<SEC-DOCUMENT>0001206774-14-001572.txt : 20140508
<SEC-HEADER>0001206774-14-001572.hdr.sgml : 20140508
<ACCEPTANCE-DATETIME>20140508151843
ACCESSION NUMBER:		0001206774-14-001572
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20140508
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140508
DATE AS OF CHANGE:		20140508

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:	000-14893
		FILM NUMBER:		14824576

	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>refr_8k.htm
<DESCRIPTION>CURRENT REPORT
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<P align=center><B><FONT face="Times New Roman" size=5>UNITED STATES<BR></FONT></B><B><FONT face="Times New Roman" size=5>SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT face="Times New Roman" size=2>WASHINGTON, DC 20549</FONT></B><FONT face="Times New Roman"> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=5>FORM 8-K</FONT></B><FONT face="Times New Roman">
</FONT></P>
<P align=center><B><FONT face="Times New Roman">CURRENT REPORT PURSUANT<BR>TO SECTION 13 OR
15(D) OF THE <BR></FONT></B><B><FONT face="Times New Roman">SECURITIES EXCHANGE ACT OF
1934</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>May 8, 2014<BR></FONT></B><FONT face="Times New Roman" size=2>(Date of Report &#150; date of earliest event reported)</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=5>RESEARCH FRONTIERS
INCORPORATED<BR></FONT></B><FONT face="Times New Roman" size=2>(Exact name of registrant as
specified in charter)</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Delaware<BR></FONT></B><FONT face="Times New Roman" size=2>(State or other jurisdiction of incorporation or
organization)</FONT></P>
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    <TD noWrap style="text-align: center" width="48%"><B><FONT face="Times New Roman" size=2>1-9399</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="49%"><B><FONT face="Times New Roman" size=2>11-2103466</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="48%"><FONT face="Times New Roman" size=2>(Commission File No.)</FONT></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>(IRS Employer Identification
      No.)</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>240 CROSSWAYS PARK DRIVE<BR>WOODBURY,
NEW YORK 11797-2033<BR></FONT></B><FONT face="Times New Roman" size=2>(Address of principal
executive offices)</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>(516) 364-1902<BR></FONT></B><FONT face="Times New Roman" size=2>(Registrant&#146;s telephone number, including area
code)</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>(Former Name and Address)</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:</FONT><FONT face="Times New Roman">
</FONT></P>
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    <TD noWrap align=left width="1%"><FONT face=Wingdings size=2>o</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="98%"><FONT face="Times New Roman" size=2>Written communications pursuant to Rule 425
      under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Soliciting material pursuant to Rule 14a-12
      under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Pre-commencement communications pursuant to
      Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Pre-commencement communications pursuant to
      Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))</FONT></TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Item 1.01 Entry into a Material
Definitive Agreement.</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>On May 8, 2014, Research Frontiers
Incorporated (the &#147;Company&#148;) entered into a purchase agreement (the &#147;Purchase
Agreement&#148;) with Craig-Hallum Capital Group LLC (the &#147;Underwriter&#148;), pursuant to
which the Company agreed to sell, and the Underwriter agreed to purchase for
resale to the public (the &#147;Offering&#148;), subject to the terms and conditions
expressed therein, 750,000 shares of common stock, par value $0.0001 per share
(the &#147;Shares&#148;). Each Share will be sold at a price to the public of $4.65. The
Company expects the Offering to close on or about May 13, 2014, subject to the
satisfaction of customary closing conditions.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The Purchase Agreement provides that the
Company will indemnify the Underwriter against certain liabilities, including
liabilities under the Securities Act of 1933, as amended, or to reimburse the
Underwriter for payments that the Underwriter may be required to make because of
such liabilities.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The Shares are being offered and sold
pursuant to a prospectus supplement dated May 8, 2014 and an accompanying base
prospectus dated December 26, 2012, pursuant to the Company&#146;s existing shelf
registration statement on Form S-3 (File No. 333-184785) that was declared
effective by the Securities and Exchange Commission on December 26, 2012. The
opinion of the Company&#146;s counsel regarding the validity of the Shares to be
issued by the Company is filed herewith as Exhibit 5.1.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The foregoing description of the Purchase
Agreement is not complete and is qualified in its entirety by reference to the
full text of the Purchase Agreement, a copy of which is filed as Exhibit 1.1 to
this Current Report on Form 8-K and is incorporated by reference herein.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Item 8.01. Other
Events.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>On May 8, 2014, the Company issued a press
release announcing the pricing of the Offering. A copy of the press release is
attached hereto as Exhibit 99.1 and is incorporated by reference
herein.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Item 9.01. Financial Statements and
Exhibits.</FONT></B></P>
<P align=left><FONT size=2 face="Times New Roman">(d) Exhibits</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.1</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>Purchase Agreement,
      dated as of May 8, 2014, by and between Research Frontiers Incorporated
      and Craig-Hallum Capital Group LLC.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.1</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Opinion of Duane
      Morris LLP</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp; </TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>23.1</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Consent of Duane
      Morris LLP (included as part of Exhibit 5.1).</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp; </TD></TR>
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    <TD noWrap></TD>
    <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>Press Release dated
      May 8, 2014.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR></TABLE>
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<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES </FONT></B></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></P>
<P align=left><FONT face="Times New Roman" size=2>Dated: May 8, 2014 </FONT></P>
<DIV align=right>
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    <TD noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
      INCORPORATED</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face="Times New Roman" size=2>/s/
      Joseph M. Harary</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Joseph M. Harary</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>President and Chief Executive
    Officer</FONT></TD></TR></TABLE></DIV><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT INDEX </FONT></B></P>
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    <TD noWrap align=left width="4%"><B><FONT face="Times New Roman" size=2>Exhibit</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"><B><FONT face="Times New Roman" size=2>No.</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Purchase Agreement, dated as of May 8, 2014, by and between
      Research Frontiers Incorporated and Craig-Hallum Capital Group
    LLC.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Opinion of Duane Morris LLP.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Consent of Duane Morris LLP (included as part of Exhibit
      5.1).</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Press Release dated May 8,
2014.</FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>exhibit1-1.htm
<DESCRIPTION>PURCHASE AGREEMENT, DATED AS OF MAY 8, 2014
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<P align=right><B><FONT face="Times New Roman" size=2>Exhibit 1.1</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>750,000 Shares</FONT></B></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>Common Stock</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>PURCHASE AGREEMENT </FONT></B></P>
<P align=right><FONT face="Times New Roman" size=2>May 8, 2014 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>CRAIG-HALLUM CAPITAL GROUP LLC<BR>222
South 9th Street<BR>Suite 350<BR>Minneapolis, Minnesota 55402 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Ladies and Gentlemen: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><STRONG>Research Frontiers
Incorporated</STRONG></FONT><FONT face="Times New Roman" size=2>, a Delaware corporation
(the </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Company&#148;</FONT></I></B><FONT face="Times New Roman" size=2>), proposes to sell to Craig-Hallum Capital Group LLC (the
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Underwriter&#148;</FONT></I></B><FONT face="Times New Roman" size=2>) an aggregate of 750,000</FONT><B><FONT face="Times New Roman" size=2>
</FONT></B><FONT face="Times New Roman" size=2>shares (the </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Shares&#148;</FONT></I></B><FONT face="Times New Roman" size=2> or the </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Securities&#148;</FONT></I></B><FONT face="Times New Roman" size=2>) of Common
Stock, $0.0001 par value per share (the </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Common Stock&#148;</FONT></I></B><FONT face="Times New Roman" size=2>), of the Company.
The Shares consist of 750,000 authorized but unissued shares of Common Stock
to be issued and sold by the Company.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>1.</FONT><B><I><FONT face="Times New Roman" size=2> Registration Statement and
Prospectus. </FONT></I></B><FONT face="Times New Roman" size=2>The Company has prepared and
filed with the </FONT><FONT face="Times New Roman" size=2>Securities and Exchange Commission
(the </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Commission&#148;</FONT></I></B><FONT face="Times New Roman" size=2>) a registration statement on Form S-3 (File No. 333-184785)
under the Securities Act of 1933, as amended (the </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Securities Act&#148; </FONT></I></B><FONT face="Times New Roman" size=2>or
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Act&#148;</FONT></I></B><FONT face="Times New Roman" size=2>) and the rules and regulations (the </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Rules and Regulations&#148;</FONT></I></B><FONT face="Times New Roman" size=2>) of the
Commission thereunder, and such amendments to such registration statement as may
have been required to the date of this Agreement. Such registration statement
has been declared effective by the Commission.</FONT><B><FONT face="Times New Roman" size=2>
</FONT></B><FONT face="Times New Roman" size=2>Each part of such registration statement,
including the amendments, exhibits and any schedules thereto, the documents
incorporated by reference therein pursuant to Item 12 of Form S-3 under the
Securities Act and the documents and information otherwise deemed to be a part
thereof or included therein by Rule 430B under the Securities Act (the
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Rule 430B Information&#148;</FONT></I></B><FONT face="Times New Roman" size=2>) or otherwise pursuant to the Rules and Regulations, as of
the time the Registration Statement became effective, is herein called the
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Registration Statement.&#148;
</FONT></I></B><FONT face="Times New Roman" size=2>Any registration statement filed by the
Company pursuant to Rule 462(b) under the Securities Act is called the
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Rule 462(b) Registration
Statement&#148;</FONT></I></B><FONT face="Times New Roman" size=2> and, from and after the date
and time of filing of the Rule 462(b) Registration Statement, the term
&#147;Registration Statement&#148; shall include the Rule 462(b) Registration Statement.
The prospectus in the form in which it has most recently been filed with the
Commission on or prior to the date of this Agreement is herein called the
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Base Prospectus.&#148; </FONT></I></B><FONT face="Times New Roman" size=2>Each preliminary prospectus supplement to the Base Prospectus
(including the Base Prospectus as so supplemented), that describes the
Securities and the offering thereof, that omitted the Rule 430B Information and
that was used prior to the filing of the final prospectus supplement referred to
in the following sentence is herein called a </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Preliminary Prospectus.&#148;</FONT></I></B><FONT face="Times New Roman" size=2> Promptly
after execution and delivery of this Agreement, the Company will prepare and
file with the Commission a final prospectus supplement to the Base Prospectus
relating to the Securities and the offering thereof in accordance with the
provisions Rule 430B and Rule 424(b) of the Rules and Regulations. Such final
supplemental form of prospectus (including the Base Prospectus as so
supplemented), in the form filed with the Commission pursuant to Rule 424(b) is
herein called the </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Prospectus.&#148;
</FONT></I></B><FONT face="Times New Roman" size=2>Any reference herein to the Base
Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to
refer to include the documents incorporated by reference therein pursuant to
Item 12 of Form S-3 under the Securities Act as of the date of such prospectus.
</FONT></P>
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<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Agreement, all references to the Registration
Statement, the Rule 462(b) Registration Statement, the Base Prospectus, any
Preliminary Prospectus, the Prospectus or any amendment or supplement to any of
the foregoing shall be deemed to include the copy filed with the Commission
pursuant to its Electronic Data Gathering, Analysis and Retrieval System or any
successor system thereto (</FONT><B><I><FONT face="Times New Roman" size=2>&#147;EDGAR&#148;</FONT></I></B><FONT face="Times New Roman" size=2>). All references in this
Agreement to financial statements and schedules and other information which is
&#147;described,&#148; &#147;contained,&#148; &#147;included&#148; or &#147;stated&#148; in the Registration Statement,
the Base Prospectus, any Preliminary Prospectus or the Prospectus (or other
references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information which is incorporated
by reference in or otherwise deemed by the Rules and Regulations to be a part of
or included in the Registration Statement, the Base Prospectus, any Preliminary
Prospectus or the Prospectus, as the case may be; and all references in this
Agreement to amendments or supplements to the Registration Statement, the Base
Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to mean
and include the subsequent filing of any document under the Securities Exchange
Act of 1934, as amended (the </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Exchange
Act&#148;</FONT></I></B><FONT face="Times New Roman" size=2>) and which is deemed to be
incorporated therein by reference therein or otherwise deemed by the Rules and
Regulations to be a part thereof. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>2. </FONT><B><I><FONT face="Times New Roman" size=2>Representations and Warranties of
the Company</FONT></I></B><B><FONT face="Times New Roman" size=2>.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(a)
</FONT><I><U><FONT face="Times New Roman" size=2>Representations and Warranties of the
Company</FONT></U></I><FONT face="Times New Roman" size=2>. The Company represents and
warrants to, and agrees with, the Underwriter as follows: </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(i)
</FONT><I><U><FONT face="Times New Roman" size=2>Registration Statement and
Prospectuses</FONT></U></I><FONT face="Times New Roman" size=2>. No order preventing or
suspending the use of any Preliminary Prospectus or the Prospectus (or any
supplement thereto) has been issued by the Commission and no proceeding for that
purpose has been initiated or is pending or, to the knowledge of the Company,
threatened by the Commission. As of the time each part of the Registration
Statement (or any post-effective amendment thereto) became or becomes effective
(including each deemed effective date with respect to the Underwriter pursuant
to Rule 430B or otherwise under the Securities Act), such part conformed or will
conform in all material respects to the requirements of the Act and the Rules
and Regulations. Upon the filing or first use within the meaning of the Rules
and Regulations, each Preliminary Prospectus and the Prospectus (or any
supplement to either) conformed or will conform in all material respects to the
requirements of the Act and the Rules and Regulations. The Registration
Statement and any post-effective amendment thereto has become effective under
the Securities Act. The Company has complied, to the Commission&#146;s satisfaction,
with all requests of the Commission for additional or supplemental information.
No stop order suspending the effectiveness of the Registration
Statement,</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>any post-effective amendment or any part thereof is in effect and no
proceedings for such purpose have been instituted or are pending or, to the
knowledge of the Company, are threatened by the Commission. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(ii)
</FONT><I><U><FONT face="Times New Roman" size=2>Accurate Disclosure</FONT></U></I><FONT face="Times New Roman" size=2>. Each Preliminary Prospectus, at the time of filing thereof
or the time of first use within the meaning of the Rules and Regulations, did
not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.
Neither the Registration Statement nor any amendment thereto, at the effective
time of each part thereof, and at the Closing Date (as defined below),
contained, contains or will contain an untrue statement of a material fact or
omitted, omits or will omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading. As of the
Time of Sale (as defined below), neither (A) the Time of Sale Disclosure Package
(as defined below) nor (B) any issuer free writing prospectus (as defined
below), when considered together with the Time of Sale Disclosure Package,
included an untrue statement of a material fact or omitted to state a material
fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. Neither the Prospectus
nor any supplement thereto, as <FONT face="Times New Roman" size=2>of its issue date, at the
time of any filing with the Commission pursuant to Rule 424(b) of the Rules and
Regulations, or at the Closing Date, included, includes or will include an
untrue statement of a material fact or omitted, omits or will omit to state a
material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. The representations
and warranties in this Section 2(a)(ii) shall not apply to statements in or
omissions from any Preliminary Prospectus, the Registration Statement (or any
amendment thereto), the Time of Sale Disclosure Package or the Prospectus (or
any supplement thereto) made in reliance upon, and in conformity with, written
information furnished to the Company by you specifically for use in the
preparation of such document, it being understood and agreed that the only such
information furnished by the Underwriter consists of the information described
as such in Section 6(e).</FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-2- </FONT></P>
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<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each
reference to a </FONT><B><I><FONT face="Times New Roman" size=2>&#147;free writing
prospectus&#148;</FONT></I></B><FONT face="Times New Roman" size=2> herein means a free writing
prospectus as defined in Rule 405 of the Rules and Regulations. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each
reference to an </FONT><B><I><FONT face="Times New Roman" size=2>&#147;issuer free writing
prospectus&#148;</FONT></I></B><FONT face="Times New Roman" size=2> herein means an issuer free
writing prospectus as defined in Rule 433 of the Rules and
Regulations.</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>&#147;Time of Sale&#148;</EM></STRONG></FONT><FONT face="Times New Roman" size=2>
means 7:00 am (Eastern time) on the date of this Agreement.</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>&#147;Time of Sale Disclosure Package&#148;</EM></STRONG></FONT><FONT face="Times New Roman" size=2> means the Base Prospectus, any free writing prospectus set
forth on Schedule I and the information set forth on Schedule II. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(iii)
</FONT><I><U><FONT face="Times New Roman" size=2>Issuer Free Writing
Prospectuses</FONT></U></I><FONT face="Times New Roman" size=2>. (A) Each Issuer Free
Writing Prospectus does not include any information that conflicts with the
information contained in the Registration Statement, any Preliminary Prospectus
or the Prospectus. The foregoing sentence does not apply to statements in or
omissions from any Issuer Free Writing Prospectus based upon and in conformity
with written information furnished to the Company by you specifically for use
therein; it being understood and agreed that the only such information furnished
by you consists of the information described as such in Section 6(e).
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(B) (1) At
the earliest time after the filing of the Registration Statement that the
Company or another offering participant made a </FONT><I><FONT face="Times New Roman" size=2>bona fide</FONT></I><FONT face="Times New Roman" size=2> offer (within the meaning of
Rule 164(h)(2) under the Securities Act) of the Securities and (2) at the date
hereof, the Company was not and is not an &#147;ineligible issuer,&#148; as defined in
Rule 405 under the Securities Act, including the Company or any subsidiary in
the preceding three years not having been convicted of a felony or misdemeanor
or having been made the subject of a judicial or administrative decree or order
as described in Rule 405 of the Rules and Regulations (without taking account of
any determination by the Commission pursuant to Rule 405 of the Rules and
Regulations that it is not necessary that the Company be considered an
ineligible issuer), nor an &#147;excluded issuer&#148; as defined in Rule 164 under the
Securities Act. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(C) Each
Issuer Free Writing Prospectus satisfied, as of its issue date and at all
subsequent times to the Time of Sale, all other conditions to use thereof as set
forth in Rules 164 and 433 under the Securities Act. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(iv)</FONT><I><FONT face="Times New Roman" size=2> </FONT></I><I><U><FONT face="Times New Roman" size=2>No Other Offering Materials</FONT></U></I><FONT face="Times New Roman" size=2>. The
Company has not distributed and will not distribute any prospectus or other
offering material in connection with the offering and sale of the Securities
other than any Preliminary Prospectus, the Time of Sale Disclosure Package or
the Prospectus or other materials permitted by the Act to be distributed by the
Company; </FONT><I><FONT face="Times New Roman" size=2>provided, however,</FONT></I><FONT face="Times New Roman" size=2> that, except as set forth on Schedule I, the Company has not
made and will not make any <FONT face="Times New Roman" size=2>offer relating to the
Securities that would constitute a free writing prospectus, except in accordance
with the provisions of Section 4(a)(xiii) of this Agreement. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-3- </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(v)
</FONT><I><U><FONT face="Times New Roman" size=2>Financial Statements</FONT></U></I><FONT face="Times New Roman" size=2>. The financial statements of the Company, together with the
related notes, set forth or incorporated by reference in the Registration
Statement, the Time of Sale Disclosure Package, and the Prospectus comply in all
material respects with the requirements of the Securities Act and the Exchange
Act and fairly present the financial condition of the Company and its
consolidated subsidiaries as of the dates indicated and the results of
operations and changes in cash flows for the periods therein specified in
conformity with generally accepted accounting principles in the United States
consistently applied throughout the periods involved; the supporting schedules
included in the Registration Statement present fairly the information required
to be stated therein; all non-GAAP financial information included in the
Registration Statement and the Time of Sale Disclosure Package complies with the
requirements of Regulation G and Item 10 of Regulation S-K under the Act; and,
except as disclosed in the Time of Sale Disclosure Package and the Prospectus,
there are no material off-balance sheet arrangements (as defined in Regulation
S-K under the Act, Item 303(a)(4)(ii)) or any other relationships with
unconsolidated entities or other persons, that may have a material current or,
to the Company&#146;s knowledge, material future effect on the Company&#146;s financial
condition, results of operations, liquidity, capital expenditures, capital
resources or significant components of revenue or expenses. No other financial
statements or schedules are required to be included in the Registration
Statement and the Time of Sale Disclosure Package or the Prospectus. To the
Company&#146;s knowledge, BDO USA, LLP</FONT><B><FONT face="Times New Roman" size=2>
</FONT></B><FONT face="Times New Roman" size=2>which has expressed its opinion with respect
to the financial statements and schedules filed as a part of the Registration
Statement and included in the Registration Statement, the Time of Sale
Disclosure Package, and the Prospectus, is (x) an independent public accounting
firm within the meaning of the Act and the Rules and Regulations, (y) a
registered public accounting firm (as defined in Section 2(a)(12) of the
Sarbanes-Oxley Act of 2002 (the </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Sarbanes-Oxley Act&#148;</FONT></I></B><FONT face="Times New Roman" size=2>)) and (z) not
in violation of the auditor independence requirements of the Sarbanes-Oxley Act.
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(vi)
</FONT><I><U><FONT face="Times New Roman" size=2>Organization and Good
Standing</FONT></U></I><FONT face="Times New Roman" size=2>.</FONT><I><FONT face="Times New Roman" size=2> </FONT></I><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 Registration Statement, the Time of Sale Disclosure Package and
the Prospectus, is duly qualified to do business as a foreign corporation in
good standing in each jurisdiction in which it owns or leases real property or
in which the conduct of its business makes such qualification necessary and in
which the failure to so qualify would have a material adverse effect upon the
business, prospects, management, properties, operations, condition (financial or
otherwise) or results of operations of the Company and its subsidiaries, taken
as a whole (</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Material Adverse
Effect&#148;</FONT></I></B><FONT face="Times New Roman" size=2>). </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(vii)
</FONT><I><U><FONT face="Times New Roman" size=2>Absence of Certain
Events</FONT></U></I><FONT face="Times New Roman" size=2>. Except as contemplated in the
Time of Sale Disclosure Package and the Prospectus, subsequent to the respective
dates as of which information is given in the Time of Sale Disclosure Package
and the Prospectus, neither the Company nor any of its subsidiaries has incurred
any material liabilities or obligations, direct or contingent, or entered into
any material transactions, or declared or paid any dividends or made any
distribution of any kind with respect to its capital stock; and there has not
been any change in the capital stock (other than a change in the number of
outstanding shares of Common Stock due to the issuance of shares upon the
exercise of outstanding options or warrants or conversion of convertible
securities), or any material change in the short-term or long-term debt (other
than as a result of the conversion of convertible securities), or any issuance
of options, warrants, convertible securities or other rights to purchase the
capital stock, of the Company or any of its subsidiaries, or any material
adverse change in the general <FONT face="Times New Roman" size=2>affairs, condition
(financial or otherwise), business, prospects, management, properties,
operations or results of operations of the Company and its subsidiaries, taken
as a whole (</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Material Adverse
Change&#148;</FONT></I></B><FONT face="Times New Roman" size=2>) or any development which could
reasonably be expected to result in any Material Adverse Change.
</FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-4- </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(viii)
</FONT><I><U><FONT face="Times New Roman" size=2>Absence of</FONT></U></I><U><FONT face="Times New Roman" size=2> </FONT></U><I><U><FONT face="Times New Roman" size=2>Proceedings</FONT></U></I><FONT face="Times New Roman" size=2>. Except as set forth
in the Time of Sale Disclosure Package and in the Prospectus, there is not
pending or, to the knowledge of the Company, threatened or contemplated, any
action, suit or proceeding (a) to which the Company 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 (as
defined below), or any arbitrator, which, individually or in the aggregate,
might result in any Material Adverse Change, or would materially and adversely
affect the ability of the Company to perform its obligations under this
Agreement or which are otherwise material in the context of the sale of the
Securities. There are no current or, to the knowledge of the Company, pending,
legal, governmental or regulatory actions, suits or proceedings (x) to which the
Company or any of its subsidiaries is subject or (y) 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 Registration Statement, the Time of Sale Disclosure Package and the
Prospectus by the Act or by the Rules and Regulations and that have not been so
described. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(ix)
</FONT><I><U><FONT face="Times New Roman" size=2>Disclosure of Legal
Matters</FONT></U></I><FONT face="Times New Roman" size=2>. There are no statutes,
regulations, contracts or documents that are required to be described in the
Registration Statement, in the Time of Sale Disclosure Package and in the
Prospectus or required to be filed as exhibits to the Registration Statement by
the Securities Act or by the Rules and Regulations that have not been so
described or filed. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(x)
</FONT><I><U><FONT face="Times New Roman" size=2>Authorization; No Conflicts;
Authority</FONT></U></I><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 execution,
delivery and performance of this Agreement and the consummation of the
transactions herein contemplated will not (A) conflict with or result in a
breach or violation of any of the terms or provisions of, or constitute a
default under, or result in the creation or imposition of any lien, charge or
encumbrance upon any property or assets of the Company 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, (B) result in any violation of the provisions of the Company&#146;s charter
or by-laws or (C) result in the violation of any law or statute or any judgment,
order, rule, regulation or decree of any court or arbitrator or federal, state,
local or foreign governmental agency or regulatory authority having jurisdiction
over the Company or any of its subsidiaries or any of their properties or assets
(each, a </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Governmental
Authority&#148;</FONT></I></B><FONT face="Times New Roman" size=2>), except in the case of clause
(A) as would not result in a Material Adverse Effect. No consent, approval,
authorization or order of, or registration or filing with any Governmental
Authority is required for the execution, delivery and performance of this
Agreement or for the consummation of the transactions contemplated hereby,
including the issuance or sale of the Securities by the Company, except such as
may be required under the Act, the rules of the Financial Industry Regulatory
Authority (</FONT><B><I><FONT face="Times New Roman" size=2>&#147;FINRA&#148;</FONT></I></B><FONT face="Times New Roman" size=2>) or state securities or blue sky laws; and the Company has
full power and authority to enter into this <FONT face="Times New Roman" size=2>Agreement
and to consummate the transactions contemplated hereby, including the
authorization, issuance and sale of the Securities as contemplated by this
Agreement. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-5- </FONT></P>
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<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xi)
</FONT><I><U><FONT face="Times New Roman" size=2>Capitalization; the Securities;
Registration Rights</FONT></U></I><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 Underwriter), and the holders thereof are not
subject to personal liability by reason of being such holders; the Shares which
may be sold hereunder by the Company have been duly authorized and, when issued,
delivered and paid for in accordance with the terms of this Agreement, will have
been validly issued and will be fully paid and nonassessable, and the holders
thereof will not be subject to personal liability by reason of being such
holders; and the capital stock of the Company, including the Common Stock,
conforms to the description thereof in the Registration Statement, in the Time
of Sale Disclosure Package and in the Prospectus. Except as otherwise stated in
the Registration Statement, in the Time of Sale Disclosure Package and in the
Prospectus, (A) there are no preemptive rights or other rights to subscribe for
or to purchase, or any restriction upon the voting or transfer of, any shares of
Common Stock pursuant to the Company&#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 (B) neither the
filing of the Registration Statement nor the offering or sale of the Securities
as contemplated by this Agreement gives rise to any rights for or relating to
the registration of any shares of Common Stock or other securities of the
Company (collectively </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Registration
Rights&#148;</FONT></I></B><FONT face="Times New Roman" size=2>). 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 Registration Statement,
in the Time of Sale Disclosure Package and the Prospectus, 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. The Company has an authorized and outstanding
capitalization as set forth in the Company&#146;s Form 8-A filed with the Commission
on July 31, 1995 and February 24, 2003, as amended on February 13, 2013. The
Common Stock (including the Securities) conforms in all material respects to the
description thereof contained in the Time of Sale Disclosure Package and the
Prospectus.</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xii)
</FONT><I><U><FONT face="Times New Roman" size=2>Stock Options</FONT></U></I><FONT face="Times New Roman" size=2>. Except as described in the Registration Statement and in the
Time of Sale Disclosure Package and in the Prospectus, 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 </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Company Stock
Plans&#148;</FONT></I></B><FONT face="Times New Roman" size=2>), and the options (the
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Options&#148;</FONT></I></B><FONT face="Times New Roman" size=2>) or other rights granted thereunder, set forth in the Time of Sale
Disclosure Package and the Prospectus accurately and fairly presents the
information required to be shown with respect to such plans, arrangements,
options and rights. Each grant of an Option (A) 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 (B) was made in
accordance with the terms of the applicable Company Stock Plan, and all
applicable laws and regulatory rules or requirements, including all applicable
federal securities laws. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-6- </FONT></P>
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<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xiii)
</FONT><I><U><FONT face="Times New Roman" size=2>Compliance with Laws</FONT></U></I><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 style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xiv)
</FONT><I><U><FONT face="Times New Roman" size=2>Ownership of Assets</FONT></U></I><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 Registration
Statement, in the Time of Sale Disclosure Package and the Prospectus 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
Registration Statement, in the Time of Sale Disclosure Package and in the
Prospectus. 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 style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xv)
</FONT><I><U><FONT face="Times New Roman" size=2>Intellectual Property</FONT></U></I><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 Registration Statement, in the Time of Sale Disclosure Package
and in the Prospectus to be conducted, except as such failure to own, possess,
or acquire such rights would not result in a Material Adverse Effect.
Furthermore, (A) except as described in the Registration Statement, in the Time
of Sale Disclosure Package and in the Prospectus, 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; (B)
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; (C)
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; (D) 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 (E) 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.
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Intellectual </FONT></I></B><B><I><FONT face="Times New Roman" size=2>Property&#148;</FONT></I></B><FONT face="Times New Roman" size=2> 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=center><FONT face="Times New Roman" size=2>-7- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xvi)
</FONT><I><U><FONT face="Times New Roman" size=2>No Violations or
Defaults</FONT></U></I><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 style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xvii)
</FONT><I><U><FONT face="Times New Roman" size=2>Taxes</FONT></U></I><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
Registration Statement, the Time of Sale Disclosure Package and the Prospectus.
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xviii)
</FONT><I><U><FONT face="Times New Roman" size=2>Exchange Listing and Exchange Act
Registration</FONT></U></I><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 Commission 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. Except as
previously disclosed to counsel for the Underwriter or as set forth in the Time
of Sale Disclosure Package and the Prospectus, to the knowledge of the Company,
no beneficial owners of the Company&#146;s capital stock or subordinated debt who,
together with their associated persons and affiliates, hold in the aggregate 10%
or more of such capital stock or subordinated debt, have any direct or indirect
association or affiliate with a FINRA member. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xix)
</FONT><I><U><FONT face="Times New Roman" size=2>Ownership of Other
Entities</FONT></U></I><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, 2013 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=center><FONT face="Times New Roman" size=2>-8- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xx)
</FONT><I><U><FONT face="Times New Roman" size=2>Internal Controls</FONT></U></I><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
Registration Statement, in the Time of Sale Disclosure Package and in the
Prospectus, 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 (</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Exchange Rules&#148;</FONT></I></B><FONT face="Times New Roman" size=2>), 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></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxi)
</FONT><I><U><FONT face="Times New Roman" size=2>No Brokers or Finders</FONT></U></I><FONT face="Times New Roman" size=2>. Other than as contemplated by this Agreement, the Company
has not incurred any liability for any finder&#146;s or broker&#146;s fee or agent&#146;s
commission in connection with the execution and delivery of this Agreement or
the consummation of the transactions contemplated hereby. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxii)
</FONT><I><U><FONT face="Times New Roman" size=2>Insurance</FONT></U></I><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 style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxiii)
</FONT><I><U><FONT face="Times New Roman" size=2>Investment Company Act</FONT></U></I><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 style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxiv)
</FONT><I><U><FONT face="Times New Roman" size=2>Eligibility to use Form
S-3</FONT></U></I><FONT face="Times New Roman" size=2>. The conditions for use of Form S-3,
set forth in the General Instructions thereto, have been satisfied. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxv)
</FONT><I><U><FONT face="Times New Roman" size=2>Incorporated Documents</FONT></U></I><FONT face="Times New Roman" size=2>. The documents incorporated by reference in the Time of Sale
Disclosure Package and in the Prospectus, when they became effective or were
filed with the Commission, as the case may be, conformed in all material
respects to the requirements of the Securities Act or the Exchange Act, as
applicable, and were filed on a timely basis with the Commission and none of
such documents contained an untrue statement of a material fact or omitted to
state a material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; any further
documents so filed and incorporated by reference in the Time of Sale Disclosure
Package or in the Prospectus, when such documents are filed with the Commission,
will conform in all material respects to the <FONT face="Times New Roman" size=2>requirements of the Exchange Act, and will not contain an untrue
statement of a material fact or omit to state a material fact necessary to make
the statements therein, in the light of the circumstances under which they were
made, not misleading. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-9- </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxvi)
</FONT><I><U><FONT face="Times New Roman" size=2>Sarbanes-Oxley Act</FONT></U></I><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 Commission
thereunder. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxvii)
</FONT><I><U><FONT face="Times New Roman" size=2>Disclosure Controls</FONT></U></I><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 Registration Statement and in the Time of Sale
Disclosure Package and in the Prospectus.</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxviii)
</FONT><I><U><FONT face="Times New Roman" size=2>Anti-Bribery and Anti-Money Laundering
Laws</FONT></U></I><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 U.S. Code section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and
international anti-money laundering principles or procedures by an
intergovernmental group or organization, such as the Financial Action Task Force
on Money Laundering, of which the United States is a member and with which
designation the United States representative to the group or organization
continues to concur, all as amended, and any Executive order, directive, or
regulation pursuant to the authority of any of the foregoing, or any orders or
licenses issued thereunder. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxix)
</FONT><I><U><FONT face="Times New Roman" size=2>OFAC</FONT></U></I><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(A) 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 style="PADDING-LEFT: 45pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(1) 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, </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Sanctions&#148;</FONT></I></B><FONT face="Times New Roman" size=2>), nor </FONT></P>
<P style="PADDING-LEFT: 45pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(2)
located, organized or resident in a country or territory that is the subject of
Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, Libya,
North Korea, Sudan and Syria). </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-10- </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(B) 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 style="PADDING-LEFT: 45pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(1) to fund
or facilitate any activities or business of or with any individual or entity or
in any country or territory that, at the time of such funding or facilitation,
is the subject of Sanctions; or </FONT></P>
<P style="PADDING-LEFT: 45pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(2) in any
other manner that will result in a violation of Sanctions by any individual or
entity (including any individual or entity participating in the offering,
whether as underwriter, advisor, investor or otherwise). </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(C) 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 style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxx)
</FONT><I><U><FONT face="Times New Roman" size=2>Compliance with Environmental
Laws</FONT></U></I><FONT face="Times New Roman" size=2>. Except as disclosed in the Time of
Disclosure Package and the Prospectus, 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, </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Environmental Laws&#148;</FONT></I></B><FONT face="Times New Roman" size=2>), 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 style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxxi)
</FONT><I><U><FONT face="Times New Roman" size=2>Compliance with Occupational
Laws</FONT></U></I><FONT face="Times New Roman" size=2>. The Company and each of its
subsidiaries (A) is in compliance, in all material respects, with any and all
applicable foreign, federal, state and local laws, rules, regulations, treaties,
statutes and codes promulgated by any and all Governmental Authorities
(including pursuant to the Occupational Health and Safety Act) relating to the
protection of human health and safety in the workplace (</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Occupational Laws&#148;</FONT></I></B><FONT face="Times New Roman" size=2>);
(B) has received all material permits, licenses or other approvals required of
it under applicable Occupational Laws to conduct its business as currently
conducted; and (C) is in compliance, in all material respects, with all terms
and conditions of such permit, license or approval. No action, proceeding,
revocation proceeding, writ, injunction or claim is pending or, to the Company&#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></P>
<P align=center><FONT face="Times New Roman" size=2>-11- </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxxii)
</FONT><I><U><FONT face="Times New Roman" size=2>ERISA and Employee Benefits
Matters</FONT></U></I><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,
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Code&#148;</FONT></I></B><FONT face="Times New Roman" size=2> means the Internal Revenue Code of 1986, as amended; </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Employee Benefit Plan&#148;</FONT></I></B><FONT face="Times New Roman" size=2>
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; </FONT><B><I><FONT face="Times New Roman" size=2>&#147;ERISA&#148;</FONT></I></B><FONT face="Times New Roman" size=2> means the Employee
Retirement Income Security Act of 1974, as amended; </FONT><B><I><FONT face="Times New Roman" size=2>&#147;ERISA Affiliate&#148;</FONT></I></B><FONT face="Times New Roman" size=2> means
any member of the company&#146;s controlled group as defined in Code Section 414(b),
(c), (m) or (o); and </FONT><B><I><FONT face="Times New Roman" size=2>&#147;Foreign Benefit
Plan&#148;</FONT></I></B><FONT face="Times New Roman" size=2> 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 style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxxiii)
</FONT><I><U><FONT face="Times New Roman" size=2>Business Arrangements</FONT></U></I><FONT face="Times New Roman" size=2>. Except as disclosed in the Registration Statement, the Time
of Sale Disclosure Package and the Prospectus, neither the Company nor any of
its subsidiaries has granted rights to develop, manufacture, produce, assemble,
distribute, license, market or sell its products to any other person and is not
bound by any agreement that affects the exclusive right of the Company or such
subsidiary to develop, manufacture, produce, assemble, distribute, license,
market or sell its products. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(xxxiv)
</FONT><I><U><FONT face="Times New Roman" size=2>Labor Matters</FONT></U></I><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=center><FONT face="Times New Roman" size=2>-12- </FONT></P>
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<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>(xxxv) </FONT><I><U><FONT face="Times New Roman" size=2>Restrictions on
Subsidiary Payments to the Company</FONT></U></I><FONT face="Times New Roman" size=2>. 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 Time of Sale Disclosure
Package and the Prospectus. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(xxxvi)
</FONT><I><U><FONT face="Times New Roman" size=2>Statistical Information</FONT></U></I><FONT face="Times New Roman" size=2>. Any third-party statistical and market-related data included
in the Registration Statement, the Time of Sale Disclosure Package and the
Prospectus are based on or derived from sources that the Company believes to be
reliable and accurate in all material respects. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(xxxvii)
</FONT><I><U><FONT face="Times New Roman" size=2>Forward-looking
Statements</FONT></U></I><FONT face="Times New Roman" size=2>. No forward-looking statement
(within the meaning of Section 27A of the Act and Section 21E of the Exchange
Act) contained in the Registration Statement, the Pricing Disclosure Package or
the Prospectus has been made or reaffirmed without a reasonable basis or has
been disclosed other than in good faith. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(b)
</FONT><I><U><FONT face="Times New Roman" size=2>Effect of
Certificates</FONT></U></I><I><FONT face="Times New Roman" size=2>. </FONT></I><FONT face="Times New Roman" size=2>Any certificate signed by any officer of the Company and
delivered to you or to counsel for the Underwriter shall be deemed a
representation and warranty by the Company to the Underwriter as to the matters
covered thereby.</FONT><I><FONT face="Times New Roman" size=2> </FONT></I></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>3. </FONT><B><I><FONT face="Times New Roman" size=2>Purchase, Sale and Delivery of Securities</FONT></I></B><B><FONT face="Times New Roman" size=2>.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a)
</FONT><I><U><FONT face="Times New Roman" size=2>Securities</FONT></U></I><FONT face="Times New Roman" size=2>. On the basis of the representations, warranties and agreements herein
contained, but subject to the terms and conditions herein set forth, the Company
agrees to issue and sell the Shares to the Underwriter and the Underwriter
agrees to purchase from the Company the Shares. The purchase price for each
Share shall be $4.371.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Shares will be delivered by the Company to you for the account of the
Underwriter against payment of the purchase price therefor by wire transfer of
same day funds payable to the order of the Company, as appropriate, at the
offices of Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350,
Minneapolis, Minnesota, or such other location as may be mutually acceptable, at
9:00 a.m. Central time on the third (or if the Securities are priced, as
contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern
time, the fourth) full business day following the date hereof, or at such other
time and date as you and the Company determine pursuant to Rule 15c6-1(a) under
the Exchange Act, such time and date of delivery being herein referred to as the
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Closing Date.&#148;</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(b)
</FONT><I><U><FONT face="Times New Roman" size=2>Delivery</FONT></U></I><FONT face="Times New Roman" size=2>. If the Underwriter so elects, delivery of the Shares may be made by
credit through full fast transfer to the account at DTC designated by the
Underwriter. Certificates representing the Shares in definitive form and in such
denominations and registered in such names as you have set forth in your notice
of option exercise, or evidence of their issuance, will be made available for
checking at a reasonable time preceding the Closing Date, at the office of
Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis,
Minnesota, or such other location as may be mutually acceptable.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-13- </FONT></P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>4.
</FONT><B><I><FONT face="Times New Roman" size=2>Covenants</FONT></I></B><B><FONT face="Times New Roman" size=2>.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a)
</FONT><I><U><FONT face="Times New Roman" size=2>Covenants of the
Company</FONT></U></I><FONT face="Times New Roman" size=2>. The Company covenants and agrees
with the Underwriter as follows: </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
</FONT><I><U><FONT face="Times New Roman" size=2>Required Filings</FONT></U></I><FONT face="Times New Roman" size=2>. During the period beginning on the date hereof and ending on
the Closing Date or such date, as in the opinion of counsel for the Underwriter,
the Prospectus is no longer required by law to be delivered (assuming the
absence of Rule 172 under the Securities Act), in connection with sales by an
Underwriter or dealer (the </FONT><B><FONT face="Times New Roman" size=2>&#147;</FONT></B><B><I><FONT face="Times New Roman" size=2>Prospectus Delivery
Period&#148;</FONT></I></B><FONT face="Times New Roman" size=2>), prior to amending or
supplementing the Registration Statement (including any Rule 462(b) Registration
Statement), the Time of Sale Disclosure Package or the Prospectus, the Company
shall furnish to the Underwriter for review a copy of each such proposed
amendment or supplement, and the Company shall not file any such proposed
amendment or supplement to which the Underwriter or counsel to the Underwriter
reasonably objects. Subject to this Section 4(a)(i), immediately following
execution of this Agreement, the Company will prepare the Prospectus containing
the Rule 430B Information and other selling terms of the Securities, the plan of
distribution thereof and such other information as may be required by the
Securities Act or the Rules and Regulations or as the Underwriter and the
Company may deem appropriate, and if requested by the Underwriter, an issuer
free writing prospectus containing the selling terms of the Securities, such
other information as the Underwriter and the Company may deem appropriate, and
will file or transmit for filing with the Commission, in accordance with Rule
424(b) or Rule 433, as the case may be, copies of the Prospectus and each issuer
free writing prospectus. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(ii)
</FONT><I><U><FONT face="Times New Roman" size=2>Notification of Certain Commission
Actions</FONT></U></I><FONT face="Times New Roman" size=2>. After the date of this
Agreement, the Company shall promptly advise the Underwriter in writing (A) of
the receipt of any comments of, or requests for additional or supplemental
information from, the Commission, (B) of the time and date of any filing of any
post-effective amendment to the Registration Statement or any amendment or
supplement to any Preliminary Prospectus, the Time of Sale Disclosure Package or
the Prospectus, (C) of the time and date that any post-effective amendment to
the Registration Statement becomes effective, (D) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement or any post-effective amendment thereto or of any order preventing or
suspending its use or the use of any Preliminary Prospectus, the Time of Sale
Disclosure Package, the Prospectus or any issuer free writing prospectus or (E)
of any proceedings to remove, suspend or terminate from listing or quotation the
Common Stock from any securities exchange upon which it is listed for trading or
included or designated for quotation, or of the threatening or initiation of any
proceedings for any of such purposes. If the Commission shall enter any such
stop order at any time, the Company will use its best efforts to obtain the
lifting of such order at the earliest possible moment. Additionally, the Company
agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B,
as applicable, under the Securities Act and will use its reasonable efforts to
confirm that any filings made by the Company under Rule 424(b), Rule 433 or Rule
462 were received in a timely manner by the Commission (without reliance on Rule
424(b)(8) or Rule 164(b)). </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(iii)
</FONT><I><U><FONT face="Times New Roman" size=2>Continued Compliance with Securities
Laws</FONT></U></I><FONT face="Times New Roman" size=2>. (A) During the Prospectus Delivery
Period, the Company will comply as far as it is able with all requirements
imposed upon it by the Securities Act, as now and hereafter amended, and by the
Rules and Regulations, as from time to time in force, and by the Exchange Act so
far as necessary to permit the continuance of sales of or dealings in the
Securities as contemplated by the provisions hereof and the Time of Sale
Disclosure Package and the Prospectus. If during such period any event occurs as
a result of which the Prospectus (or if the Prospectus is not yet available to
prospective purchasers, the Time of Sale Disclosure Package) would include an
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances then existing, not misleading, or if during such period it is
necessary or appropriate in the opinion of the Company or its counsel or the
Underwriter or counsel to the Underwriter to amend the Registration Statement or
supplement the Prospectus (or if the Prospectus is not yet available to
prospective purchasers, the Time of Sale Disclosure Package) to comply with the
Securities Act or to file under the Exchange Act any document which would be
deemed to be incorporated by reference in the Prospectus in order to comply with
the Securities Act or the Exchange Act, the Company promptly will (x) notify you
of such untrue statement or omission, (y) amend the Registration Statement or
supplement the Prospectus (or if the Prospectus is not yet available to
prospective purchasers, the Time of Sale Disclosure Package) or file such
document (at the expense of the Company) so as to correct such statement or
omission or effect such compliance, and (z) notify you when any amendment to the
Registration Statement is filed or becomes effective or when any supplement to
and the Prospectus (or if the Prospectus is not yet available to prospective
purchasers, the Time of Sale Disclosure Package) is filed.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-14- </FONT></P>
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<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>(B) If at any time following issuance of an issuer free
writing prospectus there occurred or occurs an event or development as a result
of which such issuer free writing prospectus conflicted or would conflict with
the information contained in the Registration Statement, the Preliminary
Prospectus or the Prospectus or included or would include an untrue statement of
a material fact or omitted or would omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances
prevailing at that subsequent time, not misleading, the Company (x) has promptly
notified or promptly will notify the Underwriter of such conflict, untrue
statement or omission, (y) has promptly amended or will promptly amend or
supplement, at its own expense, such issuer free writing prospectus to eliminate
or correct such conflict, untrue statement or omission, and (z) has notified or
promptly will notify you when such amendment or supplement was or is filed with
the Commission where so required to be filed. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(C) If
immediately prior to the third anniversary of the initial effective date of the
Registration Statement, any of the Securities remain unsold by the Underwriter,
the Company will prior to that third anniversary file, if it has not already
done so, a new shelf registration statement relating to the Securities, in a
form satisfactory to the Underwriter, will use its best efforts to cause such
registration statement to be declared effective within 180 days after that third
anniversary, and will take all other action necessary or appropriate to permit
the public offering and sale of the Securities to continue as contemplated in
the expired registration statement relating to the Securities. References herein
to the Registration Statement shall include such new shelf registration
statement.</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(iv)
</FONT><I><U><FONT face="Times New Roman" size=2>Blue Sky Qualifications</FONT></U></I><FONT face="Times New Roman" size=2>. The Company shall take or cause to be taken all necessary
action to qualify the Securities for sale under the securities laws of such
jurisdictions as you reasonably designate and to continue such qualifications in
effect so long as required for the distribution of the Securities, except that
the Company shall not be required in connection therewith to qualify as a
foreign corporation or to execute a general consent to service of process in any
state. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(v)
</FONT><I><U><FONT face="Times New Roman" size=2>Provision of Documents</FONT></U></I><FONT face="Times New Roman" size=2>. The Company will furnish, at its own expense, to the
Underwriter and counsel for the Underwriter copies of the Registration Statement
(which will include three complete manually signed copies of the Registration
Statement and all consents and exhibits filed therewith), and to the Underwriter
and any dealer each Preliminary Prospectus, the Time of Sale Disclosure Package,
the Prospectus, any issuer free writing prospectus, and all amendments and
supplements to such documents, in each case as soon as available and in such
quantities as you may from time to time reasonably request. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-15- </FONT></P>
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<P style="padding-left: 15pt;"align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>(vi) </FONT><I><U><FONT face="Times New Roman" size=2>Rule
158</FONT></U></I><FONT face="Times New Roman" size=2>. The Company will make generally
available to its security holders as soon as practicable, but in no event later
than 15 months after the end of the Company&#146;s current fiscal quarter, an
earnings statement (which need not be audited) covering a 12-month period that
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
of the Rules and Regulations. </FONT></P>
<P align=justify style="padding-left: 15pt;"><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(vii)
</FONT><I><U><FONT face="Times New Roman" size=2>Payment of Expenses</FONT></U></I><FONT face="Times New Roman" size=2>. The Company, whether or not the transactions contemplated
hereunder are consummated or this Agreement is terminated, will pay or cause to
be paid (A) all expenses (including transfer taxes allocated to the respective
transferees) incurred in connection with the delivery to the Underwriter of the
Securities, (B) all expenses and fees (including, without limitation, fees and
expenses of the Company&#146;s accountants and counsel but, except as otherwise
provided below, not including fees of the Underwriter&#146;s counsel) in connection
with the preparation, printing, filing, delivery, and shipping of the
Registration Statement (including the financial statements therein and all
amendments, schedules, and exhibits thereto), the Securities, each Preliminary
Prospectus, the Time of Sale Disclosure Package, the Prospectus, any issuer free
writing prospectus and any amendment thereof or supplement thereto, and the
printing, delivery, and shipping of this Agreement and other underwriting
documents, including Blue Sky Memoranda (covering the states and other
applicable jurisdictions), (C) the fees and expenses of the transfer agent or
registrar, (D) the filing fees incident to any required review and approval by
FINRA of the terms of the sale of the Securities, (E) listing fees, if any, (F)
the cost and expenses of the Company relating to investor presentations or any
&#147;roadshow&#148; undertaken in connection with marketing of the Securities, and (G)
all other costs and expenses of the Company incident to the performance of its
obligations hereunder that are not otherwise specifically provided for
herein.</FONT></P>
<P align=justify style="padding-left: 15pt;"><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(viii)
</FONT><I><U><FONT face="Times New Roman" size=2>Use of Proceeds</FONT></U></I><FONT face="Times New Roman" size=2>. The Company will apply the net proceeds from the sale of the
Securities to be sold by it hereunder for the purposes set forth in the Time of
Sale Disclosure Package and in the Prospectus. </FONT></P>
<P align=justify style="padding-left: 15pt;"><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(ix)
</FONT><I><U><FONT face="Times New Roman" size=2>No Market Stabilization or
Manipulation</FONT></U></I><FONT face="Times New Roman" size=2>. The Company has not taken
and will not take, directly or indirectly, any action designed to or which might
reasonably be expected to cause or result in, or which has constituted, the
stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Securities. </FONT></P>
<P align=justify style="padding-left: 15pt;"><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(x)
</FONT><I><U><FONT face="Times New Roman" size=2>SEC Reports</FONT></U></I><FONT face="Times New Roman" size=2>. During the Prospectus Delivery Period, the Company will file on a
timely basis with the Commission such periodic and special reports as required
by the Rules and Regulations. </FONT></P>
<P align=justify style="padding-left: 15pt;"><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(xi)
</FONT><I><U><FONT face="Times New Roman" size=2>Internal Controls</FONT></U></I><FONT face="Times New Roman" size=2>. The Company and its subsidiaries will maintain such controls
and other procedures, including without limitation those required by Sections
302 and 906 of the Sarbanes-Oxley Act and the applicable regulations thereunder,
that are designed to ensure that information required to be disclosed by the
Company in the reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified
in the Commission&#146;s rules and forms, including without limitation, controls and
procedures designed to ensure that information required to be disclosed by the
Company in the reports that it files or submits under the Exchange Act is
accumulated and communicated to the Company&#146;s management, including its
principal executive officer and its principal financial officer, or persons
performing similar functions, as appropriate to allow timely decisions regarding
required disclosure, to ensure that material information relating to Company,
including its subsidiaries, is made known to them by others within those
entities. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-16- </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>(xii) </FONT><I><U><FONT face="Times New Roman" size=2>Sarbanes-Oxley</FONT></U></I><FONT face="Times New Roman" size=2>. The Company and
its subsidiaries will comply with all applicable provisions of the
Sarbanes-Oxley Act. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(xiii)
</FONT><I><U><FONT face="Times New Roman" size=2>Free Writing
Prospectuses</FONT></U></I><FONT face="Times New Roman" size=2>. The Company represents and
agrees that, unless it obtains the prior written consent of Craig-Hallum Capital
Group LLC, it has not made and will not make any offer relating to the
Securities that would constitute an issuer free writing prospectus or that would
otherwise constitute a free writing prospectus required to be filed with the
Commission; provided that the prior written consent of the parties hereto shall
be deemed to have been given in respect of the free writing prospectuses
included in Schedule I. Any such free writing prospectus consented to by the
Company and Craig-Hallum Capital Group LLC is hereinafter referred to as a
</FONT><B><I><FONT face="Times New Roman" size=2>&#147;Permitted Free Writing Prospectus.&#148;
</FONT></I></B><FONT face="Times New Roman" size=2>The Company represents that it has
treated or agrees that it will treat each Permitted Free Writing Prospectus as
an issuer free writing prospectus and has complied and will comply with the
requirements of Rule 164 and Rule 433 applicable to any Permitted Free Writing
Prospectus. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5. </FONT><B><I><FONT face="Times New Roman" size=2>Conditions of Underwriter&#146;s Obligations</FONT></I></B><B><FONT face="Times New Roman" size=2>. </FONT></B><FONT face="Times New Roman" size=2>The obligations of the Underwriter
hereunder are subject to the accuracy, as of the date hereof and at the Closing
Date (as if made at the Closing Date), of and compliance with all
representations, warranties and agreements of the Company contained herein, to
the performance by the Company of its obligations hereunder and to the following
additional conditions: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a)
</FONT><I><U><FONT face="Times New Roman" size=2>Required Filings; Absence of Certain
Commission Actions</FONT></U></I><FONT face="Times New Roman" size=2>. If filing of the
Prospectus, or any amendment or supplement thereto, or any issuer free writing
prospectus, is required under the Securities Act or the Rules and Regulations,
the Company shall have filed the Prospectus (or such amendment or supplement) or
such issuer free writing prospectus with the Commission in the manner and within
the time period so required (without reliance on Rule 424(b)(8) or Rule 164(b));
the Registration Statement shall remain effective; no stop order suspending the
effectiveness of the Registration Statement or any part thereof, any Rule 462(b)
Registration Statement, or any amendment thereof, nor suspending or preventing
the use of the Time of Sale Disclosure Package, the Prospectus or any issuer
free writing prospectus shall have been issued; no proceedings for the issuance
of such an order shall have been initiated or threatened; any request of the
Commission for additional information (to be included in the Registration
Statement, the Time of Sale Disclosure Package, the Prospectus, any issuer free
writing prospectus or otherwise) shall have been complied with to your
satisfaction.</FONT></P>
<P  align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(b)
</FONT><I><U><FONT face="Times New Roman" size=2>Continued Compliance with Securities
Laws</FONT></U></I><FONT face="Times New Roman" size=2>. The Underwriter shall not have
advised the Company that (i) the Registration Statement or any amendment thereof
or supplement thereto contains an untrue statement of a material fact which, in
your opinion, is material or omits to state a material fact which, in your
opinion, is required to be stated therein or necessary to make the statements
therein not misleading, or (ii) the Time of Sale Disclosure Package or the
Prospectus, or any amendment thereof or supplement thereto, or any issuer free
writing prospectus contains an untrue statement of fact which, in your opinion,
is material, or omits to state a fact which, in your opinion, is material and is
required to be stated therein, or necessary to make the statements therein, in
light of the circumstances under which they are made, not misleading.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(c)
</FONT><I><U><FONT face="Times New Roman" size=2>Absence of Certain
Events</FONT></U></I><FONT face="Times New Roman" size=2>. Except as contemplated in the
Time of Sale Disclosure Package and in the Prospectus, subsequent to the
respective dates as of which information is given in the Time of Sale Disclosure
Package and the Prospectus, neither the Company nor any of its subsidiaries
shall have incurred any material liabilities or obligations, direct or
contingent, or entered into any material transactions, or declared or paid any
dividends or made any distribution of any kind with respect to its capital
stock; and there shall not have been any change in the capital stock (other than
a change in the number of outstanding shares of Common Stock due to the issuance
of shares upon the exercise of outstanding options or warrants or conversion of
convertible securities), or any material change in the short-term or long-term
debt of the Company (other than as a result of the
conversion of convertible securities), or any issuance of options, warrants,
convertible securities or other rights to purchase the capital stock of the
Company or any of its subsidiaries, or any Material Adverse Change or any
development involving a prospective Material Adverse Change (whether or not
arising in the ordinary course of business), or any loss by strike, fire, flood,
earthquake, accident or other calamity, whether or not covered by insurance,
incurred by the Company or any subsidiary, the effect of which, in any such case
described above, in your judgment, makes it impractical or inadvisable to offer
or deliver the Securities on the terms and in the manner contemplated in the
Time of Sale Disclosure Package and in the Prospectus. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-17- </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>(d) </FONT><I><U><FONT face="Times New Roman" size=2>No
Downgrade</FONT></U></I><FONT face="Times New Roman" size=2>. On or after the Time of Sale
(i) no downgrading shall have occurred in the rating accorded any of the
Company&#146;s securities by any &#147;nationally recognized statistical organization,&#148; as
that term is defined by the Commission for purposes of Rule 436(g)(2) under the
Securities Act, and (ii) no such organization shall have publicly announced that
it has under surveillance or review, with possible negative implications, its
rating of any of the Company&#146;s securities or; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(e)
</FONT><I><U><FONT face="Times New Roman" size=2>Opinion of Internal Company
Counsel</FONT></U></I><I><FONT face="Times New Roman" size=2>. </FONT></I><FONT face="Times New Roman" size=2>On the Closing Date, there shall have been furnished to you, as
Underwriter, the opinion of Joseph Harary, President, Chief Executive Officer,
Secretary and General Counsel of the Company, dated as of the Closing Date and
addressed to you in substantially the form attached hereto as Exhibit
A.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(f)
</FONT><I><U><FONT face="Times New Roman" size=2>Opinion of Outside Company
Counsel</FONT></U></I><FONT face="Times New Roman" size=2>. On the Closing Date, there shall
have been furnished to you, as Underwriter, the opinion of Duane Morris LLP,
counsel for the Company, dated as of the Closing Date and addressed to you in
substantially the form attached hereto as Exhibit B.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(g)</FONT><I><FONT face="Times New Roman" size=2> </FONT></I><I><U><FONT face="Times New Roman" size=2>Opinion of
Underwriter&#146;s Counsel</FONT></U></I><FONT face="Times New Roman" size=2>. On the Closing
Date, there shall have been furnished to you, as Underwriter, such opinion or
opinions from Faegre Baker Daniels LLP, counsel for the Underwriter, dated the
Closing Date and addressed to you, with respect to the formation of the Company,
the validity of the Securities, the Registration Statement, the Time of Sale
Disclosure Package, the Prospectus and other related matters as you reasonably
may request, and such counsel shall have received such papers and information as
they request to enable them to pass upon such matters. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(h)
</FONT><I><U><FONT face="Times New Roman" size=2>Comfort Letter</FONT></U></I><FONT face="Times New Roman" size=2>. On the date hereof, on the effective date of any
post-effective amendment to the Registration Statement filed after the date
hereof and on the Closing Date you, as Underwriter, shall have received an
accountant&#146;s &#147;comfort&#148; letter of BDO USA, LLP, dated such date and addressed to
you, in form and substance satisfactory to you. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
</FONT><I><U><FONT face="Times New Roman" size=2>Officers&#146; Certificate</FONT></U></I><FONT face="Times New Roman" size=2>. On the Closing Date, there shall have been furnished to you,
as Underwriter, a certificate, dated the Closing Date and addressed to you,
signed by the chief executive officer and by the chief financial officer of the
Company, to the effect that: </FONT></P>
<P style="padding-left: 15pt;" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
The representations and warranties of the Company in this Agreement are true and
correct as if made at and as of the Closing Date, and the Company has complied
with all the agreements and satisfied all the conditions on its part to be
performed or satisfied at or prior to the Closing Date; </FONT></P>
<P style="padding-left: 15pt;" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(ii)
No stop order or other order suspending the effectiveness of the Registration
Statement or any part thereof or any amendment thereof or the qualification of
the Securities for offering or sale nor suspending or preventing the use of the
Time of Sale Disclosure Package, Prospectus or any issuer free writing
prospectus, has been issued, and no proceeding for that purpose has been
instituted or, to the best of their knowledge, is contemplated by the Commission
or any state or regulatory body; and </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-18- </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>(iii) Affirms the accuracy of the matters set forth in
subsection (c) of this Section 5. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(j)
</FONT><I><U><FONT face="Times New Roman" size=2>FINRA No Objections</FONT></U></I><FONT face="Times New Roman" size=2>. FINRA shall have raised no objection to the fairness and
reasonableness of the underwriting terms and arrangements. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(k)
</FONT><I><U><FONT face="Times New Roman" size=2>Other Documents</FONT></U></I><FONT face="Times New Roman" size=2>. The Company shall have furnished to you and counsel for the
Underwriter such additional documents, certificates and evidence as you or they
may have reasonably requested. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(l)
</FONT><I><U><FONT face="Times New Roman" size=2>Exchange Listing</FONT></U></I><FONT face="Times New Roman" size=2>. The Shares to be delivered on the Closing Date will have
been approved for listing on the NASDAQ Capital Market, subject to official
notice of issuance. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All
such opinions, certificates, letters and other documents will be in compliance
with the provisions hereof only if they are satisfactory in form and substance
to you and counsel for the Underwriter. The Company will furnish you with such
conformed copies of such opinions, certificates, letters and other documents as
you shall reasonably request. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6. </FONT><B><I><FONT face="Times New Roman" size=2>Indemnification and Contribution</FONT></I></B><B><FONT face="Times New Roman" size=2>.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a)
</FONT><I><U><FONT face="Times New Roman" size=2>Indemnification by the
Company</FONT></U></I><FONT face="Times New Roman" size=2>. The Company agrees to indemnify
and hold harmless the Underwriter, its affiliates, directors and officers and
each person, if any, who controls the Underwriter within the meaning of Section
15 of the Act or Section 20 of the Exchange Act, from and against any losses,
claims, damages or liabilities, joint or several, to which the Underwriter may
become subject, under the Act or otherwise (including in settlement of any
litigation if such settlement is effected with the written consent of the
Company), insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any inaccuracy in the
representations and warranties of the Company contained herein or any failure of
the Company to perform its obligations hereunder 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, including the 430B Information and any
other information deemed to be a part of the Registration Statement at the time
of effectiveness and at any subsequent time pursuant to the Rules and
Regulations, if applicable, any Preliminary Prospectus, the Time of Sale
Disclosure Package, the Prospectus, or any amendment or supplement thereto, any
issuer free writing prospectus, or any issuer information that the Company has
filed or is required to file pursuant to Rule 433(d) of the Rules and
Regulations, or arise out of or are based upon the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse the Underwriter
for any legal or other expenses reasonably incurred by it in connection with
investigating or defending against such loss, claim, damage, liability or action
as such expenses are incurred; </FONT><I><FONT face="Times New Roman" size=2>provided,
however,</FONT></I><FONT face="Times New Roman" size=2> that the Company will not be liable
in any such case to the extent that any such loss, claim, damage, liability or
action arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in reliance upon and in
conformity with written information furnished to the Company by you specifically
for use in the preparation thereof; it being understood and agreed that the only
information furnished by the Underwriter consists of the information described
as such in Section 6(e). </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-19- </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 size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(b)
</FONT><I><U><FONT face="Times New Roman" size=2>Indemnification by the
Underwriter</FONT></U></I><FONT face="Times New Roman" size=2>. The Underwriter will
indemnify and hold harmless the Company, its affiliates, directors and officers
and each person, if any, who controls the Company within the meaning of Section
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 effected with the written consent of the Underwriter),
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement, any
Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus, or
any amendment or supplement thereto, or any issuer free writing prospectus, or
any issuer information that the Company has filed or is required to file
pursuant to Rule 433(d) of the Rules and Regulations or arise out of or are
based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue
statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with written information furnished to the
Company by you specifically for use in the preparation thereof (it being
understood and agreed that the only information furnished by the Underwriter
consists of the information described as such in Section 6(e)), and will
reimburse the Company for any legal or other expenses reasonably incurred by the
Company in connection with investigating or defending against any such loss,
claim, damage, liability or action as such expenses are incurred. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(c)
</FONT><I><U><FONT face="Times New Roman" size=2>Notice and Procedures</FONT></U></I><FONT face="Times New Roman" size=2>. Promptly after receipt by an indemnified party under
subsection (a) or (b) above of notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the
indemnifying party under such subsection, notify the indemnifying party in
writing of the commencement thereof; but the omission so to notify the
indemnifying party shall not relieve the indemnifying party from any liability
that it may have to any indemnified party except to the extent such indemnifying
party has been materially prejudiced by such failure (through the forfeiture of
substantive rights or defenses). In case any such action shall be brought
against any indemnified party, and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate
in, and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel
satisfactory to such indemnified party, and after notice from the indemnifying
party to such indemnified party of the indemnifying party&#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; </FONT><I><FONT face="Times New Roman" size=2>provided, however</FONT></I><FONT face="Times New Roman" size=2>, that if, in the
sole judgment of the Underwriter, it is advisable for the Underwriter to be
represented by separate counsel, the Underwriter shall have the right to employ
a single counsel (in addition to local counsel) to represent the Underwriter in
respect of which indemnity may be sought by the Underwriter under subsection (a)
of this Section 6, 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 Underwriter as incurred. An indemnifying party shall not be
obligated under any settlement agreement relating to any action under this
Section 6 to which it has not agreed in writing. In addition, no indemnifying
party shall, without the prior written consent of the indemnified party (which
consent shall not be unreasonably withheld or delayed, effect any settlement of
any pending or threatened proceeding unless such settlement includes an
unconditional release of such indemnified party for all liability on claims that
are the subject matter of such proceeding and does not include a statement as
to, or an admission of, fault, culpability or a failure to act by or on behalf
of an indemnified party. Notwithstanding the foregoing, if at any time an
indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel pursuant to this Section
6(c), such indemnifying party agrees that it shall be liable for any settlement
effected without its written consent if (i) such settlement is entered into more
than 45 days after receipt by such indemnifying party of the aforesaid request
and (ii) such indemnifying party shall not have reimbursed such indemnified
party in accordance with such request prior to the date of such settlement.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-20- </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 size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(d)
</FONT><I><U><FONT face="Times New Roman" size=2>Contribution; Limitations on Liability;
Non-Exclusive Remedy</FONT></U></I><FONT face="Times New Roman" size=2>. If the
indemnification provided for in this Section 6 is unavailable or insufficient to
hold harmless an indemnified party under subsection (a) or (b) above, then each
indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of the losses, claims, damages or liabilities
referred to in subsection (a) or (b) above, (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company on
the one hand and the Underwriter on the other from the offering of the
Securities or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative
fault of the Company on the one hand and the Underwriter on the other in
connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand
and the Underwriter on the other shall be deemed to be in the same proportion as
the total net proceeds from the offering (before deducting expenses) received by
the Company bear to the total underwriting discounts and commissions received by
the Underwriter, in each case as set forth in the table on the cover page of the
Prospectus. The relative fault shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Company or the Underwriter and the parties&#146; relevant intent,
knowledge, access to information and opportunity to correct or prevent such
untrue statement or omission. The Company and the Underwriter agree that it
would not be just and equitable if contributions pursuant to this subsection (d)
were to be determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred
to in the first sentence of this subsection (d). The amount paid by an
indemnified party as a result of the losses, claims, damages or liabilities
referred to in the first sentence of this subsection (d) shall be deemed to
include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending against any action or claim
which is the subject of this subsection (d). Notwithstanding the provisions of
this subsection (d), (i) the Underwriter shall not be required to contribute any
amount in excess of the amount by which the total underwriting discounts and
commissions received by the Underwriter with respect to the Securities purchased
by it hereunder exceeds the amount of any damages that the Underwriter has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The remedies provided for in this Section 6 are not exclusive
and shall not limit any rights or remedies that might otherwise be available to
any indemnified party at law or in equity.</FONT><B></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(e)
</FONT><I><U><FONT face="Times New Roman" size=2>Information Provided by the
Underwriter</FONT></U></I><FONT face="Times New Roman" size=2>. The Underwriter confirms and
the Company acknowledges that the statements with respect to the public offering
of the Securities by the Underwriter set forth in the second
paragraph</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>under the caption &#147;Underwriting&#148; in the Time of Sale Disclosure Package
and in the Prospectus are correct and constitute the only information concerning
the Underwriter furnished in writing to the Company by the Underwriter
specifically for inclusion in the Registration Statement, any Preliminary
Prospectus, the Time of Sale Disclosure Package, the Prospectus or any issuer
free writing prospectus.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>7.
</FONT><B><I><FONT face="Times New Roman" size=2>Representations and Agreements to Survive
Delivery</FONT></I></B><B><FONT face="Times New Roman" size=2>. </FONT></B><FONT face="Times New Roman" size=2>All representations, warranties, and agreements of the Company herein or
in certificates delivered pursuant hereto, including but not limited to the
agreements of the Underwriter and the Company contained in Section 6 hereof,
shall remain operative and in full force and effect regardless of any
investigation made by or on behalf of the Underwriter or any controlling person
thereof, or the Company or any of its officers, directors, or controlling
persons, or any controlling person thereof, and shall survive delivery of, and
payment for, the Securities to and by the Underwriter hereunder and any
termination of this Agreement. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-21- </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 size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>8. </FONT><B><I><FONT face="Times New Roman" size=2>Termination of this Agreement. </FONT></I></B></P>
<P align=justify><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman" size=2>(a)
</FONT><I><U><FONT face="Times New Roman" size=2>Right to Terminate</FONT></U></I><FONT face="Times New Roman" size=2>. You, as Underwriter, shall have the right to terminate this
Agreement by giving notice to the Company as hereinafter specified at any time
at or prior to the Closing Date if (i) the Company shall have failed, refused or
been unable, at or prior to the Closing Date, to perform any agreement on its or
their part to be performed hereunder, (ii) any condition of the Underwriter&#146;s
obligations hereunder is not fulfilled, (iii) trading in the Company&#146;s
Common Stock shall have been suspended by the Commission or the NASDAQ Stock
Market or trading in securities generally on the NASDAQ Stock Market or New York
Stock Exchange shall have been suspended, (iv) minimum or maximum prices for
trading shall have been fixed, or maximum ranges for prices for securities shall
have been required, on the NASDAQ Stock Market or New York Stock Exchange, by
such Exchange or by order of the Commission or any other Governmental Authority
having jurisdiction, (v) a banking moratorium shall have been declared by
federal or New York state authorities or a material disruption in commercial
banking or securities settlement or clearance services in the United States, or
(vi) there shall have occurred any attack on, outbreak or escalation of
hostilities or act of terrorism involving the United States, any declaration by
the United States of a national emergency or war, any change in financial
markets, any substantial change or development involving a prospective
substantial change in United States or international political, financial or
economic conditions, or any other calamity or crisis that, in your judgment, is
material and adverse and makes it impractical or inadvisable to proceed with the
completion of the sale of and payment for the Securities. Any such termination
shall be without liability of any party to any other party except that the
provisions of Section 4(a)(vii) and Section 6 hereof shall at all times be
effective and shall survive such termination. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(b)
</FONT><I><U><FONT face="Times New Roman" size=2>Notice of Termination</FONT></U></I><FONT face="Times New Roman" size=2>. If you elect to terminate this Agreement as provided in this
Section, the Company shall be notified promptly by you by telephone, confirmed
by letter.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>9.
</FONT><B><I><FONT face="Times New Roman" size=2>Default by the
Company</FONT></I></B><B><FONT face="Times New Roman" size=2>. </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a)
</FONT><I><U><FONT face="Times New Roman" size=2>Default by the Company</FONT></U></I><FONT face="Times New Roman" size=2>. If the Company shall fail at the Closing Date to sell and
deliver the number of Securities which it is obligated to sell hereunder, then
this Agreement shall terminate without any liability on the part of the
Underwriter or, except as provided in Section 4(a)(vii) and Section 6 hereof,
any non-defaulting party. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(b)
</FONT><I><U><FONT face="Times New Roman" size=2>No Relief from
Liability</FONT></U></I><FONT face="Times New Roman" size=2>. No action taken pursuant to
this Section shall relieve the Company from liability, if any, in respect of
such default. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>10. </FONT><B><I><FONT face="Times New Roman" size=2>Notices</FONT></I></B><B><FONT face="Times New Roman" size=2>.</FONT></B><FONT face="Times New Roman" size=2> Except as otherwise provided herein, all communications
hereunder shall be in writing and, if to the Underwriter, shall be mailed via
overnight delivery service or hand delivered via courier to the Craig-Hallum
Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, Minnesota
55402, Attention: Rick Hartfiel, with a copy to the Legal Department and Faegre
Baker Daniels, 2200 Wells Fargo Center, 90 Seventh Street, Minneapolis,
Minnesota 55402, Fax: (612) 766-1600, Attention: W. Morgan Burns, if to the
Company, shall be mailed or delivered to it at Research Frontiers Incorporated,
240 Crossways Park Drive, Woodbury, New York 11797-2033, Fax (516) 364-3798,
Attention: Joseph Harary, or in each case to such other address as the person to
be notified may have requested in writing. Any party to this Agreement may
change such address for notices by sending to the parties to this Agreement
written notice of a new address for such purpose. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>11. </FONT><B><I><FONT face="Times New Roman" size=2>Persons Entitled to Benefit of Agreement</FONT></I></B><B><FONT face="Times New Roman" size=2>. </FONT></B><FONT face="Times New Roman" size=2>This Agreement shall
inure to the benefit of and be binding upon the parties hereto and their
respective successors and assigns and the controlling persons, officers and
directors referred to in Section 6. Nothing in this Agreement is intended or
shall be construed to give to any other person, firm or corporation any legal or
equitable remedy or claim under or in respect of this Agreement or any provision
herein contained. The term &#147;successors and assigns&#148; as herein used shall not
include any purchaser, as such purchaser, of any of the Securities from the
Underwriter. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-22- </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 size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>12. </FONT><B><I><FONT face="Times New Roman" size=2>Absence of Fiduciary Relationship</FONT></I></B><B><FONT face="Times New Roman" size=2>.</FONT></B><FONT face="Times New Roman" size=2> The Company acknowledges and agrees
that: (a) the Underwriter has been retained solely to act as an underwriter in
connection with the sale of the Securities and that no fiduciary, advisory or
agency relationship between the Company and the Underwriter have been
created in respect of any of the transactions contemplated by this Agreement,
irrespective of whether the Underwriter has advised or is advising the Company
on other matters; (b) the price and other terms of the Securities set forth in
this Agreement were established by the Company following discussions and
arms-length negotiations with the Underwriter and the Company is capable of
evaluating and understanding and understands and accepts the terms, risks and
conditions of the transactions contemplated by this Agreement; (c) it has been
advised that the Underwriter and its affiliates are engaged in a broad range of
transactions which may involve interests that differ from those of the Company
and that the Underwriter has no obligation to disclose such interest and
transactions to the Company by virtue of any fiduciary, advisory or agency
relationship; (d) it has been advised that the Underwriter is acting, in respect
of the transactions contemplated by this Agreement, solely for the benefit of
the Underwriter, and not on behalf of the Company; (e) it, he or she waives to
the fullest extent permitted by law, any claims it may have against the
Underwriter for breach of fiduciary duty or alleged breach of fiduciary duty in
respect of any of the transactions contemplated by this Agreement and agrees
that the Underwriter shall have no liability (whether direct or indirect) to the
Company in respect of such a fiduciary duty claim on behalf of or in right of
the Company, including stockholders, employees or creditors of the Company.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>13. </FONT><B><I><FONT face="Times New Roman" size=2>Governing Law; Waiver of Jury Trial</FONT></I></B><B><FONT face="Times New Roman" size=2>. </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. The Company
(on its behalf and, to the extent permitted by applicable law, on behalf of its
stockholders and affiliates), and the Underwriter hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by
jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>14. </FONT><B><I><FONT face="Times New Roman" size=2>Counterparts</FONT></I></B><B><FONT face="Times New Roman" size=2>. </FONT></B><FONT face="Times New Roman" size=2>This Agreement may be executed in one or more counterparts
and, if executed in more than one counterpart, the executed counterparts shall
each be deemed to be an original and all such counterparts shall together
constitute one and the same instrument. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>15.</FONT><B><I><FONT face="Times New Roman" size=2> General Provisions. </FONT></I></B><FONT face="Times New Roman" size=2>This
Agreement constitutes the entire agreement of the parties to this Agreement and
supersedes all prior written or oral and all contemporaneous oral agreements,
understandings and negotiations with respect to the subject matter hereof. This
Agreement may not be amended or modified unless in writing by all of the parties
hereto, and no condition herein (express or implied) may be waived unless waived
in writing by each party whom the condition is meant to benefit. The Section
headings herein are for the convenience of the parties only and shall not affect
the construction or interpretation of this Agreement. The invalidity or
unenforceability of any Section, paragraph or provision of this Agreement shall
not affect the validity or enforceability of any other Section, paragraph or
provision hereof. If any Section, paragraph or provision of this Agreement is
for any reason determined to be invalid or unenforceable, there shall be deemed
to be made such minor changes (and only such minor changes) as are necessary to
make it valid and enforceable. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>[Signature page follows] </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-23- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Please sign and return to the Company the enclosed duplicates
of this letter whereupon this letter will become a binding agreement between the
Company and the Underwriter in accordance with its terms. </FONT></P>
<DIV align=right>

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  <TR>
    <TD noWrap align=left width="99%" colSpan=2>
      <P align=justify><FONT face="Times New Roman" size=2>Very truly yours,
      </FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>
      <P align=left><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Research Frontiers
      Incorporated</FONT></B></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;/s/ Joseph M.
  Harary</FONT></TD></TR></TABLE>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp; Joseph M.
      Harary</FONT></TD></TR></TABLE>
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  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;
      President &amp; CEO</FONT></TD></TR></TABLE>
</DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Confirmed as of the date first<BR>above
mentioned. </FONT></P>
<P align=left><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman"
size=2>Craig-Hallum Capital Group LLC </FONT></B></P>
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    <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="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Patricia
      Bartholomew</FONT></TD></TR></TABLE>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp; Patricia
      Bartholomew</FONT></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <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="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      Managing Partner</FONT></TD></TR></TABLE><BR>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>exhibit5-1.htm
<DESCRIPTION>OPINION OF DUANE MORRIS LLP
<TEXT>

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<P align=right><B><FONT face="Times New Roman" size=2>Exhibit 5.1</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top align=center width="15%"><FONT face="Times New Roman" size=1>NEW YORK<BR><FONT face="Times New Roman">LONDON</FONT></FONT><BR><FONT face="Times New Roman" size=1>SINGAPORE </FONT><BR><FONT face="Times New Roman" size=1>PHILADELPHIA </FONT><BR><FONT face="Times New Roman" size=1>CHICAGO </FONT><BR><FONT face="Times New Roman" size=1>WASHINGTON, DC </FONT><BR><FONT face="Times New Roman" size=1>SAN FRANCISCO </FONT><BR><FONT face="Times New Roman" size=1>SILICON VALLEY </FONT><BR><FONT face="Times New Roman" size=1>SAN DIEGO </FONT><BR><FONT face="Times New Roman" size=1>BOSTON </FONT><BR><FONT face="Times New Roman" size=1>HOUSTON </FONT><BR><FONT face="Times New Roman" size=1>LOS ANGELES </FONT><BR><FONT face="Times New Roman" size=1>HANOI </FONT><BR><FONT face="Times New Roman" size=1>HO CHI MINH CITY </FONT><BR><FONT face="Times New Roman" size=1>ATLANTA <BR></FONT></TD>
    <TD vAlign=top align=center width="17%"></TD>
    <TD vAlign=top align=center width="33%">
      <P><IMG src="exhibit5-1x1x1.jpg" border=0><BR><BR><I><FONT face="Times New Roman" size=1>FIRM and AFFILIATE OFFICES
      </FONT></I></P><BR><BR><BR>
      <P align=center><I><FONT face="Times New Roman" size=1>www.duanemorris.com
      </FONT></I></P></TD>
    <TD vAlign=top align=center width="20%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>BALTIMORE</FONT><BR><FONT face="Times New Roman" size=1>WILMINGTON </FONT><BR><FONT face="Times New Roman" size=1>MIAMI</FONT><BR><FONT face="Times New Roman" size=1>BOCA RATON </FONT><BR><FONT face="Times New Roman" size=1>PITTSBURGH </FONT><BR><FONT face="Times New Roman" size=1>NEWARK</FONT><BR><FONT face="Times New Roman" size=1>LAS
      VEGAS</FONT><BR><FONT face="Times New Roman" size=1>CHERRY HILL
      </FONT><BR><FONT face="Times New Roman" size=1>LAKE TAHOE</FONT><BR><FONT face="Times New Roman" size=1>MYANMAR </FONT><BR><FONT face="Times New Roman" size=1>OMAN </FONT><BR><I><FONT face="Times New Roman" size=1>A GCC REPRESENTATIVE OFFICE
      </FONT></I><BR><I><FONT face="Times New Roman" size=1>OF DUANE MORRIS
      <BR></FONT></I><BR><U><FONT face="Times New Roman" size=1>MEXICO
      CITY</FONT></U><FONT face="Times New Roman" size=1> </FONT><BR><FONT face="Times New Roman" size=1>ALLIANCE WITH </FONT><BR><FONT face="Times New Roman" size=1>MIRANDA &amp; ESTAVILLO
</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>May 8, 2014 </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Research Frontiers Incorporated<BR>240
Crossways Park Drive<BR>Woodbury NY 11797-2033 </FONT></P>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Re:</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="96%" colSpan=2><FONT face="Times New Roman" size=2>Research Frontiers Incorporated</FONT></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%"></TD>
    <TD noWrap align=left width="96%" colSpan=2><FONT face="Times New Roman" size=2>Registration Statement on Form S-3</FONT></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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%"><FONT face="Times New Roman" size=2>File No. 333-184785</FONT></TD>
    <TD noWrap align=left width="71%">&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>Ladies and Gentlemen: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We have acted as special securities counsel to Research Frontiers
Incorporated, a Delaware corporation (the &#147;Company&#148;), in connection with the
offering by the Company of 750,000 shares (the &#147;Shares&#148;) of the Company&#146;s common
stock, par value $0.0001 per share (the &#147;Common Stock&#148;), to be sold by the
Company in an underwritten offering pursuant to that certain Purchase Agreement
(the &#147;Agreement&#148;), dated May 8, 2014, by and between the Company and
Craig-Hallum Capital Group LLC.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The sale of the Shares is registered under the Securities Act of 1933, as
amended (the &#147;Act&#148;), pursuant to a Shelf Registration Statement on Form S-3,
File No. 333-184785 (the &#147;Registration Statement&#148;), originally filed by the
Company with the Securities and Exchange Commission (the &#147;Commission&#148;) pursuant
to the Act on November 6, 2012 and declared effective by the Commission on
December 26, 2012 and the related Prospectus Supplement filed with the
Commission pursuant to the Act on May 8, 2014 (the &#147;Prospectus Supplement&#148;).
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This opinion is being delivered in accordance with the requirements of
Item 601(b)(5) of Regulation S-K under the Act. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We have examined the Registration Statement, the Prospectus Supplement
and originals or copies, authenticated or certified to our satisfaction, of the
Agreement, the Restated Certificate of Incorporation of the Company, the Bylaws
of the Company, as amended to date, and such other documents as we have deemed
relevant and necessary as the basis of the opinion expressed herein.</FONT></P>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=1>
Duane Morris llp

</font></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>1540 BROADWAY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEW YORK, NY
    10036-4086</FONT></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>PHONE: +1 212 692 1000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>FAX: +1 212 692
1020</FONT></TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<div align=right><IMG src="exhibit5-1x2x1.jpg" border=0></div>
<P align=left><FONT face="Times New Roman" size=2>Research Frontiers Incorporated<BR>May 8,
2014<BR>Page 2</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We have assumed the genuineness of all signatures, the legal capacity of
all natural persons, the authenticity of the documents submitted to us as
originals, the conformity with the originals of all documents submitted to us as
certified, facsimile, photostatic or other copies and the authenticity of the
originals of all documents submitted to us as copies.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on the foregoing, and subject to the further limitations,
qualifications and assumptions set forth herein, we are of the opinion that each
authorized and unissued Share, when issued in accordance with the provisions of
the Agreement against payment therefor, will be validly issued, fully paid and
non-assessable.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The opinion expressed herein is limited by bankruptcy, insolvency,
reorganization, fraudulent transfer and fraudulent conveyance, voidable
preference, moratorium or other similar laws and related regulations and
judicial doctrines from time to time in effect relating to or affecting
creditors&#146; rights generally, by any covenants of good faith or fair dealing that
may be implied, and by general principles and public policy considerations,
whether such principles and considerations are considered in a proceeding at law
or at equity.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The opinion expressed herein is limited to the Delaware General
Corporation Law, as currently in effect, and we express no opinion as to the
laws of any other jurisdiction. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We hereby consent to the use of this opinion as Exhibit 5.1 to the Form
8-K to be filed by the Company on or about the date hereof and to the reference
to our firm under the caption &#147;Legal Matters&#148; contained in the Prospectus
Supplement.&nbsp; In giving such consent, we do not hereby admit that we are
acting within the category of persons whose consent is required under Section 7
of the Act or the rules or regulations of the Commission thereunder.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
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    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Ver</FONT><B><FONT face="Times New Roman" size=2>y </FONT></B><FONT face="Times New Roman" size=2>truly your</FONT><B><FONT face="Times New Roman" size=2>s</FONT></B><FONT face="Times New Roman" size=2>,</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=right>
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  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>/s/ Duane Morris LLP</FONT><FONT face="Times New Roman" size=2></FONT></TD></TR></TABLE></DIV><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 8, 2014
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<P align=right><B><FONT face="Times New Roman" size=2>Exhibit 99.1</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS ANNOUNCES PRICING
AND TERMS OF UNDERWRITTEN OFFERING</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>WOODBURY, NY, &#150; May 8, 2014 &#150;
</FONT></B><FONT face="Times New Roman" size=2>Research Frontiers Inc. (the &#147;Company&#148;)
(Nasdaq: REFR) today announced that it has priced an underwritten direct
offering of 750,000 shares of its common stock at a price of $4.65 per share to
a current institutional shareholder, Kevin Douglas and his related parties. The
offering is expected to close on or about May 13, 2014, subject to the
satisfaction of customary closing conditions. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The total gross proceeds of the offering
are $3,487,500. The Company currently intends to use the net proceeds from this
offering for working capital and general corporate purposes. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Craig-Hallum Capital Group LLC acted as
the sole underwriter for the offering. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>A shelf registration statement relating to
these securities was declared effective by the Securities and Exchange
Commission on December 26, 2012. The securities may be offered only by means of
a prospectus, including a prospectus supplement, forming a part of the effective
registration statement. Copies of the final prospectus supplement and
accompanying base prospectus related to this offering, when available, may be
obtained from the Securities and Exchange Commission&#146;s website at
http://www.sec.gov or by contacting Craig-Hallum Capital Group LLC, 222 South
Ninth Street, Minneapolis, MN 55402, by calling 612-334-6300. </FONT><FONT face="Times New Roman"></FONT></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 over 40
licensed companies that collectively are capable of serving the growing global
demand for smart glass products in automobiles, homes, buildings, museums,
aircraft and boats. </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>Info@SmartGlass.com </FONT><FONT face="Times New Roman"></FONT></P>
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<TYPE>GRAPHIC
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
