<SEC-DOCUMENT>0001104659-19-057302.txt : 20191029
<SEC-HEADER>0001104659-19-057302.hdr.sgml : 20191029
<ACCEPTANCE-DATETIME>20191029171102
ACCESSION NUMBER:		0001104659-19-057302
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20191029
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191029
DATE AS OF CHANGE:		20191029

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZYNEX INC
		CENTRAL INDEX KEY:			0000846475
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				870403828
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38804
		FILM NUMBER:		191176516

	BUSINESS ADDRESS:	
		STREET 1:		9990 PARK MEADOWS DRIVE
		CITY:			LONE TREE
		STATE:			CO
		ZIP:			80124
		BUSINESS PHONE:		(303) 703-4906

	MAIL ADDRESS:	
		STREET 1:		9990 PARK MEADOWS DRIVE
		CITY:			LONE TREE
		STATE:			CO
		ZIP:			80124

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZYNEX MEDICAL HOLDINGS INC
		DATE OF NAME CHANGE:	20050812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZYNEX MEDICAL HOLDINGS   INC
		DATE OF NAME CHANGE:	20040120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FOX RIVER HOLDINGS  INC
		DATE OF NAME CHANGE:	20031126
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm1921296d1_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 -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):
October 29, 2019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt"><B><U>Zynex,
Inc.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">Nevada</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">001-38804</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">90-0275169</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction<BR>
 &nbsp;of incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Commission File<BR>
Number</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(I.R.S. Employer Identification number)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>9555 Maroon Circle, Englewood,
CO 80112</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal
executive offices)&nbsp;&nbsp;(Zip Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Registrant's telephone number, including
area code:&nbsp;&nbsp;&nbsp;<U>(303) 703-4906</U></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; 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">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">&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">&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">&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;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0">Securities registered pursuant to Section 12(b) of the Act:</P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-left: black 1pt solid; padding: 0; border-bottom: black 1pt solid; text-align: center; text-indent: 0">Title of each class</TD>
    <TD STYLE="width: 34%; border-left: black 1pt solid; padding: 0; border-bottom: black 1pt solid; text-align: center; text-indent: 0">Ticker symbol(s)</TD>
    <TD STYLE="width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center; text-indent: 0">Name of each exchange on which registered</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center; text-indent: 0">Common Stock, $0.001 par value per share</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center; text-indent: 0">ZYXI</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-align: center; text-indent: 0">The Nasdaq Stock Market LLC</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2).</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 4.5in">Emerging growth company&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>ITEM 1.01.</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement.</B></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">On October 29, 2019, Zynex, Inc. (the &ldquo;Company&rdquo;),
entered into an Equity Distribution Agreement (the &ldquo;Equity Distribution Agreement&rdquo;) with Piper Jaffray &amp; Co., as
sales agent (the &ldquo;Agent&rdquo;), pursuant to which the Company may offer and sell, from time to time, through the Agent (the
 &ldquo;Offering&rdquo;), up to $50,000,000 in shares of its common stock, par value $0.001 per share (the &ldquo;Shares&rdquo;).
Any Shares offered and sold in the Offering will be issued pursuant to the Company&rsquo;s Registration Statement on Form S-3 (File
No. 333-230128) filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 7, 2019 (the &ldquo;Registration
Statement&rdquo;) and declared effective by the SEC on March 12, 2019, the prospectus supplement relating to the Offering filed
with the SEC on October 29, 2019, and any applicable additional prospectus supplements related to the Offering that form a part
of the 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">Subject to the terms and conditions of
the Equity Distribution Agreement, the Agent will use its commercially reasonable efforts to sell the Shares from time to time,
based upon the Company&rsquo;s instructions. Under the Equity Distribution Agreement, the Agent may sell the Shares by any method
permitted by applicable law deemed to be an &ldquo;at the market&rdquo; offering as defined in Rule 415 promulgated under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), including sales made directly on the Nasdaq Capital Market.</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 has no obligation to sell any
of the Shares and may at any time suspend offers under the Equity Distribution Agreement. The Offering will terminate upon the
earlier of (i) the sale of all of the Shares or (ii) the termination of the Equity Distribution Agreement according to its terms
by either the Company or the Agent. The Company and the Agent may each terminate the Equity Distribution Agreement at any time
by giving advance written notice to the other party as required by the Equity Distribution Agreement. The Equity Distribution Agreement
contains representations and warranties for the benefit of the Company and the Agent and other terms customary for similar agreements.</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">Under the terms of the Equity Distribution
Agreement, the Agent will be entitled to a commission at a rate of 3.0% of the gross proceeds from each sale of Shares under the
Equity Distribution Agreement. The Company will also reimburse the Agent for certain expenses incurred in connection with the Equity
Distribution Agreement and has agreed to provide indemnification and contribution to the Agent with respect to certain liabilities,
including liabilities under the Securities Act and the Securities Exchange Act of 1934, 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; text-align: justify">The Company currently intends to use any
net proceeds from the Offering for working capital and general corporate purposes.</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 foregoing description of the Equity
Distribution Agreement is not complete and is qualified in its entirety by reference to the full text of the Equity Distribution
Agreement filed as Exhibit 1.1 hereto, which 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">This Current Report on Form 8-K shall not
constitute an offer to sell or the solicitation of any offer to buy the Shares, nor shall there be any offer, solicitation, or
sale of the Shares in any state or country in which such offer, solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any state or country.</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 opinion of Sichenzia Ross Ference LLP,
the Company&rsquo;s legal counsel, regarding the validity of the Shares is filed as Exhibit 5.1 hereto. This opinion is also filed
with reference to, and is hereby incorporated by reference into, the Registration Statement.</P>

<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: 1in; text-align: left"><B>ITEM 9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></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">(d) Exhibits</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>

<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: 10%; padding: 0; text-align: justify; text-indent: 0"><B><U>Number</U></B></TD>
    <TD STYLE="width: 90%; padding: 0; text-align: justify; text-indent: 0"><B><U>Description</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><A HREF="tm1921296d1_ex1-1.htm" STYLE="-sec-extract: exhibit">1.1*</A></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><A HREF="tm1921296d1_ex1-1.htm" STYLE="-sec-extract: exhibit">Equity Distribution Agreement, dated as of October 29, 2019, by and between Zynex, Inc. and Piper Jaffray &amp; Co.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><A HREF="tm1921296d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><A HREF="tm1921296d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Sichenzia Ross Ference LLP.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><A HREF="tm1921296d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><A HREF="tm1921296d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Sichenzia Ross Ference LLP (included in Exhibit 5.1).</A></TD></TR>
</TABLE>


<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>

<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">*</TD><TD STYLE="text-align: justify">Attachments omitted pursuant to Item 601 (a)(5) of Regulation
S-K. The
names of the omitted attachments are reference in the as-filed exhibit.</TD>
</TR></TABLE>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">Dated: October 29, 2019</TD>
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">ZYNEX, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">/s/ Dan Moorhead</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Dan Moorhead</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Financial Officer</TD></TR>
</TABLE>


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



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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm1921296d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1-1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

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



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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EQUITY DISTRIBUTION AGREEMENT</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: right">October&nbsp;29, 2019</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">800 Nicollet Mall</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As further set forth
in this agreement (this <B><I>&ldquo;Agreement&rdquo;</I></B>), Zynex,&nbsp;Inc., a company organized under the laws of the State
of Nevada (the <B><I>&ldquo;Company&rdquo;</I></B>), proposes to issue and sell from time to time through Piper Jaffray&nbsp;&amp;
Co. (the <B><I>&ldquo;Agent&rdquo;</I></B>), as sales agent, the Company&rsquo;s common stock, par value $0.001 per share (the
<B><I>&ldquo;Common Stock&rdquo;</I></B>), having an aggregate offering price of up to $50,000,000 (such shares of Common Stock
to be sold pursuant to this Agreement, the <B><I>&ldquo;Shares&rdquo;</I></B>), on terms set forth herein. Notwithstanding anything
to the contrary contained herein, the parties hereto agree that compliance with the limitation set forth in Section&nbsp;2 of this
Agreement on the number of shares of Shares issued and sold under this Agreement shall be the sole responsibility of the Company,
and the Agent shall have no obligation in connection with such compliance.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby
confirms its agreement with the Agent with respect to the sale of the Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>1.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Representations
and Warranties of the Company</I></B>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company represents and warrants to, and agrees with, the Agent that as of the date of this Agreement, each Representation Date,
each date on which a Placement Notice (as defined in Section&nbsp;2(a)(i)&nbsp;below) is given, and any date on which Shares are
sold hereunder as follows:</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Registration
Statement and Prospectus</I>. The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended,
and the rules&nbsp;and regulations thereunder (collectively, the <B><I>&ldquo;Securities Act&rdquo;</I></B>), with the Securities
and Exchange Commission (the <B><I>&ldquo;Commission&rdquo;</I></B>) a registration statement on Form&nbsp;S-3 (File No.&nbsp;333-230128),
including a base prospectus, relating to certain securities, including the Common Stock, to be issued from time to time by the
Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions
of the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations thereunder (collectively, the <B><I>&ldquo;Exchange
Act&rdquo;</I></B>). The Company has prepared a prospectus supplement to the base prospectus included as part of such registration
statement specifically relating to the Shares (the <B><I>&ldquo;Prospectus Supplement&rdquo;</I></B>). The Company has furnished
to the Agent, for use by Agent, copies of the prospectus included as part of such registration statement, as supplemented by the
Prospectus Supplement, relating to the Shares. Except where the context otherwise requires, such registration statement, as amended
when it became effective, including all documents filed as part thereof or incorporated by reference therein, and including any
information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under
the Securities Act or deemed to be a part of such registration statement pursuant to Rule&nbsp;430B or 462(b)&nbsp;of the Securities
Act, is herein called the <B><I>&ldquo;Registration Statement.&rdquo;</I></B> The base prospectus, including all documents incorporated
therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form
in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant
to Rule&nbsp;424(b)&nbsp;under the Securities Act, together with any &ldquo;issuer free writing prospectus,&rdquo; as defined in
Rule&nbsp;433 of the Securities Act regulations (<B><I>&ldquo;Rule&nbsp;433&rdquo;</I></B>), relating to the Shares, if any, that
(i)&nbsp;is required to be filed with the Commission by the Company or (ii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i),
in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained
in the Company&rsquo;s records pursuant to Rule&nbsp;433(g), is herein called the <B><I>&ldquo;Prospectus.&rdquo;</I></B> Any reference
herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include
the documents incorporated by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo;
or &ldquo;supplement&rdquo; with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include
the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. For purposes
of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall
be deemed to include any copy filed with the Commission pursuant the Electronic Data Gathering Analysis and Retrieval System (&ldquo;<B><I>EDGAR&rdquo;</I></B>).</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Continuing
Effectiveness of Registration Statement</I>. The Registration Statement and any Rule&nbsp;462(b)&nbsp;Registration Statement have
been declared effective by the Commission under the Securities Act. The Company has complied, to the Commission&rsquo;s satisfaction,
with all requests of the Commission for additional or supplemental information. No stop order suspending the effectiveness of the
Registration Statement or any Rule&nbsp;462(b)&nbsp;Registration Statement is in effect and no proceedings for such purpose have
been instituted or are pending or, to the knowledge of the Company, contemplated or threatened by the Commission. The Company meets
the requirements for use of Form&nbsp;S-3 under the Securities Act. The sale of the Shares hereunder meets the requirements of
General Instruction I.B.1 or I.B.6 of Form&nbsp;S-3.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Material Misstatements or Omissions</I>. The Prospectus when filed complied, and as amended or supplemented, if applicable, will
comply in all material respects with the Securities Act. Each of the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration
Statement, the Prospectus and any post-effective amendments or supplements thereto, at the time it became effective or its date,
as applicable, and as of each Settlement Date (as defined in Section&nbsp;2(a)(vii)&nbsp;below), complied in all material respects
with the Securities Act, and as of each effective date and each Settlement Date, did not and will not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading. The Prospectus, as amended or supplemented, as of its date, did not and, as of each Settlement Date, will not contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the
two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration
Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance
upon and in conformity with information relating to the Agent furnished to the Company in writing by the Agent expressly for use
therein. There are no contracts or other documents required to be described in the Prospectus or to be filed as exhibits to the
Registration Statement which have not been described or filed as required.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Eligible
Issuer</I>. The Company is not an &ldquo;ineligible issuer&rdquo; (as defined in Rule&nbsp;405 under the Securities Act) as of
the eligibility determination date for purposes of Rules&nbsp;164 and 433 under the Securities Act with respect to the offering
of the Shares contemplated by the Registration Statement; the parties hereto agree and understand that the content of any and all
 &ldquo;road shows&rdquo; (as defined in Rule&nbsp;433 under the Securities Act) related to the offering of the Shares contemplated
hereby is solely the property of the Company.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Financial
Statements</I>. The historical financial statements (including the related notes and supporting schedules) to be included or incorporated
by reference, in the Registration Statement, and the Prospectus comply as to form in all material respects with the requirements
of Regulation S-X under the Securities Act (<B><I>&ldquo;Regulation S-X&rdquo;</I></B>) and present fairly the financial condition,
results of operations and cash flows of the entities purported to be shown thereby at the dates and for the periods indicated and
have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis
throughout the periods involved. There are no financial statements (historical or pro forma) that are required to be included in
the Registration Statement or the Prospectus that are not so included as required. The interactive data in eXtensible Business
Reporting Language (<B><I>&ldquo;XBRL&rdquo;</I></B>) included or incorporated by reference in the Registration Statement and the
Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&rsquo;s
rules&nbsp;and guidelines applicable thereto.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Off-Balance Sheet Transactions</I>.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">There are no transactions,
arrangements and other relationships between and/or among the Company, and/or, to the knowledge of the Company, any of its affiliates
and any unconsolidated entity, including, but not limited to, any structural finance, special purpose or limited purpose entity
(each, an &ldquo;<B><I>Off-Balance Sheet Transaction&rdquo;</I></B>) that could reasonably be expected to affect materially the
Company&rsquo;s liquidity or the availability of or requirements for its capital resources, including those Off Balance Sheet Transactions
described in the Commission&rsquo;s Statement about Management&rsquo;s Discussion and Analysis of Financial Conditions and Results
of Operations (Release Nos. 33-8056; 34-45321; FR-61), and are required to be described in the Prospectus, which have not been
described as required.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Auditor
Independence.</I> Each of Plante&nbsp;&amp; Moran PLLC and EKS&amp;H LLLP, who have certified certain financial statements of the
Company and its consolidated subsidiaries (the <B><I>&ldquo;subsidiaries&rdquo;</I></B>), whose report appears in the Registration
Statement and the Prospectus, are independent public accountants as required by the Securities Act and the Public Accounting Oversight
Board.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Material Adverse Effect</I>. The Company and each of its subsidiaries (a complete list of the subsidiaries is included as <U>Schedule
4</U> hereto) has been duly organized, validly existing as a corporation and in good standing under the laws of their respective
jurisdictions of organization. The Company and each of its subsidiaries are, and will be, duly licensed or qualified as a foreign
corporation for transaction of business and in good standing under the laws of each other jurisdiction in which their respective
ownership or lease of property or the conduct of their respective businesses requires such license or qualification, and have all
corporate power and authority necessary to own or hold their respective properties and to conduct their respective businesses as
described in the Registration Statement and the Prospectus, except where the failure to be so qualified or in good standing or
have such power or authority would not, individually or in the aggregate, have a material adverse effect or would reasonably be
expected to have a material adverse effect on or affecting the assets, business, operations, earnings, properties, condition (financial
or otherwise), prospects, stockholders&rsquo; equity or results of operations of the Company and the subsidiaries taken as a whole,
or prevent or materially interfere with consummation of the transactions contemplated hereby (a <B><I>&ldquo;Material Adverse Effect&rdquo;</I></B>).
The Company does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries
listed in Exhibit&nbsp;21 to the Company&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2018
except for subsidiaries that in the aggregate would not constitute a &ldquo;significant subsidiary&rdquo; (as defined in Rule&nbsp;405
under the Securities Act).</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Capitalization</I>.
The Company has an authorized capitalization as set forth in each of the Registration Statement and the Prospectus, and all of
the issued shares of Common Stock of the Company have been duly authorized and validly issued, are fully paid and non-assessable,
conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus and were
not issued in violation of any preemptive right, resale right, right of first refusal or similar right. All of the Company&rsquo;s
options, warrants and other rights to purchase or exchange any securities for shares of the Company&rsquo;s capital stock have
been duly authorized and validly issued, and conform in all material respects to the description thereof contained in the Registration
Statement and the Prospectus. All of the issued shares of capital stock or other ownership interest of each subsidiary of the Company
have been duly authorized and validly issued, are fully paid and non-assessable and are owned directly or indirectly by the Company,
free and clear of all liens, encumbrances, equities or claims, except for such liens, encumbrances, equities or claims as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Due
Authorization, Valid Issuance and Non-Assessiblity of Shares</I>. The Shares to be issued and sold by the Company to the Agent
hereunder have been duly authorized and, upon payment and delivery in accordance with this Agreement, will be validly issued, fully
paid and non-assessable, will conform in all material respects to the description thereof contained in the Registration Statement
and the Prospectus, will be issued in compliance with federal and state securities laws and will be free of statutory and contractual
preemptive rights, rights of first refusal and similar rights.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Authority
to Enter into this Agreement</I>. The Company has all requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement. This Agreement has been duly and validly authorized, executed and delivered by the Company.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Non-Contravention</I>.
The issue and sale of the Shares, the execution, delivery and performance of this Agreement by the Company, the consummation of
the transactions contemplated hereby and the application of the proceeds from the sale of the Shares as described under &ldquo;Use
of Proceeds&rdquo; in the Registration Statement and the Prospectus will not (i)&nbsp;conflict with or result in a breach or violation
of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of the Company and its
subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement
or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is
bound or to which any of the property or assets of the Company or any of its subsidiaries is subject; (ii)&nbsp;result in any violation
of the provisions of the articles of association, charter or by-laws (or similar organizational documents) of the Company or any
of its subsidiaries; or (iii)&nbsp;result in any violation of any statute or any judgment, order, decree, rule&nbsp;or regulation
of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties
or assets, except, with respect to clauses (i)&nbsp;and (iii), for such conflicts, breaches, violations, liens, charges, encumbrances
or defaults that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Consent or Approval Required</I>. No consent, approval, authorization or order of, or filing, registration or qualification with,
any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties
or assets is required for the issue and sale of the Shares, the execution, delivery and performance of this Agreement by the Company,
the consummation of the transactions contemplated hereby, the application of the proceeds from the sale of the Shares as described
under &ldquo;Use of Proceeds&rdquo; in the Registration Statement and the Prospectus, except for (i)&nbsp;the registration of the
Shares under the Securities Act; (ii)&nbsp;such consents, approvals, authorizations, orders, filings, registrations or qualifications
as may be required under the Exchange Act, and applicable state or foreign securities laws and/or the bylaws and rules&nbsp;of
the Financial Industry Regulatory Authority,&nbsp;Inc. (the <B><I>&ldquo;FINRA&rdquo;</I></B>) in connection with the sale of the
Shares by the Agent; and (iii)&nbsp;the inclusion of the Shares on the Nasdaq Capital Market (the <B><I>&ldquo;Exchange&rdquo;</I></B>).</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Internal
Accounting Controls</I>. The Company and each of its subsidiaries maintain internal accounting controls designed to provide reasonable
assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles in the United States, including, but not limited to, internal accounting
controls sufficient to provide reasonable assurance 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 the Company&rsquo;s
financial statements in conformity with generally accepted accounting principles in the United States and to maintain accountability
for its assets, (iii)&nbsp;access to the Company&rsquo;s assets is permitted only in accordance with management&rsquo;s general
or specific authorization, (iv)&nbsp;the recorded accountability for the Company&rsquo;s assets is compared with existing assets
at reasonable intervals and appropriate action is taken with respect to any differences, and (v)&nbsp;the interactive data in XBRL
included or incorporated by reference in the Registration Statement and the Prospectus fairly present the information called for
in all material respects and are prepared in accordance with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.
Except as disclosed in the Registration Statement or the Prospectus, as of the date of the most recent balance sheet of the Company
and its consolidated subsidiaries audited by Plante&nbsp;&amp; Moran PLLC, there were no material weaknesses in the Company&rsquo;s
internal controls.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Disclosure
Controls</I>. The Company and each of its subsidiaries maintain disclosure controls and procedures (as such term is defined in
Rule&nbsp;13a-15(e)&nbsp;under the Exchange Act) designed to ensure that the information required to be disclosed by the Company
and its subsidiaries in the reports they file or submit under the Exchange Act is accumulated and communicated to management of
the Company and its subsidiaries, including their respective principal executive officers and principal financial officers, as
appropriate, to allow timely decisions regarding required disclosure to be made, and such disclosure controls and procedures are
effective in all material respects to perform the functions for which they were established.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Critical
Accounting Policies</I>. The section entitled &ldquo;Critical Accounting Policies&rdquo; incorporated by reference in the Registration
Statement and the Prospectus accurately describes in all material respects (i)&nbsp;the accounting policies that the Company believes
are the most important in the portrayal of the Company&rsquo;s financial condition and results of operations and that require management&rsquo;s
most difficult, subjective or complex judgments (&ldquo;<B><I>Critical Accounting Policies</I></B>&rdquo;); (ii)&nbsp;the judgments
and uncertainties affecting the application of Critical Accounting Policies; and (iii)&nbsp;the likelihood that materially different
amounts would be reported under different conditions or using different assumptions, and an explanation thereof.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Sarbanes-Oxley
Compliance</I>. There is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company&rsquo;s
directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and
regulations promulgated in connection therewith that are applicable to the Company or its directors or officers in their capacities
as directors or officers of the Company.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xviii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Exceptions</I>.
Except as would not, in the aggregate, reasonably be expected to have a Material Adverse Effect, since the date of the latest audited
financial statements included in the Registration Statement and the Prospectus, and, except as disclosed in the Registration Statement
and the Prospectus, neither the Company nor any of its subsidiaries has (i)&nbsp;sustained any loss or interference with its business
from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental
action, order or decree, (ii)&nbsp;issued or granted any securities (other than pursuant to employee benefit plans, qualified stock
option plans or other equity compensation plans or arrangements existing on the date hereof and disclosed in the Registration Statement
and the Prospectus (the <B><I>&ldquo;Specified Equity Plans&rdquo;</I></B>)), (iii)&nbsp;incurred any material liability or obligation,
direct or contingent, other than liabilities and obligations that were incurred in the ordinary course of business, (iv)&nbsp;entered
into any material transaction not in the ordinary course of business, or (v)&nbsp;declared or paid any dividend on its share capital;
and since such date, except as disclosed in the Registration Statement and the Prospectus, there has not been any change in the
share capital, long-term debt, net current assets or short-term debt of the Company or any of its subsidiaries or any adverse change,
or any development involving a prospective adverse change, in or affecting the condition (financial or otherwise), results of operations,
shareholders&rsquo; equity, properties, management, business or prospects of the Company and its subsidiaries taken as a whole.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xix)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Valid
Title</I>. The Company and each of its subsidiaries have good and marketable title in fee simple to all real property and good
and marketable title to all personal property owned by them, that are material to the business of the Company, in each case free
and clear of all liens, encumbrances and defects, except such liens, encumbrances and defects as do not materially affect the value
of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and
its subsidiaries. All assets held under lease by the Company and its subsidiaries, that are material to the business of the Company,
are held by them under valid, subsisting and enforceable leases, with such exceptions as do not materially interfere with the use
made and proposed to be made of such assets by the Company and its subsidiaries.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xx)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with Healthcare Laws and Regulations</I>. The Company and its directors, officers, employees, and agents are, and at all times
prior hereto have been, in compliance with, all health care laws and regulations applicable to the Company or any of its product
candidates or activities, including development and testing of pharmaceutical products, kickbacks, recordkeeping, documentation
requirements, the hiring of employees (to the extent governed by Health Care Laws), quality, safety, privacy, security, licensure,
accreditation or any other aspect of developing and testing health care or pharmaceutical products (collectively, <B><I>&ldquo;Health
Care Laws&rdquo;</I></B>). The Company has not received any notification, correspondence or any other written or oral communication,
including notification of any pending or threatened claim, suit, proceeding, hearing, enforcement, investigation, arbitration or
other action from any governmental authority, including, without limitation, the United States Food and Drug Administration (<B><I>&ldquo;FDA&rdquo;</I></B>),
the Drug Enforcement Agency (<B><I>&ldquo;DEA&rdquo;</I></B>), the Centers for Medicare&nbsp;&amp; Medicaid Services, and the U.S.
Department of Health and Human Services Office of Inspector General, of potential or actual non-compliance by, or liability of,
the Company under any Health Care Laws. To the Company&rsquo;s knowledge, there are no facts or circumstances that would reasonably
be expected to give rise to liability of the Company under any Health Care Laws, except that would not individually or in the aggregate
have a Material Adverse Effect.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Intellectual
Property</I>. The Company and its subsidiaries own or possess the valid right to use all (i)&nbsp;patents, patent applications,
trademarks, trademark registrations, service marks, service mark registrations,&nbsp;Internet domain name registrations, copyrights,
copyright registrations, licenses, trade secret rights (<B><I>&ldquo;Intellectual Property Rights&rdquo;</I></B>) and (ii)&nbsp;inventions,
software, works of authorships, trademarks, service marks, trade names, databases, formulae, know how,&nbsp;Internet domain names
and other intellectual property (including trade secrets and other unpatented and/or unpatentable proprietary confidential information,
systems, or procedures) (collectively, <B><I>&ldquo;Intellectual Property Assets&rdquo;</I></B>) necessary to conduct their respective
businesses as currently conducted, and as proposed to be conducted and described in the Prospectus. The Company and its subsidiaries
have not received any opinion from their legal counsel concluding that any activities of their respective businesses infringe,
misappropriate, or otherwise violate, valid and enforceable Intellectual Property Rights of any other person, and have not received
written notice of any challenge, which is still pending, by any other person to the rights of the Company and its subsidiaries
with respect to any Intellectual Property Rights or Intellectual Property Assets owned or used by the Company or its subsidiaries.
The Company and its subsidiaries&rsquo; respective businesses as now conducted do not give rise to any material infringement of,
any material misappropriation of, or other material violation of, any valid and enforceable Intellectual Property Rights of any
other person. All licenses for the use of the Intellectual Property Rights described in the Prospectus are valid, binding upon,
and enforceable by or against the parties thereto in accordance to its terms. The Company has complied in all material respects
with, and is not in breach nor has received any asserted or threatened claim of material breach of any Intellectual Property license,
and the Company has no knowledge of any material breach or anticipated material breach by any other person to any Intellectual
Property license to which the Company is a party. No claim has been made against the Company alleging the infringement by the Company
of any patent, trademark, service mark, trade name, copyright, trade secret, license in or other intellectual property right or
franchise right of any person. The Company has taken all reasonable steps to protect, maintain and safeguard its Intellectual Property
Rights, including the execution of appropriate nondisclosure and confidentiality agreements. The consummation of the transactions
contemplated by this Agreement will not result in the loss or impairment of or payment of any additional amounts with respect to,
nor require the consent of any other person in respect of, the Company&rsquo;s right to own, use, or hold for use any of the Intellectual
Property Rights as owned, used or held for use in the conduct of the business as currently conducted.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Permits</I>.
The Company and its subsidiaries possess such valid and current certificates, authorizations or permits required by state, federal
or foreign regulatory agencies or bodies to conduct their respective businesses as currently conducted and as described the Prospectus
(<B><I>&ldquo;Permits&rdquo;</I></B>). Neither the Company nor any of its subsidiaries is in violation of, or in default under,
any of the Permits or has received any notice of proceedings relating to the revocation or modification of, or non-compliance with,
any such certificate, authorization or permit. Neither the Company nor any of its subsidiaries has received any notice of proceedings
relating to the revocation or modification of any Permits which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would reasonably be expected to result in a Material Adverse Effect. The Company has not received any notice
denying, revoking or modifying any &ldquo;approved enterprise&rdquo; or &ldquo;benefited enterprise&rdquo; or &ldquo;preferred
enterprise&rdquo; status with respect to any of the Company&rsquo;s facilities or operations.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxiii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with Applicable Laws and Regulations</I>. Except as described in the Registration Statement and the Prospectus, as applicable,
the Company and its subsidiaries (i)&nbsp;are and at all times have been in compliance with all statutes, rules&nbsp;and regulations
applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, advertising,
labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product manufactured or distributed by the
Issuer including, without limitation the Federal Food, Drug and Cosmetic Act (21 U.S.C. &sect;301 et seq.), the federal Anti-Kickback
Statute (42 U.S.C. &sect;1320a-7b(b)), the Health Insurance Portability and Accountability Act of 1996, as amended by the Health
Information Technology for Economic and Clinical Health Act of 2009, and the Patient Protection and Affordable Care Act of 2010,
as amended by the Health Care and Education Affordability Reconciliation Act of 2010, the regulations promulgated pursuant to such
laws, and any successor government programs and comparable state laws, regulations relating to Good Clinical Practices and Good
Laboratory Practices and all other local, state, federal, national, supranational and foreign laws, manual provisions, policies
and administrative guidance relating to the regulation of the Company (collectively, the <B><I>&ldquo;Applicable Laws&rdquo;</I></B>);
(ii)&nbsp;have not received any notice from any court or arbitrator or governmental or regulatory authority or third party alleging
or asserting noncompliance with any Applicable Laws or any licenses, exemptions, certificates, approvals, clearances, authorizations,
permits, registrations and supplements or amendments thereto required by any such Applicable Laws (<B><I>&ldquo;Authorizations&rdquo;</I></B>);
(iii)&nbsp;possess all Authorizations and such Authorizations are valid and in full force and effect and are not in violation of
any term of any such Authorizations; (iv)&nbsp;have not received written notice of any claim, action, suit, proceeding, hearing,
enforcement, investigation arbitration or other action from any court or arbitrator or governmental or regulatory authority or
third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations nor is any
such claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action threatened; (v)&nbsp;have
received any written notice that any court or arbitrator or governmental or regulatory authority has taken, is taking or intends
to take, action to limit, suspend, materially modify or revoke any Authorizations nor is any such limitation, suspension, modification
or revocation threatened; (vi)&nbsp;have filed, obtained, maintained or submitted all material reports, documents, forms, notices,
applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and
that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were
complete and accurate on the date filed (or were corrected or supplemented by a subsequent submission); and (vii)&nbsp;are not
a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements
with or imposed by any governmental or regulatory authority.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxiv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Clinical
Trials</I>. The clinical and pre-clinical trials conducted by or on behalf of or sponsored by the Company, or in which the Company
has participated, that are described in the Prospectus or the results of which are referred to in the Registration Statement and
the Prospectus, as applicable, and are intended to be submitted to Regulatory Authorities as a basis for product approval, were
and, if still pending, are being conducted in accordance with standard medical and scientific research procedures and all applicable
statutes, rules&nbsp;and regulations of the FDA and comparable drug regulatory agencies outside of the United States to which it
is subject (collectively, the <B><I>&ldquo;Regulatory Authorities&rdquo;</I></B>), including, without limitation, 21 C.F.R. Parts
50, 54, 56, 58, and 312, and current Good Clinical Practices and Good Laboratory Practices; the descriptions in the Registration
Statement, the Disclosure Package or the Prospectus of the results of such studies and trials are accurate and complete and fairly
present the data derived from such trials; the Company has no knowledge of any other trials the results of which are inconsistent
with or otherwise call into question the results described or referred to in the Registration Statement, Disclosure Package and
the Prospectus; the Company and its subsidiaries have each operated and are currently in compliance with all applicable statutes,
rules&nbsp;and regulations of the Regulatory Authorities; neither the Company, nor any of its subsidiaries, has not received any
written notices, correspondence or other communication from the Regulatory Authorities or any governmental authority which could
lead to the termination or suspension of any clinical or pre-clinical trials that are described in the Prospectus or the results
of which are referred to in the Prospectus, and there are no reasonable grounds for same.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Settlement Agreements or Undertakings</I>. Except as disclosed in the Registration Statement and the Prospectus, the Company
is not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements
with or imposed by any governmental authority.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxvi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Legal or Governmental Proceedings</I>. Except as disclosed in the Registration Statement and the Prospectus, there are no legal
or governmental proceedings pending to which the Company or any of its subsidiaries is a party or of which any property or assets
of the Company or any of its subsidiaries is the subject that, if determined adversely to the Company, would, in the aggregate,
reasonably be expected to have a Material Adverse Effect or would, in the aggregate, reasonably be expected to have a material
adverse effect on the performance of this Agreement or the consummation of the transactions contemplated hereby; and to the Company&rsquo;s
knowledge, no such proceedings are threatened or contemplated by governmental authorities or others.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxvii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Material
Contracts</I>. There are no contracts or other documents required to be described in the Registration Statement or filed as exhibits
to the Registration Statement that are not described and filed as required. The statements made in the Registration Statement and
Prospectus, insofar as they purport to constitute summaries of the terms of the contracts and other documents described and filed,
constitute accurate summaries of the terms of such contracts and documents in all material respects. Except as disclosed in the
Registration Statement and the Prospectus, neither the Company nor any of its subsidiaries has knowledge that any other party to
any such contract or other document has any intention not to render full performance as contemplated by the terms thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxviii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Insurance</I>.
The Company and each of its subsidiaries maintain insurance from nationally recognized, in the applicable country, insurers in
such amounts and covering such risks as is commercially reasonable in accordance with customary practices for companies engaged
in similar businesses and similar industries for the conduct of their respective businesses and the value of their respective properties
and as is customary for companies engaged in similar businesses in similar industries. All policies of insurance of the Company
and its subsidiaries are in full force and effect; the Company and each of its subsidiaries are in compliance with the terms of
such policies in all material respects; and neither the Company nor any of its subsidiaries has received notice from any insurer
or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue
such insurance; there are no material 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; and neither the Company nor
any such subsidiary has any 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 reasonably be expected to have a Material Adverse Effect.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxix)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Related
Party Disclosure</I>. No relationship, direct or indirect, exists between or among the Company, on the one hand, and the directors,
officers, shareholders, customers or suppliers of the Company, on the other hand, that is required to be described in the Registration
Statement or the Prospectus which is not so described.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxx)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Labor Dispute</I>. No labor disturbance by or dispute with the employees of the Company or any of its subsidiaries exists or, to
the knowledge of the Company, is imminent that could reasonably be expected to have a Material Adverse Effect.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Default</I>. Except as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of its subsidiaries
(i)&nbsp;is in violation of its articles of association, charter or by-laws (or similar organizational documents), (ii)&nbsp;is
in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance
or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan agreement,
license or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets
is subject, or (iii)&nbsp;is in violation of any statute or any order, rule&nbsp;or regulation of any court or governmental agency
or body having jurisdiction over it or its property or assets or has failed to obtain any license, permit, certificate, franchise
or other governmental authorization or permit necessary to the ownership of its property or to the conduct of its business, except
in the case of clauses (ii)&nbsp;and (iii), to the extent any such conflict, breach, violation or default would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Environmental
Laws</I>. Except as disclosed in the Registration Statement and the Prospectus, the Company and each of its subsidiaries (i)&nbsp;are,
and at all times prior hereto were, in compliance with all laws, regulations, ordinances, rules, orders, judgments, decrees, permits
or other legal requirements of any governmental authority, including without limitation any international, foreign, national, state,
provincial, regional, or local authority, relating to pollution, the protection of human health or safety, the environment, or
natural resources, or to use, handling, storage, manufacturing, transportation, treatment, discharge, disposal or release of hazardous
or toxic substances or wastes, pollutants or contaminants (<B><I>&ldquo;Environmental Laws&rdquo;</I></B>) applicable to such entity,
which compliance includes, without limitation, obtaining, maintaining and complying with all permits and authorizations and approvals
required by Environmental Laws to conduct their respective businesses, and (ii)&nbsp;have not received notice or otherwise have
knowledge of any actual or alleged violation of Environmental Laws, or of any actual or potential liability for or other obligation
concerning the presence, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants. Except as
described in the Registration Statement and the Prospectus, (x)&nbsp;there are no proceedings that are pending, or to the Company&rsquo;s
knowledge, threatened, against the Company or any of its subsidiaries under Environmental Laws in which a governmental authority
is also a party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $100,000 or more
will be imposed, (y)&nbsp;the Company and its subsidiaries are not aware of any issues regarding compliance with Environmental
Laws, including any pending or proposed Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning
hazardous or toxic substances or wastes, pollutants or contaminants, that could reasonably be expected to have a material effect
on the capital expenditures, earnings or competitive position of the Company and its subsidiaries, and (z)&nbsp;none of the Company
and its subsidiaries anticipates material capital expenditures relating to Environmental Laws.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxiii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Taxes</I>.
The Company and each of its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed through
the date hereof, subject to permitted extensions, and have paid all taxes due, and no tax deficiency has been determined adversely
to the Company or any of its subsidiaries, nor does the Company have any knowledge of any tax deficiencies that have been, or would
reasonably be expected to be asserted against the Company, that would, in the aggregate, reasonably be expected to have a Material
Adverse Effect.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxiv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>ERISA
Compliance</I>. (i)&nbsp;Each &ldquo;employee benefit plan&rdquo; (within the meaning of Section&nbsp;3(3)&nbsp;of the Employee
Retirement Security Act of 1974, as amended (<B><I>&ldquo;ERISA&rdquo;</I></B>)) for which the Company or any member of its &ldquo;Controlled
Group&rdquo; (defined as any organization which is a member of a controlled group of corporations within the meaning of Section&nbsp;414
of the Internal Revenue Code of 1986, as amended (the <B><I>&ldquo;Code&rdquo;</I></B>)) would have any liability (each a <B><I>&ldquo;Plan&rdquo;</I></B>)
has been maintained in compliance in all material respects with its terms and with the requirements of all applicable statutes,
rules&nbsp;and regulations including ERISA and the Code; (ii)&nbsp;no prohibited transaction, within the meaning of Section&nbsp;406
of ERISA or Section&nbsp;4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a
statutory or administrative exemption; (iii)&nbsp;with respect to each Plan subject to Title IV of ERISA (A)&nbsp;no &ldquo;reportable
event&rdquo; (within the meaning of Section&nbsp;4043(c)&nbsp;of ERISA) has occurred or is reasonably expected to occur that would
result in a material loss to the Company, (B)&nbsp;no &ldquo;accumulated funding deficiency&rdquo; (within the meaning of Section&nbsp;302
of ERISA or Section&nbsp;412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, (C)&nbsp;the
fair market value of the assets under each Plan that is required to be funded exceeds the present value of all benefits accrued
under such Plan (determined based on those assumptions used to fund such Plan), and (D)&nbsp;neither the Company or any member
of its Controlled Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions
to the Plan or premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a
Plan (including a &ldquo;multiemployer plan&rdquo;, within the meaning of Section&nbsp;4001(c)(3)&nbsp;of ERISA); and (iv)&nbsp;each
Plan that is intended to be qualified under Section&nbsp;401(a)&nbsp;of the Code is so qualified and nothing has occurred, to the
Company&rsquo;s knowledge, whether by action or by failure to act, which would cause the loss of such qualification.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Accuracy
of Statistical and Market Data</I>. The statistical and market-related data included in the Registration Statement and the Prospectus
and the consolidated financial statements of the Company and its subsidiaries included or incorporated by reference in the Registration
Statement and the Prospectus are based on or derived from sources that the Company believes to be reliable in all material respects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxvi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Not
an Investment Company</I>. Neither the Company nor any of its subsidiaries is, and as of the applicable Settlement Date and, after
giving effect to the offer and sale of the Shares and the application of the proceeds therefrom as described under &ldquo;Use of
Proceeds&rdquo; in the Registration Statement and the Prospectus, none of them will be, (i)&nbsp;an &ldquo;investment company&rdquo;
or a company &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of
1940, as amended (the <B><I>&ldquo;Investment Company Act&rdquo;</I></B>), and the rules&nbsp;and regulations of the Commission
thereunder, or (ii)&nbsp;a &ldquo;business development company&rdquo; (as defined in Section&nbsp;2(a)(48) of the Investment Company
Act).</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxvii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Accuracy
of Certain Summaries and Statements</I>. The statements set forth or incorporated by reference, as applicable, in each of the Registration
Statement and the Prospectus under the caption &ldquo;Description of Common Stock,&rdquo; and in the Company&rsquo;s Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2018 under the captions &ldquo;Legal Proceedings&rdquo; and &ldquo;Certain
Relationships and Related Transactions, and Director Independence&rdquo;, insofar as they purport to summarize the provisions of
the laws and documents referred to therein, are accurate summaries in all material respects.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxviii)</FONT>&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Registration
Rights</I>. Except as disclosed in the Registration Statement and the Prospectus, there are no contracts, agreements or understandings
between the Company and any person granting such person the right to require the Company to file a registration statement under
the Securities Act with respect to any securities of the Company owned or to be owned by such person. There are no contracts, agreements
or understandings to require the Company to include any such securities in the securities proposed to be offered pursuant to this
Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxix)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Other Brokers</I>. Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with
any person (other than this Agreement) that would give rise to a valid claim against any of them or the Agent for a brokerage commission,
finder&rsquo;s fee or like payment in connection with the offering and sale of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xl)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Integration</I>. The Company has not sold or issued any securities that would be integrated with the offering of the Shares contemplated
by this Agreement pursuant to the Securities Act or the interpretations thereof by the Commission.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xli)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Stabilization or Manipulation</I>. The Company and its affiliates have not taken, directly or indirectly, any action designed
to or that has constituted or that could reasonably be expected to cause or result in the stabilization or manipulation of the
price of any security of the Company in connection with the offering of the Shares.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Exchange
Act Registration and Listing of the Common Stock</I>. The shares of Common Stock are registered pursuant to Section&nbsp;12(b)&nbsp;of
the Exchange Act and listed on the Exchange; the Company has taken no action designed to, or reasonably likely to have the effect
of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the Exchange, nor
has the Company received any notification that the Commission or the Exchange is contemplating terminating such registration or
listing.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xliii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Offering
Material</I>. The Company has not distributed and prior to any Settlement Date, will not distribute any offering material in connection
with any Placement (as defined in Section&nbsp;2(a)(i)&nbsp;below), other than any Preliminary Prospectus, the Prospectus, and
any Permitted Free Writing Prospectus to which the Agent has consented.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xliv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with Labor Laws</I>. Neither the Company nor any subsidiary is in violation of or has received notice of any violation with respect
to any federal or state law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable federal
or state wage and hour laws, nor any state law precluding the denial of credit due to the neighborhood in which a property is situated,
the violation of any of which could reasonably be expected to have a Material Adverse Effect.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Unlawful Payments</I>. Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any director, officer,
agent, employee or other person associated with or acting on behalf of the Company or any of its subsidiaries, has (i)&nbsp;used
any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity;
(ii)&nbsp;made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate
funds; (iii)&nbsp;violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, the Organization
for Economic Co-operation and Development Convention on Bribery of Foreign Public Officials in International Business Transactions,
and the rules&nbsp;and regulations thereunder and any other similar foreign or domestic law or regulation; or (iv)&nbsp;made any
bribe, rebate, payoff, influence payment, kickback or other unlawful payment. The Company has instituted and maintains policies
and procedures designed to ensure continued compliance with the laws and regulations referenced in clause (iii)&nbsp;of this paragraph.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlvi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Anti-Money
Laundering Compliance</I>. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, the money laundering statutes of all applicable jurisdictions, the rules&nbsp;and regulations thereunder and any applicable
related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the <B><I>&ldquo;Money Laundering Laws&rdquo;</I></B>) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlvii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>OFAC
Compliance</I>. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent,
employee or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Treasury Department (<B><I>&ldquo;OFAC&rdquo;</I></B>); and the Company will not directly
or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to
any U.S. sanctions administered by OFAC.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlviii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Not
a Passive Foreign Investment Company</I>. Subject to the qualifications and assumptions set forth in the Registration Statement,
the Company is not, and upon the sale of the Shares contemplated by this Agreement does not expect to become, a &ldquo;passive
foreign investment company&rdquo; (as defined in Section&nbsp;1297 of the Code, and the regulations promulgated thereunder).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlix)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Taxes or Fees Due Upon Issuance</I>. No stamp, issue, registration, documentary, transfer or other similar taxes and duties, including
interest and penalties, are payable on or in connection with the issuance and sale of the Shares by the Company or the execution
and delivery of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Immunity</I>. Neither the Company nor any subsidiary, nor any of their respective properties or assets, has any immunity from the
jurisdiction of any court or from any legal process (whether through service or notice, attachment to prior judgment, attachment
in aid of execution or otherwise) under the laws of any jurisdiction in which it is organized, headquartered or doing business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(li)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Legal, Accounting or Tax Advice</I>. The Company has not relied upon the Agent or legal counsel for the Agent for any legal, tax
or accounting advice in connection with the offering and sale of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(lii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Certificate
as Representation and Warranty</I>. Any certificate signed by any officer of the Company and delivered to the Agent or the Agent&rsquo;s
counsel in connection with the offering of the Shares shall be deemed a representation and warranty by the Company to Agent as
to the matters covered thereby.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At-the-Market
Sales. </FONT></I><FONT STYLE="font-size: 10pt">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 through the Agent as sales agent,
and the Agent agrees to use its commercially reasonable efforts to sell for and on behalf of the Company, the Shares on the following
terms and conditions; <I>provided</I>, <I>however</I>, that any obligation of the Agent to use such commercially reasonable efforts
shall be subject to the continuing accuracy of the representations and warranties of the Company herein, the performance by the
Company of its covenants and obligations hereunder and the continuing satisfaction of the additional conditions specified in Section&nbsp;4
of this Agreement. The Company acknowledges and agrees that (i)&nbsp;there can be no assurance that the Agent will be successful
in selling Shares, and (ii)&nbsp;the Agent will incur no liability or obligation to the Company or any other person or entity if
it does not sell Shares for any reason other than a failure by the Agent to use its commercially reasonable efforts consistent
with its normal trading and sales practices to sell such Shares as required under this Section&nbsp;2.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
time that the Company wishes to issue and sell the Shares hereunder (each, a <B><I>&ldquo;Placement&rdquo;</I></B>), it will notify
the Agent by email notice (or other method mutually agreed to in writing by the parties) (a <B><I>&ldquo;Placement Notice&rdquo;</I></B>)
containing the parameters in accordance with which it desires the Shares to be sold, which shall at a minimum include the number
of shares of Shares to be issued, the time period during which sales are requested to be made, any limitation on the number of
Shares that may be sold in any one Trading Day (as defined below) and any minimum price below which sales may not be made, a form
of which containing such minimum sales parameters necessary is attached hereto as <U>Schedule 1</U>.&nbsp; The Placement Notice
shall originate from any of the individuals from the Company set forth on <U>Schedule 2</U> (with a copy to each of the other individuals
from the Company listed on such schedule), and shall be addressed to each of the individuals from the Agent set forth on <U>Schedule
2</U>, as such <U>Schedule 2</U> may be amended from time to time. The Placement Notice shall be effective upon receipt by the
Agent unless and until (i)&nbsp;in accordance with the notice requirements set forth in Section&nbsp;2(a)(iii)&nbsp;of this Agreement,
the Agent declines to accept the terms contained therein for any reason, in its sole discretion, (ii)&nbsp;the entire amount of
the Shares have been sold, (iii)&nbsp;the Company suspends or terminates the Placement Notice in accordance with the notice requirements
set forth in Section&nbsp;2(a)(iii)&nbsp;below, (iv)&nbsp;the Company issues a subsequent Placement Notice with parameters superseding
those on the earlier dated Placement Notice, or (v)&nbsp;this Agreement has been terminated under the provisions of Section&nbsp;7.&nbsp;
The amount of any commission or other compensation to be paid by the Company to the Agent in connection with the sale of the Shares
shall be calculated in accordance with the terms set forth in Section&nbsp;2(a)(v)&nbsp;below. It is expressly acknowledged and
agreed that neither the Company nor the Agent will have any obligation whatsoever with respect to a Placement or any Shares unless
and until the Company delivers a Placement Notice to the Agent and the Agent does not decline such Placement Notice pursuant to
the terms set forth above, and then only upon the terms specified therein and herein.&nbsp; In the event of a conflict between
the terms of this Agreement and the terms of the Placement Notice, the terms of the Placement Notice will control. For the purposes
hereof, <B><I>&ldquo;Trading Day&rdquo;</I></B> means any day on which the Company&rsquo;s Common Stock is purchased and sold on
the principal market on which the Common Stock is listed or quoted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Shares are to be sold by the Agent on a daily basis or otherwise as shall be agreed to by the Company and the Agent on any day
that is a trading day for the Exchange (other than a day on which the Exchange is scheduled to close prior to its regular weekday
closing time). The gross sales price of the Shares sold under this Section&nbsp;2(a)&nbsp;shall be the market price for the Company&rsquo;s
Common Stock sold by the Agent under this Section&nbsp;2(a)&nbsp;at the time of such sale.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, the Company may instruct the Agent by telephone (confirmed promptly by email) not to sell the Shares if such sales
cannot be effected at or above the price designated by the Company in any such instruction. Furthermore, the Company shall not
authorize the issuance and sale of, and the Agent shall not be obligated to use its commercially reasonable efforts to sell, any
Share at a price lower than the minimum price therefor designated from time to time by the Company&rsquo;s Board of Directors and
notified to the Agent in writing. In addition, the Company or the Agent may, upon notice to the other party hereto by telephone
(confirmed promptly by email), suspend the offering of the Shares, whereupon the Agent shall so suspend the offering of Shares
until further notice is provided to the other party to the contrary; <I>provided</I>, <I>however</I>, that such suspension or termination
shall not affect or impair the parties&rsquo; respective obligations with respect to the Shares sold hereunder prior to the giving
of such notice. Notwithstanding any other provision of this Agreement, during any period in which the Company is in possession
of material non-public information, the Company and the Agent agree that (i)&nbsp;no sale of Shares will take place, (ii)&nbsp;the
Company shall not request the sale of any Shares, and (iii)&nbsp;the Agent shall not be obligated to sell or offer to sell any
Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to the terms of the Placement Notice, the Agent may sell the Shares by any method permitted by law deemed to be an &ldquo;at the
market offering&rdquo; as defined in Rule&nbsp;415(a)(4)&nbsp;under the Securities Act, including sales made directly on or through
the Exchange. Subject to the terms of any Placement Notice, the Agent may also sell Shares in negotiated transactions at market
prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by
law, subject to the prior written consent of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
compensation to the Agent for sales of the Shares, as an agent of the Company, shall be 3.0% of the gross sales price of the Shares
sold pursuant to this Section&nbsp;2(a), payable in cash (the <B><I>&ldquo;Commission&rdquo;</I></B>). The remaining proceeds,
after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such
sales, and reimbursement of expenses that the Agent may be entitled to pursuant to Section&nbsp;3(g), shall constitute the net
proceeds to the Company for such Shares (the &ldquo;<B><I>Net Proceeds</I></B>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Agent will provide written confirmation to the Company (including by email correspondence to each of the individuals of the Company
set forth on <U>Schedule 2</U>), no later than the opening of the Trading Day immediately following the Trading Day on which it
has made sales of Shares hereunder, setting forth the number of Shares sold on such day, the volume-weighted average price of the
Shares sold, and the Net Proceeds payable to the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
Shares sold pursuant to this Section&nbsp;2(a)&nbsp;will be delivered by the Company to the Agent for the account of the Agent,
against payment of the Net Proceeds therefor, by wire transfer of same-day funds payable to the order of the Company at the offices
of Piper Jaffray&nbsp;&amp; Co., U.S. Bancorp Center, 800 Nicollet Mall, Minneapolis, Minnesota 55402, or such other location as
may be mutually acceptable, at 9:00&nbsp;a.m.&nbsp;Central Time on the second full business day following the date on which such
Shares are sold, or at such other time and date as Agent and the Company determine pursuant to Rule&nbsp;15c6-1(a)&nbsp;under the
Exchange Act, each such time and date of delivery being herein referred to as a &ldquo;<B><I>Settlement Date</I></B>.&rdquo; If
the Agent so elects, delivery of the Shares may be made by credit through full fast transfer to an account or accounts at The Depository
Trust Company designated by the Agent. On each Settlement Date, the Agent will deliver the Net Proceeds in same day funds to an
account designated by the Company on, or prior to, such Settlement Date.&nbsp; The Company agrees that if the Company, or its transfer
agent (if applicable), defaults in its obligation to timely deliver duly authorized Shares on a Settlement Date, the Company agrees
that in addition to and in no way limiting the rights and obligations set forth in Section&nbsp;5&nbsp;hereto, it will (i)&nbsp;hold
the Agent harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising
out of or in connection with such default by the Company, (iii)&nbsp;reimburse the Agent for any losses incurred by the Agent attributable,
directly or indirectly, to such default and (iii)&nbsp;pay to the Agent any commission or other compensation to which the Agent
would otherwise have been entitled absent such default.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Maximum
Amount</I>. Under no circumstances shall the aggregate number or aggregate value of the Shares sold pursuant to this Agreement
exceed: (i)&nbsp;the aggregate number and aggregate dollar amount of shares of Common Stock available for issuance under the currently
effective Registration Statement, (ii)&nbsp;the aggregate number of authorized but unissued shares of Common Stock that are available
for issuance under the Company&rsquo;s certificate of incorporation or certificate of designation, (iii)&nbsp;the aggregate dollar
amount of shares of Common Stock permitted to be sold under the Company&rsquo;s effective Registration Statement (including any
limit set forth in General Instruction I.B.6 thereof, if applicable) or (iv)&nbsp;the aggregate number or aggregate dollar amount
of shares of Common Stock for which the Company has filed any Prospectus Supplement in connection with the Shares (the lesser of
(i), (ii), (iii)&nbsp;and (iv), the <I>&ldquo;<B>Maximum Amount</B></I>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Association or Partnership</I>. Nothing herein contained shall constitute the Agent as an unincorporated association or partner
with the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Duration</I>.
Under no circumstances shall any Shares be sold pursuant to this Agreement after the date which is three years after the Registration
Statement is first declared effective by the Commission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Market
Transactions by Agent</FONT></I><FONT STYLE="font-size: 10pt">. The Company acknowledges and agrees that the Agent has informed
the Company that the Agent may, to the extent permitted under the Securities Act, the Exchange Act and this Agreement, purchase
and sell shares of Common Stock for its own account while this Agreement is in effect, <I>provided, that</I> (i)&nbsp;no sale
for its own account shall take place while a Placement Notice is in effect (except to the extent the Agent may engage in sales
of Shares purchased or deemed purchased from the Company as a &ldquo;riskless principal&rdquo; or in a similar capacity) and (ii)&nbsp;the
Company shall not be deemed to have authorized or consented to any such purchases or sales by the Agent. The Company consents
to the Agent trading in the Common Stock for the account of any of its clients at the same time as sales of the Shares occur pursuant
to this Agreement.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>3.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Covenants
of the Company</I></B>. The Company covenants and agrees with the Agent as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Amendments
to Registration Statement and Prospectus</I>. After the date of this Agreement and during any period in which a Prospectus relating
to any Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement
may be satisfied pursuant to Rule&nbsp;172 under the Securities Act), the Company agrees that it will: (i)&nbsp;notify the Agent
promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference
or amendments not related to the Shares, has been filed with the Commission and/or has become effective or any subsequent supplement
to the Prospectus related to the Shares has been filed and of any request by the Commission for any amendment or supplement to
the Registration Statement (insofar as it relates to the transactions contemplated hereby) or Prospectus or for additional information;
(ii)&nbsp;prepare and file with the Commission, promptly upon the Agent&rsquo;s request, any amendments or supplements to the Registration
Statement or Prospectus that, in the Agent&rsquo;s reasonable opinion, may be necessary or advisable in connection with the sale
of the Shares by the Agent (<I>provided, however</I>, that the failure of the Agent to make such request shall not relieve the
Company of any obligation or liability hereunder, or affect the Agent&rsquo;s right to rely on the representations and warranties
made by the Company in this Agreement); (iii)&nbsp;not file any amendment or supplement to the Registration Statement or Prospectus,
other than documents incorporated by reference, relating to the Shares or a security convertible into the Shares unless a copy
thereof has been submitted to the Agent within a reasonable period of time before the filing and the Agent has not reasonably objected
thereto (<I>provided, however</I>, that (A)&nbsp;the failure of the Agent to make such objection shall not relieve the Company
of any obligation or liability hereunder, or affect the Agent&rsquo;s right to rely on the representations and warranties made
by the Company in this Agreement), (B)&nbsp;the Company has no obligation to provide the Agent any advance copy of such filing
or to provide the Agent an opportunity to object to such filing if the filing does not name the Agent or does not relate to a Placement
or other transaction contemplated hereunder, and (C)&nbsp;the only remedy that the Agent shall have with respect to the failure
by the Company to provide the Agent with such copy or the filing of such amendment or supplement despite the Agent&rsquo;s objection
shall be to cease making sales under this Agreement); (iv)&nbsp;furnish to the Agent at the time of filing thereof a copy of any
document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those
documents available via EDGAR; and (v)&nbsp;cause each amendment or supplement to the Prospectus, other than documents incorporated
by reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule&nbsp;424(b)&nbsp;of the
Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Stop
Order</I>. The Company will advise the Agent, promptly after it receives notice or obtains knowledge thereof, of the issuance or
threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension
of the qualification of the Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding
for any such purpose, and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or
to obtain its withdrawal if such a stop order should be issued.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Continuing
Amendments</I>. During any period in which a Prospectus relating to the Shares is required to be delivered by the Agent under the
Securities Act with respect to any Placement or pending sale of the Shares (including in circumstances where such requirement may
be satisfied pursuant to Rule&nbsp;172 under the Securities Act), the Company will comply with all requirements imposed upon it
by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports (taking into
account any extensions available under the Exchange Act) and any definitive proxy or information statements required to be filed
by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d)&nbsp;or any other provision of or under the Exchange
Act. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of
the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration
Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Agent to suspend the offering of
Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense
of the Company) so as to correct such statement or omission or effect such compliance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Qualification
of the Shares</I>. The Company shall take or cause to be taken all necessary action to qualify the Shares for sale under the securities
laws of such jurisdictions as Agent reasonably designates and to continue such qualifications in effect so long as required for
the distribution of the Shares, except that the Company shall not be required in connection therewith to qualify as a foreign corporation
or to execute a general consent to service of process in any state. The Company shall promptly advise the Agent of the receipt
by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Copies
of Registration Statement and Prospectus</I>. The Company will furnish to the Agent and counsel for the Agent copies of the Registration
Statement, the Prospectus and all amendments and supplements to such documents, in each case as soon as available and in such quantities
as the Agent may from time to time reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Section&nbsp;11(a)</I>.
The Company will make generally available to its security holders as soon as practicable an earnings statement (which need not
be audited) covering a 12-month period that shall satisfy the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158
promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Expenses</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)&nbsp;all expenses (including stock or transfer taxes and stamp or similar duties allocated to the respective
transferees) incurred in connection with the registration, issue, sale and delivery of the Shares, (ii)&nbsp;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 Shares, the Prospectus and any amendment thereof or supplement thereto, and the producing,
word-processing, printing, delivery, and shipping of this Agreement and other underwriting documents or closing documents, including
blue sky memoranda (covering the states and other applicable jurisdictions) and including the cost to furnish copies of each thereof
to the Agent, (iii)&nbsp;all filing fees, (iv)&nbsp;all fees and disbursements of the Agent&rsquo;s counsel incurred in connection
with the qualification of the Shares for offering and sale by the Agent or by dealers under the securities or blue sky laws of
the states and other jurisdictions which Agent shall designate, (v)&nbsp;the fees and expenses of any transfer agent or registrar,
(vi)&nbsp;the filing fees and fees and disbursements of Agent&rsquo;s counsel incident to any required review and approval by FINRA
of the terms of the sale of the Shares, (vii)&nbsp;listing fees, if any, (viii)&nbsp;the cost and expenses of the Company relating
to investor presentations or any &ldquo;roadshow&rdquo; undertaken in connection with marketing of the Shares, and (ix)&nbsp;all
other costs and expenses incident to the performance of its obligations hereunder that are not otherwise specifically provided
for herein. In addition, the Company shall reimburse the Agent for the out of pocket reasonable fees and disbursements of the Agent&rsquo;s
counsel actually incurred in an amount not to exceed $50,000, which amount includes items (iv)&nbsp;and (vi)&nbsp;above.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Use
of Proceeds</I>. The Company will apply the net proceeds from the sale of the Shares in the manner set forth in the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Restrictions
on Future Sales</I>. During the term of this Agreement, the Company will not, offer for sale, sell, contract to sell, pledge, grant
any option for the sale of, enter into any transaction which is designed to, or might reasonably be expected to, result in the
disposition of Common Stock (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)
by the Company or any affiliate, or otherwise issue or dispose of, directly or indirectly (or publicly disclose the intention to
make any such offer, sale, pledge, grant, issuance or other disposition), any Common Stock or any securities convertible into or
exchangeable for, or any options or rights to purchase or acquire, Common Stock, or permit the registration under the Securities
Act of any Common Stock, such securities, options or rights, except for: (i)&nbsp;the registration of the Shares and the sales
through the Agent pursuant to this Agreement, (ii)&nbsp;sales of shares through any dividend reinvestment and stock purchase plan
of the Company, (iii)&nbsp;sales of shares of restricted stock, restricted stock units and options granted pursuant to employee
benefit plans existing as of the date hereof, and the Common Stock issuable upon the exercise of such outstanding options or vesting
of such restricted stock units, (iv)&nbsp;the issuance of shares pursuant to the exercise of warrants, (v)&nbsp;the issuance of
securities to financial institutions or other lenders or lessors in connection with loans, commercial credit arrangements, equipment
financings, commercial property leases or similar transactions that are for purposes other than raising equity capital, (vi)&nbsp;the
issuance of securities to an entity as a component of any business relationship with such entity for the purpose of (A)&nbsp;joint
venture, technology licensing, or development activities, (B)&nbsp;distribution, supply or manufacture of the Company&rsquo;s products
or services, or (C)&nbsp;any other arrangement involving corporate partners that are primarily for purposes other than raising
equity capital, (vii)&nbsp;issuance of shares as full or partial consideration in connection with a merger, acquisition, consolidation
or purchase of securities, debt or assets of a corporation or other entity, which issuance is not primarily for the purpose of
raising capital, (viii)&nbsp;the filing of a registration statement on Form&nbsp;S-8, and (ix)&nbsp;the sale of shares by any affiliate
pursuant to a</FONT>&nbsp;<FONT STYLE="font-size: 10pt">written sales plan in accordance with Rule&nbsp;10b5-1 of the Exchange
Act, in the case of each of (ii)&nbsp;through (ix), without giving the Agent at least three business days&rsquo; prior written
notice specifying the nature of the proposed sale and the date of such proposed sale, so as to permit the Agent to suspend activity
under this Agreement for such period of time as requested by the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Stabilization or Manipulation</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 constitutes: (i)&nbsp;the stabilization or manipulation of
the price of the Common Stock or any other security of the Company to facilitate the sale or resale of the Shares, or (ii)&nbsp;a
violation of Regulation M. The Company shall notify the Agent of any violation of Regulation M by the Company or any of its subsidiaries
or any of their respective officers or directors promptly after the Company has received notice or obtained knowledge of any such
violation. The Company shall not invest in futures contracts, options on futures contracts or options on commodities, unless the
Company is exempt from the registration requirements of the Commodity Exchange Act, as amended (the <B><I>&ldquo;Commodity Act&rdquo;</I></B>),
or otherwise complies with the Commodity Act. The Company will not engage in any activities bearing on the Commodity Act, unless
such activities are exempt from the Commodity Act or otherwise comply with the Commodity Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Other Broker</I>. Except as contemplated by this Agreement, the Company will not incur any liability for any finder&rsquo;s or
broker&rsquo;s fee or agent&rsquo;s commission in connection with the execution and delivery of this Agreement, or the consummation
of the transactions contemplated hereby.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Timely
Securities Act and Exchange Act Reports</I>. During any prospectus delivery period, the Company will use its commercially reasonable
efforts to file on a timely basis with the Commission such periodic and special reports as required by the Securities Act and the
Exchange Act.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Permitted
Free Writing Prospectus</I>. The Company represents and agrees that, unless it obtains the prior written consent of the Agent,
and the Agent severally represents and agrees that, unless it obtains the prior written consent of the Company, it has not made
and will not make any offer relating to the Shares that would constitute an &ldquo;issuer free writing prospectus,&rdquo; as defined
in Rule&nbsp;433 under the Securities Act, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined
in Rule&nbsp;405 under the Securities Act, required to be filed with the Commission. Any such free writing prospectus consented
to by the Company and the Agent is hereinafter referred to as a <B><I>&ldquo;Permitted Free Writing Prospectus.&rdquo;</I></B>
The Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer
free writing prospectus,&rdquo; as defined in Rule&nbsp;433, and has complied and will comply with the requirements of Rule&nbsp;433
applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Representation
Date and Opinions of Counsel</I>. Prior to the date of the first Placement Notice, and thereafter during the term of this Agreement,
each time the Company (A)&nbsp;files an amendment to the Registration Statement or Prospectus (other than relating solely to the
offering of securities other than the Shares), (B)&nbsp; files an annual report on Form&nbsp;10-K under the Exchange Act or files
its quarterly reports on Form&nbsp;10-Q under the Exchange Act; and (C)&nbsp;files a report on Form&nbsp;8-K containing amended
financial statements (other than an earnings release) under the Exchange Act, (each of the dates in (A), (B)&nbsp;and (C)&nbsp;are
referred to herein as a &ldquo;<B><I>Representation Date</I></B>&rdquo;), the Company shall cause Sichenzia Ross Ference LLP, counsel
for the Company, to furnish to the Agent the opinion and negative assurance letter of such counsel, dated as of such date and addressed
to the Agent, in form and substance reasonably satisfactory to the Agent; provided however, only a negative assurance letter of
such counsel shall be required for each subsequent Representation Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, the requirement
to provide counsel opinions under this Section&nbsp;3(o)&nbsp;shall be waived for any Representation Date occurring at a time at
which no Placement Notice is pending, which waiver shall continue until the date the Company delivers a Placement Notice to the
Agent.&nbsp; Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Representation Date
when the Company relied on such waiver and did not provide the Agent with opinions under this Section&nbsp;3(o), then before the
Agent sells any Shares pursuant to Section&nbsp;2(a), the Company shall cause the opinions (including the opinion pursuant to Section&nbsp;3(o)&nbsp;if
not delivered on the date of the prior Form&nbsp;10-K), comfort letter, certificates and documents that would be delivered on a
Representation Date to be delivered.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Representation
Date and Comfort Letter</I>. Prior to the date of the first Placement Notice and thereafter during the term of this Agreement,
on each Representation Date to which a waiver does not apply, the Company shall cause each of Plante&nbsp;&amp; Moran PLLC and
EKS&amp;H LLP, or other independent accountants satisfactory to the Agent (the &ldquo;<B><I>Accountants</I></B>&rdquo;), to deliver
to the Agent a letter, dated as of such date and addressed to Agent, confirming that they are independent public accountants within
the meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualifications of accountants
under Rule&nbsp;2-01 of Regulation S-X of the Commission, and stating the conclusions and findings of said firm with respect to
the financial information and other matters covered by its letter in form and substance satisfactory to the Agent of the same tenor
as the first such letter received hereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Representation
Date and Representation Certificate</I>. Prior to the date of the First Placement Notice and thereafter during the term of this
Agreement, on each Representation Date to which a waiver does not apply, the Company shall furnish to the Agent a certificate (the
<B><I>&ldquo;Representation Certificate&rdquo;</I></B>), substantially in the form of <U>Schedule 3</U> and dated as of such date,
addressed to the Agent and signed by either the chief executive officer or the chief financial officer of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Disclosure
of Shares Sold</I>. The Company shall disclose in its quarterly reports on Form&nbsp;10-Q and in its annual report on Form&nbsp;10-K
the number of the Shares sold through the Agent under this Agreement, the net proceeds to the Company and the compensation paid
by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Continued
Listing of Shares</I>. The Company shall use its commercially reasonable efforts to maintain the listing of the Common Stock on
the Exchange.</FONT></P>

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<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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Notice
of Changes</I>. At any time during the term of this Agreement, as supplemented from time to time, the Company shall advise the
Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter
or affect any opinion, certificate, letter and other document provided to the Agent pursuant to this Section&nbsp;3.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Maximum
Amount</I>. The Company will not instruct the Agent to sell or otherwise attempt to sell Shares in excess of the Maximum Amount.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>4.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Conditions
of Agent&rsquo;s Obligations</I></B>. The obligations of the Agent hereunder are subject to (i)&nbsp;the accuracy, as of the Effective
Time, each Representation Date, each time of sale of any Shares, and each Settlement Date (in each case, as if made at such date)
of and compliance with all representations, warranties and agreements of the Company contained herein, (ii)&nbsp;the performance
by the Company of its obligations hereunder and (iii)&nbsp;the following additional conditions:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Continuing
Amendments; No Stop Order</I>. If filing of the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing
Prospectus, is required under the Securities Act, the Company shall have filed the Prospectus (or such amendment or supplement)
or such Permitted Free Writing Prospectus with the Commission in the manner and within the time period so required (without reliance
on Rule&nbsp;424(b)(8)&nbsp;or Rule&nbsp;164(b)); the Registration Statement shall be effective; no stop order suspending the effectiveness
of the Registration Statement or any part thereof, any Rule&nbsp;462(b)&nbsp;Registration Statement, or any amendment thereof,
nor suspending or preventing the use of the 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 Prospectus or otherwise) shall have been complied with to the Agent&rsquo;s satisfaction.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Certain Events</I>. None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Company or any
of its subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority
during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments
or supplements to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other federal or
state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of
any proceedings for that purpose; (iii)&nbsp;receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Shares for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; or (iv)&nbsp;the occurrence of any event that makes any material statement made in the Registration Statement
or the Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any material
respect or that requires the making of any changes in the Registration Statement, related Prospectus or such documents so that,
in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case
of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Material Misstatement or Omission</I>. The Agent shall not have advised the Company that the Registration Statement or the Prospectus,
contains an untrue statement of fact which, in the Agent&rsquo;s opinion, is material, or omits to state a fact which, in the Agent&rsquo;s
opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Adverse Changes</I>. Except as contemplated in the Prospectus, subsequent to the respective dates as of which information is given
in the Prospectus, neither the Company nor any of its subsidiaries shall have incurred any material liabilities or obligations,
direct or contingent, or entered into any material transactions, or declared or paid any dividends or made any distribution of
any kind with respect to its capital stock; and there shall not have been any change in the capital stock (other than a change
in the number of outstanding shares of Common Stock due to the issuance of shares of Common Stock 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 of the Company or any of its subsidiaries, or any development
involving a prospective 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 the Agent&rsquo;s judgment, makes it impractical or inadvisable to offer
or deliver the Shares on the terms and in the manner contemplated in the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Rating Downgrade</I>. On or after the time of sale of any Shares (i)&nbsp;no downgrading shall have occurred in the rating accorded
any of the Company&rsquo;s securities by any &ldquo;nationally recognized statistical organization,&rdquo; as that term is defined
by the Commission for purposes of Rule&nbsp;436(g)(2)&nbsp;under the Securities Act, and (ii)&nbsp;no such organization shall have
publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company&rsquo;s
securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with Certain Obligations</I>. The Company shall have performed each of its obligations under Section&nbsp;3(o)&nbsp;through 3(q).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Opinion
of Agent Counsel</I>. On each Representation Date to which a waiver does not apply, there shall have been furnished to the Agent
the opinion and negative assurance letter of Faegre Baker Daniels LLP, counsel for the Agent, dated as of such Representation Date
and addressed to Agent, in a form reasonably satisfactory to the Agent, and such counsel shall have received such papers and information
as they request to enable them to pass upon such matters; provided however, the opinion of Faegre Baker Daniels LLP shall only
be required prior to the first Placement Notice, and thereafter, only a negative assurance letter of such counsel shall be required
for each subsequent Representation Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Representation
Certificate</I>. On or prior to the first Placement Notice, the Agent shall have received the Representation Certificate in form
and substance satisfactory to the Agent and its counsel.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Timely
Filing of Prospectus</I>. All filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed
by the Settlement Date, as the case may be, shall have been made within the applicable time period prescribed for such filing by
Rule&nbsp;424.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Additional
Documents and Certificates</I>. The Company shall have furnished to Agent and the Agent&rsquo;s counsel such additional documents,
certificates and evidence as they may have reasonably requested.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All opinions, certificates,
letters and other documents described in this Section&nbsp;4 will be in compliance with the provisions hereof only if they are
satisfactory in form and substance to Agent and the Agent&rsquo;s counsel. The Company will furnish Agent with such conformed copies
of such opinions, certificates, letters and other documents as Agent shall reasonably request.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>5.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Indemnification
and Contribution</I></B>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Company
Indemnification</I>. The Company agrees to indemnify and hold harmless the Agent, its affiliates, directors, officers and employees,
and each person, if any, who controls the Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act against any losses, claims, damages or liabilities, joint or several, to which the Agent may become subject,
under the Securities Act or otherwise (including in settlement of any litigation), insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon, in whole or in part:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">an
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the 430B Information
and at any subsequent time pursuant to Rules&nbsp;430A and 430B promulgated under the Securities Act, and any other information
deemed to be part of the Registration Statement at the time of effectiveness, and at any subsequent time pursuant to the Securities
Act or the Exchange Act, and the Prospectus, or any amendment or supplement thereto (including any documents filed under the Exchange
Act and deemed to be incorporated by reference into the Prospectus), any Permitted Free Writing Prospectus, or any roadshow as
defined in Rule&nbsp;433(h)&nbsp;under the Securities Act (a <B><I>&ldquo;road show&rdquo;</I></B>), or an omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
inaccuracy in the representations and warranties of the Company contained herein;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
investigation or proceeding by any governmental authority, commenced or threatened (whether or not Agent is a target of or party
to such investigation or proceeding); or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
failure of the Company to perform its respective obligations hereunder or under law;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and will reimburse the Agent for any legal
or other expenses reasonably incurred by it in connection with investigating or defending against such loss, claim, damage, liability
or action; <I>provided, however,</I> that the Company shall not be liable in any such case of (i)&nbsp;through (iv)&nbsp;to the
extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in the Registration Statement, the Prospectus, or any such amendment or supplement,
in reliance upon and in conformity with written information furnished to the Company by Agent specifically for use in the preparation
thereof. &ldquo;<B><I>Rule&nbsp;430B Information</I></B>,&rdquo; as used herein, means information with respect to the Shares and
the offering thereof permitted to be omitted from the Registration Statement when it becomes effective pursuant to Rule&nbsp;430B.</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">In addition to its other
obligations under this Section&nbsp;5(a), the Company agrees that, as an interim measure during the pendency of any claim, action,
investigation, inquiry or other proceeding arising out of or based upon any statement or omission, or any alleged statement or
omission, described in this Section&nbsp;5(a), it will reimburse the Agent on a monthly basis for all reasonable legal fees or
other expenses incurred in connection with investigating or defending any such claim, action, investigation, inquiry or other proceeding,
notwithstanding the absence of a judicial determination as to the propriety and enforceability of the Company&rsquo;s obligation
to reimburse the Agent for such expenses and the possibility that such payments might later be held to have been improper by a
court of competent jurisdiction. Any such interim reimbursement payments which are not made to the Agent within 30 days of a request
for reimbursement shall bear interest at the WSJ Prime Rate (as published from time to time by the Wall Street Journal).</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Agent
Indemnification</I>. The Agent will indemnify and hold harmless the Company against any losses, claims, damages or liabilities
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 Agent), but only 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, the Prospectus, any amendment or supplement thereto, 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 conformity with written information furnished to the Company by the Agent specifically
for use in the preparation thereof, it being understood and agreed that the only information furnished by the Agent for use in
the Registration Statement or the Prospectus consists of the statements set forth in the sixth paragraph under the caption &ldquo;Plan
of Distribution&rdquo; in the Prospectus, and will reimburse the Company for any legal or other expenses reasonably incurred by
the Company in connection with investigating or defending against any such loss, claim, damage, liability or action.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Notice
and Procedures</I>. Promptly after receipt by an indemnified party under subsection (a)&nbsp;or (b)&nbsp;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. 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; <I>provided</I>, <I>however</I>,
that if, in the sole judgment of the Agent, it is advisable for the Agent to be represented by separate counsel, the Agent shall
have the right to employ a single counsel to represent the Agent, in which event the reasonable fees and expenses of such separate
counsel shall be borne by the indemnifying party or parties and reimbursed to the Agent as incurred (in accordance with the provisions
of the second paragraph in subsection (a)&nbsp;above).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The indemnifying party
under this Section&nbsp;5 shall not be liable for any settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified
party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding the foregoing
sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for
fees and expenses of counsel as contemplated by this Section&nbsp;5, the indemnifying party agrees that it shall be liable for
any settlement of any proceeding effected without its written consent if (i)&nbsp;such settlement is entered into more than 30
days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received notice
of the terms of such settlement at least 30 days prior to such settlement being entered into, and (iii)&nbsp;such indemnifying
party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent
to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or
could have been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement,
compromise or consent (a)&nbsp;includes an unconditional release of such indemnified party from all liability on claims that are
the subject matter of such action, suit or proceeding and (b)&nbsp;does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Contribution;
Limitations on Liability; Non-Exclusive Remedy</I>. If the indemnification provided for in this Section&nbsp;5 is unavailable or
insufficient to hold harmless an indemnified party under subsection&nbsp;(a)&nbsp;or (b)&nbsp;above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities
referred to in subsection&nbsp;(a)&nbsp;or (b)&nbsp;above, (i)&nbsp;in such proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and the Agent on the other from the offering of the Shares, or (ii)&nbsp;if the
allocation provided by clause&nbsp;(i)&nbsp;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)&nbsp;above but also the relative fault of the Company on the one
hand and the Agent 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 Agent 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 commissions received by the Agent (before deducting expenses) from the sale
of the Shares. 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 Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct
or prevent such untrue statement or omission. The Company and the Agent agree that it would not be just and equitable if contributions
pursuant to this subsection&nbsp;(d)&nbsp;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 this subsection&nbsp;(d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages or liabilities referred to in this subsection&nbsp;(d)&nbsp;shall
be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending against any action or claim which is the subject of this subsection&nbsp;(d). Notwithstanding the provisions of this
subsection&nbsp;(d), the Agent shall not be required to contribute any amount in excess of the commissions received by it under
this Agreement. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>6.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Representations
and Agreements to Survive Delivery</I></B>. All representations, warranties, and agreements of the Company herein or in certificates
delivered pursuant hereto, including but not limited to the agreements of the Agent and the Company contained in Section&nbsp;5
hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Agent or
any controlling person thereof, or the Company or any of its officers, directors, or controlling persons, and shall survive delivery
of, and payment for, the Shares to and by the Agent hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>7.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Termination
of this Agreement.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall have the right, by giving five (5)&nbsp;days&rsquo; written notice as hereinafter specified, to terminate the provisions
of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination
shall be without liability of any party to any other party except that (i)&nbsp;with respect to any pending sale, through the Agent
for the Company, the obligations of the Company, including in respect of compensation of the Agent, shall remain in full force
and effect notwithstanding the termination and (ii)&nbsp;the provisions of Section&nbsp;3(g), Section&nbsp;5 and Section&nbsp;6
of this Agreement shall remain in full force and effect notwithstanding such termination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating
to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without
liability of any party to any other party except that the provisions of Section&nbsp;3(g), Section&nbsp;5 and Section&nbsp;6 of
this Agreement shall remain in full force and effect notwithstanding such termination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Unless
earlier terminated pursuant to this Section&nbsp;7, this Agreement shall automatically terminate upon the issuance and sale of
all of the Shares through the Agent on the terms and subject to the conditions set forth herein, except that the provisions of
Section&nbsp;3(g), Section&nbsp;5 and Section&nbsp;6 of this Agreement shall remain in full force and effect notwithstanding such
termination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement shall remain in full force and effect unless terminated pursuant to Sections 7(a), (b)&nbsp;or (c)&nbsp;above or otherwise
by mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide
that Section&nbsp;3(g), Section&nbsp;5 and Section&nbsp;6 shall remain in full force and effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
termination of this Agreement shall be effective on the date specified in such notice of termination; provided that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case
may be. If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance
with the provisions of Section&nbsp;2(a)(vii)&nbsp;of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>8.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Default
by the Company</I></B>. If the Company shall fail at any Settlement Date to sell and deliver the number of Shares which it is obligated
to sell hereunder, then this Agreement shall terminate without any liability on the part of the Agent or, except as provided in
Section&nbsp;3(g)&nbsp;hereof, any non-defaulting party. No action taken pursuant to this Section&nbsp;shall relieve the Company
from liability, if any, in respect of such default, and the Company shall (A)&nbsp;hold the Agent harmless against any loss, claim
or damage arising from or as a result of such default by the Company and (B)&nbsp;pay the Agent any commission to which it would
otherwise be entitled absent such default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>9.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notices</FONT></I></B><FONT STYLE="font-size: 10pt">.
Except as otherwise provided herein, all communications under this Agreement shall be in writing and, if to the Agent, shall be
delivered via overnight delivery services to (i)&nbsp;Piper Jaffray&nbsp;&amp; Co., U.S. Bancorp Center, 800 Nicollet Mall, Minneapolis,
Minnesota 55402, Attention: Equity Capital Markets, with a copy (which shall not constitute notice) to each of (a)&nbsp;Piper Jaffray
General Counsel at 800 Nicollet Mall, Minneapolis, MN 55402 and LegalCapMarkets@pjc.com, and (b)&nbsp;Faegre Baker Daniels LLP,
2200 Wells Fargo Center, 90 South Seventh Street, Minneapolis, MN 55401, Attention: Michael K. Coddington, and michael.coddington@FaegreBD.com;
and (ii)&nbsp;the Company at 9555 Maroon Circle, Englewood, CO 80112, Attention: Thomas Sangaard, with a copy (which shall not
constitute notice) to Sichenzia Ross Ference LLP, 1185 Avenue of the Americas, 37<SUP>th</SUP> Floor, New York, NY 10036, Attention
Gregory Sichenzia, and gsichenzia@srf.law; or in each case to such other address as the person to be notified may have requested
in writing. Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written
notice of a new address for such purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>10.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><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&nbsp;5. Nothing
in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy
or claim under or in respect of this Agreement or any provision herein contained. The term &ldquo;successors and assigns&rdquo;
as herein used shall not include any purchaser, as such purchaser, of any of the Shares from the Agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>11.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Absence
of Fiduciary Relationship</I></B>. The Company, having been advised by counsel, acknowledges and agrees that: (a)&nbsp;the Agent
has been retained solely to act as a sales agent in connection with the sale of the Shares and that no fiduciary, advisory or agency
relationship between the Company (including any of the Company&rsquo;s affiliates (including directors), equity holders, creditors,
employees or agents, hereafter, <B><I>&ldquo;Company Representatives&rdquo;</I></B>), on the one hand, and the Agent on the other,
has been created or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether
the Agent has advised or is advising the Company on other matters and irrespective of the use of the defined term &ldquo;Agent;&rdquo;
(b)&nbsp;neither the Agent nor any of its affiliates (including directors), equity holders, creditors, employees or agents, hereafter,
<B><I>&ldquo;Agent Representatives&rdquo;</I></B>) shall have any duty or obligation to the Company or any Company Representative
except as set forth in this Agreement; (c)&nbsp;the price and other terms of any Placement executed pursuant to this Agreement,
as well as the terms of this Agreement, are deemed acceptable to the Company and its counsel, following discussions and arms-length
negotiations with the Agent; (d)&nbsp;the Company is capable of evaluating and understanding, and in fact has evaluated, understands
and accepts the terms, risks and conditions of any Placement to be executed pursuant to this Agreement, and any other transactions
contemplated by this Agreement; (e)&nbsp;the Company has been advised that the Agent and the Agent Representatives are engaged
in a broad range of transactions which may involve interests that differ from those of the Company and that the Agent and the Agent
Representatives have no obligation to disclose any such interests and transactions to the Company by virtue of any fiduciary, advisory
or agency relationship, or otherwise; (f)&nbsp;the Company has been advised that the Agent is acting, in respect of any Placement
and the transactions contemplated by this Agreement, solely for the benefit of the Agent, and not on behalf of the Company; and
(g)&nbsp;the Company and the Company Representatives waive, to the fullest extent permitted by law, any claims that they may have
against the Agent or any of the Agent Representatives for breach of fiduciary duty or alleged breach of fiduciary duty in respect
of any Placement or any of the transactions contemplated by this Agreement and agree that the Agent and the Agent Representatives
shall have no liability (whether direct or indirect, in contract, tort or otherwise) to the Company or any of the Company Representatives
in respect of any person asserting any claim of breach of any fiduciary duty on behalf of or in right of the Company or any of
the Company Representatives.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>12.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Governing
Law and 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. <FONT STYLE="text-transform: uppercase">The Company (on its own behalf and on behalf of its stockholders and affiliates)
hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>13.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Submission
to Jurisdiction, Etc.</FONT></I></B><FONT STYLE="font-size: 10pt"> Each party hereby submits to the exclusive jurisdiction of the
U.S. federal and New York state courts sitting in the Borough of Manhattan, City of New York, in any suit or proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby. The parties hereby irrevocably and unconditionally
waive any objection to the laying of venue of any lawsuit, action or other proceeding in such courts, and hereby further irrevocably
and unconditionally waive and agree not to plead or claim in any such court that any such lawsuit, action or other proceeding brought
in any such court has been brought in an inconvenient forum.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>14.</I></B></FONT><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Counterparts</I></B>.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together
shall constitute one and the same instrument.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>15.</I></B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Construction.</I></B>
The section and exhibit&nbsp;headings herein are for convenience only and shall not affect the construction hereof. References
herein to any law, statute, ordinance, code, regulation, rule&nbsp;or other requirement of any governmental authority shall be
deemed to refer to such law, statute, ordinance, code, regulation, rule&nbsp;or other requirement of any governmental authority
as amended, reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules&nbsp;and
regulations promulgated thereunder</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;Follows]</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"></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">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 Agent in accordance with its terms.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt"></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>ZYNEX,&nbsp;INC.</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Dan Moorhead</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Dan Moorhead</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="font-size: 10pt">Confirmed as of the date first</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="font-size: 10pt">above mentioned.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>PIPER JAFFRAY&nbsp;&amp; CO.</B></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Neil A. Riley</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Neil A. Riley</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Managing Director Equity Capital Markets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Signature Page to Equity Distribution
Agreement</I></P>



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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm1921296d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="margin: 0"><IMG SRC="tm1921296d1_ex5-1img01.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in; background-color: white">October
29, 2019</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">Zynex, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9555 Maroon Circle</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Englewood, CO 80112</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white">You
have requested our opinion with respect to certain matters in connection with the proposed offer and sale by Zynex, Inc., a Nevada
corporation (the &ldquo;Company&rdquo;), of up to an aggregate of $50,000,000 of shares of the Company&rsquo;s common stock, par
value $0.001 per share (the &ldquo;Shares&rdquo;), pursuant to a Registration Statement on Form S-3 (File No. 333-230128) (the
 &ldquo;Registration Statement&rdquo;), which was filed under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 7, 2019, and declared effective by the SEC on March
12, 2019, the base prospectus dated March 12, 2019 contained in the Registration Statement (the &ldquo;Base Prospectus&rdquo;),
and the prospectus supplement relating to the proposed offer and sale of the Shares filed with the SEC on October 29, 2019 pursuant
to Rule 424(b) of the rules and regulations under the Securities Act (the &ldquo;Prospectus Supplement&rdquo;, and together with
the Base Prospectus, the &ldquo;Prospectus&rdquo;). We understand that the Shares are proposed to be offered and sold by the Company
through Piper Jaffray &amp; Co., as sales agent (the &ldquo;Agent&rdquo;), pursuant to that certain Equity Distribution Agreement,
dated as of October 29, 2019, by and between the Company and the Agent (the &ldquo;Equity Distribution Agreement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white">In connection with
the preparation of this opinion, we have examined the Registration Statement and the Prospectus and such documents and considered
such questions of law as we have deemed necessary or appropriate. We have assumed the authenticity of all documents submitted to
us as originals, the conformity to originals of all documents submitted to us as copies thereof and the genuineness of all signatures.
As to questions of fact material to our opinions, we have relied upon the certificates of certain officers of the Company without
independent investigation or verification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white">Based on the foregoing,
we are of the opinion that the Shares have been duly authorized and, when issued and sold in the manner described in the Equity
Distribution Agreement and in accordance with the Registration Statement and the Prospectus, will be validly issued, fully paid
and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white">We are
members of the bar of the State of New York. We express no opinion as to the laws of any jurisdiction other than the laws of
the State of New York, the corporation laws of the State of Nevada and the federal laws of the United States
of America.&nbsp;Insofar as the matters covered by this opinion may be governed by the laws of other states or the corporate
laws of the State of Nevada, we have assumed that such laws are identical in all respects to the laws of the State of
New York.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white">We hereby consent
to the use of this opinion as Exhibit 5.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on the date hereof,
which is incorporated by reference into the Registration Statement. In giving such consent, we do not hereby admit that we are
within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1185 Avenue of the Americas <FONT STYLE="color: #8496B0">|</FONT>
37<SUP>th</SUP> Floor <FONT STYLE="color: #8496B0">|</FONT> New York, NY <FONT STYLE="color: #8496B0">|</FONT> 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">T (212) 930 9700 <FONT STYLE="color: #8496B0">|</FONT>
F (212) 930 9725 <FONT STYLE="color: #8496B0">| <B>WWW.SRF.LAW</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white"></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white">This opinion is
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This opinion is rendered as of the date hereof and based solely on our understanding of facts in existence as of such date after
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