<SEC-DOCUMENT>0001104659-21-053251.txt : 20210421
<SEC-HEADER>0001104659-21-053251.hdr.sgml : 20210421
<ACCEPTANCE-DATETIME>20210421172823
ACCESSION NUMBER:		0001104659-21-053251
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20210420
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210421
DATE AS OF CHANGE:		20210421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Inotiv, Inc.
		CENTRAL INDEX KEY:			0000720154
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				351345024
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23357
		FILM NUMBER:		21842564

	BUSINESS ADDRESS:	
		STREET 1:		2701 KENT AVE
		CITY:			WEST LAFAYETTE
		STATE:			IN
		ZIP:			47906-1382
		BUSINESS PHONE:		3174634527

	MAIL ADDRESS:	
		STREET 1:		2701 KENT AVENUE
		CITY:			WEST LAFAYETTE
		STATE:			IN
		ZIP:			47906-1382

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIOANALYTICAL SYSTEMS INC
		DATE OF NAME CHANGE:	19970918
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2113668d1_8k.htm
<DESCRIPTION>FORM 8-K
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
April 20, 2021</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 14pt">INOTIV,
    INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0-23357 </FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">35-1345024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <TD STYLE="width: 49%; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2701 KENT AVENUE</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WEST LAFAYETTE, INDIANA</P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">47906-1382</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Registrant's telephone number, including area code:
(765) 463-4527</P>

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

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

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Securities registered pursuant to Section 12(b) of the Act:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 34%; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Ticker symbol(s)</FONT></TD>
    <TD STYLE="width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Common Shares</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">NOTV</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">NASDAQ Capital Market</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company&#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 1.01 Entry into a Material Definitive
Agreement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 21, 2021, Inotiv,
Inc. (the &ldquo;<U>Company</U>&rdquo;) entered into an underwriting agreement (the &ldquo;<U>Underwriting Agreement</U>&rdquo;) with
Colliers Securities LLC (the &ldquo;<U>Underwriter</U>&rdquo;) relating to the public offering of 2,647,059 of the Company&rsquo;s common
shares (the &ldquo;<U>Shares</U>&rdquo;), at a public offering price of $17.00 per share (the &ldquo;<U>Offering</U>&rdquo;). The Offering
is expected to close on or about April 23, 2021, subject to customary closing conditions. The Company has granted the Underwriters an
option, exercisable within 30 days from the date of the Underwriting Agreement, to purchase up to 397,058 additional Shares. The Offering
was made pursuant to a shelf registration statement on Form S-3 (File No. 333-253309) that was declared effective by the Securities and
Exchange Commission on March 1, 2021 and a related prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net proceeds to the Company
from the Offering were approximately $42.5 million, after deducting the underwriting discount and estimated offering expenses. The Company
currently intends to use the net proceeds from the Offering, together with existing cash and cash equivalents, amounts available under
the Company&rsquo;s existing credit facilities and any new debt financing, to finance the aggregate cash consideration of approximately
$40.5 million for the previously announced acquisitions of Bolder BioPATH, Inc. and HistoTox Labs, Inc. The Company may also use the net
proceeds to pay a portion of the purchase price of approximately $4.7 million for its St. Louis facility, contingent on the Company receiving
financing and obtaining related business incentives. The Company intends to use the remaining net proceeds of the Offering, if any, for
working capital and other general corporate purposes, which may include acquisitions or investments in complementary businesses, technologies
or other assets, although the Company has no present commitments or agreements to do so (other than with respect to the previously announced
acquisitions).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting
Agreement. A copy of the Underwriting Agreement is filed with this Current Report on Form 8-K as Exhibit 1.1 and is incorporated herein
by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of the opinion of Ice
Miller LLP, relating to the validity of the Shares in connection with the Offering is filed with this Current Report on Form 8-K as Exhibit
5.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.01 Other Events.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 20, 2021, the Company
issued a press release announcing the commencement of the Offering. On April 21, 2021, the Company issued a press release announcing the
pricing of the Offering. Copies of the press releases are attached as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K and are
incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">(d) Exhibits</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.5pt; width: 6%"><A HREF="tm2113668d1_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 1.5pt; width: 93%"><A HREF="tm2113668d1_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement, dated April 21, 2021, by and between Inotiv, Inc. and Colliers Securities LLC.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.5pt"><A HREF="tm2113668d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 1.5pt"><A HREF="tm2113668d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Ice Miller LLP. </FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.5pt"><A HREF="tm2113668d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 1.5pt"><A HREF="tm2113668d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Ice Miller LLP (included in Exhibit 5.1).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.5pt"><A HREF="tm2113668d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 1.5pt"><A HREF="tm2113668d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release, dated April 20, 2021.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.5pt"><A HREF="tm2113668d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 1.5pt"><A HREF="tm2113668d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release, dated April 21, 2021.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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


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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Inotiv, Inc. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: April 21, 2021</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ Beth A. Taylor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beth A. Taylor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Vice President - Finance</FONT></TD></TR>
  </TABLE>

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<TYPE>EX-1.1
<SEQUENCE>2
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<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2,647,059 Shares<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Inotiv,
Inc.</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">April 21, 2021</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">90 South Seventh Street, Suite 4300</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Inotiv, Inc., an Indiana corporation
(the <B><I>&ldquo;Company&rdquo;</I></B>), proposes to sell to Colliers Securities LLC (<B><I>&ldquo;you&rdquo;</I></B> or the <B><I>&ldquo;Underwriter&rdquo;</I></B>)
an aggregate of <B>2,647,059 </B>common shares (the <B><I>&ldquo;Firm Shares&rdquo;</I></B>) of the Company (the <B><I>&ldquo;Common Shares&rdquo;</I></B>).
The Firm Shares consist of authorized but unissued Common Shares to be issued and sold by the Company. The Company also has granted to
the Underwriter an option to purchase up to <B>397,058</B> additional Common Shares on the terms and for the purposes set forth in Section&nbsp;3
hereof (the <B><I>&ldquo;Option Shares&rdquo;</I></B>). The Firm Shares and any Option Shares purchased pursuant to this Underwriting
Agreement (this <B><I>&ldquo;Agreement&rdquo;</I></B>) are herein collectively called the <B><I>&ldquo;Securities</I></B><I>.<B>&rdquo;</B></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Registration
Statement and Prospectus</I></B>. The Company has prepared and filed with the Securities and Exchange Commission (the <B><I>&ldquo;Commission&rdquo;</I></B>)
a registration statement on Form S-3 (File No. 333-253309) under the Securities Act of 1933, as amended (the <B><I>&ldquo;Securities Act&rdquo;</I></B>),
and the rules and regulations (the <B><I>&ldquo;Rules and Regulations&rdquo;</I></B>) of the Commission thereunder, and such amendments
to such registration statement as may have been required to the date of this Agreement. Such registration statement has been declared
effective by the Commission. All of such registration statement, including the amendments, exhibits and any schedules thereto, the documents
incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act and the documents and information otherwise
deemed to be a part thereof or included therein by Rule 430B under the Securities Act (the <B><I>&ldquo;Rule 430B Information&rdquo;</I></B>)
or otherwise pursuant to the Rules and Regulations, as of the time the registration statement became effective, is herein called the <B><I>&ldquo;Registration
Statement.&rdquo;</I></B> Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is herein called
the <B><I>&ldquo;Rule 462(b) Registration Statement&rdquo;</I></B> and, from and after the date and time of filing of the Rule 462(b)
Registration Statement, the term <B><I>&ldquo;Registration Statement&rdquo;</I></B> shall include the Rule 462(b) Registration Statement.</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1
</SUP></FONT>Plus an option to purchase up to <B>397,058</B> additional shares to cover over-allotments.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&ldquo;Time of Sale Disclosure
Package&rdquo;</I></B> means the Preliminary Prospectus dated April 20,&nbsp;2021, any free writing prospectus set forth on Schedule I
and the information on Schedule II, all considered together.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Issuer
Free Writing Prospectuses</U></I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">(A) No issuer free
writing prospectus includes 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 or by the Underwriter through you specifically for
use therein, it being understood and agreed that the only such information furnished by the Underwriter consists of the information described
as such in Section 6(e).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 2in">&#9;&#9;(B)&#9;(1)
At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a <I>bona fide</I>
offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Securities and (2) at the date hereof, the Company was not
and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405 under the Securities Act, including the Company 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 &ldquo;excluded
issuer&rdquo; as defined in Rule 164 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 2in">&#9;&#9;(C)&#9;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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Financial
Statements</U></I>. The financial statements of the Company, together with the related notes, set forth or incorporated by reference in
the Registration Statement, the Time of Sale Disclosure Package and the Prospectus comply in all material respects with the requirements
of the Securities Act and the Exchange Act and fairly present in all material respects the financial condition of the Company and its
consolidated subsidiaries as of the dates indicated and the results of operations, cash flows and changes in shareholders&rsquo; equity
for the periods therein specified in conformity with generally accepted accounting principles in the United States (<B><I>&ldquo;GAAP&rdquo;</I></B>)
consistently applied throughout the periods involved. The supporting schedules included in the Registration Statement fairly present in
all material respects the information required to be stated therein; all non-GAAP financial information included in the Registration Statement,
the Time of Sale Disclosure Package and the Prospectus complies in all material respects with the requirements of Regulation G and Item
10 of Regulation S-K under the Securities 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 Securities 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&rsquo;s knowledge, material
future effect on the Company&rsquo;s financial condition, results of operations, liquidity, capital expenditures, capital resources or
significant components of revenue or expenses. No other financial statements or schedules are required to be included in the Registration
Statement, the Time of Sale Disclosure Package or the Prospectus. To the Company&rsquo;s knowledge, RSM US LLP, which has expressed its
opinion with respect to the audited financial statements 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 Securities Act and the Rules and Regulations, (y) a registered public accounting firm (as defined in Section 2(a)(12) of the Sarbanes-Oxley
Act of 2002 (the <B><I>&ldquo;Sarbanes-Oxley Act&rdquo;</I></B>)) and (z) not in violation of the auditor independence requirements of
the Sarbanes-Oxley Act.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Organization
and Good Standing</U></I>. Each of the Company and its subsidiaries has been duly organized and is validly existing as a corporation or
limited liability company under the laws of its jurisdiction of incorporation or formation. Each of the Company and its subsidiaries has
full corporate or limited liability company, as the case may be, power and authority to own its properties and conduct its business as
currently being carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, and
is duly qualified to do business as a foreign corporation or limited liability company 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 (<B><I>&ldquo;Material Adverse Effect&rdquo;</I></B>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Absence
of Certain Events</U></I>. Except as contemplated in the Time of Sale Disclosure Package and in the Prospectus, subsequent to the respective
dates as of which information is given in the Time of Sale Disclosure Package and the Prospectus, 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 or other equity interests, other than cash dividends
or distributions to the Company or one of its subsidiaries; and there has not been any change in the capital stock (other than a change
in the number of outstanding Common Shares 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, or any issuance of options, warrants,
convertible securities or other rights to purchase the capital stock or other equity interests of the Company, or any of its subsidiaries,
or any event, occurrence or development that has had a Material Adverse Effect or could reasonably be expected to result in any Material
Adverse Effect.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Absence
of Proceedings</U></I>. Except as set forth in the Time of Sale Disclosure Package and in the Prospectus, there is not pending or, to
the knowledge of the Company, threatened or contemplated, any action, suit or proceeding (a) to which the Company 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, would reasonably be expected
to result in any Material Adverse Effect, 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, Time of Sale Disclosure Package and Prospectus by the Securities Act or by the Rules and Regulations and
that have not been so described.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Disclosure
of Legal Matters</U></I>. There are no statutes, regulations, contracts or documents that are required to be described in the Registration
Statement, the Time of Sale Disclosure Package and 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Authorization;
No Conflicts; Authority</U></I>. This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid,
legal and binding obligation of the Company, enforceable in accordance with its terms, except as rights to indemnity 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 material 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&rsquo;s charter or bylaws 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 <B><I>&ldquo;Governmental
Authority&rdquo;</I></B>), except in the case of clauses (A) and (C) above 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 Securities Act, the rules of the Financial Industry Regulatory Authority
(<B><I>&ldquo;FINRA&rdquo;</I></B>), the Nasdaq Stock Market Rules or state securities or blue sky laws; and the Company has full power
and authority to enter into this Agreement and to consummate the transactions contemplated hereby, including the authorization, issuance
and sale of the Securities as contemplated by this Agreement.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Capitalization;
the Securities; Registration Rights</U></I>. All of the issued and outstanding shares of capital stock of the Company, including the outstanding
Common Shares, are duly authorized and validly issued, fully paid and nonassessable, have been issued in compliance with all applicable
federal, 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 Securities 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 Shares and the Securities to be purchased pursuant
to this Agreement, conforms to the description thereof in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus.
Except as otherwise stated in the Registration Statement, the Time of Sale Disclosure Package and 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 Common Shares pursuant
to the Company&rsquo;s charter, bylaws 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; (B)&nbsp;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 Common
Shares or other securities of the Company (collectively, <B><I>&ldquo;Registration Rights&rdquo;</I></B>) and (C)&nbsp;any person to whom
the Company has granted Registration Rights has agreed not to exercise such rights until after expiration of the Lock-Up Period (as defined
below). All of the issued and outstanding shares of capital stock or other equity interests of the Company&rsquo;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,
the Time of Sale Disclosure Package and the Prospectus, the Company owns of record and beneficially, free and clear of all security interests,
claims, liens, proxies, equities or other encumbrances, all of the issued and outstanding shares of such stock or other equity interests
in the Company's subsidiaries. The Company has an authorized and outstanding capitalization as set forth in the Registration Statement,
the Time of Sale Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Stock
Options</U></I>. Except as described in the Registration Statement, the Time of Sale Disclosure Package and 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 or other equity interests of the Company or any subsidiary of the Company. The description
of the Company&rsquo;s stock option, stock bonus and other stock plans or arrangements (the <B><I>&ldquo;Company Stock Plans&rdquo;</I></B>),
and the options or other rights granted thereunder (collectively, the <B><I>&ldquo;Awards&rdquo;</I></B>), set forth in the Time of Sale
Disclosure Package and the Prospectus accurately and fairly presents in all material respects the information required to be shown with
respect to such plans, arrangements and Awards under the Rules and Regulations. Each grant of an Award (A) was duly authorized no later
than the date on which the grant of such Award was by its terms to be effective by all necessary corporate action, including, as applicable,
approval by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required shareholder
approval by the necessary number of votes or written consents, and the award agreement governing such grant (if any) was duly executed
and delivered by each party thereto and (B)&nbsp;was made in accordance with the terms of the applicable Company Stock Plan, and all applicable
laws and regulatory rules or requirements, including all applicable federal securities laws.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Compliance
with Laws</U></I>. 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 as presently conducted 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 written notice of any revocation or modification of any material franchise, grant, authorization, license, permit, easement,
consent, certification or order or has reason to believe that any such material 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Ownership
of Assets</U></I>. The Company and its subsidiaries have good and marketable title to, or have valid rights to lease or otherwise use,
all property (whether real or personal) described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus
as being owned, leased or used 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, the Time of Sale Disclosure Package and 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 as presently conducted.</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any Company IP. There is no
pending or, to the knowledge of the Company, threatened, action, suit, proceeding or claim by others challenging the Company&rsquo;s or
its subsidiaries&rsquo; rights in or to any Company IP, and the Company is unaware of any facts which would form a reasonable basis for
any such claim. The Intellectual Property owned by the Company and 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 Company IP, and the Company is unaware of any facts which would form a reasonable basis for any such claim. There is no pending
or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others that the Company or its subsidiaries infringe,
misappropriate or otherwise violate any Intellectual Property or other proprietary rights of others, and neither the Company nor 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.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xvi)&#9;<I><U>Privacy
and Data Protection</U></I>. <FONT STYLE="background-color: white">The Company has operated its business in a manner compliant in all
material respects with all United States federal, state, local and non-United States&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">privacy</FONT><FONT STYLE="background-color: white">,
data security and data protection laws and regulations applicable to the Company&rsquo;s collection, use, transfer, protection, disposal,
disclosure, handling, storage and analysis of personal data. The Company has been and is in compliance in all material respects with internal
policies and procedures designed to ensure the integrity and security of the data collected, handled or stored in connection with its
business. The Company has taken reasonable steps to maintain the confidentiality of its personally identifiable information, protected
health information, consumer information and other confidential information of the Company and any third parties in its possession (<B><I>&ldquo;Sensitive
Company Data&rdquo;</I></B>). The tangible or digital information technology systems (including computers, screens, servers, workstations,
routers, hubs, switches, networks, data communications lines, technical data and hardware), software and telecommunications systems used
or held for use by the Company (the <B><I>&ldquo;Company IT Assets&rdquo;</I></B>) are adequate and operational for, in accordance with
their documentation and functional specifications, the business of the Company as now operated and as currently proposed to be conducted
as described in the </FONT>Registration Statement, the Time of Sale Disclosure Package and the Prospectus<FONT STYLE="background-color: white">.
The Company has used reasonable efforts to establish, and has established, commercially reasonable disaster recovery and security plans,
procedures and facilities for the business consistent with industry standards and practices in all material respects, including, without
limitation, for the Company IT Assets and data held or used by or for the Company. To the Company&rsquo;s knowledge, the Company has not
suffered or incurred any security breaches, compromises or incidents with respect to any Company IT Assets or Sensitive Company Data,
except where such breaches, compromises or incidents would not reasonably be expected to, singly or in the aggregate, result in a Material
Adverse Effect; and, to the Company's knowledge, there has been no&nbsp;unauthorized or illegal use of or access to any Company IT Assets
or Sensitive Company Data by any unauthorized third party. The Company has not been required to notify any individual of any information
security breach, compromise or incident involving Sensitive Company Data.</FONT>&#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>No
Violations or Defaults</U></I>. Neither the Company nor any of its subsidiaries is in violation of its respective charter, bylaws 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 obligation, agreement or condition contained in any bond, debenture, note, indenture,
loan agreement or any other 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 property or assets of the Company or any of its subsidiaries is subject, except as would not result in a Material Adverse Effect.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Taxes</U></I>.
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&rsquo;s financial statements
included in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Exchange
Listing and Exchange Act Registration</U></I>. The Common Shares are registered pursuant to Section&nbsp;12(b) of the Exchange Act and
are included or approved for listing on the Nasdaq Capital Market and the Company has not taken any action designed to, or likely to have
the effect of, terminating the registration of the Common Shares under the Exchange Act or delisting the Common Shares from the Nasdaq
Capital Market, and the Company has not 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 Shares thereon. Except as set forth in the Time of Sale Disclosure Package and the Prospectus,
to the knowledge of the Company, no beneficial owners of the Company&rsquo;s capital stock who, together with their associated persons
and affiliates, hold in the aggregate 10% or more of such capital stock, have any direct or indirect association or affiliate with a FINRA
member.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Ownership
of Other Entities</U></I>. Other than the subsidiaries of the Company listed in Exhibit 21.1 to the Company&rsquo;s Annual Report on Form
10-K for the fiscal year ended September 30, 2020 and Inotiv &ndash; Boulder HTL, LLC, an Indiana limited liability company, Inotiv Boulder,
LLC, an Indiana limited liability company, and Rock MergeCo, Inc., a Colorado corporation, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Internal
Controls</U></I>. The Company and its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurances that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorization; (ii)&nbsp;transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets;
(iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (iv)&nbsp;the
recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect
to any differences. Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, the Company&rsquo;s
internal control over financial reporting is effective and none of the Company, its board of directors or audit committee is aware of
any &ldquo;significant deficiencies&rdquo; or &ldquo;material weaknesses&rdquo; (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&rsquo;s internal controls; and since September 30, 2020,
there has been no change in the Company&rsquo;s internal control over financial reporting (whether or not remediated) that has materially
affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting. The Company&rsquo;s
board of directors has, subject to the exceptions, cure periods and the phase in periods specified in the applicable stock exchange rules
(<B><I>&ldquo;Exchange Rules&rdquo;</I></B>), validly appointed an audit committee to oversee internal accounting controls whose composition
satisfies the applicable requirements of the Exchange Rules and the Company&rsquo;s board of directors and/or the audit committee has
adopted a charter that satisfies the requirements of the Exchange Rules.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Incorporated
Documents</U></I>. The documents incorporated by reference in the Time of Sale Disclosure Package and 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 the Prospectus, when such documents are filed with the Commission, will conform in all material respects to the requirements
of the Exchange Act, and will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxviii) <I><U>Disclosure
Controls</U></I>. The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)
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, the Time of Sale Disclosure Package
and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxix) <I><U>Anti-Bribery
and Anti-Money Laundering Laws</U></I>. Each of the Company, its subsidiaries, its affiliates and any of their respective officers, directors,
and, to the Company's knowledge, 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&nbsp;17, 1997, including the U.S. Foreign Corrupt
Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other law, rule or regulation of similar purposes and scope, or anti-money
laundering laws, including but not limited to, applicable federal, state, international, foreign or other laws, regulations or government
guidance regarding anti-money laundering, including, without limitation, Title 18 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its subsidiaries, nor any of their directors, officers or employees, nor, to the Company&rsquo;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:</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Compliance
with Environmental Laws</U></I>. Except as disclosed in the Time of Sale 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, <B><I>&ldquo;Environmental Laws&rdquo;</I></B>).
Neither the Company nor any of its subsidiaries owns or operates any real property contaminated with any substance that is subject to
any Environmental Laws in excess of applicable legal limits, 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 has no knowledge of any pending investigation which might lead to
such a claim nor is the Company or any of its subsidiaries anticipating incurring any material capital expenditures relating to compliance
with Environmental Laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Compliance
with Occupational Laws</U></I>. 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 Safety and Health Act) relating to the protection of human health and safety in the
workplace (<B><I>&ldquo;Occupational Laws&rdquo;</I></B>); (B) has received all material permits, licenses or other approvals required
of it under applicable Occupational Laws to conduct its business as currently conducted; and (C) is in compliance, in all material respects,
with all terms and conditions of such permit, license or approval. No action, proceeding, revocation proceeding, writ, injunction or claim
is pending or, to the Company&rsquo;s knowledge, threatened against the Company 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><U>ERISA and Employee Benefits Matters</U></I>. (A) To the knowledge of the Company, no &ldquo;prohibited transaction&rdquo; as defined
under Section 406 of ERISA or Section 4975 of the Code and not exempt under ERISA Section 408 and the regulations and published interpretations
by the United States Department of Labor thereunder has occurred with respect to any Employee Benefit Plan. At no time has the Company
or any ERISA Affiliate maintained, sponsored, participated in, contributed to or has or had any liability or obligation in respect of
any Employee Benefit Plan subject to Part 3 of Subtitle B of Title I of ERISA, Title IV of ERISA, or Section 412 of the Code or any &ldquo;multiemployer
plan&rdquo; as defined in Section 3(37) of ERISA or any multiple employer plan for which the Company or any ERISA Affiliate has incurred
or could incur liability under Section 4063 or 4064 of ERISA. No Employee Benefit Plan provides or promises, or at any time provided or
promised, retiree health, life insurance, or other retiree welfare benefits except as may be required by the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended, or similar state law. Each Employee Benefit Plan is and has been operated in material compliance
with its terms and all applicable laws, including but not limited to ERISA and the Code and, to the knowledge of the Company, no event
has occurred (including a &ldquo;reportable event&rdquo; as such term is defined in Section 4043 of ERISA) and no condition exists that
would subject the Company or any ERISA Affiliate to any material tax, fine, lien, penalty or liability imposed by ERISA, the Code or other
applicable law. Each Employee Benefit Plan intended to be qualified under Code Section 401(a) is so qualified and has a favorable determination
or opinion letter from the U.S. Internal Revenue Service 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) neither the
Company nor any of its subsidiaries has any obligations under any collective bargaining agreement with any union and no organization efforts
are underway with respect to employees of the Company or any of its subsidiaries. As used in this Agreement, <B><I>&ldquo;Code&rdquo;</I></B>
means the Internal Revenue Code of 1986, as amended; <B><I>&ldquo;Employee Benefit Plan&rdquo;</I></B> means any &ldquo;employee benefit
plan&rdquo; within the meaning of Section 3(3) of ERISA, including, without limitation, all stock purchase, stock option, stock-based
severance, employment, change-in-control, medical, disability, fringe benefit, bonus, incentive, deferred compensation, employee loan
and all other employee benefit plans, agreements, programs, policies or other arrangements, whether or not subject to ERISA, under which
(1) any current or former employee, director or independent contractor of the Company 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 subsidiaries or (2)&nbsp;the Company
or any of its subsidiaries has had or has any present or future obligation or liability; <B><I>&ldquo;ERISA&rdquo;</I></B> means the Employee
Retirement Income Security Act of 1974, as amended; <B><I>&ldquo;ERISA Affiliate&rdquo;</I></B> means any member of the Company&rsquo;s
controlled group as defined in Code Section 414(b), (c), (m) or (o); and <B><I>&ldquo;Foreign Benefit Plan&rdquo;</I></B> means any Employee
Benefit Plan established, maintained or contributed to outside of the United States of America or which covers any employee working or
residing outside of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><U>Business Arrangements</U></I>. Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus,
neither the Company nor any of its subsidiaries has granted exclusive rights to develop, manufacture, produce, assemble, distribute, license,
market or sell its products to any other person or is 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxvi) <I><U>Restrictions
on Subsidiary Payments to the Company</U></I>. 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&rsquo;s capital stock or other equity interests, from
repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s
property or assets to the Company or any other subsidiary of the Company, except as provided by applicable state law or described in or
contemplated by the Time of Sale Disclosure Package and the Prospectus.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Effect
of Certificates</U></I>. 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Firm
Shares</U></I>. 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 Firm Shares to the Underwriter, and the Underwriter agrees to purchase from
the Company the Firm Shares. The purchase price for each Firm Share shall be $<B>16.235</B> per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Firm Shares will be delivered
by the Company to you for the accounts of the Underwriter against payment of the purchase price therefor by wire transfer of same day
funds payable to the order of the Company at such location as may be mutually acceptable, at 9:00&nbsp;a.m. Central time on the second
(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 third) full
business day following the date hereof, or at such other time and date as you and the Company determine pursuant to Rule 15c6-1(a) under
the Exchange Act, such time and date of delivery being herein referred to as the <B><I>&ldquo;First Closing Date.&rdquo;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Option
Shares</U></I>. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions
herein set forth, the Company hereby grants to the Underwriter an option to purchase all or any portion of the Option Shares at the same
purchase price as the Firm Shares, for use solely in covering any over-allotments made by the Underwriter in the sale and distribution
of the Firm Shares. The option granted hereunder may be exercised in whole or in part at any time (but not more than once) within 30 days
after the date of this Agreement upon notice (confirmed in writing) by the Underwriter setting forth the aggregate number of Option Shares
as to which the Underwriter is exercising the option and the date and time, as determined by the Underwriter, when the Option Shares are
to be delivered, such time and date being herein referred to as the <B><I>&ldquo;Second Closing Date&rdquo;</I></B>; provided, however,
that the Second Closing Date shall not be earlier than the First Closing Date nor earlier than the second business day after the date
on which the option shall have been exercised. Each of the First Closing Date and the Second Closing Date may be referred to herein as
a <B><I>&ldquo;Closing Date.&rdquo; </I></B>No Option Shares shall be sold and delivered unless the Firm Shares previously have been,
or simultaneously are, sold and delivered.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Option 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 at such location as may be mutually acceptable at 9:00&nbsp;a.m. Central time on the Second Closing
Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Delivery</U></I>.
The Company shall deliver the Firm Shares and the Option Shares through the facilities of the Depository Trust Company unless the Underwriter
otherwise instructs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Covenants
of the Company</I></B>. The Company covenants and agrees with the Underwriter as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Required
Filings</U></I>. During the period beginning on the date hereof and ending on the later of the Second Closing Date or such date, as in
the opinion of counsel for the Underwriter, the Prospectus is no longer required by law to be delivered (assuming the absence of Rule
172 under the Securities Act), in connection with sales by the Underwriter or a dealer (the <B>&ldquo;<I>Prospectus Delivery Period&rdquo;</I></B>),
prior to amending or supplementing the Registration Statement (including any Rule 462(b) Registration Statement), the Time of Sale Disclosure
Package or the Prospectus, the Company shall furnish to the Underwriter for review a copy of each such proposed amendment or supplement,
and the Company shall not file any such proposed amendment or supplement to which the Underwriter or counsel to the Underwriter reasonably
objects. Subject to this Section 4(a), 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 and such other information as the
Company and the Underwriter may deem appropriate, and will file or transmit for filing with the Commission, in accordance with Rule 424(b)
or Rule 433, as the case may be, the Prospectus and each issuer free writing prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification
of Certain Commission Actions</U></I>. After the date of this Agreement and until the end of the Prospectus Delivery Period, the Company
shall promptly advise the Underwriter in writing (i) of the receipt of any comments of, or requests for additional or supplemental information
from, the Commission, (ii) 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, (iii) of the time and date that any
post-effective amendment to the Registration Statement becomes effective, (iv) 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
(v) of any proceedings to remove, suspend or terminate from listing or quotation the Common Shares 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 during the Prospectus Delivery Period, the Company will use its
best efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply
with the provisions of Rules 424(b) and 430B, as applicable, under the Securities Act and will use its reasonable efforts to confirm that
any filings made by the Company under Rule 424(b), Rule 433 or Rule 462 were received in a timely manner by the Commission (without reliance
on Rule 424(b)(8) or Rule 164(b)).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Continued
Compliance with Securities Laws</U></I>.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Blue
Sky Qualifications</U></I>. The Company shall take or cause to be taken all necessary action required by law to qualify the 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 as a dealer in securities or to execute a general consent to service of process in any state.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g) <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
and Reimbursement of Expenses</U></I>. The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement
is terminated, will pay or cause to be paid (i) all expenses (including transfer taxes allocated to the respective transferees) incurred
in connection with the delivery to the Underwriter of the Securities; (ii) all expenses and fees (including, without limitation, fees
and expenses of the Company&rsquo;s accountants and 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); (iii) all filing fees incurred in connection with the qualification
of the Securities for offering and sale by the Underwriter or by dealers under the securities or blue sky laws of the jurisdictions which
you shall designate; (iv) the fees and expenses of the Company&rsquo;s transfer agent or registrar; (v) the filing fees incident to any
required review and approval by FINRA of the terms of the sale of the Securities; (vi) listing fees, if any; (vii) the cost and expenses
of the Company relating to investor presentations or any &ldquo;roadshow&rdquo; undertaken in connection with marketing of the Securities;
(viii) all reasonable, out-of-pocket expenses of the Underwriter (including, but not limited to, reasonable fees and disbursements of
the Underwriter&rsquo;s counsel and the Underwriter&rsquo;s reasonable travel, lodging, database, printing, postage, facsimile and telephone
expenses) incurred in connection with the Underwriter&rsquo;s investigation of the Company, preparation to market and marketing the Securities,
sale of the Securities or in contemplation of performing their obligations hereunder, which amount shall not exceed $100,000 in the aggregate;
and (ix) all other costs and expenses of the Company incident to the performance of its obligations hereunder that are not otherwise specifically
provided for herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h) <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Proceeds</U></I>. 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Lock Up</U></I>. The Company will not, without the prior written consent of the Underwriter, from the date of execution of this Agreement
and continuing to and including the date 90 days after the date of the Prospectus (the <B><I>&ldquo;Lock-Up Period&rdquo;</I></B>), (i)
offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Common
Shares or any securities convertible into or exercisable or exchangeable for Common Shares or (ii) enter into any swap or other agreement
that transfers, in whole or in part, any of the economic consequences of ownership of the Common Shares, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common Shares or such other securities, in cash or otherwise, except,
in each case, for (w) the sale of the Securities as contemplated by this Agreement, (x) issuances of Common Shares upon the exercise or
conversion of options, warrants or convertible securities disclosed as outstanding in the Registration Statement, the Time of Sale Disclosure
Package and the Prospectus, (y) the issuance of employee stock options not exercisable during the Lock-Up Period and grants of restricted
shares or restricted stock units that will not vest during the Lock-Up Period, in each case pursuant to the Company&rsquo;s stock option,
stock bonus and other stock plans or arrangements, as in effect on the date hereof in the ordinary course of business consistent with
past practices and (z) the issuance of an aggregate of up to 1,800,000 unregistered Common Shares to Phillip and Alison Bendele pursuant
to that certain Agreement and Plan of Merger, dated as of April 15, 2021, by and among the Company, Inotiv Boulder, LLC, Rock MergeCo,
Inc., Bolder BioPATH Inc, Alison Bendele and Phillip Bendele. The Company agrees not to accelerate the vesting of any option or warrant
or the lapse of any repurchase right prior to the expiration of the Lock-Up Period.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m) <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Internal
Controls</U></I>. During the Prospectus Delivery Period, 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&rsquo;s rules and forms,
including without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the
reports that it files or submits under the Exchange Act is accumulated and communicated to the Company&rsquo;s management, including its
principal executive officer and its principal financial officer, or persons performing similar functions, as appropriate to allow timely
decisions regarding required disclosure, to ensure that material information relating to the Company, including its subsidiaries, is made
known to them by others within those entities.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o) <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Free
Writing Prospectuses</U></I>. Unless the Company obtained or obtains the prior written consent of the Underwriter, 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 Underwriter shall be
deemed to have been given in respect of the free writing prospectuses included in Schedule I hereto. Any such free writing prospectus
consented to by the Underwriter is hereinafter referred to as a <B><I>&ldquo;Permitted Free Writing Prospectus.&rdquo;</I></B> The Company
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Conditions
of Underwriter&rsquo;s Obligations</I></B>. The obligations of the Underwriter hereunder are subject to the accuracy, as of the date hereof
and at each of the First Closing Date and the Second Closing Date (as if made at such 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:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Required
Filings; Absence of Certain Commission Actions</U></I>. 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 be 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; and 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Continued
Compliance with Securities Laws</U></I>. 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Absence
of Certain Events</U></I>. Except as contemplated in the Time of Sale Disclosure Package and in the Prospectus, subsequent to the respective
dates as of which information is given in the Time of Sale Disclosure Package, 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 or other equity interests, other than cash dividends
or distributions to the Company or one of its subsidiaries; and there shall not have been any change in the capital stock (other than
a change in the number of outstanding Common Shares due to the issuance of shares upon the exercise of outstanding options or warrants),
or any material change in the short-term or long-term debt of the Company, or any issuance of options, warrants, convertible securities
or other rights to purchase the capital stock or other equity interests of the Company or any of its subsidiaries, or any event, occurrence
or development that has had a Material Adverse Effect or would reasonably be expected to have a Material Adverse Effect (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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Opinion
of Company Counsel</U></I>. On each Closing Date, there shall have been furnished to you the opinion of Ice Miller LLP, counsel for the
Company, dated such Closing Date and addressed to you, in form and substance reasonably satisfactory to you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Opinion
of Underwriter&rsquo;s Counsel</U></I>. On each Closing Date, there shall have been furnished to you such opinion or opinions from Faegre
Drinker Biddle &amp; Reath LLP, counsel for the Underwriter, dated such Closing Date and addressed to you, with respect to such matters
as you reasonably may request, and such counsel shall have received such papers and information as they request to enable them to pass
upon such matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Opinion
of Company&rsquo;s Intellectual Property Counsel</U></I>. On each Closing Date, there shall have been furnished to you the opinion of
Ice Miller LLP, intellectual property counsel for the Company, dated such Closing Date and addressed to you, in form and substance reasonably
satisfactory to you.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Officers&rsquo;
Certificate</U></I>. On each Closing Date, there shall have been furnished to you a certificate, dated such 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:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties of the Company in this Agreement are true and correct as if made at and as of such 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
such Closing Date;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>CFO
Certificate</U></I>.&nbsp;On the date hereof and on each Closing Date, the Company shall have furnished to you a certificate, dated as
of such date, signed on behalf of the Company by its chief financial officer, regarding certain financial information included in or incorporated
by reference into the Preliminary Prospectus and the Prospectus, respectively, in form and substance reasonably satisfactory to you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Lock-Up
Agreement</U></I>. You shall have received all of the Lock-Up Agreements referenced in Section 4(j) and the Lock-Up Agreements shall remain
in full force and effect.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Exchange
Listing</U></I>. The Securities to be delivered on such Closing Date shall have been approved for listing on the Nasdaq Capital Market,
subject to official notice of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All such opinions, certificates,
letters and other documents will be in compliance with the provisions hereof only if they are reasonably 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Indemnification
by the Company</U></I>. The Company agrees to indemnify and hold harmless the Underwriter, its affiliates, directors and officers and
each person, if any, who controls the Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the
Exchange Act, from and against any losses, claims, damages or liabilities, joint or several, to which the Underwriter may become subject,
under the Securities Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent
of the Company), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon
an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the Rule 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 and documented by it in connection with investigating or defending against such loss,
claim, damage, liability or action as such expenses are incurred; <I>provided, however,</I> that the Company will not be liable in any
such case to the extent that any such loss, claim, damage, liability or action (including any legal or other expense incurred in connection
with the investigation or defense thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in reliance upon and in conformity with written information furnished to the Company by you specifically for
use in the preparation thereof; it being understood and agreed that the only information furnished by the Underwriter consists of the
information described as such in Section&nbsp;6(e).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Notice
and Procedures</U></I>. 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 reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such
indemnified party of the indemnifying party&rsquo;s election so to assume the defense thereof, the indemnifying party shall not be liable
to such indemnified party under such subsection for any legal or other expenses subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable costs of investigation. An indemnifying party shall not be obligated under any settlement
agreement, consent to judgment or other compromise 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.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Contribution;
Limitations on Liability; Non-Exclusive Remedy</U></I>. If the indemnification provided for in this Section&nbsp;6 is unavailable or insufficient
to hold harmless an indemnified party under Section&nbsp;6(a) or 6(b), 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 Section&nbsp;6(a) or 6(b),
(i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriter
on the other from the offering of the Securities or (ii)&nbsp;if the allocation provided by clause&nbsp;(i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&nbsp;(i) above but
also the relative fault of the Company on the one hand and the Underwriter on the other in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and the Underwriter on the other shall be deemed to be in the same proportion as the total net
proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions
received by the Underwriter, in each case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Company or the Underwriter and the parties&rsquo; relevant intent, knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Underwriter agree that
it would not be just and equitable if contributions pursuant to this Section&nbsp;6(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
Section&nbsp;6(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 Section&nbsp;6(d) shall be deemed to include any legal or other expenses reasonably incurred and documented by
such indemnified party in connection with investigating or defending against any action or claim which is the subject of this Section&nbsp;6(d).
Notwithstanding the provisions of this Section&nbsp;6(d), the Underwriter shall not be required to contribute any amount in excess of
the amount by which the total underwriting discounts and commissions received by the Underwriter with respect to the 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&nbsp;11(f)
of the Securities 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Information
Provided by the Underwriter</U></I>. 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 under the caption &ldquo;Underwriting&rdquo; 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 or on behalf of 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.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Right
to Terminate</U></I>. The 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 First Closing Date, and the option referred to in Section&nbsp;3(b), if exercised, may be cancelled
at any time prior to the Second Closing Date, if (i)&nbsp;the Company shall have failed, refused or been unable, at or prior to such Closing
Date, to perform any agreement on its part to be performed hereunder, (ii)&nbsp;any condition of the Underwriter&rsquo;s obligations hereunder
is not fulfilled, (iii)&nbsp;trading in the Company&rsquo;s Common Shares shall have been suspended by the Commission or the Nasdaq Capital
Market or&nbsp;trading in securities generally on the NYSE American, Nasdaq Stock Market or New York Stock Exchange shall have been suspended,
(iv)&nbsp;minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required,
on the NYSE American, Nasdaq Stock Market or New York Stock Exchange, by such exchange or by order of the Commission or any other Governmental
Authority having jurisdiction, (v)&nbsp;a banking moratorium shall have been declared by federal or New York state authorities or a material
disruption in commercial banking or securities settlement or clearance services in the United States, or (vi)&nbsp;there shall have occurred
any attack on, outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration by the United States
of a national emergency or war, any material adverse change in financial markets, any substantial change or development involving a prospective
substantial change in United States or international political, financial or economic conditions, or any other calamity or crisis that,
in your 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Notice
of Termination</U></I>. If you elect to terminate this Agreement as provided in this Section 8, you shall promptly notify the Company
by telephone, confirmed by letter.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Notices</I></B>.
Except as otherwise provided herein, all communications hereunder shall be in writing and, if to the Underwriter, shall be mailed via
overnight delivery service or hand delivered to Colliers Securities LLC, 90 South Seventh Street, Suite 4300, Minneapolis, Minnesota 55402,
Attention: Andrew Pafko, with a copy to (which shall not constitute notice) Faegre Drinker Biddle &amp; Reath LLP, 2200 Wells Fargo Center,
90 South Seventh Street, Minneapolis, Minnesota 55402, Attention: Jonathan R. Zimmerman; if to the Company, shall be mailed via overnight
delivery service or hand delivered to it at 2701 Kent Avenue, West Lafayette, Indiana 47906, Attention: Beth A. Taylor, with a copy to
(which shall not constitute notice) Ice Miller LLP, One American Square, Suite 2900, Indianapolis, Indiana 46282, Attention: Stephen J.
Hackman; 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Absence
of Fiduciary Relationship</I></B>. The Company acknowledges and agrees that: (a) the Underwriter has been retained solely to act as underwriter
in connection with the sale of the Securities and that no fiduciary, advisory or agency relationship between the Company and the Underwriter
has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Underwriter has advised
or is advising the Company on other matters; (b) the price and other terms of the 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 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 shareholders, employees or
creditors of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Recognition
of the U.S. Special Resolution Regimes</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>In
the event that the Underwriter is a Covered Entity and becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from the Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Underwriter is a Covered Entity and the Underwriter or a BHC Act Affiliate of the Underwriter becomes subject to a
proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Underwriter are
permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if
this Agreement were governed by the laws of the United States or a state of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Section 12:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&ldquo;BHC Act Affiliate&rdquo;</I></B>
has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&ldquo;Covered Entity&rdquo;</I></B>
means any of the following: (i) a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 &sect; 252.82(b); (ii) a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b);
or (iii) a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&ldquo;Default Right&rdquo;</I></B>
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as
applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&ldquo;U.S. Special
Resolution Regime&rdquo;</I></B> means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)
Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Law; Waiver of Jury Trial</I></B>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its shareholders and affiliates) and the Underwriter
hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Counterparts</I></B>.
This Agreement may be executed and delivered (including by electronic mail attaching a portable document file (.pdf)) 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
Provisions.</I></B> This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written
or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof, including
that certain engagement letter (other than the Section therein entitled &ldquo;Confidentiality&rdquo;), dated April 8, 2021, by and between
the Company and the Underwriter. 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.</P>

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please sign and return to
the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between the Company and the Underwriter
in accordance with its terms.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Inotiv, Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Beth A. Taylor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Beth A. Taylor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its: Chief Financial Officer and Vice President - Finance</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Confirmed as of the date first</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Thomas Steichen</FONT></TD>
    <TD STYLE="width: 62%">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Its: Executive Vice President, General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-align: justify; text-indent: -0.2in">&amp; Chief Compliance
Officer</P>

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Underwriting Agreement]</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Firm Shares: <B>2,647,059 </B>shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Option Shares: <B>397,058 </B>shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Price to the public: $<B>17.00</B> per share</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Price to the Underwriter: $<B>16.235</B> per share</P>

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

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Robert W. Leasure, Jr.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Beth A. Taylor</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Philip A. Downing</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Gregory C. Davis</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Richard A. Johnson</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Kimberly L. Sagartz</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Peter T. Kissinger</B></P>

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Common Shares Lock-Up Agreement</B></P>

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

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

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

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

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

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

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



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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2113668d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 21, 2021</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2701 Kent Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">West Lafayette, Indiana 47906-1382</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We deliver this opinion with
respect to certain matters in connection with the offering by Inotiv, Inc., an Indiana corporation (the &ldquo;<U>Company</U>&rdquo;),
of up to 3,044,117 of the Company&rsquo;s Common Shares (the &ldquo;<U>Shares</U>&rdquo;), to be issued pursuant to that certain Underwriting
Agreement (the &ldquo;<U>Underwriting Agreement</U>&rdquo;), dated as of even date herewith, by and among the Company and Colliers Securities
LLC. The Shares were registered pursuant to the Registration Statement on Form S-3 (File No. 333-253309) (the &ldquo;<U>Registration Statement</U>&rdquo;)
previously filed by the Company with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) on February 19, 2021
under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), and the prospectus dated March 1, 2021 included
therein (the &ldquo;<U>Base Prospectus</U>&rdquo;), as supplemented by the preliminary prospectus supplement dated April 20, 2021 and
the final prospectus supplement dated April 21, 2021, filed with the Commission pursuant to Rule 424(b) under the Securities Act (collectively,
the &ldquo;<U>Prospectus Supplements</U>&rdquo; and, together with the Base Prospectus, the &ldquo;<U>Prospectus</U>&rdquo;). The Shares
are to be sold by the Company as described in the Registration Statement, the Prospectus and the Underwriting Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with our opinion
expressed below we have examined originals or copies of the Company&rsquo;s Second Amended and Restated Articles of Incorporation, as
amended, filed with, and certified by, the Indiana Secretary of State (the &ldquo;<U>Articles</U>&rdquo;) and the Company&rsquo;s Second
Amended and Restated Bylaws (the &ldquo;<U>Bylaws</U>&rdquo;), the Registration Statement, together with the Exhibits filed as a part
thereof and all other documents incorporated therein by reference, the Prospectus, certain corporate proceedings of the Company&rsquo;s
board of directors (the &ldquo;<U>Board</U>&rdquo;) or a committee or committees thereof relating to the Registration Statement, and such
other agreements, documents, certificates and statements of the Company, its transfer agent and public or government officials, as we
have deemed advisable, and have examined such questions of law as we have considered necessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have assumed the authenticity
of all documents submitted to us as originals, the genuineness of all signatures on documents submitted to us, the conformity to originals
and completeness of all documents submitted to us as copies, the legal capacity of all persons or entities executing the same, the absence
of any undisclosed termination, modification, waiver or amendment to any document reviewed by us, the absence of any other extrinsic agreements
or documents that might change or affect the interpretation or terms of documents we have reviewed, and the due authorization, execution
and delivery of all such documents where due authorization, execution and delivery are prerequisites to the effectiveness thereof. In
giving our opinion, we have also relied upon a certificate of existence regarding the Company issued by the Indiana Secretary of State
dated April 16, 2021 and a management certificate addressed to us and dated of even date herewith executed by the Company containing certain
factual representations by the Company.</P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 38px; width: 670px"></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv, Inc.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 21, 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We render this opinion only
with respect to, and express no opinion herein concerning the application or effect of any laws other than, the existing Indiana Business
Corporation Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with our opinions
expressed below, we have assumed that, (i) at or prior to the time of the issuance and delivery of any of the Shares, there will not have
occurred any change in the law or the facts affecting the validity of the Shares, any change in actions of the Board or the Company&rsquo;s
shareholders, or any amendments to the Articles or Bylaws, and (ii) at the time of the offer, issuance and sale of any Shares, no stop
order suspending the Registration Statement&rsquo;s effectiveness will have been issued and remain in effect, and that the Registration
Statement will not have been modified or rescinded. We also have assumed that the issuance and delivery of the Shares subsequent to the
date hereof will not result in a violation of the Articles or any provision of any instrument or agreement then binding upon the Company
or any restriction imposed by any court or governmental body then having jurisdiction over the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
we are of the opinion that, when the Shares are issued, sold and delivered in the manner and for the consideration stated in the Registration
Statement, the Prospectus and the resolutions adopted by the Board or a committee thereof referenced above, such Shares will be validly
issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We consent to the filing of
this opinion as an exhibit to Form 8-K and further consent to all references to us, if any, in the Registration Statement, the Prospectus
and any amendments or supplements thereto. In giving this consent, we do not thereby admit that we come within the category of persons
whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;This opinion is intended
solely for use in connection with the issuance and sale of the Shares subject to the Registration Statement and is not to be relied upon
for any other purpose. This opinion is rendered as of the date first written above and based solely on our understanding of facts in existence
as of such date after the aforementioned examination. We assume no obligation to advise you of any fact, circumstance, event or change
in the law or the facts that may hereafter be brought to our attention whether or not such occurrence would affect or modify any of the
opinions expressed herein.</P>

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

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

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

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

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

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

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>tm2113668d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="margin: 0; text-align: right">&nbsp;<IMG SRC="logo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Inotiv, Inc. Announces Proposed Public Offering
of Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WEST LAFAYETTE, IN</B>, April 20, 2021 &ndash;
<B>Inotiv, Inc. (NASDAQ:NOTV) (the &ldquo;Company&rdquo;, &ldquo;We&rdquo;, &ldquo;Our&rdquo; or &ldquo;Inotiv&rdquo;)</B>, a leading
contract research organization specializing in nonclinical and analytical drug discovery and development services, today announced that
it intends to offer and sell its common shares in an underwritten public offering. In connection with this proposed offering, the Company
expects to grant the underwriter a 30-day option to purchase up to an additional 15% of the common shares to be sold in the proposed offering
at the public offering price, less the underwriting discount. The proposed offering is subject to market and other conditions, and there
can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed offering.
All of the shares are being offered by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to use the net proceeds from
the offering, together with its existing cash and cash equivalents, amounts available under its existing credit facilities and any new
debt financing, to finance the aggregate cash consideration of approximately $40.5 million for the acquisitions of Bolder BioPATH, Inc.
and HistoTox Labs, Inc. The Company may also use the net proceeds to pay a portion of the purchase price of approximately $4.7 million
for the Company&rsquo;s St. Louis facility, contingent on the Company receiving financing and obtaining related business incentives. The
Company intends to use the remaining net proceeds of the offering, if any, for working capital and other general corporate purposes, which
may include acquisitions or investments in complementary businesses, technologies or other assets, although the Company has no present
commitments or agreements to do so (other than with respect to the Bolder BioPATH, Inc. and HistoTox Labs, Inc. acquisitions).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Colliers Securities LLC is acting as Bookrunner
and Sole Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The common shares will be issued pursuant to an
effective shelf registration statement and base prospectus that was declared effective by the Securities and Exchange Commission (the
 &ldquo;SEC&rdquo;) on March 1, 2021. The common shares may only be offered by means of a prospectus. A preliminary prospectus supplement
and accompanying prospectus have been filed with the SEC and are available on the SEC&rsquo;s website at www.sec.gov. The final terms
of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC. Copies of the preliminary prospectus
supplement and accompanying prospectus relating to the offering may be obtained by contacting Colliers Securities LLC, 90 South Seventh
Street, Suite 4300, Minneapolis, Minnesota 55402 or by email at prospectus@colliers.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release does not and shall not constitute
an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or
other 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 other jurisdiction.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inotiv, Inc., is a pharmaceutical development
company providing contract research services and monitoring instruments to emerging pharmaceutical companies and the world's leading
drug development companies and medical research organizations. The Company focuses on developing innovative services supporting its clients&rsquo;
discovery and development objectives for improved decision-making and accelerated goal attainment. The Company&rsquo;s products focus
on increasing efficiency, improving data, and reducing the cost of taking new drugs to market. Visit <FONT STYLE="color: #FF8F1C"><U>inotivco.com
</U></FONT>for more information about the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This release contains forward-looking statements,
including, but not limited to, expectations regarding completion, timing and size of our proposed public offering of common shares, that
are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to market conditions and satisfaction
of customary closing conditions related to our proposed public offering, changes in the market and demand for our products and services,
the development, marketing and sales of products and services, changes in technology, industry and regulatory standards, the timing of
acquisitions and the successful closing, integration and business and financial impact thereof, the impact of the COVID-19 pandemic on
the economy, demand for our services and products and our operations, including the measures taken by governmental authorities to address
the pandemic, which may precipitate or exacerbate other risks and/or uncertainties and various other market and operating risks, including
those detailed in the Company's filings with the U.S. Securities and Exchange Commission.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><B>Company Contact</B></TD>
    <TD STYLE="width: 16%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: justify"><B>Investor Relations</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Inotiv, Inc. </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">The Equity Group Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Beth A. Taylor, Chief Financial Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Kalle Ahl, CFA</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(765) 497-8381</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(212) 836-9614</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #FF8F1C"><U>btaylor@inotivco.com</U></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #FF8F1C"><U>kahl@equityny.com</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Devin Sullivan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(212) 836-9608</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #FF8F1C"><U>dsullivan@equityny.com</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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

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    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>tm2113668d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

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

<P STYLE="margin: 0; text-align: right">&nbsp;<IMG SRC="logo.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Inotiv, Inc. Announces Pricing of Public Offering
of 2,647,059 Common Shares</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WEST LAFAYETTE, IN</B>, April 21, 2021 &ndash;
<B>Inotiv, Inc. (NASDAQ:NOTV) (the &ldquo;Company&rdquo;, &ldquo;We&rdquo;, &ldquo;Our&rdquo; or &ldquo;Inotiv&rdquo;)</B>, a leading
contract research organization specializing in nonclinical and analytical drug discovery and development services, today announced the
pricing of an underwritten public offering of 2,647,059 of its common shares at a price to the public of $17.00 per share. The gross proceeds
to the Company from this offering, before deducting the underwriting discount and offering expenses payable by the Company, are expected
to be approximately $45.0 million. All of the shares are being offered by the Company. The offering is expected to close on or about April
23, 2021. In addition, the Company has granted the underwriter a 30-day option to purchase up to an additional 397,058 of its common shares
at the public offering price, less the underwriting discount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to use the net proceeds from
the offering, together with its existing cash and cash equivalents, amounts available under its existing credit facilities and any new
debt financing, to finance the aggregate cash consideration of approximately $40.5 million for the acquisitions of Bolder BioPATH, Inc.
and HistoTox Labs, Inc. The Company may also use the net proceeds to pay a portion of the purchase price of approximately $4.7 million
for the Company&rsquo;s St. Louis facility, contingent on the Company receiving financing and obtaining related business incentives. The
Company intends to use the remaining net proceeds of the offering, if any, for working capital and other general corporate purposes, which
may include acquisitions or investments in complementary businesses, technologies or other assets, although the Company has no present
commitments or agreements to do so (other than with respect to the Bolder BioPATH, Inc. and HistoTox Labs, Inc. acquisitions).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Colliers Securities LLC is acting as Bookrunner
and Sole Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The common shares will be issued pursuant to an
effective shelf registration statement and base prospectus that was declared effective by the Securities and Exchange Commission (the
 &ldquo;SEC&rdquo;) on March 1, 2021. The common shares may only be offered by means of a prospectus. A preliminary prospectus supplement
and accompanying prospectus have been filed with the SEC and are available on the SEC&rsquo;s website at www.sec.gov. The final terms
of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC. Copies of the preliminary prospectus
supplement and accompanying prospectus relating to the offering may be obtained by contacting Colliers Securities LLC, 90 South Seventh
Street, Suite 4300, Minneapolis, Minnesota 55402 or by email at prospectus@colliers.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release does not and shall not constitute
an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or
other 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 other jurisdiction.</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inotiv, Inc., is a pharmaceutical development
company providing contract research services and monitoring instruments to emerging pharmaceutical companies and the world's leading
drug development companies and medical research organizations. The Company focuses on developing innovative services supporting its clients&rsquo;
discovery and development objectives for improved decision-making and accelerated goal attainment. The Company&rsquo;s products focus
on increasing efficiency, improving data, and reducing the cost of taking new drugs to market. Visit <FONT STYLE="color: #FF8F1C"><U>inotivco.com
</U></FONT>for more information about the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This release contains forward-looking statements,
including, but not limited to, expectations regarding completion, timing and size of the Company&rsquo;s proposed public offering of common
shares, that are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to market conditions
and satisfaction of customary closing conditions related to the Company&rsquo;s proposed public offering, changes in the market and demand
for the Company&rsquo;s products and services, the development, marketing and sales of products and services, changes in technology, industry
and regulatory standards, the timing of acquisitions and the successful closing, integration and business and financial impact thereof,
the impact of the COVID-19 pandemic on the economy, demand for the Company&rsquo;s services and products and the Company&rsquo;s operations,
including the measures taken by governmental authorities to address the pandemic, which may precipitate or exacerbate other risks and/or
uncertainties and various other market and operating risks, including those detailed in the Company's filings with the U.S. Securities
and Exchange Commission.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><B>Company Contact</B></TD>
    <TD STYLE="width: 16%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: justify"><B>Investor Relations</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Inotiv, Inc.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">The Equity Group Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Beth A. Taylor, Chief Financial Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Kalle Ahl, CFA</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(765) 497-8381</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(212) 836-9614</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #FF8F1C"><U>btaylor@inotivco.com</U></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #FF8F1C"><U>kahl@equityny.com</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Devin Sullivan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(212) 836-9608</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #FF8F1C"><U>dsullivan@equityny.com</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
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<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_001.jpg
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<DOCUMENT>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
