<SEC-DOCUMENT>0001144204-12-023661.txt : 20120425
<SEC-HEADER>0001144204-12-023661.hdr.sgml : 20120425
<ACCEPTANCE-DATETIME>20120425123432
ACCESSION NUMBER:		0001144204-12-023661
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20120425
DATE AS OF CHANGE:		20120425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLEARSIGN COMBUSTION CORP
		CENTRAL INDEX KEY:			0001434524
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			WA

	FILING VALUES:
		FORM TYPE:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-177946
		FILM NUMBER:		12778740

	BUSINESS ADDRESS:	
		STREET 1:		12870 INTERURBAN AVENUE SOUTH
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98168
		BUSINESS PHONE:		(206) 673-4848

	MAIL ADDRESS:	
		STREET 1:		12870 INTERURBAN AVENUE SOUTH
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98168
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AM
<SEQUENCE>1
<FILENAME>v310537_posam.htm
<DESCRIPTION>POST EFFECTIVE AMENDMENT TO FORM S-1
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on April 25, 2012 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-177946</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POST-EFFECTIVE AMENDMENT NO. 1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; font-weight: bold; text-align: center">Washington</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center">3823</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center">26-2056298</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(<I>State or other jurisdiction of</I></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(<I>Primary Standard Industrial</I></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(<I>I.R.S. Employer</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; text-align: center">incorporation or organization)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">Classification Code Number)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">12870 Interurban Avenue South</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Seattle, Washington 98168</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(206) 673-4848</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<I>Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices</I>)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">12870 Interurban Avenue South</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Seattle, Washington 98168</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(206) 673-4848</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<I>Name, address, including zip code, and
telephone number, including area code, of agent for service</I>)</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center">Kevin Friedmann, Esq.</TD>
    <TD STYLE="width: 50%; text-align: center">Andrew Hudders, Esq.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Edgar D. Park, Esq.</TD>
    <TD STYLE="text-align: center">Carl Van Demark, Esq.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Richardson &amp; Patel, LLP</TD>
    <TD STYLE="text-align: center">Golenbock Eiseman Assor Bell &amp; Peskoe LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">750 Third Avenue, 9th Floor</TD>
    <TD STYLE="text-align: center">437 Madison Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">New York, New York 10017</TD>
    <TD STYLE="text-align: center">New York, New York</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Telephone: (212) 561-5559</TD>
    <TD STYLE="text-align: center">Telephone: (212) 907-7300</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Fax: (917) 591-6898</TD>
    <TD STYLE="text-align: center">Fax: (212) 754-0330</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As soon as practicable after the effective
date of this Registration Statement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<I>Approximate date of commencement of
proposed sale to the public</I>)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933 check the following box. </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check
the following box and list the Securities Act registration statement number of the earlier effective registration statement for
the same offering. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act (check one):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Smaller reporting company </FONT><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(<I>Do not check if a smaller reporting company</I>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This Registration Statement shall become effective upon filing
with the SEC in accordance with Rule 462(d) under the Securities Act of 1933.</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Post-Effective Amendment No. 1 (the
&ldquo;Amendment&rdquo;) relates to the Registration Statement on Form S-1, as amended (File No. 333-177946), initially filed by
the Registrant on November 14, 2011 and declared effective by the Securities and Exchange Commission on April 24, 2012. The Registrant
is filing this Amendment for the sole purpose of adding Exhibits 1.1 and 4.1 to the Registration Statement. This Amendment does
not modify any provision of Part I or Part II of the Registration Statement, other than supplementing Item 16(a) of Part II as
set forth below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 16.&#9;Exhibits and Financial Statement Schedules.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Exhibits</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All exhibits filed or incorporated by reference
in the Registration Statement are incorporated by reference into, and shall be deemed to be part of, this Amendment, except for
the following, which are filed herewith.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">Exhibit No.</TD>
    <TD STYLE="width: 90%; text-align: center">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.1</TD>
    <TD>Underwriting Agreement*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.2</TD>
    <TD>Underwriter&rsquo;s Warrant*</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed herewith.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Seattle, State of Washington, on this 25th day of April, 2012.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">CLEARSIGN COMBUSTION CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Richard Rutkowski</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Richard Rutkowski</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Dated: April 25, 2012</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: windowtext 1pt solid">/s/ Richard F. Rutkowski</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Richard F. Rutkowski</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer and Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated: April 25, 2012</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ James N. Harmon</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>James N. Harmon</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal Financial and Accounting</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated: April 25, 2012</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">*</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>David B. Goodson</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Science Officer and Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated: April 25, 2012</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">*</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Stephen E. Pirnat, Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated: April 25, 2012</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">*</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Scott P. Isaacson, Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated: April 25, 2012</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">*</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Lon E. Bell, Ph.D., Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">*By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ Richard F. Rutkowski</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">Exhibit No.</TD>
    <TD STYLE="width: 90%; text-align: center">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.1</TD>
    <TD>Underwriting Agreement*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.2</TD>
    <TD>Underwriter&rsquo;s Warrant*</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed herewith.</P>



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

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

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v310537_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">April 24, 2012</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">401 Wilshire Blvd., Suite 1020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Santa Monica, CA 90401</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">17 State Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 1600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10004</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, <B>Clearsign
Combustion Corporation</B>, a Washington corporation (the &ldquo;<B>Company</B>&rdquo;), hereby confirms its agreement with <B>MDB
Capital Group, LLC </B>(hereinafter referred to as &ldquo;<B>you</B>&rdquo; (including its correlatives) or the &ldquo;<B>Underwriter</B>&rdquo;)
and Chardan Capital Markets, LLC (&ldquo;<B>Chardan</B>&rdquo;), as the qualified independent underwriter, as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none; color: black">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Purchase
and Sale of Securities.</U></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Firm
Securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">1.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Nature
and Purchase of Firm Securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the
Company agrees to issue and sell to the Underwriter, an aggregate of <B>Three Million</B> (3,000,000) shares (the &ldquo;<B>Firm</B>
<B>Shares</B>&rdquo;) of common stock of the Company, par value $0.0001<B> </B>per share (the &ldquo;<B>Common Stock</B>&rdquo;).</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Underwriter agrees to purchase from the Company the Firm Shares at a purchase price (net of discounts and commissions) of <B>$3.65</B>
per Share. The Firm Shares are to be offered initially to the public (the &ldquo;<B>Offering</B>&rdquo;) at the offering price
set forth on the cover page of the Prospectus (as defined in Section 2.1.1 hereof).</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">1.1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Shares
Payment and Delivery.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Delivery
and payment for the Firm Shares shall be made at 10:00 a.m., Eastern time, on the third (3<SUP>rd</SUP>) Business Day following
the effective date (the &ldquo;<B>Effective Date</B>&rdquo;) of the Registration Statement (as defined in Section 2.1.2 below)
(or the fourth (4<SUP>th</SUP>) Business Day following the Effective Date, if the Registration Statement is declared effective
after 4:30 p.m. Eastern Time) or at such earlier time as shall be agreed upon by the Underwriter and the Company at the offices
of Golenbock Eiseman Assor Bell &amp; Peskoe, LLP, counsel to the Underwriter (&ldquo;<B>Golenbock</B>&rdquo;), or at such other
place (or remotely by facsimile or other electronic transmission) as shall be agreed upon by the Underwriter and the Company. The
hour and date of delivery and payment for the Firm Shares is called the &ldquo;<B>Closing Date</B>.&rdquo;</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Payment
for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds, payable to the order of the
Company upon delivery of the certificates (in form and substance satisfactory to the Underwriter) representing the Firm Shares
(or through the facilities of the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;)) for the account of the Underwriter. The
Firm Shares shall be registered in such name or names and in such authorized denominations as the Underwriter may request in writing
at least two (2) full Business Days prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares
except upon tender of payment by the Underwriter for all the Firm Shares. The term &ldquo;<B>Business Day</B>&rdquo; means any
day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions are authorized or obligated by law
to close in New York, New York.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over-allotment
Option.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">1.2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Option
Shares</U>. For the purposes of covering any over-allotments made by the Underwriter in connection with the distribution and sale
of the Firm Shares, the Underwriter is hereby granted an option to purchase from the Company up to 450,000 Shares representing
fifteen percent (<B>15%</B>) of the Firm Shares sold in the offering (the &ldquo;<B>Over-allotment Option</B>&rdquo;). Such additional<B>
</B>450,000<B> </B>Shares, the net proceeds of which will be deposited with the Company&rsquo;s account, are hereinafter referred
to as &ldquo;<B>Option Shares</B>.&rdquo; The purchase price to be paid for the Option Shares will be the same price per Option
Share as the price per Firm Share set forth in Section 1.1.1 hereof. The Firm Shares and the Option Shares are hereinafter referred
to collectively as the &ldquo;<B>Securities</B>.&rdquo;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">1.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Exercise
of Option</U>. The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Underwriter as to all
(at any time) or any part (from time to time) of the Option Shares within 45 days after the Effective Date. The Underwriter will
not be under any obligation to purchase any Option Shares prior to the exercise of the Over-allotment Option. The Over-allotment
Option granted hereby may be exercised by the giving of oral notice to the Company from the Underwriter, which must be confirmed
in writing by overnight mail or facsimile or other electronic transmission setting forth the number of Option Shares to be purchased
and the date and time for delivery of and payment for the Option Shares (the &ldquo;<B>Option Closing Date</B>&rdquo;), which will
not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company
and the Underwriter, at the offices of Golenbock<B> </B>or at such other place (including remotely by facsimile or other electronic
transmission) as shall be agreed upon by the Company and the Underwriter. If such delivery and payment for the Option Shares does
not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment
Option, the Company will become obligated to convey to the Underwriter, and, subject to the terms and conditions set forth herein,
the Underwriter will become obligated to purchase the number of Option Shares specified in such notice.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">1.2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payment
and Delivery</U>. Payment for the Option Shares will be made on the Option Closing Date by wire transfer in Federal (same day)
funds as follows: <B>$3.65</B> per Option Share, payable to the order of the Company upon delivery to you of certificates (in form
and substance satisfactory to the Underwriter) representing the Option Shares (or through the facilities of DTC) for the account
of the Underwriter. The Option Shares shall be registered in such name or names and in such authorized denominations as the Underwriter
may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated
to sell or deliver the Option Shares except upon tender of payment by the Underwriter for applicable Option Shares.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Underwriter&rsquo;s
Warrants</U>. The Company hereby agrees to issue and sell to Underwriter on the Closing Date warrants to purchase that number of
shares of Common Stock equal to an aggregate of <B>10%</B> of the amount of Securities sold in the Offering, including all Option
Shares (the &ldquo;<B>Underwriter&rsquo;s Warrants</B>&rdquo;). The Underwriter&rsquo;s Warrants as evidenced by the Underwriter&rsquo;s
Warrant Agreement in the form attached hereto as Exhibit A, shall be exercisable, in whole or in part, commencing one (1) year
after the Effective Date and expiring five (5) years after the Effective Date at an initial exercise price per share of Common
Stock of $5.00. The Underwriter&rsquo;s Warrants and the shares of Common Stock of the Company issuable upon exercise thereof (&ldquo;<B>Warrant
Shares</B>&rdquo;) are sometimes referred to herein collectively as the &ldquo;<B>Warrant Securities</B>.&rdquo; The Underwriter
understands and agrees that there are significant restrictions pursuant to FINRA Rule 5110 against transferring the Warrant Securities
and by its acceptance thereof shall agree that it will not, sell, transfer, assign, pledge or hypothecate the Warrant Securities,
or any portion thereof, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in
the effective economic disposition of such securities other than in accordance with FINRA Rule 5110.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none; color: black">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Warranties of the Company</U><FONT STYLE="text-underline-style: none">. The Company represents and warrants to the Underwriter
and Chardan as of the Applicable Time (as defined below), as of the Closing Date and as of the Option Closing Date, if any, as
follows:</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filing
of Registration Statement.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Pursuant
to the Act</U>. The Company has filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a registration
statement and an amendment or amendments thereto, on Form S-1 (File No. 333- 177946), including any related preliminary prospectus
(the &ldquo;<B>Preliminary Prospectus</B>&rdquo;, which for purposes of this Agreement, includes any prospectus that is included
in the Registration Statement immediately prior to the effectiveness of the Registration Statement for the registration of the
Securities under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;), which registration statement and amendment
or amendments have been prepared by the Company in conformity with the requirements of the Act, and the rules and regulations (the
&ldquo;<B>Regulations</B>&rdquo;) of the Commission under the Act. The conditions for use of Form S-1 to register the Securities
under the Act, as set forth in the General Instructions to such Form, have been satisfied. Except as the context may otherwise
require, such registration statement, as amended, on file with the Commission at the time the registration statement becomes effective
(including the preliminary prospectus, prospectus, financial statements, schedules, exhibits and all other documents filed as a
part thereof or incorporated therein and all information deemed to be a part thereof as of such time pursuant to Rule 430A of the
Regulations), is hereinafter called the &ldquo;<B>Registration Statement</B>,&rdquo; and the form of the final prospectus dated
the Effective Date included in the Registration Statement (or, if applicable, the form of final prospectus containing information
permitted to be omitted at the time of effectiveness by Rule 430A of the Regulations filed with the Commission pursuant to Rule
424 of the Regulations), is hereinafter called the &ldquo;<B>Prospectus</B>.&rdquo; For purposes of this Agreement, &ldquo;<B>Applicable
Time</B>&rdquo;, as used in the Act, means 4:30 p.m., New York City time, on the date of this Agreement. Prior to the Applicable
Time, the Company prepared a Preliminary Prospectus, dated April 17, 2012, for distribution by the Underwriter (the &ldquo;<B>Statutory
Prospectus</B>&rdquo;). If the Company has filed, or is required pursuant to the terms hereof to file, a registration statement
pursuant to Rule 462(b) under the Securities Act registering the Securities (a &ldquo;<B>Rule 462(b) Registration Statement</B>&rdquo;),
then, unless otherwise specified, any reference herein to the term &ldquo;<B>Registration Statement</B>&rdquo; shall be deemed
to include such Rule 462(b) Registration Statement. Other than a Rule 462(b) Registration Statement, which, if filed, becomes effective
upon filing, no other document with respect to the Registration Statement has heretofore been filed with the Commission. All of
the Securities have been registered under the Securities Act pursuant to the Registration Statement or, if any Rule 462(b) Registration
Statement is filed, will be duly registered under the Securities Act with the filing of such Rule 462(b) Registration Statement.
The Registration Statement has been declared effective by the Commission on the date hereof. If, subsequent to the date of this
Agreement, the Company or the Underwriter have determined that at the Applicable Time the Statutory Prospectus included an untrue
statement of a material fact or omitted a statement of material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and have agreed to provide an opportunity to purchasers of the Securities
to terminate their old purchase contracts and enter into new purchase contracts, the Statutory Prospectus will be deemed to include
any additional information available to purchasers at the time of entry into the first such new purchase contract.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registration
under the Exchange Act and Stock Exchange Listing</U>. The Company has filed with the Commission a Form 8-A12B (File Number 001-35521),
as amended, providing for the registration under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;),
of the Common Stock. The registration of the Securities under the Exchange Act is effective. The Common Stock is registered pursuant
to Section 12(b) of the Exchange Act and are listed on The NASDAQ Capital Market (&ldquo;<B>Nasdaq</B>&rdquo;), and the Company
has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under the Exchange
Act or delisting the Common Stock from Nasdaq, nor has the Company received any notification that the Commission or Nasdaq is contemplating
terminating such registration or listing except as described in the Registration Statement and Prospectus.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Stop Orders, etc</U>. Neither the Commission nor, to the Company&rsquo;s knowledge, any state regulatory authority has issued any
order preventing or suspending the use of the Statutory Prospectus, Prospectus or the Registration Statement or has instituted
or, to the Company&rsquo;s knowledge, threatened to institute any proceedings with respect to such an order.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosures
in Registration Statement.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>10b-5
Representation</U>. At the time of effectiveness of the Registration Statement (or at the time of any post-effective amendment
to the Registration Statement) and at all times subsequent thereto up to the Closing Date and the Option Closing Date, if any,
the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus contained or will contain all
material statements that are required to be stated therein in accordance with the Act and the Regulations, and did or will, in
all material respects, conform to the requirements of the Act and the Regulations. On the Effective Date, the Registration Statement
did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading. As of its date, the Closing Date and the Option Closing Date, if any, the Prospectus
(together with any supplement thereto) did not and will not include any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. At the Applicable Time, the Statutory Prospectus did not include any untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading. The representations and warranties made in this Section 2.3.1 do not apply to statements made or statements
omitted in reliance upon and in conformity with written information furnished to the Company with respect to the Underwriters or
Chardan by the Underwriters or Chardan, as the case may be, expressly for use in the Registration Statement, any Preliminary Prospectus,
the Statutory Prospectus or Prospectus or any amendment thereof or supplement thereto, which information, it is agreed, shall consist
solely of (i) the names and addresses of the Underwriters and Chardan, (ii) the fourth and sixth paragraphs under &ldquo;Underwriting,&rdquo;
(iii) the statements in &ldquo;Underwriting -- Conflicts of Interest,&rdquo; (iv) the statements in &ldquo;Underwriting&mdash;Determination
of Offering Price,&rdquo; and (v) the first paragraph under &ldquo;Underwriting&mdash;Short Positions and Penalty Bids.&rdquo;
(&ldquo;<B>Underwriters Information</B>&rdquo;).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Disclosure
of Agreements</U>. The agreements and documents described in the Registration Statement, any Preliminary Prospectus, the Statutory
Prospectus and the Prospectus conform to the descriptions thereof contained therein and there are no agreements or other documents
required to be described in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus or the Prospectus
or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement
or other instrument (however characterized or described) to which the Company is a party or by which its property or business is
or may be bound or affected and (i) that is referred to in the Registration Statement, any Preliminary Prospectus, the Statutory
Prospectus or the Prospectus or attached as an exhibit thereto, or (ii) is material to the Company&rsquo;s business, has been duly
and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company
and, to the Company&rsquo;s knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability
may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally, (y) as enforceability
of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy
of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the
discretion of the court before which any proceeding therefore may be brought, and none of such agreements or instruments has been
assigned by the Company, and neither the Company nor, to the Company&rsquo;s knowledge, any other party is in breach or default
thereunder and, to the Company&rsquo;s knowledge, no event has occurred that, with the lapse of time or the giving of notice, or
both, would constitute a breach or default thereunder. To the Company&rsquo;s knowledge, performance by the Company of the material
provisions of such agreements or instruments will not result in a material violation of any existing applicable law, rule, regulation,
judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any
of its assets or businesses, including, without limitation, those relating to environmental laws and regulations.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Prior
Securities Transactions</U>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit
of, any person or persons controlling, controlled by, or under common control with the Company since the date of the Company&rsquo;s
formation, except as disclosed in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Regulations</U>.
The disclosures in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus concerning
the effects of Federal, state and local regulation on the Company&rsquo;s business as currently contemplated fairly summarize,
to the best of the Company&rsquo;s knowledge, such effects and do not omit to state a material fact necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
After Dates in Registration Statement.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Material Adverse Change</U>. Since the respective dates as of which information is given in the Registration Statement, any Preliminary
Prospectus, the Statutory Prospectus and the Prospectus, except as otherwise specifically stated therein: (i) there has been no
material adverse change in the condition, financial or otherwise, or business of the Company (a &ldquo;<B>Material Adverse Effect</B>&rdquo;);
(ii) there have been no material transactions entered into by the Company, other than as contemplated pursuant to this Agreement;
(iii) no member of the Company&rsquo;s board of directors or management has resigned from any position with the Company and (iv)
no event or occurrence has taken place which materially impairs, or would likely materially impair, with the passage of time, the
ability of the members of the Company&rsquo;s board of directors or management to act in their capacities with the Company as described
in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Recent
Securities Transactions, etc</U>. Subsequent to the respective dates as of which information is given in the Registration Statement,
any Preliminary Prospectus, the Statutory Prospectus and the Prospectus, and except as may otherwise be indicated or contemplated
herein or therein, the Company has not: (i)&nbsp;with the exception of 18,000 shares of Common Stock issued to a consultant during
2012, issued any securities (other than shares of Common Stock that may be issued upon conversion of the Company&rsquo;s outstanding
indebtedness) or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii)&nbsp;declared or paid
any dividend or made any other distribution on or in respect to its capital stock.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Accountants</U>. To the knowledge of the Company, Gumbiner Savett Inc. (&ldquo;<B>GSI</B>&rdquo;), whose report is filed with the
Commission as part of the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus, are
independent registered public accountants as required by the Act and the Regulations. GSI is registered with and in good standing
with the PCAOB. Except for the preparation of federal tax returns and services provided to the Company in relation to the preparation
of the Cold Comfort Letter described in Section 4.3, GSI<B> </B>has not, during the periods covered by the financial statements
included in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus, provided to the
Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements, Statistical Data.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Financial
Statements</U>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement,
any Preliminary Prospectus, the Statutory Prospectus and the Prospectus fairly present the financial position and the results of
operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared
in conformity with generally accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;), consistently applied throughout the periods
involved. The Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus disclose all material
off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company
with unconsolidated entities or other persons that may have a material current or future effect on the Company&rsquo;s financial
condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant
components of revenues or expenses. Except as disclosed in the Registration Statement, any Preliminary Prospectus, the Statutory
Prospectus and the Prospectus, (a) the Company has not incurred any material liabilities or obligations, direct or contingent,
or entered into any material transactions, other than in the ordinary course of business, (b) the Company has not declared or paid
any dividends or made any distribution of any kind with respect to its capital stock, except as disclosed in Section 2.4.2; (c)
there has not been any change in the capital stock of the Company or any grants under any stock compensation plan and, (d) there
has not been any material adverse change in the Company&rsquo;s long-term or short-term debt.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Statistical
Data</U>. The statistical, industry-related and market-related data included in the Registration Statement, any Preliminary Prospectus,
the Statutory Prospectus and the Prospectus are based on or derived from sources which the Company reasonably and in good faith
believes are reliable and accurate, and such data agree with the sources from which they are derived.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorized
Capital; Options, etc</U>. The Company had at the date or dates indicated in the Registration Statement, any Preliminary Prospectus,
the Statutory Prospectus and the Prospectus, as the case may be, duly authorized, issued and outstanding capitalization as set
forth therein. Based on the assumptions stated in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus
and the Prospectus, the Company will have on the Closing Date the adjusted stock capitalization set forth therein. Other than as
disclosed in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus on the Effective
Date and the Closing Date and the Option Closing Date, if any, there will be no options, warrants, or other rights to purchase
or otherwise acquire any authorized, but unissued Common Stock of the Company or any security convertible into Common Stock of
the Company, or any contracts or commitments to issue or sell Common Stock or any such options, warrants, rights or convertible
securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valid
Issuance of Securities, etc.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Outstanding
Securities</U>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement
have been duly authorized and validly issued and, with respect to all issued and outstanding shares of capital stock of the Company,
are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to
personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights
of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized Shares conform
in all material respects to all statements relating thereto contained in the Registration Statement, any Preliminary Prospectus,
the Statutory Prospectus and the Prospectus. The offers and sales of the outstanding securities were at all relevant times either
registered under the Act and the applicable state securities or Blue Sky laws or, based in part on the representations and warranties
of the purchasers of such securities, exempt from such registration requirements.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Securities
Sold Pursuant to this Agreement</U>. The Securities have been duly authorized and reserved for issuance and when issued and paid
for, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability
by reason of being such holders; the Securities are not and will not be subject to the preemptive rights of any holders of any
security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for
the authorization, issuance and sale of the Securities has been duly and validly taken. The Securities conform in all material
respects to all statements with respect thereto contained in the Registration Statement, any Preliminary Prospectus, the Statutory
Prospectus and the Prospectus, as the case may be. The Warrant Shares issuable upon exercise of the Underwriter&rsquo;s Warrant
Agreement have been reserved for issuance upon the exercise thereof and, when issued in accordance with the terms of such securities,
will be duly and validly authorized, validly issued, fully paid and non-assessable; the holders thereof are not and will not be
subject to personal liability by reason of being such holders. The Warrant Securities conform in all material respects to all statements
with respect thereto contained in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus,
as the case may be.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Integration</U>. Neither the Company nor any of its affiliates has, prior to the date hereof, made any offer or sale of any securities
which are required to be &ldquo;integrated&rdquo; pursuant to the Act or the Regulations with the offer and sale of the Securities
pursuant to the Registration Statement.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Rights of Third Parties</U>. Except as set forth in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus
or the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into
securities of the Company have the right to require the Company to register any such securities of the Company under the Act or
to include any such securities in a registration statement to be filed by the Company.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity
and Binding Effect of Agreements</U>. This Agreement and the Underwriter&rsquo;s Warrant Agreement<B> </B>have been duly and validly
authorized by the Company, and, when executed and delivered, will constitute, the valid and binding agreements of the Company,
enforceable against the Company in accordance with their<B> </B>respective terms, except: (i)&nbsp;as such enforceability may be
limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally; (ii)&nbsp;as enforceability
of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii)&nbsp;that
the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses
and to the discretion of the court before which any proceeding therefore may be brought.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflicts, etc</U>. The execution, delivery, and performance by the Company of this Agreement, the Underwriter&rsquo;s Warrant
Agreement and all ancillary documents, the consummation by the Company of the transactions herein and therein contemplated and
the compliance by the Company with the terms hereof and thereof do not and will not, with or without the giving of notice or the
lapse of time or both: (i)&nbsp;result in a material breach of, or conflict with any of the terms and provisions of, or constitute
a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance
upon any property or assets of the Company pursuant to the terms of any agreement or instrument to which the Company is a party;
(ii)&nbsp;result in any violation of the provisions of the amended and restated Certificate of Incorporation (as the same may be
amended from time to time, the <B>&ldquo;Certificate of Incorporation</B>&rdquo;); or (iii)&nbsp; violate any existing applicable
law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction
over the Company or any of its properties or business constituted as of the date hereof.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Defaults; Violations</U>. No material default exists in the due performance and observance of any term, covenant or condition of
any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument
evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by
which the Company may be bound or to which any of the properties or assets of the Company is subject. The Company is not in violation
of any material term or provision of its Certificate of Incorporation, or in violation of any franchise, license, permit, applicable
law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the
Company or any of its properties or businesses.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
Power; Licenses; Consents.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conduct
of Business</U>. The Company has all requisite corporate power and authority, and has all necessary authorizations, approvals,
orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the
date hereof to conduct its business purpose as described in the Registration Statement, any Preliminary Prospectus, the Statutory
Prospectus and the Prospectus. To the knowledge of the Company, the disclosures in the Registration Statement, any Preliminary
Prospectus, the Statutory Prospectus and the Prospectus concerning the effects of foreign, federal, state and local regulation
on this Offering and the Company&rsquo;s business purpose as currently contemplated are correct in all material respects and do
not 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.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Transactions
Contemplated Herein</U>. The Company has all corporate power and authority to enter into this Agreement and the Underwriter&rsquo;s
Warrant Agreement and to carry out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals
and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any
court, government agency or other body is required for the valid issuance, sale and delivery of the Securities and the consummation
of the transactions and agreements contemplated by this Agreement and the Underwriter&rsquo;s Warrant Agreement, except with respect
to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc.
(&ldquo;<B>FINRA</B>&rdquo;).</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>D&amp;O
Questionnaires</U>. All information contained in the questionnaires completed by each of the Company&rsquo;s directors and officers
and, to the Company&rsquo;s knowledge, 5% and greater shareholders, other than directors and officers of the Company (the &ldquo;<B>Insiders</B>&rdquo;),
immediately prior to the Offering (the &ldquo;<B>Questionnaires</B>&rdquo;) as well as in the Lock-Up Agreement provided to the
Underwriter is true and correct in all material respects, and the Company has not become aware of any information which would cause
the information disclosed in the Questionnaires completed by each Insider to become inaccurate and incorrect. To the extent that
information in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus differs from
the information provided in a Questionnaire, the information in the Registration Statement, any Preliminary Prospectus, the Statutory
Prospectus and the Prospectus will be deemed to supersede and replace the information in the Questionnaires.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation;
Governmental Proceedings</U>. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental
proceeding pending or, to the best of the Company&rsquo;s knowledge, threatened against, or involving the Company or, to the best
of the Company&rsquo;s knowledge, any Insider which has not been disclosed in the Registration Statement, the Questionnaires, any
Preliminary Prospectus, the Statutory Prospectus and the Prospectus or in connection with the Company&rsquo;s listing application
for the listing of the Common Stock on Nasdaq.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Standing</U>. The Company has been duly organized and is validly existing as a corporation and is in good standing under the laws
of the State of Washington as of the date hereof, and is duly qualified to do business and is in good standing in each jurisdiction
in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to
qualify would not have a material adverse effect on the assets, business or operations of the Company.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
Affecting Disclosure to FINRA.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Finder&rsquo;s
Fees</U>. Except as described in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus,
there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder&rsquo;s, consulting
or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder or any other arrangements,
agreements or understandings of the Company or, to the Company&rsquo;s knowledge, any of its stockholders that may affect the Underwriter&rsquo;s
compensation, as determined by FINRA.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payments
Within Twelve Months</U>. Except as described in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus
and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i)&nbsp;any
person, as a finder&rsquo;s fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or
introducing to the Company persons who raised or provided capital to the Company; (ii)&nbsp; to any FINRA member; or (iii)&nbsp;
to the knowledge of the Company, to any person or entity that has any direct or indirect affiliation or association with any FINRA
member, within the twelve months prior to the Effective Date. No officer, director, or beneficial owner of 5% or more of any class
of the Company&rsquo;s securities (whether debt or equity, registered or unregistered, regardless of the time acquired or the source
from which derived) (any such individual or entity, a &ldquo;<B>Company Affiliate</B>&rdquo;) is a member, a person associated,
or affiliated with a member of FINRA, except as otherwise described in the Registration Statement, any Preliminary Prospectus,
the Statutory Prospectus and the Prospectus.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.17.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Company
Affiliate Membership</U>. Except as described in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus
and the Prospectus ,to the knowledge of the Company, no Company Affiliate is an owner of stock or other securities of any member
of the FINRA (other than securities purchased on the open market).</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>[<U>Intentionally
Omitted</U>].</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Use
of Proceeds</U>. Except as described in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the
Prospectus, no proceeds from the sale of the Securities (excluding underwriting compensation) will be paid at the closing of the
Offering or thereafter to any FINRA member or to any persons associated or affiliated with a member of the FINRA, as compensation
for activities relating to the Offering.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
other Options, etc</U>. Except with respect to the Underwriter&rsquo;s Warrant Agreement, the Company has not issued any warrants
or other securities, or granted any options, directly or indirectly to anyone who is a potential underwriter in the Offering or
a related person (as defined by FINRA rules) of such an underwriter within the 180-day period prior to the initial filing date
of the Registration Statement.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>FINRA
Relationship</U>. Except as described in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the
Prospectus, to the knowledge of the Company, no person to whom securities of the Company have been privately issued within the
180-day period prior to the initial filing date of the Registration Statement has any relationship or affiliation or association
with any member of the FINRA.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.17.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>FINRA
Conflicts</U>. Except as described in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the
Prospectus, no FINRA member intending to participate in the Offering has a conflict of interest with the Company. For this purpose,
a &ldquo;conflict of interest&rdquo; exists when a member of the FINRA and its associated persons, parent or affiliates in the
aggregate beneficially own 10% or more of the Company&rsquo;s outstanding subordinated debt or common equity, or 10% or more of
the Company&rsquo;s preferred equity. &ldquo;Members participating in the Offering&rdquo; include managing agents, syndicate group
members and all dealers which are members of the FINRA.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.17.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Other
Arrangements</U>. Except as described in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the
Prospectus and except with respect to the Underwriter in connection with the Offering, the Company has not entered into any agreement
or arrangement (including, without limitation, any consulting agreement or any other type of agreement) during the 180-day period
prior to the initial filing date of the Registration Statement, which arrangement or agreement provides for the receipt of any
item of value and/or the transfer of any warrants, options, or other securities from the Company to a FINRA member or, the knowledge
of the Company, any person associated with a member (as defined by FINRA rules), any potential underwriters in the Offering and
any related persons.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Foreign
Corrupt Practices Act</U>. Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any director,
officer, agent, employee or affiliate of the Company, is aware of or has taken any action directly or indirectly, that would result
in a material violation by such persons of the FCPA (as defined below), including, without limitation, making use of the mails
or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization
of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any
&ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or official thereof or any
candidate for foreign political office, in contravention of the FCPA and the Company has conducted its business in compliance in
all material respects with the FCPA and instituted and maintained policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, continued compliance in all material respects therewith. &ldquo;FCPA&rdquo; means the Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Officers&rsquo;
Certificate</U>. Any certificate signed by any duly authorized officer of the Company and delivered to you or to Golenbock shall
be deemed a representation and warranty by the Company to the Underwriter as to the matters covered thereby.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lock-Up
Period.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.20.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
of the Company&rsquo;s officers and directors beneficially holding shares of Common Stock (or securities convertible into Common
Stock) and, with the exception of Integrated Surgical Systems, Inc., each beneficial owner of at least 5% of the Company&rsquo;s
outstanding Common Stock (or securities convertible into Common Stock at any time) (together with the Company&rsquo;s officers
and directors the &ldquo;<B>Lock-Up Parties</B>&rdquo;) have agreed pursuant to executed Lock-Up Agreements that for a period of
one year from the date of the Prospectus (the &ldquo;<B>Lock-Up Period</B>&rdquo;), such persons and their affiliated parties shall
not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of, directly or indirectly, any Common
Stock, or any securities convertible into or exercisable or exchangeable for Common Stock, without the consent of the Underwriter.
With the exception of 1,017,001 shares of Common Stock owned by the Underwriter and its associated persons and approximately 182,000
shares of Common Stock owned by Integrated Surgical Systems, Inc. and anticipated to be distributed to certain individuals affiliated
with the Underwriter and Integrated Surgical Systems, Inc., the Underwriter may consent to an early release from the applicable
Lock-Up Period. The Company has caused each of the Lock-Up Parties to deliver to the Underwriter the agreements of each of the
Lock-Up Parties to the foregoing effect prior to the date that the Company requests that the Commission declare the Registration
Statement effective under the Act.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.20.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company, on behalf of itself and any successor entity, has agreed that, without the prior written consent of the Underwriter, it
will not, for a period of 180 days from the Effective Date, (i) except for securities offered through any employee benefit plan
(as defined below), offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any
shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital
stock of the Company; (ii) file or caused to be filed any registration statement with the Commission relating to the offering of
any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital
stock of the Company with the exception of S-8 registration statements which may be filed for the purpose of registering securities
to be offered under any employee benefit plan, as such term is defined in Rule 405 of Regulation C promulgated under the Securities
Act; or (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of capital stock of the Company, whether any such transaction described in clause (i), (ii) or (iii) above is to be
settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise. Specifically exempted
from this paragraph are (i) shares of Common Stock that will be issued upon the exercise of options or warrants by the holders
thereof and (ii) 1,422 shares of the Company&rsquo;s Common Stock over which it has the right of repurchase at a price of $2.40
per share.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U>.
The Company does not have any direct or indirect subsidiary.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Related
Party Transactions</U>. No relationship, direct or indirect, exists between or among any of the Company or any Company Affiliate,
on the one hand, and any director, officer, shareholder, customer or supplier of the Company or any Company Affiliate, on the other
hand, which is required by the Act, the Exchange Act or the Regulations to be described in the Registration Statement, any Preliminary
Prospectus, the Statutory Prospectus and the Prospectus which is not so described and described as required. There are no outstanding
loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees of indebtedness
by the Company to or for the benefit of any of the officers or directors of the Company or any of their respective family members,
except as disclosed in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus. The
Company has not extended or maintained credit, arranged for the extension of credit, or renewed an extension of credit, in the
form of a personal loan to or for any director or officer of the Company.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
of Directors</U>. The Board of Directors of the Company is comprised of the persons set forth under the heading of the Statutory
Prospectus and the Prospectus captioned &ldquo;Directors, Officers and Corporate Governance.&rdquo; The qualifications of the persons
serving as board members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated
thereunder applicable to the Company and the rules of Nasdaq. At least one member of the Board of Directors of the Company qualifies
as a &ldquo;financial expert&rdquo; as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder
and the rules of Nasdaq. In addition, at least a majority of the persons serving on the Board of Directors qualify as &ldquo;independent&rdquo;
as defined under the rules of Nasdaq.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarbanes-Oxley
Compliance.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.24.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Disclosure
Controls</U>. The Company has developed and currently maintains disclosure controls and procedures that will comply with Rule 13a-15
or 15d-15 of the Exchange Act, and such controls and procedures are effective to ensure that all material information concerning
the Company will be made known on a timely basis to the individuals responsible for the preparation of the Company&rsquo;s Exchange
Act filings and other public disclosure documents.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.24.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance</U>.
The Company is, or on the Effective Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act of 2002
applicable to it, and has implemented or will implement such programs and taken reasonable steps to ensure the Company&rsquo;s
future compliance (not later than the relevant statutory and regulatory deadlines therefore) with all the provisions of the Sarbanes-Oxley
Act of 2002.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Investment Company Status</U>. The Company is not and, after giving effect to the Offering and sale of the Securities and the application
of the proceeds thereof, will not be, an &ldquo;investment company&rdquo; as defined in the Investment Company Act of 1940, as
amended.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Labor Disputes</U>. No labor dispute with the employees of the Company exists or, to the knowledge of the Company, is imminent.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>. None of the Intellectual Property necessary for the conduct of the business of the Company as currently carried on
and as contemplated by the Company, as described in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus
and the Prospectus, are in dispute or are in any conflict with the rights of any other person or entity. The Company (i) owns or
has the right to use, free and clear of all liens, charges, claims, encumbrances, pledges, security interests, defects or other
restrictions or equities of any kind whatsoever, all of its Intellectual Property and the licenses and rights with respect to the
foregoing, used in the conduct of the business of the Company as currently carried on and contemplated by the Company, as described
in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus, without infringing upon
or otherwise acting adversely to the right or claimed right of any person, corporation or other entity under or with respect to
any of the foregoing, and (ii) is not obligated or under any liability whatsoever to make any payment by way of royalties, fees
or otherwise to any owner or licensee of, or other claimant to, any Intellectual Property with respect to the use thereof or in
connection therewith for the conduct of its business or otherwise. For the purposes of this Section and this Agreement, the term
&ldquo;<B>Intellectual Property</B>&rdquo; means (a) all inventions (whether patentable or unpatentable and whether or not reduced
to practice), all improvements thereto, and all patents, patent applications, and patent disclosures, together with all reissuances,
continuations, continuations in part, revisions, extensions, and reexaminations thereof, (b) all trademarks, service marks, trade
dress, logos, trade names, and corporate names, together with all translations, adaptations, derivations, and combinations thereof
and including all goodwill associated therewith, and all applications, registrations, and renewals in connection therewith, (c)
all copyrightable works, all copyrights, and all applications, registrations, and renewals in connection therewith, (d) all mask
works and all applications, registrations, and renewals in connection therewith, (e) all trade secrets and confidential business
information (including ideas, research and development, know how, formulas, compositions, manufacturing and production processes
and techniques, technical data, designs, drawings, diagrams, specifications, customer and supplier lists, catalogs, pricing and
cost information, and business and marketing plans and proposals), (f) all computer software (including data and related documentation)
(whether purchased or internally developed), (g) all information systems and management procedures, (h) all other proprietary rights,
and (h) all copies and tangible embodiments thereof (in whatever form or medium).</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trade
Secrets, etc</U>. The Company owns and has the unrestricted right to use all trade secrets, know-how (including all other unpatented
and/or unpatentable proprietary or confidential information, systems or procedures), inventions, designs, processes, works of authorship,
computer programs and technical data and information that are material to the development, manufacture, operation and sale of all
products and services sold or proposed to be sold by the Company, free and clear of and without violating any right, lien, or claim
of others, including without limitation, former employers of its employees.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.
The Company has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof
or has duly obtained extensions of time for the filing thereof. The Company has paid all taxes (as hereinafter defined) shown as
due on such returns that were filed and has paid all taxes imposed on or assessed against the Company. The provisions for taxes
payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued
and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements.
Except as disclosed in writing to the Underwriter, (i) no issues have been raised (and are currently pending) by any taxing authority
in connection with any of the returns or taxes asserted as due from the Company, and (ii) no waivers of statutes of limitation
with respect to the returns or collection of taxes have been given by or requested from the Company. The term &ldquo;<B>taxes</B>&rdquo;
mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer,
franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation,
premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together
with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term &ldquo;<B>returns</B>&rdquo;
means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none; color: black">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Covenants
of the Company. The Company covenants and agrees as follows:</U></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments
to Registration Statement</U>. The Company will deliver to the Underwriter, prior to filing, any amendment or supplement to the
Registration Statement or Prospectus proposed to be filed after the Effective Date and not file any such amendment or supplement
to which the Underwriter shall reasonably object in writing.</P>

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

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: normal; text-align: justify; text-indent: 0.5in">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal
Securities Laws.&nbsp;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">3.2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance</U>.
During the time when a Prospectus is required to be delivered under the Act, the Company will use its best efforts to comply with
all requirements imposed upon it by the Act, the Regulations and the Exchange Act and by the regulations under the Exchange Act,
as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities in accordance
with the provisions hereof and the Prospectus. If at any time when a Prospectus relating to the Securities is required to be delivered
under the Act, any event shall have occurred as a result of which, in the opinion of counsel for the Company or counsel for the
Underwriter, the Prospectus, as then amended or supplemented, includes an untrue statement of a material fact or omits to state
any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, or if it is necessary at any time to amend the Prospectus to comply with the Act, the Company
will notify the Underwriter promptly and prepare and file with the Commission, subject to Section 3.1 hereof, an appropriate amendment
or supplement in accordance with Section 10 of the Act.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">3.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Filing
of Final Prospectus</U>. The Company will file the Prospectus (in form and substance satisfactory to the Underwriter) with the
Commission pursuant to the requirements of Rule 424 of the Regulations.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">3.2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Exchange
Act Registration</U>. For a period of five (5) years from the Effective Date, the Company will use its best efforts to maintain
the registration of the Common Stock under the Exchange Act. The Company will not deregister the Common Stock from under the Exchange
Act without the prior written consent of the Underwriter.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">3.2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sarbanes-Oxley
Compliance</U>. The Company shall take all actions necessary to maintain compliance with each applicable provision of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated thereunder and related or similar rules and regulations promulgated by any
other governmental or self regulatory entity or agency with jurisdiction over the Company, including maintenance of a system of
internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with
management&rsquo;s general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation
of financial statements in accordance with GAAP and to maintain accountability for assets; (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 existing assets at reasonable intervals and appropriate action is taken with respect to any differences..</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Blue
Sky Filing</U>. Unless the Securities are listed on Nasdaq or another national securities exchange, the Company will endeavor in
good faith, in cooperation with the Underwriter, at or prior to the time the Registration Statement becomes effective, to qualify
the Securities for offering and sale under the securities laws of such jurisdictions as the Underwriter may reasonably designate,
provided that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would be subject
to service of general process or to taxation as a foreign corporation doing business in such jurisdiction. In each jurisdiction
where such qualification shall be effected, the Company will, unless the Underwriter agrees that such action is not at the time
necessary or advisable, use all reasonable efforts to file and make such statements or reports at such times as are or may be required
by the laws of such jurisdiction. The Company, at its expense, will cause its counsel to provide to the Underwriter a Preliminary
Blue Sky Memorandum and Final Blue Sky Memorandum, in such quantities as the Underwriter reasonably request, for its use and the
use of the selling members in connection with the offer and sale of the Securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
to the Underwriter of Prospectuses</U>. The Company will deliver to the Underwriter, without charge, from time to time during the
period when the Prospectus is required to be delivered under the Act or the Exchange Act such number of copies of each Statutory
Prospectus and Prospectus as the Underwriter may reasonably request and, as soon as the Registration Statement or any amendment
or supplement thereto becomes effective, deliver to the Underwriter two original executed Registration Statements, including exhibits,
and all post-effective amendments thereto and copies of all exhibits filed therewith or incorporated therein by reference and all
original executed consents of certified experts.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effectiveness
and Events Requiring Notice to the Underwriter</U>. The Company will use its reasonable best efforts to cause the Registration
Statement to remain effective with a current prospectus for at least nine (9) months from the Applicable Time and will notify the
Underwriter immediately and confirm the notice in writing: (i)&nbsp;of the effectiveness of the Registration Statement and any
amendment thereto; (ii)&nbsp;of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any
proceeding for that purpose; (iii)&nbsp;of the issuance by any state securities commission of any proceedings for the suspension
of the qualification of the Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any
proceeding for that purpose; (iv)&nbsp;of the mailing and delivery to the Commission for filing of any amendment or supplement
to the Registration Statement or Prospectus; (v)&nbsp;of the receipt of any comments or request for any additional information
from the Commission; and (vi) of the happening of any event during the period described in this Section 3.4 hereof that, in the
judgment of the Company, makes any statement of a material fact made in the Registration Statement, any Preliminary Prospectus,
the Statutory Prospectus or the Prospectus untrue or that requires the making of any changes in the Registration Statement, any
Preliminary Prospectus, the Statutory Prospectus or the Prospectus in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend
such qualification at any time, the Company will make every reasonable effort to obtain promptly the lifting of such order.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Secondary
Market Trading and Standard &amp; Poor&rsquo;s</U>. The Company will apply to be included in Standard &amp; Poor&rsquo;s Daily
News and Corporation Records Corporate Descriptions for a period of five (5) years immediately after the Effective Date.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports
to the Underwriter.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">3.7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Periodic
Reports, etc</U>. For a period of two (2) years from the Effective Date, the Company will furnish to the Underwriter copies of
such financial statements and other periodic and special reports as the Company from time to time furnishes generally to holders
of any class of its securities and also promptly furnish to the Underwriter: (i) a copy of each periodic report the Company shall
be required to file with the Commission; (ii) a copy of every press release and every news item and article with respect to the
Company or its affairs which was released by the Company; (iii) a copy of each Form 8-K prepared and filed by the Company; (iv)
a copy of each registration statement filed by the Company under the Act; (v) such additional documents and information with respect
to the Company and the affairs of any future Subsidiaries of the Company as the Underwriter may from time to time reasonably request.
Documents filed with the Commission pursuant to its EDGAR system shall be deemed to have been delivered to the Underwriter pursuant
to this Section.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">3.7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Transfer
Sheets</U>. For a period of five (5) years from the Effective Date, the Company shall retain a transfer and registrar agent reasonably
acceptable to the Underwriter (the&nbsp;&ldquo;<B>Transfer&nbsp;Agent</B>&rdquo;), and for a period of five (5) years from the
Effective Date, the Company shall furnish to the Underwriter at the Company&rsquo;s sole cost and expense such transfer sheets
of the Company&rsquo;s securities as the Underwriter may reasonably request, including the daily and monthly consolidated transfer
sheets of the Transfer Agent and DTC. As of the date of this Agreement, Vstock Transfer, LLC is the Transfer Agent and is acceptable
to the Underwriter.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">3.7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Trading
Reports</U>. During such time as the Shares are listed on Nasdaq, the Company shall provide to the Underwriter, at the Company&rsquo;s
expense, such reports published by Nasdaq relating to price trading of the Common Stock, as the Underwriter shall reasonably request.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of General Expenses Related to the Offering</U>. The Company hereby agrees to pay on each of the Closing Date and the Option Closing
Date, if any, to the extent not paid at the Closing Date, all expenses incident to the performance of the obligations of the Company
under this Agreement, including, but not limited to: (a) all filing fees and communication expenses relating to the registration
of the Securities to be sold in the Offering (including the Option Shares) with the Commission; (b) all fees and expenses relating
to the listing of the Common Stock on Nasdaq and such other stock exchanges as the Company and the Underwriter together determine;
(c) all fees, expenses and disbursements relating to background checks of the Company&rsquo;s officers and directors and the Company;
(d) all fees, expenses and disbursements relating to the registration or qualification of the Securities under the &ldquo;blue
sky&rdquo; securities laws of such states and other jurisdictions as the Underwriter may reasonably designate; (e) all fees, expenses
and disbursements relating to the registration, qualification or exemption of the Securities under the securities laws of such
foreign jurisdictions as the Underwriter may reasonably designate; (f) the costs of all mailing and printing of the underwriting
documents (including, without limitation, the Underwriting Agreement, any Blue Sky Memorandums and, if appropriate, any Agreement
Among Underwriters, Selected Dealers&rsquo; Agreement, Underwriters&rsquo; Questionnaire and Power of Attorney), Registration Statements,
Preliminary Prospectuses, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final Prospectuses
as the Underwriter may reasonably deem necessary, (g) the costs and expenses of the public relations firm, if any; (h) the costs
of preparing, printing and delivering certificates representing the Securities; (i) fees and expenses of the transfer agent for
the Common Stock; (j) stock transfer and/or stamp taxes, if any, payable upon the transfer of securities from the Company to the
Underwriter; (k) the fees and expenses of the Company&rsquo;s accountants; and (l) the fees and expenses of the Company&rsquo;s
legal counsel and other agents and representatives (collectively, the &ldquo;<B>Company Expenses</B>&rdquo;). Furthermore, the
Company hereby agrees to pay on the Closing Date, to the extent not paid prior to the Closing Date and in addition to the Company
Expenses, (A) the negotiated set fees and disbursements of the Underwriter&rsquo;s counsel in connection with the Offering, which
shall be $125,000, of which $30,000 has been advanced on a refundable, accountable basis; (B) all other expenses of the Underwriter
incurred in connection with the Offering, including (i) all COBRADesk filing fees associated with the review of the Offering by
FINRA, (ii) the Underwriter&rsquo;s use of i-Deal&rsquo;s book-building, prospectus tracking and compliance software for the Offering,
(iii) the Underwriter&rsquo;s actual &ldquo;road show&rdquo; expenses for the Offering, and (iv) the Underwriter&rsquo;s costs
of mailing prospectuses to prospective investors, up to a maximum of $35,000 for all such expenses; and (C) the fees and expenses
of Chardan as the qualified independent underwriter, which shall be $110,000, of which $25,000 has been advanced for expenses on
a refundable, accountable basis. The Underwriter may deduct from the net proceeds of the Offering the foregoing fees and expenses,
other than the Company Expenses, subject to deduction for any amounts previously advanced, payable by the Company on the Closing
Date, or the Option Closing Date, if any.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Application
of Net Proceeds</U>. The section of the Prospectus, &ldquo;Use of Proceeds,&rdquo; will indicate in reasonable detail all the intended
uses of the net proceeds from the Offering. The Company will apply the net proceeds from the Offering received by it in a manner
consistent with the application described under the caption &ldquo;Use Of Proceeds&rdquo; in the Prospectus. From the net proceeds
of the Offering, funds may be used to repay $253,899 in accrued compensation, including accrued compensation to executives of the
Company, which amount of accrued compensation is set forth in the Company&rsquo;s audited balance sheet for the year ended December
31, 2011.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[Intentionally
Omitted]</U>.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Earnings Statements to Security Holders</U>. The Company will make generally available to its security holders as soon as practicable,
but not later than the first day of the fifteenth full calendar month following the Effective Date, an earnings statement (which
need not be certified by independent public or independent certified public accountants unless required by the Act or the Regulations,
but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Act) covering a period of at least twelve consecutive
months beginning after the Effective Date.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[Intentionally
Omitted]</U>.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stabilization</U>.
Neither the Company, nor, to its knowledge, any of its employees, directors or stockholders (without the consent of the Underwriter)
has taken or will take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected
to cause or result in, under the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Shares.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accountants</U>.
The Company shall retain a nationally recognized independent certified public accounting firm for a period of at least three (3)
years after the Effective Date. The Underwriter acknowledges that GSI is acceptable to the Underwriter.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Director
and Officer Insurance</U>. As of the Closing, the Company will have obtained director and officer insurance in an aggregate coverage
amount of not less than $10,000,000, to be effective as of the Closing, under a form of insurance policy that is reasonably acceptable
to the Underwriter.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FINRA</U>.
The Company shall advise the Underwriter (who shall make an appropriate filing with FINRA) if it becomes aware that any 5% or greater
stockholder of the Company becomes an affiliate or associated person of an FINRA member participating in the distribution of the
Securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Fiduciary Duties</U>. The Company acknowledges and agrees that the Underwriter&rsquo;s responsibility to the Company is solely
contractual in nature and that neither the Underwriter nor its affiliates or any selling agent shall be deemed to be acting in
a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering
and the other transactions contemplated by this Agreement.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Electronic
Prospectus</U>. The Company shall cause to be prepared and delivered to the Underwriter, at its expense, promptly, but in no event
later than two (2) Business Days from the effective date of this Agreement, an Electronic Prospectus to be used by the Underwriter
in connection with the Offering. As used herein, the term &ldquo;Electronic Prospectus&rdquo; means a form of prospectus, and any
amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format,
satisfactory to the Underwriter, that may be transmitted electronically by the other Underwriter to offerees and purchasers of
the Securities for at least the period during which a prospectus relating to the Securities is required to be delivered under the
Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the
extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall
be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material,
as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Underwriter,
that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge
to such recipients (other than any fee charged for subscription to the Internet as a whole and for on-line time). The Company hereby
confirms that it has included or will include in the Prospectus filed pursuant to EDGAR or otherwise with the Commission and in
the Registration Statement at the time it was declared effective an undertaking that, upon receipt of a request by an investor
or his or her representative within the period when a prospectus relating to the Securities is required to be delivered under the
Act, the Company shall transmit or cause to be transmitted promptly, without charge, a paper copy of the Prospectus.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation
of Shares</U>. The Company will reserve and keep available that maximum number of its authorized but unissued securities which
are issuable upon exercise of the Underwriter&rsquo;s Warrants outstanding from time to time.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none; color: black">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conditions
of Underwriter&rsquo;s Obligations</U><FONT STYLE="text-underline-style: none">. The obligations of the Underwriter to purchase
and pay for the Securities, as provided herein, shall be subject to (i) the continuing accuracy of the representations and warranties
of the Company as of the date hereof and, as of each of the Closing Date and the Option Closing Date, if any; (ii) the accuracy
of the statements of officers of the Company made pursuant to the provisions hereof; (iii) the performance by the Company of its
obligations hereunder, and (iv) the following conditions:</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory
Matters.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effectiveness
of Registration Statement</U>. The Registration Statement shall have become effective not later than 5:00 P.M., Eastern time, on
April 24, 2012 or such later date and time as shall be consented to in writing by you, and, at each of the Closing Date and the
Option Closing Date, no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings
for that purpose shall have been instituted or shall be pending or contemplated by the Commission and any request on the part of
the Commission for additional information shall have been complied with to the reasonable satisfaction of Richardson &amp; Patel.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>FINRA
Clearance</U>. By the Effective Date, the Underwriter shall have received clearance from FINRA as to the amount of compensation
allowable or payable to the Underwriter as described in the Registration Statement.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Exchange
Stock Market Clearance</U>. On the Closing Date, the Common Stock, including the Firm Shares, shall have been approved for listing
on Nasdaq.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Blue
Sky</U>. The Underwriter will have received from the counsel to the Company, such forms of Preliminary Blue Sky Memorandums as
reasonably requested, and at the Closing Date, dated as of the Effective Date, the Underwriter will have received from the counsel
to the Company, a Final Blue Sky Memorandum, in each case indicating those jurisdictions in the United States and its territories
in which the Securities may be offered and sold in the Offering. The Underwriter will be provided a reasonable number of original
copies of the Preliminary Blue Sky Memorandums and Final Blue Sky Memorandum, and the Underwriter is hereby granted the right to
provide copies thereof to members of the selling group, including selected dealers, indicating that such members may rely on the
Preliminary Blue Sky Memorandum and Final Blue Sky Memorandum.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company
Counsel Matters.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Closing
Date Opinion of Counsel</U>. On the Closing Date, the Underwriter shall have received the opinion of Richardson &amp; Patel LLP<B>,
</B>counsel to the Company, (a form of such opinion is attached as Annex 2 hereto) and letter of negative assurance (a form of
which is attached as Annex 3 hereto), in each case dated the Closing Date and in form and substance reasonably satisfactory to
the Underwriter.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Option
Closing Date Opinion of Counsel</U>. On the Option Closing Date, if any, the Underwriter shall have received the opinion of Richardson
&amp; Patel LLP and letter of negative assurance listed in Section 4.2.1, in each case dated the Option Closing Date addressed
to the Underwriter and in form and substance reasonably satisfactory to the Underwriter, confirming as of the Option Closing Date,
the statements made by such counsel in its respective opinion and letter of negative assurance delivered on the Closing Date.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Reliance</U>.
In rendering such opinions, such counsel may rely: (i)&nbsp;as to matters involving the application of laws other than the laws
of the United States and jurisdictions in which they are admitted, to the extent such counsel deems proper and to the extent specified
in such opinion, if at all, upon an opinion or opinions (in form and substance reasonably satisfactory to the Underwriter) of other
counsel reasonably acceptable to the Underwriter, familiar with the applicable laws; and (ii)&nbsp;as to matters of fact, to the
extent they deem proper, on certificates or other written statements of officers of the Company and officers of departments of
various jurisdiction having custody of documents respecting the corporate existence or good standing of the Company, provided that
copies of any such statements or certificates shall be delivered to Golenbock if requested. The opinion of Richardson &amp; Patel
LLP, and any opinions relied upon by Richardson &amp; Patel LLP, shall include a statement to the effect that it may be relied
upon by counsel for the Underwriter in its opinion delivered to the Underwriter.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cold
Comfort Letter</U>. At the time this Agreement is executed, and at each of the Closing Date and the Option Closing Date, if any,
you shall have received a cold comfort letter, addressed to the Underwriter and in form and substance reasonably satisfactory in
all respects to you and to Golenbock from GSI<B> </B>dated, respectively, as of the date of this Agreement and as of the Closing
Date and the Option Closing Date, if any.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officers&rsquo;
Certificates.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Officers&rsquo;
Certificate</U>. At each of the Closing Date and the Option Closing Date, if any, the Underwriter shall have received a certificate
of the Company signed by the Chairman of the Board and Chief Executive Officer of the Company, dated the Closing Date or the Option
Closing Date, as the case may be, respectively, to the effect that the Company has performed all covenants and complied with all
conditions required by this Agreement to be performed or complied with by the Company prior to and as of the Closing Date, or the
Option Closing Date, as the case may be, and that the conditions set forth in Section 4.5 hereof have been satisfied as of such
date and that, as of the Closing Date and the Option Closing Date, as the case may be, the representations and warranties of the
Company set forth in Section 2 hereof are true and correct. In addition, the Underwriter will have received such other and further
certificates of officers of the Company as the Underwriter may reasonably request.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Secretary&rsquo;s
Certificate</U>. At each of the Closing Date and the Option Closing Date, if any, the Underwriter shall have received a certificate
of the Company signed by the Secretary or Assistant Secretary of the Company, dated the Closing Date or the Option Date, as the
case may be, respectively, certifying: (i)&nbsp;that the Certificate of Incorporation<B> </B>is true and complete, has not been
modified and is in full force and effect; (ii)&nbsp;that the resolutions of the Company&rsquo;s Board of Directors relating to
the public offering contemplated by this Agreement are in full force and effect and have not been modified; (iii) as to the accuracy
and completeness of all correspondence between the Company or its counsel and the Commission; and (iv)&nbsp;as to the incumbency
of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Changes</U>. Prior to and on each of the Closing Date and the Option Closing Date, if any: (i)&nbsp;there shall have been
no material adverse change or development involving a prospective material adverse change in the condition or the business activities,
financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Registration Statement,
the Statutory Prospectus and the Prospectus; (ii)&nbsp;no action, suit or proceeding, at law or in equity, shall have been pending
or, to the knowledge of the Company, threatened against the Company or any Insider before or by any court or federal or state commission,
board or other administrative agency wherein an unfavorable decision, ruling or finding may materially adversely affect the business,
operations or financial condition or income of the Company, except as set forth in the Registration Statement, Statutory Prospectus
and Prospectus; (iii)&nbsp;no stop order shall have been issued under the Act and no proceedings therefore shall have been initiated
or threatened by the Commission; and (iv)&nbsp;the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus
and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated
therein in accordance with the Act and the Regulations and shall conform in all material respects to the requirements of the Act
and the Regulations, and none of the Registration Statement, Preliminary Prospectus, Statutory Prospectus or the Prospectus and
any amendment or supplement thereto shall not contain any 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 light of the circumstances under which they were
made, not misleading.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of Agreements.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effective
Date Deliveries</U>. On or prior to the Effective Date, the Company shall have delivered to the Underwriter executed copies of
this Agreement and the Lock-Up Agreements.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Closing
Date Deliveries</U>. On the Closing Date, the Company shall have delivered to the Underwriter an executed copy of the Underwriter&rsquo;s
Warrant Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none">&nbsp;</FONT></P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none; color: black">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification.</U></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of the Underwriter.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">5.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>General</U>.
Subject to the conditions set forth below, the Company agrees to indemnify and hold harmless the Underwriter and each dealer selected
by the Underwriter that participates in the offer and sale of the Securities (each a &ldquo;<B>Selected Dealer</B>&rdquo;) and
each of their respective directors, officers and employees and each person, if any, who controls the Underwriter and the dealer
(&ldquo;<B>Controlling Person</B>&rdquo;) within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against
any and all loss, liability, claim, damage and expense whatsoever (including but not limited to any and all legal or other expenses
reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever,
whether arising out of any action between the Underwriter and the Company or between the Underwriter and any third party or otherwise)
to which they or any of them may become subject under the Act, the Exchange Act or any other statute or at common law or otherwise
or under the laws of foreign countries, arising out of or based upon any untrue statement or alleged untrue statement of a material
fact contained in (i) the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus or the Prospectus (as from
time to time each may be amended and supplemented); (ii) any materials or information provided to investors by, or with the approval
of, the Company in connection with the marketing of the offering of the Securities, including any &ldquo;road show&rdquo; or investor
presentations made to investors by the Company (whether in person or electronically); or (iii) any application or other document
or written communication (in this Section 5, collectively called &ldquo;application&rdquo;) executed by the Company or based upon
written information furnished by the Company in any jurisdiction in order to qualify the Shares under the securities laws thereof
or filed with the Commission, any state securities commission or agency, Nasdaq or any securities exchange; or the omission or
alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading, unless such statement or omission was made in reliance upon
and in strict conformity with &ldquo;Underwriter&rsquo;s Information&rdquo; (as described in Section 2.3.1) furnished to the Company
by the Underwriter. The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings
against the Company or any of its officers, directors or Controlling Persons in connection with the issue and sale of the Securities
or in connection with the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus or the Prospectus. Notwithstanding
anything to the contrary, in no event shall the Company be obligated to indemnify pursuant to this Section&nbsp;5.1.1 for any loss,
liability, claim, damage or expense arising out or related to a breach of the representations contained in Section 4 hereof if
such breach was caused by the action or inaction of Underwriter or its related persons.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">5.1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Procedure</U>.
If any action is brought against the Underwriter, a Selected Dealer or a Controlling Person in respect of which indemnity may be
sought against the Company pursuant to Section 5.1.1, the Underwriter, such Selected Dealer or Controlling Person, as the case
may be, shall promptly notify the Company in writing of the institution of such action and the Company shall assume the defense
of such action, including the employment and fees of counsel (subject to the reasonable approval of the Underwriter or such Selected
Dealer or Controlling Person, as the case may be) and payment of actual expenses. Any delay in notice will not relieve the Company
of any liability to an indemnified party, except to the extent that the Company demonstrates that the delay prejudiced the defense
of the action. Any indemnified person shall have the right to employ its or their own counsel in any such case, but the fees and
expenses of such counsel which are incurred after the Company assumes the defense of the action shall be at the expense of the
Underwriter, such Selected Dealer or Controlling Person unless (i) the employment of such counsel at the expense of the Company
shall have been authorized in writing by the Company in connection with the defense of such action, or (ii) the Company fails to
assume the defense or to employ counsel to have charge of the defense of such action within a reasonable time after notice of the
action, or (iii) such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or
them which are different from or additional to those available to the Company (in which case the Company shall not have the right
to direct the defense of such action on behalf of the indemnified party or parties), in any of which events the reasonable fees
and expenses of not more than one additional firm of attorneys (in addition to local counsel) selected by the Underwriter, Selected
Dealer and/or Controlling Person in their sole discretion shall be borne by the Company and paid as incurred or, at the option
of the indemnified party, advanced pursuant to Section 5.1.4.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">5.1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Settlement</U>.
The Company will not effect any settlement of a proceeding in respect of which indemnification may be sought hereunder (whether
or not any indemnified person is a party therein) unless the Company has given the Underwriter, Selected Dealer or Controlling
Person, as the case may be, reasonable prior written notice thereof and such settlement, compromise, consent or termination includes
an unconditional release of each indemnified party from any liabilities arising out of such proceeding. The Company will not permit
any such settlement, compromise, consent or termination to include a statement as to, or an admission of, fault, culpability or
a failure to act by or on behalf of any indemnified party, without that party's prior written consent. Notwithstanding anything
to the contrary contained herein, if any Underwriter, Selected Dealer or Controlling Person shall conduct the defense of an action
as provided in Section 5.1.2., the Company shall have the right to approve the terms of any settlement of such action, which approval
shall not be unreasonably withheld, except that if the Company is required to and nonetheless fails to reimburse or advance the
expenses of such defense, then the Company shall be bound by any determination made in the action or by any compromise or settlement
made by the indemnified party without the Company&rsquo;s written consent, provided the indemnified party provides the Company
30 days prior notice of its intention to settle or compromise such action.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">5.1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Advances</U>.
Notwithstanding any other provision hereof, the Company shall advance, to the extent not prohibited by law, all expenses reasonably
anticipated to be incurred by or on behalf of the Underwriter, a Selected Dealer or Controlling Person in connection with any proceeding,
whether pending or threatened,&nbsp;within fifteen (15) days of receipt of a statement or statements from such indemnified parties,
or any of them, requesting such advances from time to time.&nbsp; This advancement obligation shall include any retainers of counsel
engaged by indemnified parties. Any statement requesting advances shall evidence the expenses anticipated or incurred by the indemnified
party with reasonable particularity and may include only those expenses reasonably expected to be incurred within the 180-day period
following each statement. In the event some portion of the amounts advanced are unused, or in the event a court of ultimate jurisdiction
determines that the indemnified parties are not entitled to be indemnified against certain expenses, the recipient shall return
the unused or disallowed portion of any advances within ninety (90) days of the final disposition of any proceeding to which such
advances pertain.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
of the Company</U>. The Underwriter agrees to indemnify and hold harmless the Company, its directors, officers and employees and
agents who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any and all
loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the Underwriter, as incurred,
but only with respect to untrue statements or omissions, or alleged untrue statements or omissions made in any Preliminary Prospectus,
the Registration Statement or Prospectus or any amendment or supplement thereto or in any application, made in reliance upon and
in strict conformity with the &ldquo;Underwriter&rsquo;s Information&rdquo; furnished by the Underwriter to the Company expressly
for use in such Preliminary Prospectus, the Registration Statement or Prospectus or any amendment or supplement thereto or in any
such application. In case any action shall be brought against the Company or any other person so indemnified based on any Preliminary
Prospectus, the Registration Statement or Prospectus or any amendment or supplement thereto or any application, and in respect
of which indemnity may be sought against the Underwriter, the Underwriter shall have the rights and duties given to the Company,
and the Company and each other person so indemnified shall have the rights and duties given to the Underwriter by the provisions
of Section 5.1.2.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">5.3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Contribution
Rights</U>. In order to provide for just and equitable contribution under the Act in any case in which (i) any person entitled
to indemnification under this Section 5 makes claim for indemnification pursuant hereto but it is judicially determined (by the
entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of
the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section
5 provides for indemnification in such case, or (ii) contribution under the Act, the Exchange Act or otherwise may be required
on the part of any such person in circumstances for which indemnification is provided under this Section 5, then, and in each such
case, the Company and the Underwriter shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the
nature contemplated by said indemnity agreement incurred by the Company and the Underwriter, as incurred, in such proportions that
the Underwriter is responsible for that portion represented by the percentage that the underwriting discount appearing on the cover
page of the Prospectus bears to the initial offering price appearing thereon and the Company is responsible for the balance; provided,
that, no person guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding the provisions of this Section
5.3.1, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the
Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that the
Underwriter has otherwise been required to pay in respect of such losses, liabilities, claims, damages and expenses. For purposes
of this Section, each director, officer and employee of the Underwriter or the Company, as applicable, and each person, if any,
who controls the Underwriter or the Company, as applicable, within the meaning of Section 15 of the Act shall have the same rights
to contribution as the Underwriter or the Company, as applicable.</P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">5.3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Contribution
Procedure</U>. Within fifteen days after receipt by any party to this Agreement (or its representative) of notice of the commencement
of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another
party (&ldquo;<B>contributing party</B>&rdquo;), notify the contributing party of the commencement thereof, but the failure to
so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution
hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party
or its representative of the commencement thereof within the aforesaid fifteen days, the contributing party will be entitled to
participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall
not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such
party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this
Section 5.3.2 are intended to supersede, to the extent permitted by law, any right to contribution under the Act, the Exchange
Act or otherwise available.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none; color: black">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Qualified
Independent Underwriter</U></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representation
as to QIU</U>. Chardan represents that it is qualified to act as a &ldquo;qualified independent underwriter&rdquo; within the meaning
of Rule 5121 of the Conduct Rules of FINRA. The Company hereby confirms that, at its request, Chardan has acted as a &ldquo;qualified
independent underwriter&rdquo; within the meaning of Rule 5121 of the Conduct Rules of FINRA in connection with the offering of
the Public Securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fee</U>.
The Company shall pay Chardan a fee of $110,000 in consideration for its services and expenses as a &ldquo;qualified independent
underwriter&rdquo;. Chardan will receive no other compensation in connection with the transactions contemplated by this Agreement.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
of QIU</U>. The Company will indemnify and hold harmless Chardan, its directors, officers, employees and agents and each person,
if any, who controls Chardan within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any and all
losses, claims, damages or liabilities, joint or several, to which Chardan may become subject, under the Act, the Exchange Act,
other federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon Chardan&rsquo;s acting (or alleged failing to act) as such &ldquo;qualified
independent underwriter&rdquo; and will reimburse Chardan for any legal or other expenses reasonably incurred by Chardan in connection
with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however,
that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or expense results
from the gross negligence, bad faith or willful misconduct of Chardan. If indemnification pursuant to this Section 6.3 is unavailable
to hold harmless Chardan for any reason, the Company and Chardan agree to contribution in accordance with Section 5.3 above, with
the rights and duties of the Underwriters given to Chardan. The relative benefits received by Chardan with respect to the offering
contemplated by this Agreement shall, for purposes of Section 5.3, be deemed to be equal to the portion of the fees received by
Chardan as set forth on the cover page of the Prospectus as compared to all fees and underwriting discounts collectively received
by all Underwriters and Chardan. In addition, notwithstanding the provisions of Section 5.3, Chardan shall not be required to contribute
any amount in excess of the fees received by Chardan in connection with the offering contemplated by this Agreement.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none; color: black">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Additional
Covenants.</U></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
Composition and Board Designations</U>. The Company shall ensure that: (i)&nbsp;the qualifications of the persons serving as board
members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder
and with the listing requirements of Nasdaq or any other national securities exchange or national securities association, as the
case may be, in the event the Company seeks to have its Securities listed on another exchange or quoted on an automated quotation
system, and (ii)&nbsp;if applicable, at least one member of the board of directors qualifies as a &ldquo;financial expert&rdquo;
as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prohibition
on Press Releases and Public Announcements</U>. The Company will not issue press releases or engage in any other publicity, without
the Underwriter&rsquo;s prior written consent, for a period ending at 5:00 p.m. Eastern time on the first business day following
the 40th day following the Closing Date, other than normal and customary releases issued in the ordinary course of the Company&rsquo;s
business.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none; color: black">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effective
Date of this Agreement and Termination Thereof.</U></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date</U>. This Agreement shall become effective when both the Company and the Underwriter have executed the same and delivered
counterparts of such signatures to the other party.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
You shall have the right to terminate this Agreement at any time prior to any Closing Date, (i)&nbsp;if any domestic or international
event or act or occurrence has materially disrupted, or in your reasonable opinion will in the immediate future materially disrupt,
general securities markets in the United States; or (ii)&nbsp;if trading on the New York Stock Exchange, the NASDAQ, the NASDAQ
Global Market or the NASDAQ Capital Market or AMEX shall have been suspended or materially limited, or minimum or maximum prices
for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of
the Commission or any other government authority having jurisdiction, or (iii)&nbsp;if the United States shall have become involved
in a new war or a substantial increase in major hostilities, or (iv)&nbsp;if a banking moratorium has been declared by a New York
State or federal authority or foreign authority which has a substantial disruptive effect on or adversely impacts the United States
securities markets, or (v)&nbsp;if a moratorium on foreign exchange trading has been declared which materially adversely impacts
the United States securities markets, or (vi)&nbsp;if the Company shall have sustained a material loss by fire, flood, accident,
hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured,
will, in your reasonable opinion, make it inadvisable to proceed with the delivery of the Firm Shares or Option Shares, or (vii)&nbsp;if
the Company is in material breach of any of its representations, warranties or covenants hereunder, or (viii)&nbsp;if the Underwriter
shall have become aware after the date hereof of such a material adverse change in the conditions or prospects of the Company,
or such adverse material change in general market conditions as in the Underwriter&rsquo;s good faith judgment would make it impracticable
to proceed with the offering, sale and/or delivery of the securities or to enforce contracts made by the Underwriter for the sale
of the Firm Shares or Option Shares.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
In the event that this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions
thereof pursuant to the terms herein, the Company shall be obligated to pay to the Underwriter its actual and accountable out of
pocket expenses related to the transactions contemplated herein then due and payable (including the actual and accountable out
of pocket expenses (but not to exceed the amount of actual and accountable out of pocket expenses approved by FINRA) related to
its legal counsel, Golenbock, up to $30,000; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; color: black">provided,
however, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement</FONT>).</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.
Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement,
and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall not be in any way effected by, such
election or termination or failure to carry out the terms of this Agreement or any part hereof.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase; text-underline-style: none; color: black">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Miscellaneous.</U></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed (registered
or certified mail, return receipt requested), personally delivered or sent by facsimile transmission and confirmed and shall be
deemed given when so delivered or faxed and confirmed or if mailed, two days after such mailing.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">MDB Capital Group, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">401 Wilshire Boulevard, Suite 1020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Santa Monica, CA 90401</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 74.25pt">Fax No.: 310.526.5020</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Golenbock Eiseman Assor Bell &amp; Peskoe, LLP</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">437 Madison Avenue &ndash; 40<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn.: Andrew D. Hudders, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">Fax No.:</FONT> <FONT STYLE="font-size: 10pt">212-754-0330
</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 74.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 74.25pt">Clearsign Combustion Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 74.25pt">12870 Interurban Avenue South</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 74.25pt">Seattle, Washington 98168</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 2.25pt">Attn: Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 2.25pt">Fax No.: 206-299-3553</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Richardson &amp; Patel LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">750 Third Avenue, 9<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn.: Kevin Friedman, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fax No.:<B> </B>917-591-6898</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Agreement.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendmen</U>t.
This Agreement may only be amended by a written instrument executed by each of the parties hereto.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with
this Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding
Effect</U>. This Agreement shall inure solely to the benefit of and shall be binding upon the Underwriter, Chardan, the Company
and the Controlling Persons, directors and officers referred to in Section 5 hereof, and their respective successors, legal representatives
and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect
of or by virtue of this Agreement or any provisions herein contained. The term &ldquo;successors and assigns&rdquo; shall not include
a purchaser, in its capacity as such, of securities from the Underwriter.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflict of laws principles thereof. Any process or summons to be served upon the Company may be served by transmitting
a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth
in Section 9.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action,
proceeding or claim. The Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the
other party(ies) all of its reasonable attorneys&rsquo; fees and expenses relating to such action or proceeding and/or incurred
in connection with the preparation therefore.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution
in Counterparts</U>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission
shall constitute valid and sufficient delivery thereof.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver,
etc</U>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed
or construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any provision hereof
or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance
or non-fulfillment.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Fiduciary Relationship</U>. The Company hereby acknowledges that the Underwriter and Chardan are acting solely as underwriters
or a qualified independent underwriter, as the case may be, in connection with the offering of the Company's securities. The Company
further acknowledges that the Underwriter and Chardan are acting pursuant to a contractual relationship created solely by this
Agreement entered into on an arm's length basis and in no event do the parties intend that the Underwriter or Chardan act or be
responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity
that the Underwriter or Chardan may undertake or have undertaken in furtherance of the offering of the Company's securities, either
before or after the date hereof. The Underwriter and Chardan hereby expressly disclaim any fiduciary or similar obligations to
the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions,
and the Company hereby confirms its understanding and agreement to that effect. The Company, the Underwriter and Chardan agree
that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions
or views expressed by the Underwriter or Chardan to the Company regarding such transactions, including but not limited to any opinions
or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company.
The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the
Underwriter and Chardan with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection
with the transactions contemplated by this Agreement or any matters leading up to such transactions.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 74.25pt">If the foregoing correctly sets forth
the understanding among the Underwriter, Chardan and the Company, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement between us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">CLEARSIGN COMBUSTION CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.12in">Name: Richard F. Rutkowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.12in">Title:&nbsp;&nbsp; Chief&nbsp; Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted on the date first above written.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHARDAN CAPITAL MARKETS, LLC, solely in its capacity as the
Qualified Independent Underwriter</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Form of Underwriter&rsquo;s Warrant
Agreement</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX 2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">[Form of Opinion
as Issuer&rsquo;s Counsel]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.15pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has been duly organized and is validly existing as a corporation and is in good standing under the laws of the State of
Washington with the requisite corporate power to own or lease, as the case may be, and operate its respective properties, and to
conduct its business, as described in the Registration Statement, the Statutory Prospectus and the Prospectus. The Company has
no subsidiaries and is not registered or qualified to do business as a foreign corporation under the laws of any jurisdiction within
the United States except Washington.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
solely as to factual matters on representations and warranties by the Company, all issued and outstanding securities of the Company
have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof are not subject to personal
liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any
shareholder of the Company arising by operation of law or under the articles of incorporation of the Company. Based solely as to
factual matters on representations and warranties by the Company and the purchasers set forth in the applicable purchase agreement,
the offers and sales of securities issued by the Company during the three years preceding the Effective Date were either registered
under the Securities Act of 1933, as amended, or exempt from such registration requirements. The authorized and outstanding capital
stock is as set forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities and the Warrant Shares (together the &ldquo;Shares&rdquo;) have been duly authorized and, when issued and delivered
in accordance with the terms of this Underwriting Agreement and the Underwriter&rsquo;s Warrant Agreement, as applicable, will
be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability solely
by reason of being such holders. The Shares are not and will not be subject to the preemptive rights of any holders of any security
of the Company arising by operating of law or under the articles of incorporation of the Company. The Shares conform in all material
respects to the description thereof contained in the Registration Statement, the Statutory Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has the corporate power and authority to enter into the Underwriting Agreement and the Underwriter&rsquo;s Warrant Agreement
and to issue, sell and deliver the Shares to the Underwriter as provided in the Underwriting Agreement and the Underwriter&rsquo;s
Warrant Agreement. The Underwriting Agreement and the Underwriter&rsquo;s Warrant Agreement have been duly and validly authorized
and executed by the Company and constitute the valid and binding obligations of the Company, enforceable against the Company in
accordance with their respective terms, except (a) as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting creditors&rsquo; rights generally, (b) as enforceability of any indemnification or contribution provisions
may be limited under the Federal and state securities laws, and (c) that the remedy of specific performance and injunctive and
other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding
therefor may be brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance of the Underwriting Agreement and the Underwriter&rsquo;s Warrant Agreement by the Company,
and compliance by the Company with the terms and provisions thereof and the consummation of the transactions contemplated thereby,
and the issuance and sale of the Shares, do not and will not, with or without the giving of notice or the lapse of time, or both,
(a) conflict with, or result in a breach of, any of the terms or provisions of, or constitute a default under, or result in the
creation or modification of any lien, security interest, charge or encumbrance upon any of the properties or assets of the Company
pursuant to the terms of, any mortgage, deed of trust, note, indenture, loan, contract, commitment or other agreement or instrument
filed as an exhibit to the Registration Statement, (b) result in any violation of the provisions of the articles of incorporation
or bylaws of the Company (as amended), or (c) to counsel&rsquo;s knowledge, violate any statute or any judgment, order or decree,
rule or regulation applicable to the Company of any court, regulatory authority or other governmental agency or body having jurisdiction
over the Company or its subsidiary, properties or assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement, the Statutory Prospectus and the Prospectus, and any post-effective amendments or supplements thereto (other
than the financial statements and the schedules, notes and auditor&rsquo;s reports included therein, as to which no opinion is
hereby rendered) each as of their respective dates appears on its face to comply as to form in all material respects with the requirements
of the Act and Regulations, provided that counsel expresses no opinion, statement or belief as to any other financial, statistical
or accounting information in or any exhibits to the Registration Statement, the Statutory Prospectus or the Prospectus. To counsel&rsquo;s
knowledge, no United States or state statute or regulation required to be described in the Registration Statement, the Statutory
Prospectus and the Prospectus, each as of their respective dates, is not described as required, including under the Blue Sky laws
of the various states, nor are any contracts or documents of a character required to be described in the Registration Statement,
the Statutory Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement not so described or filed as
required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
solely on a notice of effectiveness received from the Commission, the Registration Statement is effective under the Act. To counsel&rsquo;s
knowledge, no stop order suspending the effectiveness of the Registration Statement has been issued and no proceeding for that
purpose has been instituted or overtly threatened by the Commission. Any required filing of the Prospectus, and any required supplement
thereto, pursuant to Rule 424(b) under the Securities Act, has been made in the manner and within the time period required by Rule
424(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not and, after giving effect to the Offering and sale of the Securities and the application of the proceeds thereof
as described in the Registration Statement and the Prospectus, will not be, an &ldquo;investment company&rdquo; as defined in the
Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.25pt">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
consent, approval, authorization or filing with or order of NASDAQ any U.S. Federal or State of New York court or governmental
agency or body having jurisdiction over the Company is required, under the laws, rules and regulations of the United States of
America and the State of Washington for the consummation by the Company of the transactions contemplated by the Agreement, except
(i) such as have been made with or obtained by NASDAQ (ii) such as have been made or obtained under the Securities Act and (iii)
such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Shares
by you in the manner contemplated in the Agreement and in the Prospectus.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Form of Richardson &amp; Patel, L.L.P.
Negative Assurance Letter as Issuer&rsquo;s Counsels]</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-size: 10pt; color: black">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#9;Counsel
shall deliver to the Underwriter by separate letter a statement to the effect that such counsel has participated in conferences
with officers and other representatives of the Company, the Underwriter and the independent registered public accounting firm of
the Company, at which conferences the contents of the Registration Statement, each Preliminary Prospectus, the Statutory Prospectus
and the Prospectus contained therein and related matters were discussed and, although such counsel is not passing upon and does
not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement,
any Preliminary Prospectus, the Statutory Prospectus and the Prospectus contained therein, solely on the basis of the foregoing
without independent check and verification, no facts have come to the attention of such counsel which lead them to reasonably believe
that the Registration Statement or any amendment thereto, at the time the Registration Statement or amendment became effective,
contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading or the Prospectus or any amendment or supplement thereto, at the time they were filed
pursuant to Rule 424(b) or at the date of such counsel&rsquo;s opinion, contained an untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the statement therein, in light of the circumstances
under which they were made, not misleading (except that such counsel need express no view and shall not be deemed to have rendered
an opinion with respect to the financial information, statistical data and information and matters regarding non-United States
laws, rules and regulations included in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus or the
Prospectus).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>v310537_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT
SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH SECURITIES BY ANY PERSON
FOR A PERIOD OF ONE (1) YEAR IMMEDIATELY FOLLOWING THE DATE OF EFFECTIVENESS OF THE PUBLIC OFFERING OF THE COMPANY&rsquo;S SECURITIES
PURSUANT TO REGISTRATION STATEMENT NO.: 333-177946 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, EXCEPT IN ACCORDANCE WITH
FINRA RULE 5110(G)(2).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ClearSign
Combustion Corporation</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.35in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>300,000 shares of Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>April 24, 2012</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <B>UNDERWRITER WARRANT </B>(this &ldquo;<B>Warrant&rdquo;)
</B>of ClearSign Combustion Corporation, a corporation, duly organized and validly existing under the laws of the State of Washington
(the &ldquo;<B>Company&rdquo;), </B>is being issued pursuant to that certain Underwriting Agreement, dated as of April 24, 2012
(the &ldquo;<B>Underwriting Agreement&rdquo;), </B>between the Company and MDB Capital Group, LLC (the &ldquo;<B>Underwriter&rdquo;)
</B>relating to a firm commitment public offering (the &ldquo;<B>Offering&rdquo;) </B>of 3,000,000 shares of common stock, $0.0001
par value per share, of the Company (the &ldquo;<B>Common Stock&rdquo;) </B>underwritten by the Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>FOR VALUE RECEIVED, </B>the Company hereby
grants to MDB Capital Group, LLC and its permitted successors and assigns (collectively, the &ldquo;<B>Holder&rdquo;) </B>the right
to purchase from the Company up to three hundred thousand (300,000) shares of Common Stock (such shares underlying this Warrant,
the &ldquo;<B>Warrant Shares</B>&rdquo;), at a per share purchase price equal to $5.00 (the &ldquo;<B>Exercise Price</B>&rdquo;)<B>,
</B>subject to the terms, conditions and adjustments set forth below in this Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Date
of Warrant Exercise. </U>This Warrant shall become exercisable on the date that is one (1) year</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">from the Base Date (the &ldquo;<B>Exercise
Date</B>&rdquo;).<B> </B>As used in this Warrant, the term &ldquo;<B>Base Date&rdquo; </B>shall mean April 24, 2012, 2012 (the
effective date of the registration statement). Except as otherwise provided for herein or as permitted by applicable rules of the
Financial Industry Regulatory Authority, Inc., (&ldquo;FINRA&rdquo;) this Warrant and the underlying Warrant Shares shall not be
sold, transferred, assigned, pledged or hypothecated prior to the date that is one year immediately following the Base Date, pursuant
to FINRA Rule 5110(g)(1), except as permitted under FINRA Rule 5110(g)(2).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expiration
of Warrant. </U>This Warrant shall expire on the five (5) year anniversary of the Base Date (the &ldquo;<B>Expiration Date</B>&rdquo;).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
of Warrant. </U>This Warrant shall be exercisable pursuant to the terms of this Section 3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manner
of Exercise.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) This Warrant may
only be exercised by the Holder hereof on or after the Exercise Date and on or prior to the Expiration Date, in accordance with
the terms and conditions hereof, in whole or in part (but not as to fractional shares) with respect to any portion of this Warrant,
during the Company&rsquo;s normal business hours on any day other than a Saturday or a Sunday or a day on which commercial banking
institutions in New York, New York are authorized by law to be closed (a &ldquo;<B>Business Day&rdquo;), </B>by surrender of this
Warrant to the Company at its office maintained pursuant to Section 10.2(a) hereof, accompanied by a written exercise notice in
the form attached as <U>Exhibit A </U>to this Warrant (or a reasonable facsimile thereof) duly executed by the Holder, together
with the payment of the aggregate Exercise Price for the number of Warrant Shares purchased upon exercise of this Warrant. Upon
surrender of this Warrant, the Company shall cancel this Warrant document and shall, in the event of partial exercise, replace
it with a new Warrant document in accordance with Section 3.3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided for in Section 3.1(c) below, each exercise of this Warrant must be accompanied by payment in full of the aggregate
Exercise Price in cash by check or wire transfer in immediately available funds for the number of Warrant Shares being purchased
by the Holder upon such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate Exercise Price for the number of Warrant Shares being purchased may also, in the sole discretion of the Holder, be paid
in full or in part on a &ldquo;cashless basis&rdquo; at the election of the Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>in the form of Common Stock owned by the Holder (based on the Fair Market Value (as defined below) of such Common Stock on
the date of exercise);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">in the form of Warrant Shares withheld by the Company from the Warrant Shares otherwise to be received
upon exercise of this Warrant having an aggregate Fair Market Value on the date of exercise equal to the aggregate Exercise Price
of the Warrant Shares being purchased by the Holder; or</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">by a combination of the foregoing, provided that the combined value of all cash and the Fair Market
Value of any shares surrendered to the Company is at least equal to the aggregate Exercise Price for the number of Warrant Shares
being purchased by the Holder.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Warrant, the term &ldquo;<B>Fair Market Value&rdquo; </B>means with respect to a particular date, the average closing price of
the Common Stock for the five (5) trading days immediately preceding the applicable exercise herein as officially reported by the
principal securities exchange on which the Common Stock is then listed or admitted to trading, or, if the Common Stock is not listed
or admitted to trading on any securities exchange as determined in good faith by resolution of the Board of Directors of the Company,
based on the best information available to it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of illustration
of a cashless exercise of this Warrant under Section 3.1 (c)(ii) (or for a portion thereof for which cashless exercise treatment
is requested as contemplated by Section 3.1(c)(iii) hereof), the calculation of such exercise shall be as follows:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: -0.4in">X =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the number of Warrant
Shares to be issued to the Holder (rounded to the nearest whole share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: -0.4in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: -0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: -0.4in">Y =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the number of Warrant
Shares with respect to which this Warrant is being exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: -0.4in">A =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Fair Market Value
of the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: -0.4in">B =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Exercise Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d) For purposes of Rule
144 and sub-section (d)(3)(ii) thereof, it is intended, understood, and acknowledged that the Common Stock issuable upon exercise
of this Warrant in a cashless exercise transaction as described in Section 3.1(c) above shall be deemed to have been acquired at
the time this Warrant was issued. Moreover, it is intended, understood, and acknowledged that the holding period for the Common
Stock issuable upon exercise of this Warrant in a cashless exercise transaction as described in Section 3.1(c) above shall be deemed
to have commenced on the date this Warrant was issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">3.2 <U>When Exercise
Effective.</U> Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on
the Business Day on which this Warrant shall have been duly surrendered to the Company as provided in Sections 3.1 and 12 hereof,
and, at such time, the Holder in whose name any certificate or certificates for Warrant Shares shall be issuable upon exercise
as provided in Section 3.3 hereof shall be deemed to have become the holder or holders of record thereof of the number of Warrant
Shares purchased upon exercise of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">3.3 <U>Delivery of
Common Stock Certificates and New Warrant.</U> As soon as reasonably practicable after each exercise of this Warrant, in whole
or in part, and in any event within three (3) Business Days thereafter, the Company, at its expense (including the payment by it
of any applicable issue taxes), will cause to be issued in the name of and delivered to the Holder hereof or, subject to Sections
9 and 10 hereof, as the Holder (upon payment by the Holder of any applicable transfer taxes) may direct:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate or certificates (with appropriate restrictive legends, as applicable) for the number of duly authorized, validly issued,
fully paid and non-assessable Warrant Shares to which the Holder shall be entitled upon exercise; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
case exercise is in part only, a new Warrant document of like tenor, dated the date hereof, for the remaining number of Warrant
Shares issuable upon exercise of this Warrant after giving effect to the partial exercise of this Warrant (including the delivery
of any Warrant Shares as payment of the Exercise Price for such partial exercise of this Warrant).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Adjustments. </U>For so long as this Warrant is outstanding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mergers
or Consolidations.</U> If at any time after the date hereof there shall be a capital reorganization (other than a
combination or subdivision of Common Stock otherwise provided for herein) resulting in a reclassification to or change in the
terms of securities issuable upon exercise of this Warrant (a &ldquo;<B>Reorganization&rdquo;), </B>or a merger or
consolidation of the Company with another corporation, association, partnership, organization, business, individual,
government or political subdivision thereof or a governmental agency (a &ldquo;<B>Person&rdquo; </B>or the
&ldquo;<B>Persons&rdquo;) </B>(other than a merger with another Person in which the Company is a continuing corporation and
which does not result in any reclassification or change in the terms of securities issuable upon exercise of this Warrant or
a merger effected exclusively for the purpose of changing the domicile of the Company) (a &ldquo;<B>Merger&rdquo;), </B>then,
as a part of such Reorganization or Merger, lawful provision and adjustment shall be made so that the Holder shall thereafter
be entitled to receive, upon exercise of this Warrant, the number of shares of stock or any other equity or debt securities
or property receivable upon such Reorganization or Merger by a holder of the number of shares of Common Stock which might
have been purchased upon exercise of this Warrant immediately prior to such Reorganization or Merger. In any such case,
appropriate adjustment shall be made in the application of the provisions of this Warrant with respect to the rights and
interests of the Holder after the Reorganization or Merger to the end that the provisions of this Warrant
(including adjustment of the Exercise Price then in effect and the number of Warrant Shares) shall be applicable after that
event, as near as reasonably may be, in relation to any shares of stock, securities, property or other assets thereafter
deliverable upon exercise of this Warrant. The provisions of this Section 4.1 shall similarly apply to successive
Reorganizations and/or Mergers.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">4.2 <U>Splits
and Subdivisions; Dividends.</U> In the event the Company should at any time or from time to time effectuate a split or
subdivision of the outstanding shares of Common Stock or pay a dividend in or make a distribution payable in additional
shares of Common Stock or other securities, or rights convertible into, or entitling the holder thereof to receive, directly
or indirectly, additional shares of Common Stock (hereinafter referred to as &ldquo;Common Stock Equivalents&rdquo;) without
payment of any consideration by such holder for the additional shares of Common Stock or Common Stock Equivalents (including
the additional shares of Common Stock issuable upon conversion or exercise thereof), then, as of the applicable record date
(or the date of such distribution, split or subdivision if no record date is fixed), the per share Exercise Price shall be
appropriately decreased and the number of Warrant Shares shall be appropriately increased in proportion to such increase (or
potential increase) of outstanding shares; provided, however, that no adjustment shall be made in the event the split,
subdivision, dividend or distribution is not effectuated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">4.3 <U>Combination
of Shares. </U>If the number of shares of Common Stock outstanding at any time after the date hereof is decreased by a combination
of the outstanding shares of Common Stock, the per share Exercise Price shall be appropriately increased and the number of shares
of Warrant Shares shall be appropriately decreased in proportion to such decrease in outstanding shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">4.4 <U>Adjustments
for Other Distributions.</U> In the event the Company shall declare a distribution payable in securities of other Persons, evidences
of indebtedness issued by the Company or other Persons, assets (excluding cash dividends or distributions to the holders of Common
Stock paid out of current or retained earnings and declared by the Company&rsquo;s board of directors) or options or rights not
referred to in Sections 4.2 or 4.3 then, in each such case for the purpose of this Section 4.4, upon exercise of this Warrant,
the Holder shall be entitled to a proportionate share of any such distribution as though the Holder was the actual record holder
of the number of Warrant Shares as of the record date fixed for the determination of the holders of Common Stock of the Company
entitled to receive such distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Impairment.</U> The Company will not, by amendment of its certificate of incorporation or by-laws or through any consolidation,
merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying
out of all of the terms and in the taking of all actions necessary or appropriate in order to protect the rights of the Holder
against impairment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
as to Adjustments. </U>With respect to each adjustment pursuant to Section 4 of this Warrant, the Company, at its expense, will
promptly compute the adjustment or re-adjustment in accordance with the terms of this Warrant and furnish the Holder with a certificate
certified and confirmed by the Secretary or Chief Financial Officer of the Company setting forth, in reasonable detail, the event
requiring the adjustment or re-adjustment and the amount of such adjustment or re-adjustment, the method of calculation thereof
and the facts upon which the adjustment or re-adjustment is based, and the Exercise Price and the number of Warrant Shares or other
securities purchasable hereunder after giving effect to such adjustment or re-adjustment, which report shall be mailed by first
class mail, postage prepaid to the Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation
of Shares. </U>The Company shall, solely for the purpose of effecting the exercise of this Warrant, at all times during the term
of this Warrant, reserve and keep available out of its authorized shares of Common Stock, free from all taxes, liens and charges
with respect to the issue thereof and not subject to preemptive rights of shareholders of the Company, such number of its shares
of Common Stock as shall from time to time be sufficient to effect in full the exercise of this Warrant. If at any time the number
of authorized but unissued shares of Common Stock shall not be sufficient to effect in full the exercise of this Warrant, in addition
to such other remedies as shall be available to Holder, the Company will promptly take such corporate action as may, in the opinion
of its counsel, be necessary to increase the number of authorized but unissued shares of Common Stock to such number of shares
as shall be sufficient for such purposes, including without limitation, using its Reasonable Best Efforts (as defined in Section
14 hereof) to obtain the requisite shareholder approval necessary to increase the number of authorized shares of Common Stock.
The Company hereby represents and warrants that all shares of Common Stock issuable upon exercise of this Warrant shall be duly
authorized and, when issued and paid for upon exercise, shall be validly issued, fully paid and nonassessable.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
and Listing.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definition
of Registrable Securities; Majority</U>. As used herein, the term &ldquo;<B>Registrable Securities</B>&rdquo; means any shares
of Common Stock issuable upon the exercise of this Warrant until the date (if any) on which such shares shall have been transferred
or exchanged and new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent disposition of the shares shall not require registration or qualification under the Securities Act or any similar
state law then in force. For purposes of this Warrant, the term &ldquo;Majority Holders&rdquo; shall mean in excess of fifty percent
(50%) of the then outstanding Warrant Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand
Registration Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, upon written demand (&ldquo;<B>Demand Notice</B>&rdquo;) of the Majority Holders, agrees to register on one occasion all
of the Registrable Securities. On such occasion, the Company will file a registration statement or a post-effective amendment to
the Registration Statement covering the Registrable Securities within forty-five (45) days after receipt of a Demand Notice and
use its Reasonable Best Efforts to have such registration statement or post-effective amendment declared effective as soon as possible
thereafter; provided, however, that the Company shall not be required to comply with a Demand Notice if the Company has filed a
registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 8.3 hereof
and either: (i) the Holder has elected to participate in the offering covered by such registration statement or (ii) if such registration
statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration
statement has been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration may be made
at any time during a period of four years beginning one (1) year from the Base Date. The Company covenants and agrees to give written
notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Warrants and/or the Registrable
Securities within ten days from the date of the receipt of any such Demand Notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 8.2(a), but the
Holders shall pay all any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. The Company agrees to use its Reasonable Best Efforts to qualify
or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however,
that in no event shall the Company be required to register the Registrable Securities in a state in which such registration would
cause (i) the Company to be obligated to register, license or qualify to do business in such state, submit to general service of
process in such state or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction or
(ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company
shall cause any registration statement or post-effective amendment filed pursuant to the demand right granted under Section 8(a)
to remain effective for a period of nine consecutive months from the effective date of such registration statement or post-effective
amendment. The Holders shall only use the prospectuses provided by the Company to sell the Registrable Securities covered by such
registration statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder
that such prospectus may no longer be used due to a material misstatement or omission.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incidental
Registration Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(a) If the Company,
for a period of four (4) years commencing one (1) year after the Base Date, proposes to register any of its securities under the
Securities Act (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or
pursuant to registration on Form S-4 or S-8 or any successor forms) whether for its own account or for the account of any holder
or holders of its shares other than Registrable Securities (any shares of such holder or holders (but not those of the Company
and not Registrable Securities) with respect to any registration are referred to herein as, &ldquo;Other Shares&rdquo;), the Company
shall each such time give prompt (but not less than thirty (30) days prior to the anticipated effectiveness thereof) written notice
to the holders of Registrable Securities of its intention to do so. The holders of Registrable Securities shall exercise the &ldquo;piggy-back&rdquo;
rights provided herein by giving written notice within ten (10) days after the receipt of any such notice (which request shall
specify the Registrable Securities intended to be disposed of by such holder). Except as set forth in Section 8.3(b), the Company
will use its Reasonable Best Efforts to effect the registration under the Securities Act of all of the Registrable Securities which
the Company has been so requested to register by such holder, to the extent required to permit the disposition of the Registrable
Securities so to be registered, by inclusion of such Registrable Securities in the registration statement which covers the securities
which the Company proposes to register. The Company will pay all Registration Expenses in connection with each registration of
Registrable Securities pursuant to this Section 8.3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(b) If the Company
at any time proposes to register any of its securities under the Securities Act as contemplated by this Section 8.3 and such securities
are to be distributed by or through one or more underwriters, the Company will, if requested by a holder of Registrable Securities,
use its Reasonable Best Efforts to arrange for such underwriters to include all the Registrable Securities to be offered and sold
by such holder among the securities to be distributed by such underwriters, provided that if the managing underwriter of such underwritten
offering shall inform the Company by letter of its belief that inclusion in such distribution of all or a specified number of such
securities proposed to be distributed by such underwriters would interfere with the successful marketing of the securities being
distributed by such underwriters (such letter to state the basis of such belief and the approximate number of such Registrable
Securities, such Other Shares and shares held by the Company proposed so to be registered which may be distributed without such
effect), then the Company may, upon written notice to such holder, the other holders of Registrable Securities, and holders of
such Other Shares, reduce pro rata in accordance with the number of shares of Common Stock desired to be included in such registration
(if and to the extent stated by such managing underwriter to be necessary to eliminate such effect) the number of such Registrable
Securities and Other Shares the registration of which shall have been requested by each holder thereof so that the resulting aggregate
number of such Registrable Securities and Other Shares so included in such registration, together with the number of securities
to be included in such registration for the account of the Company, shall be equal to the number of shares stated in such managing
underwriter&rsquo;s letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Procedures</U>. Whenever the holders of Registrable Securities have properly requested that any Registrable Securities be registered
pursuant to the terms of this Warrant, the Company shall use its Reasonable Best Efforts to effect the registration for the sale
of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company
shall as expeditiously as possible:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(a) prepare and file
with the SEC a registration statement with respect to such Registrable Securities and use its Reasonable Best Efforts to cause
such registration statement to become effective;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(b) notify such holders
of the effectiveness of each registration statement filed hereunder and prepare and file with the SEC such amendments and supplements
to such registration statement and the prospectus used in connection therewith as may be necessary to (i) keep such registration
statement effective and the prospectus included therein usable for a period commencing on the date that such registration statement
is initially declared effective by the SEC and ending on the date when all Registrable Securities covered by such registration
statement have been sold pursuant to the registration statement or cease to be Registrable Securities, and (ii) comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during
such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(c) furnish to such
holders such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in
such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request
in order to facilitate the disposition of the Registrable Securities owned by such holders;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(d) use its Reasonable
Best Efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions
as such holders reasonably request and do any and all other acts and things which may be reasonably necessary or advisable to enable
such holders to consummate the disposition in such jurisdictions of the Registrable Securities owned by such holders; provided,
however, that the Company shall not be required to: (i) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this subparagraph; (ii) subject itself to taxation in any such jurisdiction; or (iii)
consent to general service of process in any such jurisdiction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(e) notify such holders,
at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event
as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or
omits any material fact necessary to make the statements therein, in light of the circumstances in which they are made, not materially
misleading, and, at the reasonable request of such holders, the Company shall prepare a supplement or amendment to such prospectus
so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue
statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances
in which they are made, not materially misleading;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(f) provide a transfer
agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(g) make available
for inspection by any underwriter participating in any disposition pursuant to such registration statement, and any attorney, accountant
or other agent retained by any such underwriter, all financial and other records, pertinent corporate documents and properties
of the Company, and cause the Company&rsquo;s officers, directors, managers, employees and independent accountants to supply all
information reasonably requested by any such underwriter, attorney, accountant or agent in connection with such registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(h) otherwise use its
Reasonable Best Efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders,
as soon as reasonably practicable, an earnings statement of the Company, which earnings statement shall satisfy the provisions
of Section 11(a) of the Securities Act and, at the option of the Company, Rule 158 thereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(i) in the event of
the issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending or preventing
the use of any related prospectus or suspending the qualification of any Registrable Securities included in such registration statement
for sale in any jurisdiction, the Company shall use its Reasonable Best Efforts promptly to obtain the withdrawal of such order;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(j) use its Reasonable
Best Efforts to cause any Registrable Securities covered by such registration statement to be registered with or approved by such
other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such
Registrable Securities; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(k) if the offering
is underwritten, use its Reasonable Best Efforts to furnish on the date that Registrable Securities are delivered to the underwriters
for sale pursuant to such registration, an opinion dated such date of counsel representing the Company for the purposes of such
registration, addressed to the underwriters covering such issues as are reasonably required by such underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Listing</U>.
The Company shall secure the listing of the Common Stock underlying this Warrant upon each national securities exchange or automated
quotation system upon which shares of Common Stock are then listed or quoted (subject to official notice of issuance) and shall
maintain such listing of shares of Common Stock. The Company shall at all times comply in all material respects with the Company&rsquo;s
reporting, filing and other obligations under the by-laws or rules of The NADSDAQ Stock Market (or such other national securities
exchange or market on which the Common Stock may then be listed, as applicable).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
The Company shall pay all Registration Expenses relating to the registration and listing obligations set forth in this Section
8. For purposes of this Warrant, the term &ldquo;Registration Expenses&rdquo; means: (a) all registration, filing and FINRA (as
defined below) fees, (b) all reasonable fees and expenses of complying with securities or blue sky laws, (c) all word processing,
duplicating and printing expenses, (d) the fees and disbursements of counsel for the Company and of its independent public accountants,
including the expenses of any special audits or &ldquo;cold comfort&rdquo; letters required by or incident to such performance
and compliance, (e) premiums and other costs of policies of insurance (if any) against liabilities arising out of the public offering
of the Registrable Securities being registered if the Company desires such insurance, if any, and (f) fees and disbursements of
one counsel for the selling holders of Registrable Securities; provided however, that, in any case where Registration Expenses
are not to be borne by the Company, such expenses shall not include (and such expenses shall be borne by the Company): (i) salaries
of Company personnel or general overhead expenses of the Company, (ii) auditing fees, (iii) premiums or other expenses relating
to liability insurance required by underwriters of the Company, or (iv) other expenses for the preparation of financial statements
or other data, to the extent that any of the foregoing either is normally prepared by the Company in the ordinary course of its
business or would have been incurred by the Company had no public offering taken place. Registration Expenses shall not include
any underwriting discounts and commissions which may be incurred in the sale of any Registrable Securities and transfer taxes of
the selling holders of Registrable Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information
Provided by Holders</U>. Any holder of Registrable Securities included in any registration shall furnish to the Company such information
as the Company may reasonably request in writing, including, but not limited to, a completed an executed questionnaire requesting
information customarily sought of selling security holders, to enable the Company to comply with the provisions hereof in connection
with any registration referred to in this Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FINRA
Cobradesk Filings</U>. In the event that a registration statement covering the Registrable Securities is filed, within one (1)
Business Day of the filing of such registration statement, the Company will prepare and file the selling stockholder resale offering
described in such registration statement for review by the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;) via the
FINRA&rsquo;s CobraDesk filing system (&ldquo;CobraDesk Filing&rdquo;) for the purpose of having the prospectus contained within
such registration statement treated as a &ldquo;base prospectus&rdquo; in connection with such resale offering. The Company will
use its Reasonable Best Efforts to have the CobraDesk Filing approved by FINRA within thirty (30) days of such filing date. The
Company shall bear all expenses of the CobraDesk Filing, including fees and expenses of counsel or other advisors to the Holder.
In all circumstances, the Company shall pay for all FINRA filing fees associated with the CobraDesk Filing.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Net
Cash Settlement</U>. Notwithstanding anything herein to the contrary, in no event will the Holder hereof be entitled to receive
a net-cash settlement as liquidated damages in lieu of physical settlement in shares of Common Stock, regardless of whether the
Common Stock underlying this Warrant is registered pursuant to an effective registration statement; provided, however, that the
foregoing will not preclude the Holder from seeking other remedies at law or equity for breaches by the Company of its registration
obligations hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions
on Transfer.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">9.1 <U>Restrictive
Legends. </U>This Warrant and each Warrant issued upon transfer or in substitution for this Warrant pursuant to Section 10 hereof,
each certificate for Common Stock issued upon the exercise of the Warrant and each certificate issued upon the transfer of any
such Common Stock shall be transferable only upon satisfaction of the conditions specified in this Section 9. Each of the foregoing
securities shall be stamped or otherwise imprinted with a legend reflecting the restrictions on transfer set forth herein and any
restrictions required under the Securities Act or other applicable securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">9.2 <U>Notice of Proposed
Transfer. </U>Prior to any transfer of any securities which are not registered under an effective registration statement under
the Securities Act <B>(</B>&ldquo;<B>Restricted Securities&rdquo;), </B>which transfer may only occur if there is an exemption
from the registration provisions of the Securities Act and all other applicable securities laws, the Holder will give written notice
to the Company of the Holder&rsquo;s intention to effect a transfer (and shall describe the manner and circumstances of the proposed
transfer). If in the opinion of counsel for the Holder reasonably satisfactory to the Company the proposed transfer may be effected
without registration of the Restricted Securities under the Securities Act (which opinion shall state in detail the basis of the
legal conclusions reached therein), the Holder shall thereupon be entitled to transfer the Restricted Securities in accordance
with the terms of the notice delivered by the Holder to the Company. For any transfer of this Warrant as a Restricted Security,
no written legal opinion will be required in respect of the transfer to be delivered to the Company. Each certificate representing
the Restricted Securities issued upon or in connection with any transfer shall bear the restrictive legends required by Section
9.1 hereof, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">9.3 <U>Transfer Restrictions.
</U>Prior to one year after the Base Date, this Warrant may not be transferred or assigned other than as permitted under FINRA
Rule 5110(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">9.4 <U>Termination of
Restrictions. </U>One year after the Base Date, the restrictions imposed by this Section 9 upon the transferability of Restricted
Securities shall cease and terminate as to any particular Restricted Securities: (a) which shall have been effectively registered
under the Securities Act, or (b) when, in the opinion of counsel for the Company, such restrictions are no longer required in order
to insure compliance with the Securities Act or Section 10 hereof. Whenever such restrictions shall cease and terminate as to any
Restricted Securities, the Holder thereof shall be entitled to receive from the Company, without expense (other than applicable
transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section 9.1 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership,
Transfer, Sale and Substitution of Warrant.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">10.1 <U>Ownership of
Warrant. </U>The Company may treat any Person in whose name this Warrant is registered in the Warrant Register maintained pursuant
to Section 10.2(b) hereof as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, except
that, if and when any Warrant is properly assigned in blank, the Company may (but shall not be obligated to) treat the bearer thereof
as the owner of such Warrant for all purposes, notwithstanding any notice to the contrary. Subject to Sections 9 and 10 hereof,
this Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first having been issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95in">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Office;
Exchange of Warrant.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will maintain its principal office at the location identified in the prospectus relating to the Offering or at such other
offices as set forth in the Company&rsquo;s most current filing (as of the date notice is to be given) under the Securities Exchange
Act of 1934, as amended, or as the Company otherwise notifies the Holder.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall cause to be kept at its office maintained pursuant to Section 10.2(a) hereof a Warrant Register for the registration
and transfer of the Warrant. The name and address of the holder of the Warrant, the transfers thereof and the name and address
of the transferee of the Warrant shall be registered in such Warrant Register. The Person in whose name the Warrant shall be so
registered shall be deemed and treated as the owner and holder thereof for all purposes of this Warrant, and the Company shall
not be affected by any notice or knowledge to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">(c) Upon the surrender
of this Warrant, properly endorsed, for registration of transfer or for exchange at the office of the Company maintained pursuant
to Section 10.2(a) hereof, the Company at its expense will (subject to compliance with Section 9 hereof, if applicable) execute
and deliver to or upon the order of the Holder thereof a new Warrant of like tenor, in the name of such holder or as such holder
(upon payment by such holder of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof for the
number of shares of Common Stock called for on the face of the Warrant so surrendered (after giving effect to any previous adjustment(s)
to the number of Warrant Shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">10.3 <U>Replacement
of Warrant.</U> Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this Warrant, upon delivery of indemnity reasonably satisfactory
to the Company in form and amount or, in the case of any mutilation, upon surrender of this Warrant for cancellation at the office
of the Company maintained pursuant to Section 10.2(a) hereof, the Company will execute and deliver, in lieu thereof, a new Warrant
of like tenor and dated the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">10.4 <U>Opinions.</U>
In connection with the sale of the Warrant Shares by Holder, the Company agrees to cooperate with the Holder, and at the Company&rsquo;s
expense, have its counsel provide any legal opinions required to remove the restrictive legends from the Warrant Shares in connection
with a sale, transfer or legend removal request of Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><U>11.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Rights or Liabilities as Stockholder. </U>No Holder shall be entitled to vote or receive dividends or be deemed the holder of
any shares of Common Stock or any other securities of the Company which may at any time be issuable on the exercise hereof for
any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting
thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification
of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive
dividends or subscription rights or otherwise until the Warrant shall have been exercised and the shares of Common Stock purchasable
upon the exercise hereof shall have become deliverable, as provided herein. The Holder will not be entitled to share in the assets
of the Company in the event of a liquidation, dissolution or the winding up of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><U>12.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices.
</U>Any notice or other communication in connection with this Warrant shall be given in writing and directed to the parties hereto
as follows: (a) if to the Holder, at the address of the holder in the warrant register maintained pursuant to Section 10 hereof,
or (b) if to the Company, to the attention of its Chief Executive Officer at its office maintained pursuant to Section 10.2(a)
hereof; <FONT STYLE="font-size: 10pt"><I>provided, </I></FONT>that the exercise of the Warrant shall also be effected in the manner
provided in Section 3 hereof. Notices shall be deemed properly delivered and received when delivered to the notice party (i) if
personally delivered, upon receipt or refusal to accept delivery, (ii) if sent via facsimile, upon mechanical confirmation of
successful transmission thereof generated by the sending telecopy machine, (iii) if sent by a commercial overnight courier for
delivery on the next Business Day, on the first Business Day after deposit with such courier service, or (iv) if sent by registered
or certified mail, five (5) Business Days after deposit thereof in the U.S. mail.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">13. <U>Payment of
Taxes. </U>The Company will pay all documentary stamp taxes attributable to the issuance of shares of Common Stock underlying this
Warrant upon exercise of this Warrant; <FONT STYLE="font-size: 10pt"><I>provided, however, </I></FONT>that the Company shall not
be required to pay any tax which may be payable in respect of any transfer involved in the transfer or registration of this Warrant
or any certificate for shares of Common Stock underlying this Warrant in a name other that of the Holder. The Holder is responsible
for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving shares of Common Stock
underlying this Warrant upon exercise hereof.</P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous.
</U>This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or termination is sought. This Warrant shall be construed
and enforced in accordance with and governed by the laws of the State of New York. Each of the parties consents to the exclusive
jurisdiction of the Federal courts whose districts encompass any part of the County of New York located in the City of New York
in connection with any dispute arising under this Agreement and hereby waives, to the maximum extent permitted by law, any objection,
including any objection based on <I>forum non conveniens, </I>to the bringing of any such proceeding in such jurisdictions. Each
party to this Agreement irrevocably consents to the service of process in any such proceeding by any manner permitted by law. The
section headings in this Warrant are for purposes of convenience only and shall not constitute a part hereof. When used herein,
the term &ldquo;<B>Reasonable Best Efforts&rdquo; </B>means, with respect to the applicable obligation of the Company, reasonable
best efforts for similarly situated, publicly-traded companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>IN WITNESS WHEREOF, </B>the Company has
caused this Underwriter Warrant to be duly executed as of the date first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-weight: bold">CLEARSIGN COMBUSTION CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 44%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT A<BR>
FORM OF EXERCISE NOTICE<BR>
</B>[To be executed only upon exercise of Warrant]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned registered holder of
the within Warrant hereby irrevocably exercises the Warrant pursuant to Section 3.1 of the Warrant with respect to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
Warrant Shares, at an exercise price per share
of
$
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>], </U></B>and
requests that the certificates for such Warrant Shares be issued, subject to Sections 9 and 10, in the name of, and delivered
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95in">The undersigned is hereby making payment for the
Warrant Shares in the following manner:</P>

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

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.95in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.95in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>by cash in accordance with Section 3.1(b) of the Warrant</TD></TR></TABLE>



<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.95in"></P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.95in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.95in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>via cashless exercise in accordance with Section 3.1(c) of the Warrant in the following manner:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned hereby represents and warrants
that it is, and has been since its acquisition of the Warrant, the record and beneficial owner of the Warrant.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-autospace: none; font-size: 10pt">Dated:</TD>
    <TD STYLE="width: 20%; border-bottom: windowtext 1pt solid; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 75%; text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-autospace: none; font-size: 10pt">Print or Type Name</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-autospace: none; font-size: 10pt">(Signature must conform in all respects to name of holder as specified on the face of Warrant)</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; border-top: windowtext 1pt solid; text-autospace: none; font-size: 10pt">(Street Address)</TD>
    <TD STYLE="width: 44%; text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; text-autospace: none">(City)</TD>
    <TD STYLE="width: 18%; border-top: windowtext 1pt solid; text-autospace: none">(State)</TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; text-autospace: none">(Zip Code)</TD>
    <TD STYLE="width: 44%; text-autospace: none">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT B<BR>
FORM OF ASSIGNMENT<BR>
</B>[To be executed only upon transfer of Warrant]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">For value received, the undersigned
registered holder of the within Warrant hereby sells, assigns and transfers unto ___________________ [include name and
addresses] the rights represented by the Warrant to purchase _____________ shares of Common Stock of CLEARSIGN
COMBUSTION CORPORATION to which the Warrant relates, and appoints Attorney to make such transfer on the books of CLEARSIGN
COMBUSTION CORPORATION maintained for the purpose, with full power of substitution in the premises.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Dated:</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">(Signature must conform in all respects to name of holder as specified on the face of Warrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 20%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 15%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 35%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">(Street Address)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">(City)</TD>
    <TD STYLE="border-top: windowtext 1pt solid; text-autospace: none; text-align: right">(State)</TD>
    <TD STYLE="border-top: windowtext 1pt solid; text-autospace: none; text-align: right">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Signed in the presence of:</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">(Signature of Transferee)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">(Street Address)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">(City)</TD>
    <TD STYLE="border-top: windowtext 1pt solid; text-autospace: none; text-align: right">(State)</TD>
    <TD STYLE="border-top: windowtext 1pt solid; text-autospace: none; text-align: right">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Signed in the presence of:</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

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

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