several and not joint
with the obligations of any other Purchaser, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser under this Agreement. Nothing contained herein, and no action taken by
any Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Purchasers are in any way acting in concert or as
a group with respect to such obligations or the transactions contemplated by
this Agreement. Each Purchaser confirms that it has independently participated
in the negotiation of the transaction contemplated hereby with the advice of its
own counsel and advisors. Each Purchaser shall be entitled to independently
protect and enforce its rights, including, without limitation, the rights
arising out of this Agreement, and it shall not be
necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>[</FONT></B><B><I><FONT face="Times New Roman" size=2>The Remainder of this Page is Blank</FONT></I></B><B><FONT face="Times New Roman" size=2>] </FONT></B></P>
<P align=right><FONT face="Times New Roman" size=2>Page 24 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><FONT face="Times New Roman" size=2>October 2, 2012 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
witness whereof, the foregoing Common Stock and Warrant Purchase Agreement is
hereby executed as of the date first above written. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps">Research Frontiers Incorporated</FONT></B></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="50%">&nbsp;</TD>
    <TD width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Seth L. Van Voorhees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Chief Financial Officer</FONT></TD></TR></TABLE><BR>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2>Signature Page to Purchase Agreement
</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><FONT face="Times New Roman" size=2>October 2, 2012 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In witness whereof, the foregoing
Common Stock and Warrant Purchase Agreement is hereby executed as of the date
first above written. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="32%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>Name of
      Investor</FONT></B></TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="32%"></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%">&nbsp;<BR>&nbsp;</TD>
    <TD noWrap align=left width="49%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Investment Amount:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      $</FONT><FONT face="Times New Roman" size=2>5,612,500</FONT></TD></TR></TABLE><BR>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=right><FONT face="Times New Roman" size=2>Signature Page to Purchase Agreement
</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><FONT face="Times New Roman" size=2>October 2, 2012 </FONT></P>
<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT A </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SCHEDULE OF
PURCHASERS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; text-align: center" noWrap width="16%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; text-align: center" noWrap width="22%"><B><FONT face="Times New Roman" size=2>Common</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; text-align: center" noWrap width="24%"><B><FONT face="Times New Roman" size=2>Aggregate</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; text-align: center" noWrap width="19%"><B><FONT face="Times New Roman" size=2>Warrant</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; text-align: center" noWrap width="18%"><B><FONT face="Times New Roman" size=2>Purchase
    Price</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="16%"><B><FONT face="Times New Roman" size=2>Purchaser</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"><B><FONT face="Times New Roman" size=2>Shares</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%"><B><FONT face="Times New Roman" size=2>Purchase
    Price</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="19%"><B><FONT face="Times New Roman" size=2>Shares</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="18%"><B><FONT face="Times New Roman" size=2>Per
  Share</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"><FONT face="Times New Roman" size=2>1,250,000</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%"><FONT face="Times New Roman" size=2>$5,612,500</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="19%"><FONT face="Times New Roman" size=2>250,000</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="18%"><FONT face="Times New Roman" size=2>$4.49</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="19%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="18%"></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="19%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="18%"></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="19%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="18%"></TD></TR></TABLE><BR>
<P align=right><FONT face="Times New Roman" size=2>Page A-1 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT B </FONT></B></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE DISPOSED OF
UNLESS THERE IS A REGISTRATION STATEMENT THEN IN EFFECT COVERING SUCH SECURITIES
OR AN EFFECTIVE EXEMPTION FROM SUCH REGISTRATION OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT UNDER THE CIRCUMSTANCES REGISTRATION IS NOT
NECESSARY. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS INCORPORATED
<BR>COMMON STOCK PURCHASE WARRANT</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>THIS CERTIFIES that, for value
received, [Name of Investor], hereinafter called &#147;Warrantholder&#148;, is entitled to
purchase from Research Frontiers Incorporated, a Delaware corporation
(hereinafter called the &#147;Company&#148;), [Number of Shares] shares of common stock,
par value $.0001 per share (hereinafter called the &#147;Shares&#148;) of the Company at a
warrant exercise price of $6.73 per share (such price per share and the number
of shares of common stock so purchasable being subject to adjustment as provided
below) at any time on or before 4:30 p.m. New York time on [insert date that is 5 years and 6 months after closing date] (the
&#147;Expiration Date&#148;), all in accordance with the terms hereof. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.
</FONT><U><FONT face="Times New Roman" size=2>Exercise of Warrants and Holding of Underlying
Stock.</FONT></U><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.1 The Warrants evidenced by this Warrant Certificate may be exercised at any
time after [insert date that is 6 months after closing date] and prior to 4:30 p.m. New York time on the Expiration
Date in whole at any time or in part from time to time during such period by the
surrender of this Warrant Certificate, along with a Notice of Exercise in the
form attached hereto duly executed and completed by Warrantholder, at the office
of the Company, 240 Crossways Park Drive, Woodbury, New York 11797-2033 together
with payment in full in lawful money of the United States, of the Warrant
exercise price payable at the time of such exercise in respect of the Warrants
being exercised. Such payment shall be made by wire transfer of immediately
available funds to the account of Research Frontiers Incorporated at JPMorgan
Chase Bank, 6040 Tarbell Road, Syracuse, New York 13206, Account Number:
[Account Number], ABA Wire Code No.: 021 000 021, SWIFT CODE: CHASUS33, or to
such other account or place, as the Company may specify. If less than all of the
Warrants represented by this Warrant Certificate are being exercised, the
Company will, upon such exercise, deliver to Warrantholder a new certificate
(dated the date hereof) evidencing the Warrants not so exercised. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.2 Certificates representing Shares issued hereunder shall be stamped or
otherwise imprinted with a legend substantially in the following form (in
addition to any legend required under any applicable state securities laws):
</FONT></P>
<P STYLE="text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman"></FONT><FONT face="Times New Roman">THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED </FONT></FONT><FONT face="Times New Roman" size=2>PURSUANT TO THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS THERE IS A REGISTRATION STATEMENT
THEN IN EFFECT COVERING SUCH SHARES OR AN EFFECTIVE EXEMPTION FROM SUCH
REGISTRATION OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT UNDER THE
CIRCUMSTANCES REGISTRATION IS NOT NECESSARY.</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>Provided, however, that if the issuance
of the Shares pursuant to the exercise of this Warrant are subject to an
effective registration statement pursuant to Section 5 of the Securities Act of
1933, as amended, certificates representing the Shares shall not bear any
restrictive legend. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.3 </FONT><U><FONT face="Times New Roman" size=2>Limitations on Exercise</FONT></U><FONT face="Times New Roman" size=2>. Notwithstanding anything to the contrary contained herein,
the number of Shares that may be acquired by the Warrantholder upon any exercise
of this Warrant (or otherwise in respect hereof) shall be limited to the extent
necessary to insure that, following such exercise (or other issuance), the total
number of shares of common stock of the Company then beneficially owned by such
Warrantholder and its affiliates and any other person or entity whose beneficial
ownership of such common stock would be aggregated with the Warrantholder&#146;s for
purposes of Section 13(d) of the Securities Exchange Act of 1934 (the &#147;Exchange
Act&#148;), does not exceed 14.999% of the total number of issued and outstanding
shares of common stock of the Company (including for such purpose the shares of
common stock issuable upon such exercise). For such purposes, beneficial
ownership shall be determined in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder. This provision shall
not restrict the number of shares of Common Stock which a Warrantholder may receive or beneficially own in order to determine the
amount of securities or other consideration that such Warrantholder may receive
in the event of a transaction contemplated by Section 2.1 of this Warrant. This
restriction may not be waived. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page B-1 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT B </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.
</FONT><U><FONT face="Times New Roman" size=2>Reclassification, Consolidation or
Merger</FONT></U><FONT face="Times New Roman" size=2>. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.1 In the event that the outstanding Shares are hereafter changed by reason of
reorganization, merger, consolidation, recapitalization, reclassification, stock
split-up, combination or exchange of Shares and the like, or dividends payable
in Shares, an appropriate adjustment shall be made by the Board of Directors of
the Company in the number of Shares and price per Share subject to this Warrant
Certificate. If the Company shall be reorganized, consolidated, or merged with
another corporation, or if all or substantially all of the assets of the Company
shall be sold or exchanged, the Warrantholder shall at the time of issuance of
the stock under such a corporate event, be entitled to receive upon the exercise
of the vested Warrants evidenced by this Warrant Certificate the same number and
kind of shares of stock or the same amount of property, cash or securities as he
would have been entitled to receive upon the occurrence of any such corporate
event as if he had been, immediately prior to such event, the holder of the
number of Shares so exercised.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.2 Any adjustment under this Paragraph 2 in the number of Shares subject to
this Warrant Certificate shall apply proportionately to only the unexercised
portion hereunder and shall not have any retroactive effect with respect to
Warrants theretofore exercised. If fractions of a Share would result from any
such adjustment, the adjustment shall be revised to the next lower whole number
of Shares. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.3 No adjustment of the exercise price shall be made if the amount of such
adjustment shall be less than $.01 per Share, but in such case any adjustment
that would otherwise be required then to be made, shall be carried forward and
shall be made at the time and together with the next subsequent adjustment
which, together with any adjustment so carried forward, shall amount to no less
than $.01 per share. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.4 No fractional shares of common stock shall be issued upon the exercise of
any Warrants evidenced hereby, but in lieu thereof the number of shares of
common stock that are issuable upon any exercise shall be rounded up or down to
the nearest whole share. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.5 When any adjustment is required to be made in the exercise price or number
of Shares subject to this Warrant Certificate, initial or adjusted, the Company
shall within sixty (60) days after the date when the circumstances giving rise
to the adjustment occurred mail to the Warrantholder a statement describing in
reasonable detail any method used in calculating such adjustment. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.
</FONT><U><FONT face="Times New Roman" size=2>Prior Notice as to Certain
Events</FONT></U><FONT face="Times New Roman" size=2>. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall mail to Warrantholder not less than ten (10) days prior to the
date on which (a) a record will be taken for the purpose of determining the
holders of Capital Stock entitled to subscription rights, or (b) a record will
be taken (or in lieu thereof, the transfer books will be closed) for the purpose
of determining the holders of Capital Stock entitled to notice of and to vote at
the meeting of stockholders at which any consolidation, merger, dissolution,
liquidation, winding up or sale of the Company shall be considered and acted
upon. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.
</FONT><U><FONT face="Times New Roman" size=2>Reservation and Issuance of
Shares</FONT></U><FONT face="Times New Roman" size=2>. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.1 The Company covenants and agrees that all Shares which may be issued upon
the exercise of the rights represented by this Warrant Certificate will be duly
authorized, legally issued and when paid for in accordance with the terms
hereof, fully paid and non-assessable, and free from all liens and charges with
respect to the issue thereof to the Warrantholder. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.2 The Company will reserve at all times such number of Shares as may be
issuable pursuant to the exercise of Warrants evidenced by this Warrant
Certificate. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page B-2 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT B </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.
</FONT><U><FONT face="Times New Roman" size=2>Investment Representation</FONT></U><FONT face="Times New Roman" size=2>. </FONT><FONT face="Times New Roman" size=2></FONT></P>

<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By
accepting delivery of this Warrant Certificate and by exercising any Warrants
evidenced hereby, the Warrantholder represents that the Warrantholder is
acquiring the Warrants and the Shares issuable upon the exercise of the Warrants
for investment and not for resale or distribution. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.
</FONT><U><FONT face="Times New Roman" size=2>Miscellaneous</FONT></U><FONT face="Times New Roman" size=2>. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.1 The Warrantholder shall not be entitled to any rights whatsoever as a
stockholder of the Company by virtue of its ownership of this Warrant
Certificate. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.2 This Warrant Certificate is being executed and delivered in the State of New
York, and this Warrant Certificate shall be interpreted under, and the
Warrantholder and the Company subject to, the laws and jurisdiction of the state
and federal courts of the State of New York, United States of America. The
parties hereby consent to such jurisdiction. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.3 Subject to the provisions of Section 1.3 hereof, this Warrant Certificate
may be exercised at any time after [insert date that is 6  months after closing] and prior to 4:30 p.m. New York
time on the Expiration Date.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.4 By accepting delivery of this Warrant Certificate, the Warrantholder
acknowledges that the Warrants granted hereunder shall be in full satisfaction
of all obligations to issue Warrants to the Warrantholder pursuant to the Common
Stock and Warrant Purchase Agreement dated October 2, 2012 between the Company
and the purchasers party thereto. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN
WITNESS WHEREOF, the Company and the Warrantholder have executed this Warrant
Certificate this [&nbsp;&nbsp;&nbsp;&nbsp;] day of October, 2012 by each of their duly authorized
officers. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS INCORPORATED
</FONT><FONT face="Times New Roman" size=2></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%">&nbsp;</TD>
    <TD noWrap align=left width="63%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>Seth L. Van Voorhees,
      Chief Financial Officer</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>WARRANTHOLDER:</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>[Name of Investor] </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%">&nbsp;</TD>
    <TD noWrap align=left width="63%">&nbsp;</TD></TR></TABLE><BR>
<P align=right><FONT face="Times New Roman" size=2>Page B-3 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><FONT face="Times New Roman" size=2>October 2, 2012 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>[Form of Notice of Exercise]</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned hereby irrevocably elects to exercise the warrants we currently
hold to purchase ____________ shares of common stock, $0.0001 par value per
share, of Research Frontiers Incorporated (the &#147;Company&#148;) at an exercise price
of $6.73 per share. Attached to this notice is the original Warrant certificate
evidencing the aforementioned warrants. We have delivered to the Company
US$_______________ representing the aggregate exercise price for the warrants
exercised hereunder. A certificate representing the shares issuable upon
exercise should be issued in the undersigned&#146;s name.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned hereby represents and warrants to the Company that the
representations and warranties and acknowledgments made by the undersigned in
the Common Stock and Warrant Purchase Agreement dated October 2, 2012 between
the Company and the purchasers party thereto are still true and correct as if
made on the date of this Notice of Exercise, and that the undersigned has
carefully read any reports or statements filed with the Securities and Exchange
Commission regarding the Company after October 2, 2012, and that the Company has
also made available to the undersigned all other documents and information that
the undersigned has requested relating to an investment in the Company.
</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Dated: _______ ___, ______</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>[Name of Investor]</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="68%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Title:</FONT></TD></TR></TABLE><BR>
<P align=right><FONT face="Times New Roman" size=2>Page B-4 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT C </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>FORM OF OPINION OF COMPANY COUNSEL
</FONT></B></P>
<P align=justify><I><FONT face="Times New Roman" size=2>[Capitalized terms shall have the
meanings ascribed thereto in the Common Stock and Warrant Purchase Agreement]
</FONT></I></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.
The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware. Each subsidiary of the Company
is duly organized, validly existing and in good standing under the laws of its
jurisdiction of incorporation or formation. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.
The Company and each subsidiary has all necessary corporate power and authority
to (i) execute and deliver, and to perform its obligations under the Agreement
and (ii) conduct its business as it is currently conducted and described in the
Company SEC Documents, and own, lease and license it properties and assets.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.
The Company is duly qualified to do business and is in good standing as a
foreign corporation in each jurisdiction in which the nature of the business
conducted or property owned by it makes such qualification necessary except
where the failure to be so qualified and in good standing would not result in a
Material Adverse Effect. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.
The execution, delivery and performance by the Company of the Agreement and the
consummation of the transactions contemplated thereby including the issuance of
the Securities and the Warrant Shares, have been duly authorized by all
necessary corporate action of the Company. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.
The Agreement has been duly executed and delivered by the Company and
constitutes the legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with its terms. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.
Except for filings, authorizations or approvals contemplated by the Agreement,
no authorizations or approvals of, and no filings with, any governmental or
administrative agency, regulatory authority, stock market or trading facility
are necessary or required by the Company for the execution and delivery of the
Agreement or the consummation of the transactions contemplated thereby.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.
Neither the execution and delivery of the Agreement by the Company, nor the
consummation or performance by the Company of any of the transactions
contemplated by the Agreement (including the issuance of the Securities and the
Warrant Shares) (i) contravene, conflict with or result in a violation of any
provisions of the Company&#146;s certificate of incorporation or bylaws; (ii)
constitute a violation of any U.S. federal or state law, rule or regulation
applicable to the Company; (iii) violate any judgment, decree, order or award of
any court, governmental body or arbitrator specifically naming the Company; or
(iv) with or without notice and/or the passage of time, conflict with or result
in the breach or termination of any term or provision of, or constitute a
default under, or cause any acceleration under, or cause the creation of any
lien, charge or encumbrance upon the properties or assets of the Company
pursuant to, any agreement to which the Company is a party (including those
described or included in the Company SEC Documents). </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.
The capital stock of the Company conforms as to legal matters to the description
thereof contained in the Company&#146;s Forms 8-A filed with the Commission on July
31, 1995 and February 24, 2003. The currently outstanding shares of capital
stock of the Company have been duly authorized and validly issued and are fully
paid and nonassessable. The form of certificates for the Shares and the Warrant
Shares conforms to the requirements of the Delaware General Corporation
Law.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.
Except as provided or disclosed in the Agreement on in the Company SEC
Documents, no person or entity is entitled to any preemptive, right of first
refusal, contractual or similar rights with respect to the issuance of the
Securities or the Warrant Shares.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>- </FONT><FONT face="Times New Roman" size=2>1
-</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10. The Shares and the Warrant Shares have been duly authorized or reserved for
issuance by all necessary corporate action on the part of the Company; and the
Shares, when issued, sold and delivered against payment therefor in accordance
with the provisions of the Agreement and the Warrant Shares issuable upon
exercise of the Warrants, when issued upon exercise of the Warrants in
accordance with the terms of the Warrants, will be duly and validly issued,
fully paid and non-assessable. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11. Assuming the accuracy of the representations and warranties of each of the
Purchasers set forth in Section 3 of the Agreement, the offer, issuance and sale
of the Shares at the Closing pursuant to the Agreement are, and the issuance of
the Warrant Shares issuable upon exercise of the Warrants will be, exempt from
the registration requirements of the Securities Act and the securities or &#147;blue
sky&#148; laws of any state. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
12. There are no actions, suits, arbitrations, claims, proceedings or
investigations pending or threatened against the Company or any of its
subsidiaries or any of their respective operations, businesses, properties or
assets by or before any court, arbitrator or government or regulatory
commission, board, body, authority or agency that challenges the validity of any
actions take or to be taken by the Company pursuant to the Purchase Agreement or
the transaction contemplated thereby. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13. Except as set forth in the Purchase Agreement, no holders of the Company&#146;s
securities have rights to the registration of shares of Common Stock or other
securities of the Company because of the filing of the Registration Statement or
the Offering, except as set forth in the Company SEC Documents. </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Page C-2 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT D </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SELLING STOCKHOLDER QUESTIONNAIRE
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS INCORPORATED
</FONT></B></P>
<P align=center><B><U><FONT face="Times New Roman" size=2>Questionnaire for Selling
Stockholder</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This questionnaire is necessary to obtain information to be used by Research
Frontiers Incorporated (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Company</FONT></I><FONT face="Times New Roman" size=2>&#148;) to complete a Registration
Statement (the &#147;</FONT><I><FONT face="Times New Roman" size=2>Registration
Statement</FONT></I><FONT face="Times New Roman" size=2>&#148;) covering the resale of certain
shares of Company Common Stock currently outstanding and/or of certain shares of
Company Common Stock to be issued upon exercise of currently outstanding
warrants to purchase Company Common Stock. Please complete and return this
questionnaire to Research Frontiers Incorporated, Attention: General Counsel
either by mail to 240 Crossways Park Drive, Woodbury, New York 11797-2033 or by
fax to (516) 364-3798. Please return the questionnaire </FONT><B><FONT face="Times New Roman" size=2>by [Day], [Month Day], 2012 or sooner, if
possible.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
FAILURE TO RETURN THE QUESTIONNAIRE MAY RESULT IN THE EXCLUSION OF YOUR NAME AND
SHARES FROM THE REGISTRATION STATEMENT. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Please answer all questions. </FONT><U><FONT face="Times New Roman" size=2>If the answer to
any question is &#147;None&#148; or &#147;Not Applicable,&#148; please so state</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If there is any question about which you have any doubt, please set forth the
relevant facts in your answer. </FONT></P>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="97%" colSpan=3><FONT face="Times New Roman" size=2>Please correct your
      </FONT><U><FONT face="Times New Roman" size=2>name</FONT></U><FONT face="Times New Roman" size=2> and/or </FONT><U><FONT face="Times New Roman" size=2>address</FONT></U><FONT face="Times New Roman" size=2> if not correct below</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="97%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="48%">&nbsp;</TD>
    <TD noWrap align=left width="48%">&nbsp;</TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="51%">&nbsp;</TD>
    <TD noWrap align=left width="47%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="51%">&nbsp;</TD>
    <TD noWrap align=left width="47%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="51%">&nbsp;</TD>
    <TD noWrap align=left width="47%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>- </FONT><FONT face="Times New Roman" size=2>1
-</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Please state the
      </FONT><U><FONT face="Times New Roman" size=2>total number</FONT></U><FONT face="Times New Roman" size=2> of currently outstanding shares of Company Common Stock that you
      beneficially own* and the form of ownership and the date that you acquired
      such stock. Include shares registered in your name individually or jointly
      with others and shares held in the name of a bank, broker, nominee,
      depository or in &#147;street name&#148; for your account. (DO NOT list options and
      warrants. See Question #3).</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3><P><BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Please list any
      outstanding options and warrants to purchase Company Common Stock that you
      beneficially own*, including (i) the number of shares of Company Common
      Stock to be issued upon the exercise of such option or warrant, (ii) the
      date such option or warrant is exercisable, (iii) the expiration date and
      (iv) the exercise price per share of EACH such option and
    warrant.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; text-align: center" noWrap width="26%"><B><FONT face="Times New Roman" size=2>Number of
      Shares</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; text-align: center" noWrap width="26%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; text-align: center" noWrap width="25%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; text-align: center" noWrap width="22%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; text-align: center" noWrap width="26%"><B><FONT face="Times New Roman" size=2>Covered by Option
      or</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; text-align: center" noWrap width="26%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; text-align: center" noWrap width="25%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; text-align: center" noWrap width="22%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%"><B><FONT face="Times New Roman" size=2>Warrant</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%"><B><FONT face="Times New Roman" size=2>Date
      Exercisable</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="25%"><B><FONT face="Times New Roman" size=2>Exercise
    Price</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"><B><FONT face="Times New Roman" size=2>Expiration
      Date</FONT></B></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="25%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="25%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="25%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="25%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="25%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="26%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="25%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Please list the number of shares of Common Stock listed
      under Question #2 above that you wish to include in the Registration
      Statement.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="58%">____________________</TD>
    <TD noWrap align=right width="41%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><FONT face="Times New Roman" size=2><SUP>* </SUP>See Appendix A for
      definitions</FONT></TD>
    <TD noWrap align=right width="41%"><FONT face="Times New Roman" size=2>Page
D-2</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Please list the number
      of shares of Common Stock underlying warrants listed under Question #3
      above that, upon exercise of such warrants, you wish to include in the
      Registration Statement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>
      <P><BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>6.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>If you are a limited
      liability company or limited partnership, please name the managing member
      or general partner and each person controlling such managing member or
      general partner.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>
      <P><BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>7.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>If you are an entity,
      please identify the natural person(s) who exercise sole or shared voting
      power* and/or sole or shared investment power* with regard to the shares
      listed under Question #2 and Question #3.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>
      <P><BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>8.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Please advise whether
      you are a registered broker-dealer or an affiliate* thereof. If you are an
      affiliate of a registered broker-dealer, please explain the nature of the
      affiliation and disclose whether you acquired the shares in the ordinary
      course of business and whether at the time of the acquisition you had any
      plans or proposals, directly or with any other person, to distribute the
      shares listed under Question #2 and Question #3.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>
      <P><BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>9.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>List below the nature
      of any position, office or other material relationship that you have, or
      have had within the past three years, with the Company or any of its
      predecessors or affiliates*.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="58%">____________________</TD>
    <TD noWrap align=right width="41%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><FONT face="Times New Roman" size=2><SUP>* </SUP>See Appendix A for
      definitions</FONT></TD>
    <TD noWrap align=right width="41%"><FONT face="Times New Roman" size=2>Page
D-3</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>If you expressly wish
      to disclaim any beneficial ownership* of any shares listed under Question
      #2 for any reason in the Registration Statement, indicate below the shares
      and circumstances for disclaiming such beneficial ownership*.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>
      <P><BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>11.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>With respect to the
      shares that you wish to include in the Registration Statement, please list
      any party that has or may have secured a lien, security interest or any
      other claim relating to such shares, and please give a full description of
      such claims.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>
      <P><BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Please review Appendix
      B &#147;Plan of Distribution.&#148; Please identify and describe any method of
      distribution, other than described in Appendix B, that you plan on using
      to sell your shares of the Company&#146;s Common Stock. By signing below you
      agree to distribute your shares of the Company&#146;s Common Stock as described
      in Appendix B and this Item 12 and to notify the Company of any plan to
      distribute the Company&#146;s Common Stock that is not described in Appendix B
      or herein under Item 12.</FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned, a Selling Stockholder of the Company, hereby furnishes the
foregoing information for use by the Company in connection with the preparation
of the Registration Statement. The undersigned will notify the Company, at the
address specified above, in writing immediately of any changes in the foregoing
answers that should be made as a result of any developments occurring prior to
the time that all the shares of Common Stock of the Company are sold pursuant to
the Registration Statement referred to above. Otherwise, the Company is to
understand that the above information continues to be, to the best of the
undersigned&#146;s knowledge, information and belief, complete and correct.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Dated: ___________ __, 20___
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="50%" colSpan=2>&nbsp;<BR>&nbsp;<BR>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Its:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%">&nbsp;</TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="58%">____________________</TD>
    <TD noWrap align=right width="41%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><FONT face="Times New Roman" size=2><SUP>* </SUP>See Appendix A for
      definitions</FONT></TD>
    <TD noWrap align=right width="41%"><FONT face="Times New Roman" size=2>Page
D-4</FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exhibit99-1.htm
<DESCRIPTION>RESEARCH FRONTIERS PRESS RELEASE DATED OCTOBER 3, 2012
<TEXT>

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<BR>
<DIV align=right><IMG src="exhibit99-1x1x1.jpg" border=0> </DIV>
<P align=center><B><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS RAISES $5.6
MILLION IN PRIVATE PLACEMENT OF SECURITIES</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Woodbury, New York &#150; October 3,
2012.</FONT></B><FONT face="Times New Roman" size=2> Research Frontiers Incorporated
(NASDAQ: REFR) today announced that it has entered into an agreement to sell
1,250,000 shares of its common stock, and warrants to purchase 250,000 shares of
its common stock, to an institutional investor. Each share and corresponding
warrant will be sold at an aggregate price of $4.49, resulting in gross proceeds
of approximately $5,612,500. The warrants are exercisable for a period of five
years beginning on the six-month anniversary of the closing date at an exercise
price of $6.73 per share (approximately 150% of the aggregate offering price).
</FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The Company intends to use the net
proceeds from this offering for working capital and general corporate purposes.
The offering is expected to close on or before October 8, 2012, subject to the
satisfaction of customary closing conditions. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Craig-Hallum Capital Group LLC is acting
as the sole placement agent for the offering. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>The securities issued in this private
placement have not been registered under the Securities Act of 1933, as amended,
or any state securities laws, and were issued and sold in a private placement
pursuant to Regulation D of the Securities Act. </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>The Company has agreed to file a
registration statement that covers the resale of the shares by the purchaser and
the shares issuable upon exercise of the warrants. </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>This press release does not constitute
an offer to sell or the solicitation of offers to buy any securities of the
Company, and shall not constitute an offer, solicitation or sale of any security
in any state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state or jurisdiction. </FONT></B><FONT face="Times New Roman"></FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>About Research Frontiers Inc.
</FONT></B><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Research Frontiers is the developer of
SPD-Smart light-control technology which allows users to instantly, precisely
and uniformly control the shading of glass or plastic, either manually or
automatically. Research Frontiers has built an infrastructure of 39 licensed
companies that collectively are capable of serving the growing global demand for
smart glass products in automobiles, homes, buildings, aircraft and boats.
</FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>Note: From time to time Research
Frontiers may issue forward-looking statements which involve risks and
uncertainties. This press release contains forward-looking statements. Actual
results could differ and are not guaranteed. Any forward-looking statements
should be considered accordingly. "SPD-Smart" and "SPD-SmartGlass" are
trademarks</FONT></I><FONT face="Times New Roman" size=2> </FONT><I><FONT face="Times New Roman" size=2>of Research Frontiers Inc.</FONT></I></P>
<P align=left><FONT face="Times New Roman" size=2>CONTACT: <BR></FONT><FONT face="Times New Roman" size=2>Seth L. Van Voorhees <BR>Chief Financial Officer <BR>Research Frontiers
Inc. <BR>+1-516-364-1902 <BR></FONT><FONT face="Times New Roman" size=2>IR@SmartGlass.com</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
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<SEQUENCE>4
<FILENAME>exhibit99-1x1x1.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
