<SEC-DOCUMENT>0001010549-17-000480.txt : 20171205
<SEC-HEADER>0001010549-17-000480.hdr.sgml : 20171205
<ACCEPTANCE-DATETIME>20171205162817
ACCESSION NUMBER:		0001010549-17-000480
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171201
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171205
DATE AS OF CHANGE:		20171205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAVE RESTAURANT GROUP, INC.
		CENTRAL INDEX KEY:			0000718332
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & RELATED PRODUCTS [5140]
		IRS NUMBER:				453189287
		FISCAL YEAR END:			0628

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12919
		FILM NUMBER:		171240004

	BUSINESS ADDRESS:	
		STREET 1:		3551 PLANO PARKWAY
		CITY:			THE COLONY
		STATE:			TX
		ZIP:			75056
		BUSINESS PHONE:		469-384-5000

	MAIL ADDRESS:	
		STREET 1:		3551 PLANO PARKWAY
		CITY:			THE COLONY
		STATE:			TX
		ZIP:			75056

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIZZA INN HOLDINGS, INC /MO/
		DATE OF NAME CHANGE:	20110923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIZZA INN INC /MO/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PANTERAS CORP
		DATE OF NAME CHANGE:	19901126
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rave8k113017.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>W</B></FONT><B><FONT STYLE="font-size: 10pt">ashington<FONT STYLE="text-transform: uppercase">,
D.C. 20549</FONT></FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Date
of Report (Date of earliest event reported): <B>December 5, 2017</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Rave Restaurant
Group, Inc.</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Missouri</B></FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 34.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>0-12919</B></FONT></TD>
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 38.85pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>45-3189287</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(State
    or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 6.6pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(Commission
    File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.35pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(IRS
    Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>3551 Plano
Parkway, The Colony, Texas&#9;75056</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(Address
of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;(Zip Code)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s
telephone number, including area code: <B>(469) 384-5000</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(Former
name or former address, if changed since last report)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.15pt">o
</FONT><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.15pt">o
</FONT><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.15pt">o
</FONT><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.15pt">o
</FONT><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter). Emerging growth company
<FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">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">o</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><FONT STYLE="font-family: Wingdings">&nbsp;</FONT></FONT></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>Item 1.01.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Entry into a Material
                                         Definitive Agreement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
December 5, 2017, Rave Restaurant Group, Inc. (the &ldquo;Company&rdquo;) entered into an At Market Issuance Sales Agreement
(the &ldquo;Sales Agreement&rdquo;) with B. Riley FBR, Inc. (&ldquo;B. Riley FBR&rdquo;) pursuant to which the Company may
offer and sell shares of its common stock having an aggregate offering price of up to $5,000,000 (the &ldquo;Shares&rdquo;)
from time to time through B. Riley FBR, acting as agent. Upon the Company&rsquo;s delivery and B. Riley FBR&rsquo;s
acceptance of a placement notice, B. Riley FBR will use its commercially reasonable efforts, consistent with its sales and
trading practices, to sell  Shares subject to the placement notice. Sales of the  Shares by B. Riley FBR, if any, will  be
made in transactions that are deemed to be &ldquo;at the market offerings,&rdquo; as defined in Rule 415 under the
Securities Act of 1933.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company has agreed to pay B. Riley FBR commissions for its services in acting as agent in the sale of the Shares in the
amount of 3.0% of the gross sales price of all Shares sold pursuant to the Sales Agreement. The Company has also agreed to
reimburse B. Riley FBR for legal expenses incurred by it up to $25,000 in the aggregate. The Company has also agreed
to reimburse B. Riley FBR for certain expenses incurred in connection with entering into the Sales Agreement and has provided
B. Riley FBR with customary indemnification rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
description of the Sales Agreement set forth above is qualified in its entirety by reference to the At Market Issuance Sales Agreement
filed as an exhibit to this Current Report on Form 8-K and incorporated herein by this reference.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>Item 9.01.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Financial
                                         Statements and Exhibits</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">(c) Exhibits.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">At
                                         Market Issuance Sales Agreement between Rave Restaurant Group, Inc. and B. Riley FBR,
                                         Inc. dated December 5, 2017.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opinion
                                         of McGuire, Craddock &amp; Strother, P.C.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">23.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consent
                                         of McGuire, Craddock &amp; Strother, P.C. (included in Exhibit 5.1).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-size: 10pt">RAVE
RESTAURANT GROUP, INC.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;December 5, 2017</FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 4.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 2.85pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>/s/ TIMOTHY E. MULLANY&#9;&#9;&#9;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Timothy E. Mullany,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex11.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">Exhibit 1.1</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;<FONT STYLE="letter-spacing: -0.5pt"><B>RAVE RESTAURANT GROUP,
INC.</B></FONT></P>

<P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0.15in 0 0; text-align: center">Common Stock<BR>
<FONT STYLE="letter-spacing: -0.1pt">(par value $0.01 per share)</FONT></P>

<P STYLE="font: 10pt/90% Times New Roman, Times, Serif; margin-top: 0.2in; text-align: center; margin-bottom: 0"><B>At Market Issuance Sales Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0; text-align: right">&#9; December 5, 2017</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">299 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, NY 10171</P>

<P STYLE="font: 10pt/81% Times New Roman, Times, Serif; margin: 0.15in 0 0"><FONT STYLE="letter-spacing: -0.2pt">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0 0; text-align: justify; text-indent: 0.5in">RAVE Restaurant
Group, Inc., a Missouri corporation (the &ldquo;<U>Company</U>&rdquo;), confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;),
with B. Riley FBR, Inc. (the &ldquo;<U>Agent</U>&rdquo;), as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt"><U>Issuance
and Sale of Shares.</U> The Company agrees that, from time to time during the term of this Agreement, on the terms and
subject to the conditions set forth herein, it may issue and sell through the Agent, shares (the &ldquo;<U>Placement
Shares</U>&rdquo;) of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<U>Common Stock</U>&rdquo;), <I>provided
however, </I>that in no event shall the Company issue or sell through the Agent such number of Placement Shares that (a)
would cause the Company to exceed the limitations set forth in General Instruction I.B.6 of Form S-3, (b) exceeds the number
of shares or dollar amount of Common Stock registered on the effective Registration Statement (as defined below) pursuant to
which the offering is being made, or (c) exceeds the number of authorized but unissued shares of Common Stock (the lesser of
(a), (b) and (c), the &ldquo;Maximum Amount&rdquo;). Notwithstanding anything to the contrary contained herein, the parties
hereto agree that compliance with the limitations set forth in this <U>Section 1</U> on the number of Placement Shares issued
and sold under this Agreement shall be the sole responsibility of the Company and that the Agent shall have no obligation in
connection with such compliance. The issuance and sale of Placement Shares through the Agent will be effected pursuant to
the Registration Statement (as defined below), although nothing in this Agreement shall be construed as requiring the Company
to use the Registration Statement to issue any Placement Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0; text-align: justify; text-indent: 0.5in">The Company has
filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (the
&ldquo;<U>Securities Act</U>&rdquo;), with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;), a registration
statement on Form S-3 (File No. 333-221169), including a base prospectus, relating to certain securities including the Placement
Shares 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 and regulations
thereunder (the &ldquo;<U>Exchange Act</U>&rdquo;). The Company has prepared a prospectus supplement to the base prospectus included
as part of such registration statement specifically relating to the offering of the Placement Shares (the &ldquo;<U>Prospectus
Supplement</U>&rdquo;). The Company will furnish to the Agent, for use by the Agent, copies of the base prospectus included as
part of such registration statement, as supplemented by the Prospectus Supplement, relating to the offering of the Placement Shares.
Except where the context otherwise requires, such registration statement, and any post-effective amendment thereto, 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 424(b) under the Securities Act or deemed to be a part
of such registration statement pursuant to Rule 430B of the Securities Act, is herein called the &ldquo;<U>Registration Statement</U>.&rdquo;
The base prospectus, including all documents incorporated or deemed incorporated therein by reference to the extent such information
has not been superseded or modified in accordance with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the
Securities Act), included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in
which such base prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant
to Rule 424(b) under the Securities Act, is herein called the &ldquo;<U>Prospectus</U>.&rdquo; 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
or deemed 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 (the
&ldquo;<U>Incorporated Documents</U>&rdquo;).</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0; text-align: justify; text-indent: 0.5in">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 the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval
System, or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, &ldquo;<U>EDGAR</U>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Placements.</U> Each time that the Company wishes to issue and sell Placement Shares hereunder
(each, a &ldquo;<U>Placement</U>&rdquo;), it will notify the Agent by email notice (or other method mutually agreed to in writing
by the Parties) of the number of Placement Shares, the time period during which sales are requested to be made, any limitation
on the number of Placement Shares that may be sold in any one day and any minimum price below which sales may not be made (a &ldquo;<U>Placement
Notice</U>&rdquo;), the form of which is attached hereto as <U>Schedule 1.</U> The Placement Notice shall originate from any of
the individuals from the Company set forth on <U>Schedule 3</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 3,</U> as such
<U>Schedule 3</U> may be amended from time to time. Provided that the Company is otherwise in compliance with the terms of this
Agreement, the Placement Notice shall be effective immediately upon receipt by the Agent unless and until (i) the Agent declines
to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares thereunder
has been sold, (iii) the Company suspends or terminates the Placement Notice or (iv) this Agreement has been terminated under the
provisions of <U>Section 13</U>. The amount of any discount, commission or other compensation to be paid by the Company to the
Agent in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in <U>Schedule
2</U>. 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 Placement 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. In the event of a conflict between the terms of <U>Sections 2</U> or <U>3</U> of this Agreement and the terms of a Placement
Notice, the terms of the Placement Notice will control.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sale of Placement Shares by the Agent.</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11.5pt; letter-spacing: 0.35pt">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.35pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Subject to the terms and conditions of this Agreement, for the period specified in a Placement
Notice, the Agent will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable
state and federal laws, rules and regulations and the rules of NASDAQ Capital Market (the &ldquo;<U>Exchange</U>&rdquo;), to sell
the Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Agent
will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following
the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such
day, the compensation payable by the Company to the Agent pursuant to <U>Section 2</U> with respect to such sales, and the Net
Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by the Agent (as set forth in <U>Section
5(b)</U>) from the gross proceeds that it receives from such sales. Subject to the terms of a Placement Notice, the Agent may sell
Placement Shares by any method permitted by law deemed to be an &ldquo;at the market offering&rdquo; as defined in Rule 415 of
the Securities Act. &ldquo;<U>Trading Day</U>&rdquo; means any day on which Common Stock is purchased and sold on the Exchange.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11.5pt; letter-spacing: 0.35pt">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.35pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">During the term of this Agreement, neither the Agent nor any of its affiliates or subsidiaries
shall engage in (i) any short sale of any security of the Company or (ii) any sale of any security of the Company that the Agent
does not own or any sale which is consummated by the delivery of a security of the Company borrowed by, or for the account of,
the Agent. Neither the Agent nor any of its affiliates or subsidiaries shall engage in any proprietary trading or trading for the
Agent&rsquo;s (or its affiliates&rsquo; or subsidiaries&rsquo;) own account.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Suspension of Sales.</U> The Company or the Agent may, upon notice to the other party in
writing (including by email correspondence to each of the individuals of the other party set forth on <U>Schedule 3</U>, if receipt
of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply)
or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals
of the other party set forth on <U>Schedule </U>3), suspend any sale of Placement Shares; <I>provided, however</I>, that such suspension
shall not affect or impair any party&rsquo;s obligations with respect to any Placement Shares sold hereunder prior to the receipt
of such notice. Each of the parties agrees that no such notice under this <U>Section 4</U> shall be effective against any other
party unless it is made to one of the individuals named on <U>Schedule 3</U> hereto, as such Schedule may be amended from time
to time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sale and Delivery to the Agent; Settlement.</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sale of Placement Shares.</U> On the basis of the representations and warranties herein
contained and subject to the terms and conditions herein set forth, upon the Agent&rsquo;s acceptance of the terms of a Placement
Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in
accordance with the terms of this Agreement, the Agent, for the period specified in the Placement Notice, will use its commercially
reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares up to the amount specified
in, and otherwise in accordance with the terms of, such Placement Notice. The Company acknowledges and agrees that (i) there can
be no assurance that the Agent will be successful in selling Placement Shares, (ii) the Agent will incur no liability or obligation
to the Company or any other person or entity if it does not sell Placement 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 and applicable law and regulations
to sell such Placement Shares as required under this Agreement and (iii) the Agent shall be under no obligation to purchase Placement
Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Settlement of Placement Shares.</U> Unless otherwise specified in the applicable Placement
Notice, settlement for sales of Placement Shares will occur on the second (2<SUP>nd</SUP>) Trading Day (or such earlier day as
is industry practice for regular-way trading) following the date on which such sales are made (each, a &ldquo;<U>Settlement Date</U>&rdquo;).
The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the &ldquo;<U>Net
Proceeds</U>&rdquo;) will be equal to the aggregate sales price received by the Agent, after deduction for (i) the Agent&rsquo;s
commission, discount or other compensation for such sales payable by the Company pursuant to <U>Section 2</U> hereof, and (ii)
any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Delivery of Placement Shares.</U> On or before each Settlement Date, the Company will,
or will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting the Agent&rsquo;s or
its designee&rsquo;s account (provided the Agent shall have given the Company written notice of such designee at least one Trading
Day prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by
such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable,
transferable, registered shares in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds
in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if the
Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date, then
in addition to and in no way limiting the rights and obligations set forth in <U>Section 11(a)</U> hereto, it will (i) hold the
Agent harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees
and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable)
and (ii) pay to the Agent (without duplication) any commission, discount, or other compensation to which it would otherwise have
been entitled absent such default.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">d.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-size: 10pt"><U>Limitations on Offering Size.</U> Under no circumstances shall the Company cause or request
the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate number of
Placement Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Placement Shares under
this Agreement, the Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration Statement
and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company&rsquo;s board of directors,
a duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in writing. Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the
minimum price authorized from time to time by the Company&rsquo;s board of directors, a duly authorized committee thereof or a
duly authorized executive committee, and notified to the Agent in writing. Further, under no circumstances shall the Company cause
or permit the aggregate offering amount of Placement Shares sold pursuant to this Agreement to exceed the Maximum Amount.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representations and Warranties of the Company.</U> Except as disclosed in the Registration
Statement or Prospectus (including the Incorporated Documents), the Company represents and warrants to, and agrees with the Agent
that as of the date of this Agreement and as of each Applicable Time (as defined below), unless such representation, warranty or
agreement specifies a different date or time:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Registration Statement and Prospectus.</U> The Company and, assuming no act or omission
on the part of the Agent that would make such statement untrue, the transactions contemplated by this Agreement meet the requirements
for and comply with the conditions for the use of Form S-3 under the Securities Act. The Registration Statement has been filed
with the Commission and has been declared effective under the Securities Act. The Prospectus Supplement will name the Agent as
the agent in the section entitled &ldquo;Plan of Distribution.&rdquo; The Company has not received, and has no notice of, any order
of the Commission preventing or suspending the use of the Registration Statement, or threatening or instituting proceedings for
that purpose. The Registration Statement and the offer and sale of Placement Shares as contemplated hereby meet the requirements
of Rule 415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or
other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to
the Registration Statement have been so described or filed. Copies of the Registration Statement, the Prospectus, and any such
amendments or supplements and all documents incorporated by reference therein that were filed with the Commission on or prior to
the date of this Agreement have been delivered, or are available through EDGAR, to the Agent and its counsel. The Company has not
distributed and, prior to the later to occur of each Settlement Date and completion of the distribution of the Placement Shares,
will not distribute any offering material in connection with the offering or sale of the Placement Shares other than the Registration
Statement and the Prospectus and any Issuer Free Writing Prospectus (as defined below) to which the Agent has consented. The Common
Stock is currently quoted on the Exchange. The Company has, within the 12 months preceding the date hereof, received notice from
the Exchange to the effect that the Company is not in compliance with the listing or maintenance requirements of the Exchange.
The Company believes that it is presently and will in the foreseeable future continue to be in compliance with all such listing
and maintenance requirements.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Misstatement or Omission.</U> The Registration Statement, when it became effective,
and the Prospectus, and any amendment or supplement thereto, on the date of such Prospectus or amendment or supplement, conformed
and will conform in all material respects with the requirements of the Securities Act. At each Settlement Date, the Registration
Statement and the Prospectus, as of such date, will conform in all material respects with the requirements of the Securities Act.
The Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
The Prospectus and any amendment and supplement thereto, on the date thereof and at each Applicable Time (defined below), did not
or will not include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. The documents incorporated by reference in the Prospectus
or any Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not, when filed
with the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such
document or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading.
The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with,
information furnished to the Company by the Agent specifically for use in the preparation thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Conformity with Securities Act and Exchange Act.</U> The Registration Statement, the Prospectus,
any Issuer Free Writing Prospectus or any amendment or supplement thereto, and the Incorporated Documents, when such documents
were or are filed with the Commission under the Securities Act or the Exchange Act or became or become effective under the Securities
Act, as the case may be, conformed or will conform in all material respects with the requirements of the Securities Act and the
Exchange Act, as applicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">d.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Financial Information.</U> The consolidated financial statements of the Company included
or incorporated by reference in the Registration Statement and the Prospectus, together with the related notes and schedules, present
fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries (as defined below) as
of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders&rsquo; equity of the
Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange
Act, as applicable, and in conformity with generally accepted accounting principles in the United States (&ldquo;<U>GAAP</U>&rdquo;)
applied on a consistent basis (except for such adjustments to accounting standards and practices as are noted therein) during the
periods involved; the other financial and statistical data with respect to the Company and the Subsidiaries (as defined below)
contained or incorporated by reference in the Registration Statement and the Prospectus, are accurately and fairly presented and
prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial statements
(historical or pro forma) that are required to be included or incorporated by reference in the Registration Statement or the Prospectus
that are not included or incorporated by reference as required; the Company and the Subsidiaries do not have any material liabilities
or obligations, direct or contingent (including any off balance sheet obligations), not described in the Registration Statement,
and the Prospectus which are required to be described in the Registration Statement or Prospectus; and all disclosures contained
or incorporated by reference in the Registration Statement and the Prospectus, if any, regarding &ldquo;non-GAAP financial measures&rdquo;
(as such term is defined by the rules and regulations of the Commission) comply with Regulation G of the Exchange Act and Item
10 of Regulation S-K under the Securities Act, to the extent applicable;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">e.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Conformity with EDGAR Filing.</U> The Prospectus delivered to the Agent for use in connection
with the sale of the Placement Shares pursuant to this Agreement will be identical to the versions of the Prospectus created to
be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation S-T.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">f.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Organization.</U> The Company and any subsidiary that is a significant subsidiary (as
such term is defined in Rule 1-02 of Regulation S-X promulgated by the Commission) (each, a &ldquo;<U>Subsidiary</U>&rdquo;, collectively,
the &ldquo;<U>Subsidiaries</U>&rdquo;), are, and will be, duly organized, validly existing as a corporation and in good standing
under the laws of their respective jurisdictions of organization. The Company and the 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 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 the consummation of the transactions contemplated hereby (a &ldquo;<U>Material Adverse Effect</U>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">g.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Subsidiaries.</U> As of the date hereof, the Company&rsquo;s only Subsidiaries are set
forth on <U>Schedule 6(g)</U>. The Company owns directly or indirectly, all of the equity interests of the Subsidiaries free and
clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and all the equity interests
of the Subsidiaries are validly issued and are fully paid, nonassessable and free of preemptive and similar rights. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">h.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Violation or Default.</U> Neither the Company nor any Subsidiary is (i) in violation
of its charter or by-laws or similar organizational documents; (ii) 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 or condition
contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any
Subsidiary is a party or by which the Company or any Subsidiary is bound or to which any of the property or assets of the Company
or any Subsidiary is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court
or arbitrator or governmental or regulatory authority, except, in the case of each of clauses (ii) and (iii) above, for any such
violation or default that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
To the Company&rsquo;s knowledge, no other party under any material contract or other agreement to which it or any Subsidiary is
a party is in default in any respect thereunder where such default would reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">i.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Material Adverse Effect.</U> Since the date of the most recent financial statements
of the Company included or incorporated by reference in the Registration Statement and Prospectus, there has not been (i) any Material
Adverse Effect, or any development involving a prospective Material Adverse Effect, in or affecting the business, properties, management,
condition (financial or otherwise), results of operations, or prospects of the Company and the Subsidiaries taken as a whole, (ii)
any transaction which is material to the Company and the Subsidiaries taken as a whole, (iii) any obligation or liability, direct
or contingent (including any off-balance sheet obligations), incurred by the Company or the Subsidiaries, which is material to
the Company and the Subsidiaries taken as a whole, (iv) any material change in the capital stock (other than (A) the grant of additional
options or restricted stock units (&ldquo;<U>RSUs</U>&rdquo;) under the Company&rsquo;s existing equity compensation plans, (B)
changes in the number of outstanding Common Stock of the Company due to the issuance of shares upon the exercise, conversion or
vesting of securities exercisable for, convertible into, or earned with respect to Common Stock which are outstanding on the date
hereof, (C) as a result of the issuance of Placement Shares, (D) any repurchases of capital stock of the Company, (E) as described
in a proxy statement filed on Schedule 14A or a Registration Statement on Form S-4, or (F) otherwise publicly announced) or outstanding
long-term indebtedness of the Company or the Subsidiaries or (v) any dividend or distribution of any kind declared, paid or made
on the capital stock of the Company or any Subsidiary, other than in each case above in the ordinary course of business or as otherwise
disclosed in the Registration Statement or Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">j.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Capitalization.</U> The issued and outstanding shares of capital stock of the Company
have been validly issued, are fully paid and non-assessable and, other than as disclosed in the Registration Statement or the
Prospectus, are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized,
issued and outstanding capitalization as set forth in the Registration Statement and the Prospectus as of the dates referred to
therein (other than (i) the grant of additional options or RSUs under the Company&rsquo;s existing equity compensation plans,
(ii) changes in the number of outstanding Common Stock of the Company due to the issuance of shares upon the exercise, conversion
or vesting of securities exercisable for, convertible into, or earned with respect to Common Stock which are outstanding on the
date hereof, (iii) as a result of the issuance of Placement Shares, or (iv) any repurchases of capital stock of the Company) and
such authorized capital stock conforms to the description thereof set forth in the Registration Statement and the Prospectus.
The description of the Common Stock in the Registration Statement and the Prospectus is complete and accurate in all material
respects. As of the date referred to and except as disclosed therein, the Company did not have outstanding any options to purchase,
or any rights or warrants to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts
or commitments to issue or sell, any shares of capital stock or other securities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">k.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>S-3 Eligibility</U>. (i) At the time of filing the Registration Statement and (ii) at the
time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such
amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form
of prospectus), the Company met the then applicable requirements for use of Form S-3 under the Securities Act, including compliance
with General Instruction I.B.6 of Form S-3. As of the&nbsp;close of trading on the Exchange on October 18, 2017, the aggregate
market value&nbsp;of the outstanding voting and non-voting common equity (as defined in Rule 405) of the Company held by persons
other than affiliates of the Company (pursuant to Rule 144 of the Securities Act, those that directly, or indirectly through one
or more intermediaries, control, or are controlled by, or are under common control with, the Company)&nbsp; (the &ldquo;<U>Non-Affiliate
Shares</U>&rdquo;), was approximately $16.6 million (calculated by multiplying (x) the price at which the common equity of the
Company was last sold on the Exchange on October 18, 2017 times (y) the number of Non-Affiliate Shares on October 18, 2017). The
Company is not a shell company (as defined in Rule 405) and has not been a shell company for at least 12 calendar months previously
and if it has been a shell company at any time previously, has filed current Form 10 information (as defined in Instruction I.B.6
of Form S-3) with the Commission at least 12 calendar months previously reflecting its status as an entity that is not a shell
company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">l.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Authorization; Enforceability.</U> The Company has full legal right, power and authority
to enter into this Agreement and perform the transactions contemplated hereby. This Agreement has been duly authorized, executed
and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable against the Company in accordance
with its terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors&rsquo; rights generally and by general equitable principles and (ii) the indemnification and
contribution provisions of <U>Section 11</U> hereof may be limited by federal or state securities laws and public policy considerations
in respect thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">m.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Authorization of Placement Shares.</U> The Placement Shares, when issued and delivered
pursuant to the terms approved by the board of directors of the Company or a duly authorized committee thereof, or a duly authorized
executive committee, against payment therefor as provided herein, will be duly and validly authorized and issued and fully paid
and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim (other than any pledge, lien,
encumbrance, security interest or other claim arising from an act or omission of the Agent or a purchaser), including any statutory
or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant
to Section 12 of the Exchange Act. The Placement Shares, when issued, will conform in all material respects to the description
thereof set forth in or incorporated into the Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">n.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Consents Required.</U> No consent, approval, authorization, order, registration or qualification
of or with any court or arbitrator or any governmental or regulatory authority is required for the execution, delivery and performance
by the Company of this Agreement, and the issuance and sale by the Company of the Placement Shares as contemplated hereby, except
for such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state
securities laws or by the by-laws and rules of the Financial Industry Regulatory Authority (&ldquo;<U>FINRA</U>&rdquo;) or the
Exchange, including any notices that may be required by Exchange, in connection with the sale of the Placement Shares by the Agent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">o.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Preferential Rights.</U> (i) No person, as such term is defined in Rule 1-02 of Regulation
S-X promulgated under the Securities Act (each, a &ldquo;<U>Person</U>&rdquo;), has the right, contractual or otherwise, to cause
the Company to issue or sell to such Person any Common Stock or shares of any other capital stock or other securities of the Company
(other than upon the exercise of options or warrants to purchase Common Stock, upon the exercise of options or the vesting of RSUs
that may be granted from time to time under the Company&rsquo;s equity compensation plans or upon the conversion of securities
convertible into Common Stock), (ii) no Person has any preemptive rights, rights of first refusal, or any other rights (whether
pursuant to a &ldquo;poison pill&rdquo; provision or otherwise) to purchase any Common Stock or shares of any other capital stock
or other securities of the Company from the Company which have not been duly waived with respect to the offering contemplated hereby,
(iii) no Person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and
sale of the Common Stock, and (iv) no Person has the right, contractual or otherwise, to require the Company to register under
the Securities Act any Common Stock or shares of any other capital stock or other securities of the Company, or to include any
such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the
filing or effectiveness of the Registration Statement or the sale of the Placement Shares as contemplated thereby or otherwise.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">p.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Independent Public Accountant.</U> Montgomery Coscia Greilich LLP (the &ldquo;<U>Accountant</U>&rdquo;),
whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Company&rsquo;s
most recent Annual Report on Form 10-K filed with the Commission and incorporated into the Registration Statement, are and, during
the periods covered by their report, were independent public accountants within the meaning of the Securities Act and the Public
Company Accounting Oversight Board (United States) (the &ldquo;<U>PCAOB</U>&rdquo;). To the Company&rsquo;s knowledge, with due
inquiry, the Accountant is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the &ldquo;<U>Sarbanes-Oxley
Act</U>&rdquo;) with respect to the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">q.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Enforceability of Agreements.</U> All agreements between the Company and third parties
expressly referenced in the Prospectus, other than such agreements that have expired by their terms or whose termination is disclosed
in documents filed by the Company on EDGAR, are legal, valid and binding obligations of the Company enforceable in accordance with
their respective terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors&rsquo; rights generally and by general equitable principles and (ii) the indemnification
provisions of certain agreements may be limited by federal or state securities laws or public policy considerations in respect
thereof, and except for any unenforceability that, individually or in the aggregate, would not unreasonably be expected to have
a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">r.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Litigation.</U> There are no legal, governmental or regulatory actions, suits or proceedings
pending, nor, to the Company&rsquo;s knowledge, any legal, governmental or regulatory investigations, to which the Company or a
Subsidiary is a party or to which any property of the Company or any Subsidiary is the subject that, individually or in the aggregate,
if determined adversely to the Company or any Subsidiary, would reasonably be expected to have a Material Adverse Effect or materially
and adversely affect the ability of the Company to perform its obligations under this Agreement; to the Company&rsquo;s knowledge,
no such actions, suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened
by others that, individually or in the aggregate, if determined adversely to the Company or any Subsidiary, would reasonably be
expected to have a Material Adverse Effect; and (i) there are no current or pending legal, governmental or regulatory investigations,
actions, suits or proceedings that are required under the Securities Act to be described in the Prospectus that are not described
in the Prospectus including any Incorporated Document; and (ii) there are no contracts or other documents that are required under
the Securities Act to be filed as exhibits to the Registration Statement that are not so filed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">s.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Licenses and Permits.</U> The Company and the Subsidiaries possess or have obtained, all
licenses, certificates, consents, orders, approvals, permits and other authorizations issued by, and have made all declarations
and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for
the ownership or lease of their respective properties or the conduct of their respective businesses as described in the Registration
Statement and the Prospectus (the &ldquo;<U>Permits</U>&rdquo;), except where the failure to possess, obtain or make the same would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary
has received written notice of any proceeding relating to revocation or modification of any such Permit or has any reason to believe
that such Permit will not be renewed in the ordinary course, except where the failure to obtain any such renewal would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">t.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Material Defaults.</U> Neither the Company nor any Subsidiary has defaulted on any
installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect. The Company has not filed a report pursuant
to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i)
has failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness
for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">u.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Certain Market Activities.</U> Neither the Company, nor any Subsidiary, nor any of their
respective directors, officers or controlling persons has taken, directly or indirectly, any action designed, or that has constituted
or would reasonably be expected to cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of
the price of any security of the Company to facilitate the sale or resale of the Placement Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">v.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Broker/Dealer Relationships.</U> Neither the Company nor any Subsidiary or any related
entities (i) is required to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with the provisions of the
Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a &ldquo;person associated with
a member&rdquo; or &ldquo;associated person of a member&rdquo; (within the meaning set forth in the FINRA Manual).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">w.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Reliance.</U> 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 Placement Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">x.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Taxes.</U> The Company and the Subsidiaries have filed all federal, state, local and foreign
tax returns which have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent that such
taxes have become due and are not being contested in good faith, except where the failure to do so would not reasonably be expected
to have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus,
no tax deficiency has been determined adversely to the Company or any Subsidiary which has had, or would reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other
governmental tax deficiency, penalty or assessment which has been or might be asserted or threatened against it which could have
a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">y.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Title to Real and Personal Property.</U> The Company and the Subsidiaries have good and
valid title in fee simple to all items of real property and good and valid title to all personal property described in the Registration
Statement or Prospectus as being owned by them that are material to the businesses of the Company or such Subsidiary, in each case
free and clear of all liens, encumbrances and claims, except those that (i) do not materially interfere with the use made and proposed
to be made of such property by the Company and the Subsidiaries or (ii) would not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect. Any real property described in the Registration Statement or Prospectus as being
leased by the Company and the Subsidiaries is held by them under valid, existing and enforceable leases, except those that (A)
do not materially interfere with the use made or proposed to be made of such property by the Company or the Subsidiaries or (B)
would not be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">z.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Intellectual Property.</U> The Company and the Subsidiaries own or possess adequate enforceable
rights to use all patents, patent applications, trademarks (both registered and unregistered), service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures) (collectively, the &ldquo;<U>Intellectual Property</U>&rdquo;)<U>,
</U>necessary for the conduct of their respective businesses as conducted as of the date hereof, except to the extent that the
failure to own or possess adequate rights to use such Intellectual Property would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect; the Company and the Subsidiaries have not received any written notice of any claim
of infringement or conflict which asserted Intellectual Property rights of others, which infringement or conflict, if the subject
of an unfavorable decision, would result in a Material Adverse Effect; there are no pending, or to the Company&rsquo;s knowledge,
threatened judicial proceedings or interference proceedings against the Company or its Subsidiaries challenging the Company&rsquo;s
or any of its Subsidiary&rsquo;s rights in or to or the validity of the scope of any of the Company&rsquo;s or any Subsidiary&rsquo;s
patents, patent applications or proprietary information; no other entity or individual has any right or claim in any of the Company&rsquo;s
or any of its Subsidiary&rsquo;s patents, patent applications or any patent to be issued therefrom by virtue of any contract,
license or other agreement entered into between such entity or individual and the Company or any Subsidiary or by any non-contractual
obligation, other than by written licenses granted by the Company or any Subsidiary; the Company and the Subsidiaries have not
received any written notice of any claim challenging the rights of the Company or its Subsidiaries in or to any Intellectual Property
owned, licensed or optioned by the Company or any Subsidiary which claim, if the subject of an unfavorable decision would result
in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">aa.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Environmental Laws.</U> The Company and the Subsidiaries (i) are in compliance with any
and all applicable federal, state, local and foreign laws, rules, regulations, decisions and orders relating to the protection
of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively,
&ldquo;<U>Environmental Laws</U>&rdquo;); (ii) have received and are in compliance with all permits, licenses or other approvals
required of them under applicable Environmental Laws to conduct their respective businesses as described in the Registration Statement
and the Prospectus; and (iii) have not received notice of any actual or potential liability for the investigation or remediation
of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any of
clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals
or liability as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">bb.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Disclosure Controls.</U> The Company maintains systems of internal accounting controls
designed to provide reasonable assurance that (i) transactions are executed in accordance with management&rsquo;s general or specific
authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP
and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management&rsquo;s general or
specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. The Company is not aware of any material weaknesses in its internal
control over financial reporting (other than as set forth in the Registration Statement or the Prospectus). Since the date of
the latest audited financial statements of the Company included in the Prospectus, there has been no change in the Company&rsquo;s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s
internal control over financial reporting (other than as set forth in the Registration Statement or the Prospectus). The Company
has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed
such disclosure controls and procedures to ensure that material information relating to the Company and the Subsidiaries is made
known to the certifying officers by others within those entities, particularly during the period in which the Company&rsquo;s
Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, is being prepared. The Company&rsquo;s certifying
officers have evaluated the effectiveness of the Company&rsquo;s disclosure controls and procedures as of a date within 90 days
prior to the filing date of the Form 10-K for the fiscal year most recently ended (such date, the &ldquo;<U>Evaluation Date</U>&rdquo;).
The Company presented in its Form 10-K for the fiscal year most recently ended the conclusions of the certifying officers about
the effectiveness of the disclosure controls and procedures based on their evaluations as of the most recent Evaluation Date.
Since the most recent Evaluation Date, there have been no significant changes in the Company&rsquo;s internal controls (as such
term is defined in Item 307(b) of Regulation S-K under the Securities Act) or, to the Company&rsquo;s knowledge, in other factors
that could significantly affect the Company&rsquo;s internal controls. To the knowledge of the Company, the Company&rsquo;s &ldquo;internal
controls over financial reporting&rdquo; and &ldquo;disclosure controls and procedures&rdquo; are effective.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">cc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sarbanes-Oxley Act.</U> 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 applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the principal
executive officer and the principal financial officer of the Company (or each former principal executive officer of the Company
and each former principal financial officer of the Company as applicable) has made all certifications required by Sections 302
and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be
filed by it or furnished by it to the Commission during the past 12 months. For purposes of the preceding sentence, &ldquo;principal
executive officer&rdquo; and &ldquo;principal financial officer&rdquo; shall have the meanings given to such terms in the Exchange
Act Rules 13a-15 and 15d-15.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">dd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Finder&rsquo;s Fees.</U> Neither the Company nor any Subsidiary has incurred any liability
for any finder&rsquo;s fees, brokerage commissions or similar payments in connection with the transactions herein contemplated,
except as may otherwise exist with respect to the Agent pursuant to this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">ee.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Labor Disputes.</U> No labor disturbance by or dispute with employees of the Company or
any Subsidiary exists or, to the knowledge of the Company, is threatened which would reasonably be expected to result in a Material
Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">ff.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Investment Company Act.</U> Neither the Company nor any Subsidiary is or, after giving
effect to the offering and sale of the Placement Shares, will be an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo;
by an &ldquo;investment company,&rdquo; as such terms are defined in the Investment Company Act of 1940, as amended (the &ldquo;<U>Investment
Company Act</U>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">gg.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Operations.</U> The operations of the Company and the Subsidiaries are and have been conducted
at all times in compliance with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company or the Subsidiaries
are subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;), except as would not reasonably
be expected to result in a Material Adverse Effect; 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 Subsidiary with respect to the Money Laundering Laws is pending
or, to the knowledge of the Company, threatened.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">hh.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Off-Balance Sheet Arrangements.</U>&#9;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 structured finance, special purpose or limited purpose entity (each, an &ldquo;<U>Off
Balance Sheet Transaction</U>&rdquo;) 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), required to be described in the Registration Statement or the Prospectus which have not been described as required.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">ii.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Underwriter Agreements.</U> The Company is not a party to any agreement with an agent or
underwriter for any other &ldquo;at the market&rdquo; or continuous equity transaction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">jj.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>ERISA.</U> To the knowledge of the Company, each material employee benefit plan, within
the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (&ldquo;<U>ERISA</U>&rdquo;), that
is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the
Company and the Subsidiaries has been maintained in material compliance with its terms and the requirements of any applicable statutes,
orders, rules and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;);
no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result
in a material liability to the Company with respect to any such plan excluding transactions effected pursuant to a statutory or
administrative exemption; and for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302
of ERISA, no &ldquo;accumulated funding deficiency&rdquo; as defined in Section 412 of the Code has been incurred, whether or not
waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions)
exceeds the present value of all benefits accrued under such plan determined using reasonable actuarial assumptions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">kk.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Forward-Looking Statements.</U> No forward-looking statement (within the meaning of Section
27A of the Securities Act and Section 21E of the Exchange Act) (a &ldquo;<U>Forward-Looking Statement</U>&rdquo;) contained in
the Registration Statement and the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other
than in good faith. The Forward-Looking Statements incorporated by reference in the Registration Statement and the Prospectus
from the Company&rsquo;s Annual Report on Form 10-K for the fiscal year most recently ended (i) except for any Forward-Looking
Statement included in any financial statements and notes thereto, are within the coverage of the safe harbor for forward looking
statements set forth in Section 27A of the Securities Act, Rule 175(b) under the Securities Act or Rule 3b-6 under the Exchange
Act, as applicable, (ii) were made by the Company with a reasonable basis and in good faith and reflect the Company&rsquo;s good
faith commercially reasonable best estimate of the matters described therein as of the respective dates on which such statements
were made, and (iii) have been prepared in accordance with Item 10 of Regulation S-K under the Securities Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">ll.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Margin Rules</U>. Neither the issuance, sale and delivery of the Placement Shares nor the
application of the proceeds thereof by the Company as described in the Registration Statement and the Prospectus will violate Regulation
T, U or X of the Board of Governors of the Federal Reserve System.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">mm.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Insurance.</U> The Company and the Subsidiaries carry, or are covered by, insurance in
such amounts and covering such risks as the Company and the Subsidiaries reasonably believe are adequate for the conduct of their
business and as is customary for companies of similar size engaged in similar businesses in similar industries.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">nn.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Improper Practices.</U> (i) Neither the Company nor, to the Company&rsquo;s knowledge,
the Subsidiaries, nor to the Company&rsquo;s knowledge, any of their respective executive officers has, in the past five years,
made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in violation
of law) or made any contribution or other payment to any official of, or candidate for, any federal, state, municipal, or foreign
office or other person charged with similar public or quasi-public duty in violation of any law or of the character required to
be disclosed in the Prospectus; (ii) no relationship, direct or indirect, exists between or among the Company or, to the Company&rsquo;s
knowledge, the Subsidiaries or any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the
Company or, to the Company&rsquo;s knowledge, the Subsidiaries, on the other hand, that is required by the Securities Act to be
described in the Registration Statement and the Prospectus that is not so described; (iii) no relationship, direct or indirect,
exists between or among the Company or the Subsidiaries or any affiliate of them, on the one hand, and the directors, officers,
stockholders or directors of the Company or, to the Company&rsquo;s knowledge, the Subsidiaries, on the other hand, that is required
by the rules of FINRA to be described in the Registration Statement and the Prospectus that is not so described; (iv) there are
no material outstanding loans or advances or material guarantees of indebtedness by the Company or, to the Company&rsquo;s knowledge,
the Subsidiaries to or for the benefit of any of their respective officers or directors or any of the members of the families of
any of them; and (v) the Company has not offered, or caused any placement agent to offer, Common Stock to any person with the intent
to influence unlawfully (A) a customer or supplier of the Company or the Subsidiaries to alter the customer&rsquo;s or supplier&rsquo;s
level or type of business with the Company or the Subsidiaries or (B) a trade journalist or publication to write or publish favorable
information about the Company or the Subsidiaries or any of their respective products or services, and, (vi) neither the Company
nor the Subsidiaries nor, to the Company&rsquo;s knowledge, any employee or agent of the Company or the Subsidiaries has made any
payment of funds of the Company or the Subsidiaries or received or retained any funds in violation of any law, rule or regulation
(including, without limitation, the Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of funds is of
a character required to be disclosed in the Registration Statement or the Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">oo.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Status Under the Securities Act.</U> The Company was not and is not an ineligible issuer
as defined in Rule 405 at the times specified in Rules 164 and 433 under the Securities Act in connection with the offering of
the Placement Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">pp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Misstatement or Omission in an Issuer Free Writing Prospectus.</U> Each Issuer Free
Writing Prospectus, as of its issue date and as of each Applicable Time (as defined in <U>Section 25</U> below), did not, does
not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration
Statement or the Prospectus, including any incorporated document deemed to be a part thereof that has not been superseded or modified.
The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity
with written information furnished to the Company by the Agent specifically for use therein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">qq.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Conflicts.</U> Neither the execution of this Agreement, nor the issuance, offering or
sale of the Placement Shares, nor the consummation of any of the transactions contemplated herein and therein, nor the compliance
by the Company with the terms and provisions hereof and thereof will conflict with, or will result in a breach of, any of the terms
and provisions of, or has constituted or will constitute a default under, or has resulted in or will result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any contract
or other agreement to which the Company may be bound or to which any of the property or assets of the Company is subject, except
(i) such conflicts, breaches or defaults as may have been waived and (ii) such conflicts, breaches and defaults that would not
reasonably be expected to have a Material Adverse Effect; nor will such action result (x) in any violation of the provisions of
the organizational or governing documents of the Company, or (y) in any material violation of the provisions of any statute or
any order, rule or regulation applicable to the Company or of any court or of any federal, state or other regulatory authority
or other government body having jurisdiction over the Company, except where such violation would not reasonably be expected to
have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">rr.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>OFAC.</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0; text-align: justify; text-indent: 0.7in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Company represents that, neither the Company nor any Subsidiary (collectively, the &ldquo;<U>Entity</U>&rdquo;)
or any director, officer, employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in
this paragraph (rr), &ldquo;<U>Person</U>&rdquo;) that is, or is owned or controlled by a Person that is:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0; text-align: justify; text-indent: 0.7in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0; text-align: justify; text-indent: 0.7in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0 0 1in; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 11.5pt; letter-spacing: 0.35pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.35pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s
Office of Foreign Assets Control (&ldquo;<U>OFAC</U>&rdquo;), the United Nations Security Council (&ldquo;<U>UNSC</U>&rdquo;),
the European Union (&ldquo;<U>EU</U>&rdquo;), Her Majesty&rsquo;s Treasury (&ldquo;<U>HMT</U>&rdquo;), or other relevant sanctions
authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;), nor</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12.6pt 0 0 1in; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 11.5pt; letter-spacing: 0.35pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.35pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">located, organized or resident in a country or territory that is the subject of Sanctions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2in 0 0 0.2in; text-align: justify; text-indent: 0.8in">(ii) The
Entity represents and covenants that it will not, directly or indirectly, knowingly use the proceeds of the offering, or lend,
contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.2in 0 0 1in; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 11.5pt; letter-spacing: 0.15pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">to fund or facilitate any activities or business of or with any Person or in any country or
territory that, at the time of such funding or facilitation, is the subject of Sanctions; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12.6pt 0 0 1in; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 11.5pt; letter-spacing: 0.15pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">in any other manner that will result in a violation of Sanctions by any Person (including
any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2in 0 0 0.2in; text-align: justify; text-indent: 0.8in">(iii) The
Entity represents and covenants that, except as detailed in the Prospectus, for the past 5 years, it has not knowingly engaged
in, is not now knowingly engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or
territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">ss.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Stock Transfer Taxes.</U> On each Settlement Date, all stock transfer or other taxes (other
than income taxes) which are required to be paid in connection with the sale and transfer of the Placement Shares to be sold hereunder
will be, or will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been
fully complied with by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in">Any certificate
signed by an officer of the Company and delivered to the Agent or to counsel for the Agent pursuant to or in connection with this
Agreement shall be deemed to be a representation and warranty by the Company, as applicable, to the Agent as to the matters set
forth therein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Covenants of the Company</U>. The Company covenants and agrees with the Agent that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Registration Statement Amendments.</U> After the date of this Agreement and during any
period in which a prospectus relating to any Placement 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 172 under the Securities Act) (the <U>&ldquo;Prospectus
Delivery Period</U>&rdquo;) (i) the Company will 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 any Placement, has been filed with the Commission
and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission
for any amendment or supplement to the Registration Statement or Prospectus related to the Placement or for additional information
related to the Placement, (ii) the Company will 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 distribution of the Placement 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 and provided, further,
that the only remedy the Agent shall have with respect to the failure to make such filing shall be to cease making sales under
this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the
Registration Statement or Prospectus relating to the Placement Shares or a security convertible into the Placement 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) 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 and (B) 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 related to the transaction
herein provided; and provided, further, that the only remedy the Agent shall have with respect to the failure by the Company to
obtain such consent shall be to cease making sales under this Agreement) and the Company will 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 (iv) the Company will cause each amendment or supplement to
the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities
Act or, in the case of any document to be incorporated therein by reference, to be filed with the Commission as required pursuant
to the Exchange Act, within the time period prescribed (the determination to file or not file any amendment or supplement with
the Commission under this <U>Section 7(a)</U>, based on the Company&rsquo;s reasonable opinion or reasonable objections, shall
be made exclusively by the Company). </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Notice of Commission Stop Orders.</U> 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 Placement 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. The Company will advise the Agent promptly after it receives any request by the Commission for any amendments
to the Registration Statement or any amendment or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional
information related to the offering of the Placement Shares or for additional information related to the Registration Statement,
the Prospectus or any Issuer Free Writing Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Delivery of Prospectus; Subsequent Changes.</U> During the Prospectus Delivery Period,
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 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) or any other provision of or under the Exchange Act.
If the Company has omitted any information from the Registration Statement pursuant to Rule 430A under the Securities Act, it
will use its commercially reasonable efforts to comply with the provisions of and make all requisite filings with the Commission
pursuant to said Rule 430A and to notify the Agent promptly of all such filings. If during the Prospectus Delivery 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 Prospectus Delivery 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 Placement
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; <I>provided, however</I>, that the Company
may delay the filing of any amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">d.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Listing of Placement Shares.</U> During the Prospectus Delivery Period, the Company will
use its commercially reasonable efforts to cause the Placement Shares to be listed on the Exchange and to qualify the Placement
Shares for sale under the securities laws of such jurisdictions in the United States as the Agent reasonably designates and to
continue such qualifications in effect so long as required for the distribution of the Placement Shares; <I>provided, however</I>,
that the Company shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities or file
a general consent to service of process in any jurisdiction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">e.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Delivery of Registration Statement and Prospectus.</U> The Company will furnish to the
Agent and its counsel (at the reasonable expense of the Company) copies of the Registration Statement, the Prospectus (including
all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus
that are filed with the Commission during the Prospectus Delivery Period (including all documents filed with the Commission during
such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such
quantities as the Agent may from time to time reasonably request and, at the Agent&rsquo;s request, will also furnish copies of
the Prospectus to each exchange or market on which sales of the Placement Shares may be made; <I>provided, however</I>, that the
Company shall not be required to furnish any document (other than the Prospectus) to the Agent to the extent such document is available
on EDGAR.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">f.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Earnings Statement.</U> The Company will make generally available to its security holders
as soon as practicable, but in any event not later than 15 months after the end of the Company&rsquo;s current fiscal quarter,
an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities
Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">g.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Use of Proceeds.</U> The Company will use the Net Proceeds as described in the Prospectus
in the section entitled &ldquo;Use of Proceeds.&rdquo;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">h.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Notice of Other Sales.</U> Without the prior written consent of the Agent, the Company
will not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common
Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common
Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the date on which any Placement
Notice is delivered to the Agent hereunder and ending on the third (3rd) Trading Day immediately following the final Settlement
Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or
suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination);
and will not directly or indirectly in any other &ldquo;at the market&rdquo; or continuous equity transaction offer to sell, sell,
contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant
to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire,
Common Stock prior to the termination of this Agreement; <I>provided, however</I>, that such restrictions will not be required
in connection with the Company&rsquo;s issuance or sale of (i) Common Stock, options to purchase Common Stock, RSUs or Common Stock
issuable upon the exercise of options or vesting of RSUs, pursuant to any employee or director equity compensation or benefits
plan, stock ownership plan or dividend reinvestment plan (but not Common Stock subject to a waiver to exceed plan limits in its
dividend reinvestment plan) of the Company whether now in effect or hereafter implemented; (ii) Common Stock issuable upon conversion
of securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company
available on EDGAR or otherwise in writing to the Agent, and (iii) Common Stock, or securities convertible into or exercisable
for Common Stock, offered and sold in a privately negotiated transaction to vendors, customers, strategic partners or potential
strategic partners or other investors conducted in a manner so as not to be integrated with the offering of Common Stock hereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">i.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Change of Circumstances.</U> The Company will, at any time during the pendency of a Placement
Notice advise the Agent promptly after it shall have received notice or obtained knowledge thereof, of any information or fact
that would alter or affect in any material respect any opinion, certificate, letter or other document required to be provided to
the Agent pursuant to this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">j.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Due Diligence Cooperation.</U> During the term of this Agreement, the Company will cooperate
with any reasonable due diligence review conducted by the Agent or its representatives in connection with the transactions contemplated
hereby, including, without limitation, providing information and making available documents and senior corporate officers, during
regular business hours and at the Company&rsquo;s principal offices, as the Agent may reasonably request.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">k.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Required Filings Relating to Placement of Placement Shares.</U> The Company agrees that
on such dates as the Securities Act shall require, the Company will (i) file a prospectus supplement with the Commission under
the applicable paragraph of Rule 424(b) under the Securities Act (each and every filing under Rule 424(b), a &ldquo;<U>Filing
Date</U>&rdquo;), which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold
through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect to such
Placement Shares, and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which
such sales were effected as may be required by the rules or regulations of such exchange or market.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">l.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representation Dates; Certificate.</U> Each time during the term of this Agreement that
the Company:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0; text-align: justify; text-indent: 0.7in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">amends or supplements (other than a prospectus supplement relating solely to an offering of
securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means
of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration
Statement or the Prospectus relating to the Placement Shares;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0; text-align: justify; text-indent: 0.7in"><FONT STYLE="font-size: 10pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">files an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing
amended financial information or a material amendment to the previously filed Form 10-K);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0; text-align: justify; text-indent: 0.7in"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">files its quarterly reports on Form 10-Q under the Exchange Act; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0; text-align: justify; text-indent: 0.7in"><FONT STYLE="font-size: 10pt">(iv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">files a current report on Form 8-K containing amended financial information (other than information
&ldquo;furnished&rdquo; pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating
to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No. 144) under the Exchange Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2in 0.05in 0 0.5in; text-align: justify">(Each date of filing of
one or more of the documents referred to in clauses (i) through (iv) shall be a &ldquo;<U>Representation Date.</U>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify">the Company shall furnish the
Agent (but in the case of clause (iv) above only if the Agent determines that the information contained in such Form 8-K is material)
with a certificate, in the form attached hereto as <U>Exhibit 7(1)</U>. The requirement to provide a certificate under this <U>Section
7(1)</U> shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver
shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar
quarter shall be considered a Representation Date) and the next occurring Representation Date on which the Company files its annual
report on Form 10-K. Notwithstanding the foregoing, (i) upon the delivery of the first Placement Notice hereunder and (ii) if the
Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and
did not provide the Agent with a certificate under this <U>Section 7(1)</U>, then before the Agent sells any Placement Shares,
the Company shall provide the Agent with a certificate, in the form attached hereto as <U>Exhibit 7(1)</U>, dated the date of the
Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">m.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Legal Opinion.</U> On or prior to the date of the first Placement Notice given hereunder
the Company shall cause to be furnished to the Agent written opinions and a negative assurance letter of McGuire, Craddock &amp;
Strother, P.C. (&ldquo;<U>Company Counsel</U>&rdquo;), or other counsel reasonably satisfactory to the Agent, in the form attached
hereto as Exhibit 7(m)(1) and 7(m)(2), respectively. Thereafter, within five (5) Trading Days of each Representation Date with
respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(l) for which no waiver
is applicable, the Company shall cause to be furnished to the Agent a written letter of Company Counsel in the form attached hereto
as Exhibit 7(m)(2), modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented;
<I>provided that</I>, in lieu of such negative assurance for subsequent periodic filings under the Exchange Act, counsel may furnish
the Agent with a letter (a &ldquo;<U>Reliance Letter</U>&rdquo;) to the effect that the Agent may rely on the negative assurance
letter previously delivered under this Section 7(m) to the same extent as if it were dated the date of such letter (except that
statements in such prior letter shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented
as of the date of the Reliance Letter).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">n.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Comfort Letter.</U> On or prior to the date of the first Placement Notice given hereunder
and within five (5) Trading Days after each subsequent Representation Date, other than pursuant to <U>Section 7(l)(iii)</U>, the
Company shall cause its independent accountants to furnish the Agent letters (the &ldquo;<U>Comfort Letters</U>&rdquo;), dated
the date the Comfort Letter is delivered, which shall meet the requirements set forth in this <U>Section 7(n)</U>; provided, that
if requested by the Agent, the Company shall cause a Comfort Letter to be furnished to the Agent within ten (10) Trading Days of
such request following the date of occurrence of any restatement of the Company&rsquo;s financial statements. The Comfort Letter
from the Company&rsquo;s independent accountants shall be in a form and substance reasonably satisfactory to the Agent, (i) confirming
that they are an independent public accounting firm within the meaning of the Securities Act and the PCAOB, (ii) stating, as of
such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered
by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters in connection with registered public offerings (the first such
letter, the &ldquo;<U>Initial Comfort Letter</U>&rdquo;) and (iii) updating the Initial Comfort Letter with any information that
would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the
Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">o.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Market Activities.</U> The Company will not, directly or indirectly, (i) take any action
designed to cause or result in, or that constitutes or would reasonably be expected to constitute, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of Common Stock or (ii) sell, bid for, or purchase
Common Stock in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other
than the Agent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">p.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Investment Company Act.</U> The Company will conduct its affairs in such a manner so as
to reasonably ensure that neither it nor the Subsidiaries will be or become, at any time prior to the termination of this Agreement,
an &ldquo;investment company,&rdquo; as such term is defined in the Investment Company Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">q.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Offer to Sell. </U>Other than an Issuer Free Writing Prospectus approved in advance
by the Company and the Agent in its capacity as agent hereunder pursuant to <U>Section 23</U>, neither the Agent nor the Company
(including its agents and representatives, other than the Agent in their capacity as such) will make, use, prepare, authorize,
approve or refer to any written communication (as defined in Rule 405), required to be filed with the Commission, that constitutes
an offer to sell or solicitation of an offer to buy Placement Shares hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">r.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sarbanes-Oxley Act.</U> The Company will maintain and keep accurate books and records
reflecting its assets and maintain internal accounting controls in a manner designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP
and including those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately
and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions
are recorded as necessary to permit the preparation of the Company&rsquo;s consolidated financial statements in accordance with
GAAP, (iii) reasonably assure that receipts and expenditures of the Company are being made only in accordance with management&rsquo;s
and the Company&rsquo;s directors&rsquo; authorization, and (iv) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of the Company&rsquo;s assets that could have a material effect on its financial
statements. The Company will maintain such controls and other procedures, including, without limitation, those required by Sections
302 and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the Commission&rsquo;s rules and forms, including, without limitation,
controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files
or submits under the Exchange Act is accumulated and communicated to the Company&rsquo;s management, including its principal executive
officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding
required disclosure and to ensure that material information relating to the Company or the Subsidiaries is made known to them
by others within those entities, particularly during the period in which such periodic reports are being prepared.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representations and Covenants of the Agent.</U> The Agent represents and warrants that
it is duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state
in which the Placement Shares will be offered and sold, except such states in which the Agent is exempt from registration or such
registration is not otherwise required. The Agent shall continue, for the term of this Agreement, to be duly registered as a broker-dealer
under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered
and sold, except such states in which the Agent is exempt from registration or such registration is not otherwise required, during
the term of this Agreement. The Agent shall comply with all applicable law and regulations, including but not limited to Regulation
M, in connection with the transactions contemplated by this Agreement, including the issuance and sale through the Agent of the
Placement Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Payment of Expenses.</U> The Company will pay all expenses incident to the performance
of its obligations under this Agreement, including (i) the preparation, filing, including any fees required by the Commission,
and printing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment
and supplement thereto and each Free Writing Prospectus, in such number as the Agent shall deem reasonably necessary, (ii) the
printing and delivery to the Agent of this Agreement and such other documents as may be required in connection with the offering,
purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of the certificates,
if any, for the Placement Shares to the Agent, including any stock or other transfer taxes and any capital duties, stamp duties
or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to the Agent, (iv) the fees and disbursements
of the counsel, accountants and other advisors to the Company, (v) the fees and disbursements of counsel to the Agent up to $25,000;
(vi) the fees and expenses of the transfer agent and registrar for the Common Stock, (vii) the filing fees incident to any review
by FINRA of the terms of the sale of the Placement Shares, and (viii) the fees and expenses incurred in connection with the listing
of the Placement Shares on the Exchange.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Conditions to the Agent&rsquo;s Obligations.</U> The obligations of the Agent hereunder
with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made
by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by the Agent of a
due diligence review satisfactory to it in its reasonable judgment, and to the continuing satisfaction (or waiver by the Agent
in its sole discretion) of the following additional conditions:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Registration Statement Effective.</U> The Registration Statement shall have become effective
and shall be available for the sale of all Placement Shares contemplated to be issued by any Placement Notice.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Material Notices.</U> None of the following events shall have occurred and be continuing:
(i) receipt by the Company 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) 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) receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose; or (iv) 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, the Prospectus or 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: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Misstatement or Material Omission.</U> The Agent shall not have advised the Company
that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that
in the Agent&rsquo;s reasonable opinion is material, or omits to state a fact that in the Agent&rsquo;s reasonable opinion is material
and is required to be stated therein or is necessary to make the statements therein not misleading.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">d.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Material Changes.</U> Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s
reports filed with the Commission, there shall not have been any Material Adverse Effect, or any development that could reasonably
be expected to cause a Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Company&rsquo;s
securities (other than asset backed securities) by any rating organization or a public announcement by any rating organization
that it has under surveillance or review its rating of any of the Company&rsquo;s securities (other than asset backed securities),
the effect of which, in the case of any such action by a rating organization described above, in the reasonable judgment of the
Agent (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable
or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">e.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Legal Opinion.</U> The Agent shall have received the opinions and negative assurances of
Company Counsel required to be delivered pursuant <U>Section 7(m)</U> on or before the date on which such delivery of such opinions
are required pursuant to <U>Section 7(m)</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">f.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Comfort Letter.</U> The Agent shall have received the Comfort Letter required to be delivered
pursuant <U>Section 7(n)</U> on or before the date on which such delivery of such letter is required pursuant to <U>Section 7(n)</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">g.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representation Certificate.</U> The Agent shall have received the certificate required
to be delivered pursuant to <U>Section 7(1)</U> on or before the date on which delivery of such certificate is required pursuant
to <U>Section 7(1)</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">h.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Secretary&rsquo;s Certificate</U>. On or prior to the first Representation Date, the Agent
shall have received a certificate, signed on behalf of the Company by its corporate Secretary, in form and substance satisfactory
to the Agent and its counsel.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">i.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Suspension.</U> Trading in the Common Stock shall not have been suspended on the Exchange
and the Common Stock shall not have been delisted from the Exchange.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">j.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Other Materials.</U> On each date on which the Company is required to deliver a certificate
pursuant to <U>Section 7(1)</U>, the Company shall have furnished to the Agent such appropriate further information, certificates
and documents as the Agent may reasonably request. All such opinions, certificates, letters and other documents will be in compliance
with the provisions hereof. The Company will furnish the Agent with such conformed copies of such opinions, certificates, letters
and other documents as the Agent shall reasonably request.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">k.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Securities Act Filings Made.</U> All filings with the Commission required by Rule 424 under
the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable
time period prescribed for such filing by Rule 424.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">l.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Approval for Listing.</U> The Placement Shares shall either have been approved for listing
on the Exchange, subject only to notice of issuance, or the Company shall have filed an application for listing of the Placement
Shares on the Exchange at, or prior to, the issuance of any Placement Notice.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">m.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>No Termination Event.</U> There shall not have occurred any event that would permit the
Agent to terminate this Agreement pursuant to <U>Section 13(a)</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Indemnification and Contribution.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2in 0 0 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Indemnification.</U> The Company agrees to indemnify and hold</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">harmless the Agent, its partners, members,
directors, officers, employees and agents and each person, if any, who controls the Agent within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.2in 0 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt; letter-spacing: 0.4pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint
or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement
of a material fact included in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto),
or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 16.2pt 0 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt; letter-spacing: 0.4pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint
or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission; provided that (subject to <U>Section 11(d)</U> below) any such settlement is
effected with the written consent of the Company, which consent shall not unreasonably be delayed or withheld; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt; letter-spacing: 0.4pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">against any and all expense whatsoever, as incurred (including the fees and disbursements
of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2in 0 0; text-align: justify"><I>provided, however</I>, that this
indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement
or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written information furnished
to the Company by the Agent expressly for use in the Registration Statement (or any amendment thereto), or in any related Issuer
Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</P>

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

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent
Indemnification.</U> The Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the Company
who signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Company against
any and all loss, liability, claim, damage and expense described in the indemnity contained in <U>Section 11(a)</U>, as incurred,
but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement
(or any amendments thereto) or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement
thereto) in reliance upon and in conformity with information relating to the Agent and furnished to the Company in writing by the
Agent expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure.</U>
Any party that proposes to assert the right to be indemnified under this <U>Section 11</U> will, promptly after receipt of notice
of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties
under this <U>Section 11</U>, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers
served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that
it might have to any indemnified party otherwise than under this <U>Section 11</U> and (ii) any liability that it may have to any
indemnified party under the foregoing provision of this <U>Section 11</U> unless, and only to the extent that, such omission results
in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified
party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and,
to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement
of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of
the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the
indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for
any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred
by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in
any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless
(1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified
party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified
parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict
exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which
case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or
(4) the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after
receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges
of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties
shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all
such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party
promptly after the indemnifying party receives a written invoice relating to fees, disbursements and other charges in reasonable
detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its
written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise
or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated
by this <U>Section 11</U> (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent
(1) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation,
proceeding or claim and (2) 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: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution.</U>
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this <U>Section 11</U> is applicable in accordance with its terms but for any reason is held to be unavailable from
the Company or the Agent, the Company and the Agent will contribute to the total losses, claims, liabilities, expenses and damages
(including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement
of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons
other than the Agent, such as persons who control the Company within the meaning of the Securities Act or the Exchange Act, officers
of the Company who signed the Registration Statement and directors of the Company, who also may be liable for contribution) to
which the Company and the Agent may be subject in such proportion as shall be appropriate to reflect the relative benefits received
by the Company on the one hand and the Agent on the other hand. The relative benefits received by the Company on the one hand and
the Agent on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement
Shares (before deducting expenses) received by the Company bear to the total compensation received by the Agent (before deducting
expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing
sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate
to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on
the one hand, and the Agent, on the other hand, with respect to the statements or omission that resulted in such loss, claim, liability,
expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering.
Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of
a material fact or 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
statement or omission. The Company and the Agent agree that it would not be just and equitable if contributions pursuant to this
<U>Section 11(d)</U> were to be determined by pro rata allocation or by any other method of allocation that does not take into
account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the
loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this <U>Section 11(d) </U>shall
be deemed to include, for the purpose of this <U>Section 11(d)</U>, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim to the extent consistent with <U>Section 11(c)</U>
hereof. Notwithstanding the foregoing provisions of this <U>Section 11(d)</U>, the Agent shall not be required to contribute any
amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. For purposes of this <U>Section 11(d)</U>, any person who controls a party to this Agreement
within the meaning of the Securities Act or the Exchange Act, and any officers, directors, partners, employees or agents of the
Agent, will have the same rights to contribution as that party, and each officer and director of the Company who signed the Registration
Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled
to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim
for contribution may be made under this <U>Section 11(d)</U>, will notify any such party or parties from whom contribution may
be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other
obligation it or they may have under this <U>Section 11(d)</U> except to the extent that the failure to so notify such other party
materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement
entered into pursuant to the last sentence of <U>Section 11(c)</U> hereof, no party will be liable for contribution with respect
to any action or claim settled without its written consent if such consent is required pursuant to <U>Section 11(c)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representations and Agreements to Survive Delivery.</U> The indemnity and contribution
agreements contained in Section 11 of this Agreement and all representations and warranties of the Company herein or in certificates
delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf
of the Agent, any controlling persons, or the Company (or any of their respective officers, directors or controlling persons),
(ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">13.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Termination.</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Agent may terminate this Agreement, by notice to the Company, as hereinafter specified
at any time (1) if there has been, since the time of execution of this Agreement or since the date as of which information is given
in the Prospectus, any Material Adverse Effect, or any development that is reasonably likely to have a Material Adverse Effect
or, in the sole judgment of the Agent, is material and adverse and makes it impractical or inadvisable to market the Placement
Shares or to enforce contracts for the sale of the Placement Shares, (2) if there has occurred any material adverse change in the
financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof
or other calamity or crisis or any change or development involving a prospective change in national or international political,
financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Agent, impracticable
or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (3) if trading in the
Common Stock has been suspended or limited by the Commission or the Exchange, or if trading generally on the Exchange has been
suspended or limited, or minimum prices for trading have been fixed on the Exchange, (4) if any suspension of trading of any securities
of the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption
of securities settlements or clearance services in the United States shall have occurred and be continuing, or (6) if a banking
moratorium has been declared by either U.S. Federal or New York authorities. Any such termination shall be without liability of
any party to any other party except that the provisions of <U>Section</U> 9 (Payment of Expenses), <U>Section 11</U> (Indemnification
and Contribution), <U>Section 12</U> (Representations and Agreements to Survive Delivery), <U>Section 18</U> (Governing Law and
Time; Waiver of Jury Trial) and <U>Section 19</U> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding
such termination. If the Agent elects to terminate this Agreement as provided in this Section 13(a), the Agent shall provide the
required notice as specified in Section 14 (Notices).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Company shall have the right, by giving ten (10) days notice as hereinafter specified
to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be
without liability of any party to any other party except that the provisions of <U>Section 9</U> (Payment of Expenses), <U>Section
11</U> (Indemnification and Contribution), <U>Section 12</U> (Representations and Agreements to Survive Delivery), <U>Section
18</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section 19</U> (Consent to Jurisdiction) hereof shall remain in full
force and effect notwithstanding such termination.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Agent shall have the right, by giving ten (10) days notice as hereinafter specified to
terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without
liability of any party to any other party except that the provisions of <U>Section 9</U> (Payment of Expenses), <U>Section 11</U>
(Indemnification and Contribution), <U>Section 12</U> (Representations and Agreements to Survive Delivery), <U>Section 18</U> (Governing
Law and Time; Waiver of Jury Trial) and <U>Section 19</U> (Consent to Jurisdiction) hereof shall remain in full force and effect
notwithstanding such termination.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">d.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Unless earlier terminated pursuant to this <U>Section 13</U>, this Agreement shall automatically
terminate upon the issuance and sale of all of the Placement Shares through the Agent on the terms and subject to the conditions
set forth herein except that the provisions of <U>Section 9</U> (Payment of Expenses), <U>Section 11</U> (Indemnification and Contribution),
<U>Section 12</U> (Representations and Agreements to Survive Delivery), <U>Section 18</U> (Governing Law and Time; Waiver of Jury
Trial) and <U>Section 19</U> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">e.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">This Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections
13(a)</U>, <U>(b</U>), <U>(c</U>), or <U>(d)</U> above or otherwise by mutual agreement of the parties; <I>provided, however</I>,
that any such termination by mutual agreement shall in all cases be deemed to provide that <U>Section 9</U> (Payment of Expenses),
<U>Section 11</U> (Indemnification and Contribution), <U>Section 12</U> (Representations and Agreements to Survive Delivery), <U>Section
18</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section 19</U> (Consent to Jurisdiction) shall remain in full force
and effect. Upon termination of this Agreement, the Company shall not have any liability to the Agent for any discount, commission
or other compensation with respect to any Placement Shares not otherwise sold by the Agent under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">f.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any termination of this Agreement shall be effective on the date specified in such notice
of termination; <I>provided, however</I>, 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 Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">14.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Notices.</U> All notices or other communications required or permitted to be given by any
party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified, and if sent to
the Agent, shall be delivered to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2in 0 0 1in">B. Riley FBR, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">299 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, NY 10171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Attention:&#9;General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.8pt 0 0 1in">Telephone: &#9;(212) 457-9947&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Email:&#9;atmdesk@brileyfbr.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 27pt 0 0">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Duane Morris LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">One Riverfront Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">1037 Raymond Boulevard, Suite 1800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Newark, NJ 07102</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Attention: &#9;James T. Seery</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Telephone: &#9;(973) 424-2088</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Email: &#9;jtseery@duanemorris.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0">and if to the Company, shall be delivered to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">RAVE Restaurant Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">3551 Plano Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">The Colony, Texas 75056</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Attention: &#9;Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Telephone: &#9;(469) 384-5000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Email: &#9;tmullany@raverg.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0 0.5in; text-indent: 0.5in">McGuire, Craddock &amp; Strother,
P.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3in 0 1in">2501 N. Harwood, Suite 1800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3in 0 1in">Dallas, Texas 75201</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Attention: &#9; Steven D. Davidson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Telephone: (214) 954-6826&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Email: sdavidson@mcslaw.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0; text-align: justify; text-indent: 0.5in">Each 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. Each such notice or other communication shall be deemed given (i) when delivered personally, by email, or by
verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or,
if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to
a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified
or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, &ldquo;<U>Business Day</U>&rdquo;
shall mean any day on which the Exchange and commercial banks in the City of New York are open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0; text-align: justify; text-indent: 0.5in">An electronic
communication (&ldquo;<U>Electronic Notice</U>&rdquo;) shall be deemed written notice for purposes of this <U>Section 14</U> if
sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received
at the time the party sending Electronic Notice receives confirmation of receipt by the receiving party. Any party receiving Electronic
Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&ldquo;<U>Nonelectronic Notice</U>&rdquo;)
which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">15.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Successors and Assigns.</U> This Agreement shall inure to the benefit of and be binding
upon the Company and the Agent and their respective successors and the affiliates, controlling persons, officers and directors
referred to in <U>Section 11</U> hereof. References to any of the parties contained in this Agreement shall be deemed to include
the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations
under this Agreement without the prior written consent of the other party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">16.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Adjustments for Stock Splits.</U> The parties acknowledge and agree that all share-related
numbers contained in this Agreement shall be adjusted to take into account any share consolidation, stock split, stock dividend,
corporate domestication or similar event effected with respect to the Placement Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">17.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Entire Agreement; Amendment; Severability.</U> This Agreement (including all schedules
and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all
other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the
subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed
by the Company and the Agent. In the event that any one or more of the provisions contained herein, or the application thereof
in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision
shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder
of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained
herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall
be in accordance with the intent of the parties as reflected in this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">18.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL.</U> THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED
TIMES OF DAY REFER TO NEW YORK CITY TIME. THE COMPANY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">19.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>CONSENT TO JURISDICTION.</U> EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT
IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH
SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER.
EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION
OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS
AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED
BY LAW.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">20.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Use of Information.</U> The Agent may not use any information gained in connection with
this Agreement and the transactions contemplated by this Agreement, including due diligence, to advise any party with respect to
transactions not expressly approved by the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">21.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts.</U> This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement
by one party to the other may be made by facsimile transmission.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">22.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Effect of Headings.</U> The section and Exhibit headings herein are for convenience only
and shall not affect the construction hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">23.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Permitted Free Writing Prospectuses.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in">&#9;The
Company represents, warrants and agrees that, unless it obtains the prior consent of the Agent, and the Agent represents, warrants
and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any offer relating to the
Placement Shares that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a &ldquo;free writing
prospectus,&rdquo; as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented
to by the Agent or by the Company, as the case may be, is hereinafter referred to as a &ldquo;Permitted Free Writing Prospectus.&rdquo;
The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as
an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and has complied and will comply with the requirements
of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending
and record keeping. For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in
<U>Exhibit 23</U> hereto are Permitted Free Writing Prospectuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">24.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Absence of Fiduciary Relationship. </U>The Company acknowledges and agrees that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the Agent is acting solely as agent in connection with the public offering of the Placement
Shares and in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and
no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders),
creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or will be created in respect
of any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent has advised or is advising
the Company on other matters, and the Agent has no obligation to the Company with respect to the transactions contemplated by this
Agreement except the obligations expressly set forth in this Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">it is capable of evaluating and understanding, and understands and accepts, the terms, risks
and conditions of the transactions contemplated by this Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the Agent has not provided any legal, accounting, regulatory or tax advice with respect to
the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to
the extent it has deemed appropriate;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">d.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">it is aware that the Agent and its affiliates are engaged in a broad range of transactions
which may involve interests that differ from those of the Company and the Agent has no obligation to disclose such interests and
transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">e.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">it waives, to the fullest extent permitted by law, any claims it may have against the Agent
for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement
and agrees that the Agent shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect
of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company,
employees or creditors of Company, other than in respect of the Agent&rsquo;s obligations under this Agreement and to keep information
provided by the Company to the Agent and the Agent&rsquo;s counsel confidential to the extent not otherwise publicly-available.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0.9pt; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">25.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Definitions.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.05in 0 0; text-align: justify; text-indent: 1.5in">As used
in this Agreement, the following terms have the respective meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable
Time</U>&rdquo; means (i) each Representation Date and (ii) the time of each sale of any Placement Shares pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer
Free Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, relating to
the Placement Shares that (1) is required to be filed with the Commission by the Company, (2) is a &ldquo;road show&rdquo; that
is a &ldquo;written communication&rdquo; within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the
Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares
or of the offering that does not reflect the final terms, 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 433(g) under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 16.2pt 0.45in 0 0; text-indent: 0.5in">&ldquo;<U>Rule 172</U>,&rdquo;
&ldquo;<U>Rule 405</U>,&rdquo; &ldquo;<U>Rule 415</U>,&rdquo; &ldquo;<U>Rule 424</U>,&rdquo; &ldquo;<U>Rule 424(b)</U>,&rdquo;
&ldquo;<U>Rule 430B</U>,&rdquo; and &ldquo;<U>Rule 433</U>&rdquo; refer to such rules under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2in 0.05in 0 0; text-align: justify; text-indent: 0.5in">All references
in this Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo;
or &ldquo;stated&rdquo; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0.05in 37.8pt 0; text-align: justify; text-indent: 0.5in">All
references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing
shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer
Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed
with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references
in this Agreement to &ldquo;supplements&rdquo; to the Prospectus shall include, without limitation, any supplements, &ldquo;wrappers&rdquo;
or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agent outside
of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[Remainder of the page intentionally left blank]</P>

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

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

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

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

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


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: 0.2pt">If the </FONT>foregoing correctly
sets forth the understanding between the Company and the Agent, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement between the Company and the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0 3.5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0 3.2in"><B>RAVE RESTAURANT GROUP, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 48.6pt 0 0 3.2in">By:&#9;/s/ SCOTT CRANE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1.8pt 9pt 0 3.8in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black">Name:
Scott Crane</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.8pt 9pt 0 3.8in">Title: President and Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 52.2pt 0.3in 0 3in"><B>ACCEPTED as of the date first-above written:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2in 0 0 3.2in"><B>B. RILEY FBR, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 34.2pt 0 1.8pt 3.2in">By:&#9;/s/ PATRICE MCNICOLL</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.75in 0 3.8in"><FONT STYLE="font-size: 10pt">Name: Patrice McNicoll</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 3.8in">Title: Co-Head of Investment Banking</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.75in 0 3.8in"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0.2in 0 19.8pt"><B>SCHEDULE 1</B></P>

<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0.2in 0 19.8pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: Black"><B>FORM
OF PLACEMENT NOTICE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.55in 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black">From:&#9;RAVE
Restaurant Group, Inc.</FONT></P>

<P STYLE="font: 10pt/87% Times New Roman, Times, Serif; margin: 0.2in 0 0 0.5in">To:&#9;B. Riley FBR, Inc.</P>

<P STYLE="font: 10pt/87% Times New Roman, Times, Serif; margin: 0.2in 0 0 0.5in">Attention: &#9;Patrice McNicoll</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0 0 0.5in">Subject:&#9;At Market Issuance--Placement Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/86% Times New Roman, Times, Serif; margin: 0.2in 0 0 0.5in">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in">Pursuant
to the terms and subject to the conditions contained in the At Market Issuance Sales Agreement between RAVE Restaurant Group, Inc.,
a Missouri corporation (the &ldquo;<U>Company</U>&rdquo;), and B. Riley FBR, Inc. (&ldquo;<U>the Agent</U>&rdquo;), dated December
5, 2017, the Company hereby requests that the Agent sell up to [_______] shares of the Company&rsquo;s Common Stock, $0.01 par
value per share, at a minimum market price of $[____] per share, during the time period beginning [month, day, time] and ending
[month, day, time].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0 0 0.5in"><FONT STYLE="letter-spacing: 0.2pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SCHEDULE 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Compensation</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black">The
Company shall pay to the Agent in cash, upon each sale of Placement Shares pursuant to this Agreement, an amount equal to 3% of
the gross proceeds from each sale of Placement Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 9pt Sans-Serif; color: Red">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 9pt Sans-Serif; color: Red">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 9pt Sans-Serif; color: Red">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12.6pt 0.05in 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 9pt Sans-Serif; color: Red"></FONT></P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SCHEDULE 3</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mark E. Schwartz&#9;<U>mark@newcastle-group.com</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Scott Crane&#9;<U>scrane@raverg.com</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Timothy E. Mullany&#9;<U>tmullany@raverg.com </U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Matthew Feinberg&#9;<U>mfeinberg@brileyfbr.com</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ryan Loforte&#9;<U>rloforte@brileyfbr.com</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Patrice McNicoll&#9;<U>pmcnicoll@brileyfbr.com </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Keith Pompliano&#9;<U>kpompliano@brileyfbr.com</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">with a copy to <U>atmdesk@brileyfbr.com</U></P>

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

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

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


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SCHEDULE 6(g)</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pizza Inn Beverage Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pie Five Beverage Corp.</P>

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

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

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

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

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


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT 7(1)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -4.5pt"><B>Form of Representation
Date Certificate </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.45in; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_____________, 20___</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 16.2pt 0 0; text-align: justify; text-indent: 0.45in">This Representation
Date Certificate (this &ldquo;<U>Certificate</U>&rdquo;) is executed and delivered in connection with <U>Section 7(1)</U> of the
At Market Issuance Sales Agreement (the &ldquo;<U>Agreement</U>&rdquo;), dated December 5, 2017, and entered into between RAVE
Restaurant Group, Inc. (the &ldquo;<U>Company</U>&rdquo;) and B. Riley FBR, Inc. All capitalized terms used but not defined herein
shall have the meanings given to such terms in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The Company hereby
certifies as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">As of the date of this Certificate (i) the Registration Statement does not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein not misleading and (ii) neither the Registration Statement nor the Prospectus contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading and (iii) no event has occurred as a result
of which it is necessary to amend or supplement the Prospectus in order to make the statements therein not untrue or misleading
for this paragraph 1 to be true.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each of the representations and warranties of the Company contained in the Agreement were,
when originally made, and are, as of the date of this Certificate, true and correct in all material respects.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Except as waived by the Agent in writing, each of the covenants required to be performed
by the Company in the Agreement on or prior to the date of the Agreement, this Representation Date, and each such other date prior
to the date hereof as set forth in the Agreement, has been duly, timely and fully performed in all material respects and each
condition required to be complied with by the Company on or prior to the date of the Agreement, this Representation Date, and
each such other date prior to the date hereof as set forth in the Agreement has been duly, timely and fully complied with in all
material respects.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12.6pt 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Subsequent to the date of the most recent financial statements in the Prospectus, and except
as described in the Prospectus, including Incorporated Documents, there has been no Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15in 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">No stop order suspending the effectiveness of the Registration Statement or of any part thereof
has been issued, and no proceedings for that purpose have been instituted or are pending or threatened by any securities or other
governmental authority (including, without limitation, the Commission).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">No
order suspending the effectiveness of the Registration Statement or the qualification or registration of the Placement Shares
under the securities or Blue Sky laws of any jurisdiction are in effect and no proceeding for such purpose is pending before,
or threatened, to the Company&rsquo;s knowledge or in writing by, any securities or other governmental authority (including,
without limitation, the Commission).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.55in"></P>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.55in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0.15in 0 0; text-indent: 0.5in">The undersigned has executed
this Representation Date Certificate as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0 3.1in"><B>RAVE RESTAURANT GROUP, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35in 0 0 3.1in">By:__________________________________________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 23.4pt 0.25in 0 3.1in">Name: ______________________________________&#9;<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 0 3.1in">Title:_______________________________________&#9;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT 23</U></B></P>

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

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

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

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

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ex51.htm
<DESCRIPTION>MCGUIRE, CRADDOCK STROTHER, P.C.
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0">Exhibit 5.1</P>

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

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">McGuire, Craddock &amp; Strother,
P.C.</P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2501 N. Harwood, Suite 1800</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dallas, Texas 75201</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone (214) 954-6800</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telecopier (214) 954-6868</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 5, 2017</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3551 Plano Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suite 1000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Colony, Texas 75056</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">Re:</FONT></TD><TD><FONT STYLE="font-weight: normal">Form S-3 Registration Statement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Reference is made to the
opinion letter dated October 27, 2017, and included as Exhibit 5.1 to the Registration Statement on Form S-3 (File No. 333-221169)
(the &ldquo;Registration Statement&rdquo;) filed on October 27, 2017, by Rave Restaurant Group, Inc., a Missouri corporation (the
&ldquo;Company&rdquo;), with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) under the Securities Act of 1933, as
amended (the &ldquo;Securities Act&rdquo;), for the registration of shares of the Company&rsquo;s common stock, $0.01 par value
per share (the &ldquo;Common Stock&rdquo;). The Registration Statement was declared effective by the SEC on November 6, 2017. We
are delivering this supplemental opinion letter in connection with the prospectus supplement (&ldquo;Prospectus Supplement&rdquo;)
filed by the Company with the SEC on December 1, 2017, pursuant to Rule 424 under the Securities Act. The prospectus included in
the Registration Statement (the &ldquo;Prospectus&rdquo;) and the Prospectus Supplement relate to the offering by the Company,
from time to time, of shares of Common Stock (the &ldquo;Shares&rdquo;) having an aggregate offering price of up to $5,000,000
(the &ldquo;Offering&rdquo;). The Shares are to be sold from time to time pursuant to an At Market Issuance Sales Agreement dated
December 1, 2017 (the &ldquo;Sales Agreement&rdquo;), between the Company and B. Riley FBR, Inc. (the &ldquo;Agent&rdquo;).&#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As counsel to the
Company, in connection with this opinion, we have examined and relied upon originals or copies of such corporate and public records
and agreements, instruments, certificates, and other documents as we have deemed necessary or appropriate for purposes of this
opinion including, without limitation, (i) the Registration Statement, (ii) the Prospectus Supplement and the Prospectus, (iii)
the Articles of Incorporation and By-laws of the Company, (iv) the Sales Agreement, and (v) resolutions of the board of directors
of the Company (the &ldquo;Board of Directors&rdquo;) relating to the Registration Statement and the Sales Agreement. We have also
relied, without independent verification, on certificates of public officials and, as to matters of fact material to our opinion,
on certificates and other inquiries of officers of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In all such examinations,
we have assumed (i) the genuineness of all signatures, the conformity to the originals of all documents submitted to us as copies,
the authenticity and completeness of all documents submitted to us as originals and the legal competence of each individual executing
a document, (ii) that at the time of each issuance and sale of Shares in the Offering, the Company will continue to be validly
existing and in good standing under the laws of the State of Missouri, (iii) that any Shares issued from time to time in the Offering
will not, in the aggregate, exceed (x) the maximum aggregate offering price set forth in the Prospectus Supplement and Prospectus
or (y) the maximum authorized number of shares of Common Stock under the Articles of Incorporation of the Company, as amended from
time to time, minus the number of shares of Common Stock that are issued and outstanding, or are reserved for other purposes, at
such time, (iv) that the execution, delivery and performance by the Company of the Sales Agreement, will not constitute a breach
or violation of any agreement or instrument that is binding upon the Company from time to time; and (v) that Placement Notices
(as defined in the Sales Agreement), if any, will be delivered in accordance with the terms of the Sales Agreement and the authority
granted by the Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Based on such examination
and subject to the foregoing, we are of the opinion that the Shares have been duly authorized and, upon issuance and delivery of
the Shares against payment therefor in accordance with the terms of the Sales Agreement (and provided that the purchase price per
share paid by purchasers is equal to or in excess of the par value per share of Common Stock and in excess of any minimum purchase
price, and within any other parameters, established by the applicable Placement Notice), such Shares will be validly issued, full
paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion is
limited solely to the General and Business Corporation Law of Missouri, Texas law and the reported judicial decisions interpreting
those laws as applied by courts located in Texas, in each case to the extent that the same may apply to or govern the transactions
contemplated by the Sales Agreement, the Prospectus Supplement and the Prospectus, and we express no opinion as to the laws of
any other jurisdiction. We express no opinion as to the effect of events occurring, circumstances arising, or changes in law becoming
effective or occurring after the date hereof on the matters addressed in this opinion. We assume no responsibility to inform you
of additional or changed facts, or changes in law, of which we may become aware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We hereby consent
to the inclusion of this opinion as Exhibit 5.1 to the Company&rsquo;s Current Report on Form 8-K and to the references to our
firm under the caption &ldquo;Legal Matters&rdquo; in the Prospectus Supplement. In giving our consent, we do not admit that we
are in the category of persons whose consent is required by the Securities Act or the rules and regulations of the SEC promulgated
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">MCGUIRE, CRADDOCK &amp; STROTHER,
P.C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
