<SEC-DOCUMENT>0001144204-12-033890.txt : 20120608
<SEC-HEADER>0001144204-12-033890.hdr.sgml : 20120608
<ACCEPTANCE-DATETIME>20120608121138
ACCESSION NUMBER:		0001144204-12-033890
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20120607
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120608
DATE AS OF CHANGE:		20120608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI AEROSTRUCTURES INC
		CENTRAL INDEX KEY:			0000889348
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				112520310
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11398
		FILM NUMBER:		12896947

	BUSINESS ADDRESS:	
		STREET 1:		200A EXECUTIVE DR
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
		BUSINESS PHONE:		5165865200
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v315265_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</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>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</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">Date of Report (Date of earliest event reported):
<U>June 7, 2012</U></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding: 0; text-decoration: underline; text-align: center">New York</TD>
    <TD STYLE="width: 32%; padding: 0; text-decoration: underline; text-align: center">001-11398</TD>
    <TD STYLE="width: 34%; padding: 0; text-decoration: underline; text-align: center">11-2520310</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">(State or Other Jurisdiction</TD>
    <TD STYLE="padding: 0; text-align: center">(Commission</TD>
    <TD STYLE="padding: 0; text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">of Incorporation)</TD>
    <TD STYLE="padding: 0; text-align: center">File Number)</TD>
    <TD STYLE="padding: 0; 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding: 0; text-decoration: underline; text-align: center">91 Heartland Boulevard, Edgewood, New York</TD>
    <TD STYLE="width: 34%; padding: 0; text-decoration: underline; text-align: center">11717</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding: 0; text-align: center">(Zip Code)</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"><U>(631) 586-5200</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s Telephone Number, Including
Area Code)</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"><U>Not Applicable</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 1.01.</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 8, 2012, CPI Aerostructures,
Inc. (the &ldquo;<U>Company</U>&rdquo;) entered into an underwriting agreement (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;) together with certain selling stockholders (&ldquo;<U>Selling Stockholders</U>&rdquo;) and Roth Capital
Partners, LLC as representative for several underwriters (the &ldquo;<U>Underwriters</U>&rdquo;), relating to the sale to the
public (the &ldquo;<U>Offering</U>&rdquo;) of 1,000,000 shares of the Company&rsquo;s common stock, par value $0.001 per
share (&ldquo;<U>Common Stock</U>&rdquo;) by the Company and  305,000 shares of Common Stock by the Selling Stockholders. The
Company also granted the Underwriters the option to purchase up to 195,750 additional shares of Common Stock to cover
overallotments, if any, made in connection with the Offering.</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">Roth Capital Partners is acting as
sole book-running manager and EarlyBirdCapital, Inc. and Noble Financial Capital Markets are acting as
co-managers in the Offering.</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
Underwriting Agreement, the Company agreed to sell and issue, and the Selling Stockholders agreed to sell the shares of
Common Stock, at a public offering price of $12.00 per share. The Underwriters will purchase the shares of Common Stock at a
discount of $.60 per share, representing 5% of the public offering price, for an aggregate discount of $783,000, or $900,450
assuming the over-allotment option is exercised in full. After deducting underwriting discounts and estimated expenses
payable by the Company associated with the Offering, the net proceeds to the Company are expected to be approximately $11.2
million, or $13.4 million, assuming the over allotment option is exercised in full. The Company will not receive any proceeds
from the shares of Common Stock sold by the Selling Stockholders. The Company will receive the aggregate exercise price of
$348,500 with respect to 50,000 shares of Common Stock being offered by a Selling Stockholder that will be acquired by him
upon the exercise of options in connection with the Offering.</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">The Underwriting Agreement contains customary
representations, warranties, and agreements by the Company and the Selling Stockholders, indemnification obligations of the Company,
the Selling Stockholders and the Underwriter, including for liabilities under the Securities Act of 1933, as amended, other obligations
of the parties and termination provisions.</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">The Offering is being made pursuant to a
prospectus supplement dated June 8, 2012 and an accompanying base prospectus, which are part of the Company&rsquo;s &ldquo;shelf&rdquo;
Registration Statement on Form S-3 (File No. 333-181056) that was declared effective by the Securities and Exchange Commission
on May 11, 2012. The Offering is expected to close on or about June 13, 2012, subject to customary closing conditions.</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">The Underwriting Agreement is attached hereto
as Exhibit 1.1, and is incorporated herein by reference. The foregoing description does not purport to be complete and is qualified
in its entirety by reference to such exhibit.</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"></P>

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<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">The Underwriting Agreement has been included
to provide investors and security holders with information regarding its terms. It is not intended to provide any other factual
information about the Company. The representations, warranties and covenants contained in the Underwriting Agreement were made
only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and
may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged
between the parties in connection with the execution of the Underwriting Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 8.01.</B></TD><TD STYLE="text-align: justify"><B>Other Events.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 7, 2012, the Company issued a press
release announcing the Offering. On June 8, 2012, the Company issued a press release announcing that it had signed the Underwriting
Agreement and priced the Offering. The press releases are attached to this Current Report as Exhibit 99.1 and 99.2, respectively.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: center">(d)</TD><TD STYLE="text-align: justify">Exhibits:</TD>
</TR></TABLE>

<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="width: 8%; padding: 0; text-decoration: underline; text-indent: 0">Exhibit</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 87%; padding: 0; text-decoration: underline; text-indent: 0">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-decoration: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-decoration: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">1.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Underwriting Agreement, dated June 8, 2012 between CPI Aerostructures, Inc., Selling Stockholders and Roth Capital Partners, LLC, as representative.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">5.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Opinion of Graubard Miller.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">23.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Consent of Graubard Miller (included as part of Exhibit 5.1).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">99.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Press release dated June 7, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">99.2.</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Press release dated June 8, 2012.</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"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: June 8, 2012</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">CPI AEROSTRUCTURES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">/s/ Vincent Palazzolo</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Vincent Palazzolo</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Financial Officer</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding: 0; text-decoration: underline; text-indent: 0">Exhibit</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 87%; padding: 0; text-decoration: underline; text-indent: 0">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">1.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Underwriting Agreement, dated June 8, 2012 between CPI Aerostructures, Inc., Selling Stockholders and Roth Capital Partners, LLC, as representative.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">5.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Opinion of Graubard Miller.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">23.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Consent of Graubard Miller (included as part of Exhibit 5.1).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">99.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Press release dated June 7, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">99.2</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Press release dated June 8, 2012.</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERWRITING AGREEMENT</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">June 8, 2012</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As Representative of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Several underwriters named in
<U>Schedule I</U> hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">888 San Clemente Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Newport Beach, CA 92660</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CPI
Aerostructures, Inc., a New York corporation (the &ldquo;<U>Company</U>&rdquo;), proposes, subject to the terms and
conditions stated herein, to issue and sell (the &ldquo;<U>Offering</U>&rdquo;) to the several underwriters (the
&ldquo;<U>Underwriters</U>&rdquo;) named in <U>Schedule I</U> hereto, for whom Roth Capital Partners, LLC is acting as
representative (the &ldquo;<U>Representative</U>&rdquo;), an aggregate of  1,000,000 authorized but unissued shares (the
&ldquo;<U>Underwritten Shares</U>&rdquo;) of the Company&rsquo;s common stock, $0.001 par value per share (the
&ldquo;<U>Common Stock</U>&rdquo;), and the stockholders of the Company listed on <U>Schedule II</U> hereto (the
&ldquo;<U>Selling Stockholders</U>&rdquo; and each, a &ldquo;<U>Selling Stockholder</U>&rdquo;), propose, severally but not
jointly, to sell to the Underwriters an aggregate of  305,000 shares of Common Stock (the &ldquo;<U>Secondary
Shares</U>&rdquo;) in the amounts set forth opposite their names on <U>Schedule II</U>. The Company has granted the
Underwriters the option to purchase an aggregate of up to  195,750 additional authorized but unissued shares of Common Stock
(the &ldquo;<U>Additional Shares</U>&rdquo;) as may be necessary to cover any over-allotments made in connection with the
Offering. The Underwritten Shares, Secondary Shares and Additional Shares <FONT STYLE="color: black">are collectively
referred to as the &ldquo;<U>Shares</U>.&rdquo;</FONT></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 Company, the Selling
Stockholders and the Underwriters hereby confirm their agreement as follows:</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: normal italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration
Statement and Prospectus</B><FONT STYLE="font-style: normal">. The Company has prepared and filed with the Securities and Exchange
Commission (the &ldquo;<U>Commission</U>&rdquo;) a registration statement on Form S-3 (File No.&nbsp;333-181056) under the Securities
Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;) and the rules and regulations (the &ldquo;<U>Rules and Regulations</U>&rdquo;)
of the Commission thereunder, and such amendments to such registration statement (including post effective amendments) as may have
been required to the date of this Agreement and a preliminary prospectus supplement or &ldquo;red herring&rdquo; pursuant to Rule
424(b) under the Securities Act. Such registration statement, as amended (including any post effective amendments), has been declared
effective by the Commission. Such registration statement, including amendments thereto (including post effective amendments thereto),
the exhibits and any schedules thereto and the documents and information otherwise deemed to be a part thereof or included or incorporated
by reference therein by the Securities Act or otherwise pursuant to the Rules and Regulations, is herein called the &ldquo;<U>Registration
Statement</U>.&rdquo; If the Company has filed or files an abbreviated registration statement in connection with the Shares pursuant
to Rule 462(b) under the Securities Act (the &ldquo;<U>Rule 462 Registration Statement</U>&rdquo;), then any reference herein to
the term Registration Statement shall include such Rule 462 Registration Statement. Any preliminary prospectus supplement included
in the Registration Statement or filed with the Commission pursuant to 424 under the Securities Act is hereinafter called a &ldquo;<U>Preliminary
Prospectus</U>.&rdquo; The Preliminary Prospectus relating to the Shares that was included in the Registration Statement immediately
prior to the pricing of the offering contemplated hereby is hereinafter called the &ldquo;<U>Pricing Prospectus</U>.&rdquo;</FONT></P>

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

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

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

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">The
Company will file with the Commission pursuant to Rule 424 under the Securities Act a final prospectus supplement relating to the
Shares to the form of prospectus included in the Registration Statement. Such prospectus in the form in which it appears in the
Registration Statement is hereinafter called the &ldquo;<U>Base Prospectus</U>,&rdquo; and the final prospectus supplement as filed,
along with the Base Prospectus, is hereinafter called the &ldquo;<U>Final Prospectus</U>.&rdquo; The Final Prospectus, the Pricing
Prospectus and any preliminary prospectus supplement or &ldquo;red herring&rdquo;, in the form in which they were included in the
Registration Statement or filed with the Commission pursuant to Rule 424(b) under the Securities Act, is hereinafter called a &ldquo;<U>Prospectus</U>.&rdquo;
Any reference herein to the Base Prospectus, the Final Prospectus or a Prospectus shall be deemed to include the documents incorporated
by reference therein pursuant to Item 12 of Form S-3 under the Securities Act as of the date of such Prospectus.</FONT></P>

<P STYLE="font: normal italic 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
Agreement, all references to the Registration Statement, the Rule 462 Registration Statement, the Pricing Prospectus, the Base
Prospectus, the Final Prospectus, a Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include
the copy filed with the Commission pursuant to its Interactive Data Electronic Applications system. All references in this Agreement
to <FONT STYLE="color: black">financial statements and schedules and other information which is &ldquo;described,&rdquo; &ldquo;contained,&rdquo;
&ldquo;included&rdquo; or &ldquo;stated&rdquo; in the Registration Statement, the Rule 462 Registration Statement, the Pricing
Prospectus, the Base Prospectus, the Final Prospectus or a Prospectus (or other references of like import) shall be deemed to mean
and include all such financial statements, pro forma financial information and schedules and other information which is incorporated
by reference in or otherwise deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the
Rule 462 Registration Statement, the Pricing Prospectus, the Base Prospectus, the Final Prospectus or a Prospectus, as the case
may be; and all references in this Agreement to amendments or supplements to the Registration Statement, the Rule 462 Registration
Statement, the Pricing Prospectus, the Base Prospectus, the Final Prospectus or a Prospectus shall be deemed to mean and include
the subsequent filing of any document under the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;),
that is deemed to be incorporated therein by reference or otherwise deemed by the Rules and Regulations to be a part thereof.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal italic 10pt Times New Roman, Times, Serif; font-variant: normal; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties of the Company Regarding
the Offering.</B></TD>
</TR></TABLE>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company represents and warrants to, and agrees with, the Underwriters, as of the date hereof and as of the Closing Date (as defined
in Section 6(a)(iv) </FONT>below), except as otherwise indicated, as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: normal; 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;<FONT STYLE="font-size: 10pt">At
each time of effectiveness, at the date hereof and at the Closing Date, the Registration Statement and any post-effective amendment
thereto complied or will comply in all material respects with the requirements of the Securities Act and the Rules and Regulations
and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading. The Time of Sale Disclosure Package (as defined below) as of
the date hereof and at the Closing Date, any road show or investor presentations delivered by the Company to and approved by the
Representative for use in connection with the marketing of the offering of the Shares (the &ldquo;<U>Marketing Materials</U>&rdquo;)
when taken together with the Time of Sale Disclosure Package as of the time of their use and at the Closing Date, and the Final
Prospectus, as amended or supplemented, as of its date at the time of filing pursuant to Rule 424(b) under the Securities Act and
at the Closing Date, did not and will not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The representations and warranties set forth in the two immediately preceding sentences shall not apply to statements
in or omissions from the Registration Statement or any Prospectus in reliance upon, and in conformity with, written information
furnished to the Company through the Representative by or on behalf of any Underwriter specifically for use in the preparation
thereof. </FONT></FONT>The Registration Statement contains all exhibits and schedules required to be filed by the Securities Act
or the Rules and Regulations. <FONT STYLE="color: black">No order preventing or suspending the effectiveness or use of the Registration
Statement or any Prospectus is in effect and no proceedings for such purpose have been instituted or are pending, or, to the knowledge
of the Company, are contemplated or threatened by the Commission. The term &ldquo;<U>Knowledge</U>&rdquo; as used in this Agreement
shall mean actual knowledge of the Company&rsquo;s officers obtained in the reasonable conduct of their duties after familiarizing
themselves with the terms and conditions of this Agreement.</FONT></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; font-variant: normal; text-align: justify; text-indent: 1in"></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: 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;<FONT STYLE="font-size: 10pt">The
documents incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus,
when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, </FONT></FONT>were filed on a timely basis with the Commission and none
of such documents, when they were filed (or, if amendments to such documents were filed, when such amendments were filed), contained
an untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading. Any further documents so filed and incorporated by reference in
the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, when such documents are filed with the
Commission, will conform in all material respects to the requirements of the Exchange Act, and will not contain an untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. As used in this paragraph and elsewhere in this Agreement, &ldquo;<U>Time of Sale Disclosure
Package</U>&rdquo; means the Pricing Prospectus, each issuer free writing prospectus as defined in Rule 433 of the Securities Act
(each, an &ldquo;<U>Issuer Free Writing Prospectus</U>&rdquo;) identified in <U>Schedule III</U>,<B> </B><FONT STYLE="color: black">and
any description of the transaction provided by the Representative included on <U>Schedule IV</U>,</FONT> all considered together
as of  8:00 a.m. Eastern standard time on June 8, 2012 (the &ldquo;<U>Time of Sale</U>&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">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(A)
The Company has not made, used, prepared, authorized, approved or referred to any Issuer Free Writing Prospectus in the sale of
Shares, except for those Issuer Free Writing Prospectuses identified in <U>Schedule III</U> hereto. The Company has filed all Issuer
Free Writing Prospectuses required to be so filed with the Commission, and <FONT STYLE="color: black">no order preventing or suspending
the effectiveness or use of any Issuer Free Writing Prospectus is in effect and no proceedings for such purpose have been instituted
or are pending, or, to the knowledge of the Company, are contemplated or threatened by the Commission</FONT>.&nbsp; When taken
together with the rest of the Time of Sale Disclosure Package or the Final Prospectus,&nbsp;since <FONT STYLE="color: black">its</FONT>
first use&nbsp;and at all relevant times since then, no Issuer Free Writing Prospectus has, does or will include (1)&nbsp;any untrue
statement of a material fact or omission&nbsp;to state any material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading, or (2) information that&nbsp;conflicted, conflicts or
will conflict with the information contained in the Registration Statement or the Final Prospectus. <FONT STYLE="color: black">The
representations and warranties set forth in the immediately preceding sentence shall not apply to statements in or omissions from
the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus in reliance upon, and in conformity
with, written information furnished to the Company through the Representative by or on behalf of any Underwriter specifically for
use in the preparation thereof.</FONT></FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Issuer Free Writing Prospectus satisfied, as of its issue date and at all subsequent times through the Prospectus Delivery Period
(as defined in Section 6(a)(i)), all other conditions as may be applicable to its use as set forth in Rules 164 and 433 under
the Securities Act, including any legend, record-keeping or other requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&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">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
financial statements of the Company, together with the related notes, included or incorporated by reference in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus comply in all material respects with the requirements of
the Securities Act and the Exchange Act and fairly present the financial condition of the Company as of the dates indicated and
the results of operations and changes in cash flows for the periods therein specified in conformity with generally accepted accounting
principles consistently applied throughout the periods involved, except as otherwise noted therein. No other financial statements,
pro forma financial information or schedules are required under the Securities Act to be included or incorporated by reference
in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus. To the Company&rsquo;s Knowledge, J.H.
Cohn LLP, which has expressed its opinion with respect to the financial statements filed as a part of the Registration Statement
and included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, is an independent public
accounting firm with respect to the Company within the meaning of the Securities Act and the Rules and Regulations.</FONT></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">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company had a reasonable basis for, and made in good faith, each &ldquo;forward-looking statement&rdquo; (within the meaning of
Section&nbsp;27A of the Securities Act or Section&nbsp;21E of the Exchange Act) contained or incorporated by reference in the Registration
Statement, the Time of Sale Disclosure Package, the Final Prospectus<FONT STYLE="color: black"> or the Marketing Materials.</FONT></FONT></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">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">All
statistical or market-related data included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure
Package or the Final Prospectus, or included in the Marketing Materials, are based on or derived from sources that the Company
reasonably believes to be reliable and accurate, and the Company has obtained the written consent to the use of such data from
such sources, to the extent required.</FONT></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">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is included or approved for inclusion on the NYSE
MKT. There is no action pending to delist the Common Stock from the NYSE MKT, nor has the Company received any notification that
the NYSE MKT is currently contemplating terminating such listing. When issued, the Shares will be listed on the NYSE MKT.</FONT></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">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company has not taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably
be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the
sale or resale of the Shares.</FONT></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">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company is not an &ldquo;<U>ineligible issuer</U>,&rdquo; as defined in Rule 405 of the Securities Act. Subject to Section&nbsp;6(a)(v)
below, except for those Issuer Free Writing Prospectuses identified in <U>Schedule III</U> hereto, the Company represents and warrants
that it has not prepared or had prepared on its behalf or used or referred to any Issuer Free Writing Prospectus in connection
with the Offering. Subject to Section&nbsp;6(a)(v) below, the Company has not distributed and the Company will not distribute,
prior to the completion of the distribution of the Shares, any offering material in connection with the Offering other than the
Time of Sale Disclosure Package, the Base Prospectus, the Final Prospectus, any Issuer Free Writing Prospectus identified in <U>Schedule
III</U> hereto, the Registration Statement, and copies of the documents, if any, incorporated by reference therein<FONT STYLE="color: black">.</FONT></FONT></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: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"><FONT STYLE="font-size: 10pt"></FONT></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: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company is not and, after giving effect to the Offering and sale of the Shares and the application of the net proceeds thereof,
will not be an &ldquo;investment company,&rdquo; as such term is defined in the Investment Company Act of 1940, as amended<FONT STYLE="color: black">.</FONT></FONT></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">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company was at the time of filing the Registration Statement, at the time of filing any post-effective amendment thereto and as
of the date hereof, eligible to use Form S-3 under the Securities Act for the primary offering of the Shares under this Agreement.</FONT></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; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
certificate signed by any officer of the Company and delivered to the Representative or to its counsel in connection with the offering
of the Shares contemplated hereby shall be deemed a representation and warranty by the Company to the Underwriters as to the matters
covered thereby.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal italic 10pt Times New Roman, Times, Serif; font-variant: normal; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties Regarding the Company.</B></TD>
</TR></TABLE>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company represents and warrants to and agrees with, the Underwriters, as follows:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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;</FONT><FONT STYLE="font-size: 10pt">The
Company has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction of
incorporation. The Company has the corporate power and authority to own its properties and conduct its business as currently being
carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, and is
duly qualified to do business as a foreign entity in good standing in each jurisdiction in which it owns or leases real property
or in which the conduct of its business makes such qualification necessary and in which the failure to so qualify would have or
is reasonably likely to result in a material adverse effect upon the business, prospects, properties, operations, condition (financial
or otherwise) or results of operations of the Company, or in its ability to perform its obligations under this Agreement (with
respect to the Company, a &ldquo;<U>Material Adverse Effect</U>&rdquo;)<FONT STYLE="color: black">.</FONT></FONT></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;</FONT><FONT STYLE="font-size: 10pt">The
Company has the power and authority to enter into this Agreement. This Agreement has been duly authorized, executed and delivered
by the Company, and constitutes a valid, legal and binding obligation of the Company, enforceable against the Company in accordance
with its terms, except as rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability
may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject
to general principles of equity<FONT STYLE="color: black">.</FONT></FONT></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">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
execution, delivery and performance of this Agreement and the consummation of the transactions herein contemplated will not (A)&nbsp;result
in a breach or violation of any of the terms and provisions of, or constitute a default under, any law, rule or regulation to which
the Company is subject, or by which any property or asset of the Company is bound or affected, (B) conflict with, result in any
violation or breach of, or constitute a default (or an event that with notice or lapse of time or both would become a default)
under, or give to others any right of termination, amendment, acceleration or cancellation (with or without notice, lapse of time
or both) of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture or other instrument (the &ldquo;<U>Contracts</U>&rdquo;)
or obligation or other understanding to which the Company is a party or by which any property or asset of the Company is bound
or affected<FONT STYLE="color: black"> except to the extent that such conflict or default, or termination, amendment, acceleration
or cancellation right is not reasonably likely to result in a Material Adverse Effect</FONT>, or (C)&nbsp;result in a breach or
violation of any of the terms and provisions of, or constitute a default under, the Company&rsquo;s charter or by-laws.</FONT></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; font-variant: normal; text-align: justify; text-indent: 1in"></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: 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">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is not in violation, breach or default under its certificate of incorporation or by-laws.</FONT></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">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
consents, approvals, orders, authorizations and filings required on the part of the Company and its subsidiaries in connection
with the execution, delivery or performance of this Agreement have been obtained or made, other than such consents, approvals,
orders and authorizations the failure of which to make or obtain is not reasonably likely to result in a Material Adverse Effect,
except as may be required under the Exchange Act, the Securities Act, state securities or blue sky laws, </FONT></FONT>the bylaws,
rules and regulations of the <FONT STYLE="color: black">Financial Industry Regulatory Authority (&ldquo;<U>FINRA</U>&rdquo;) or
the </FONT>the bylaws, rules and regulations of the <FONT STYLE="color: black">NYSE MKT.</FONT></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">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">All
of the issued and outstanding shares of capital stock of the Company are duly authorized and validly issued, fully paid and nonassessable,
and have been issued in compliance with all applicable securities laws, and conform to the description thereof in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus. Except for the issuances of options or restricted stock
in the ordinary course of business, since the respective dates as of which information is provided in the Registration Statement,
the Time of Sale Disclosure Package or the Final Prospectus, the Company has not entered into or granted any convertible or exchangeable
securities, options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company any shares
of the capital stock of the Company. The Shares, when issued, will be duly authorized and validly issued, fully paid and nonassessable,
will be issued in compliance with all applicable securities laws and will be free of preemptive, registration or similar rights<FONT STYLE="color: black">.</FONT></FONT></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">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">There
are no preemptive rights or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any
shares of Common Stock pursuant to the Company&rsquo;s certificate of incorporation, by-laws or any agreement or other instrument
to which the Company is a party or by which the Company is bound. Neither the filing of the Registration Statement nor the Offering
or sale of the Shares as contemplated by this Agreement gives rise to any rights for or relating to the registration of any shares
of Common Stock or other securities of the Company, other than such rights that have been satisfied in connection with the Offering
or waived.</FONT></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">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">T</FONT></FONT>he
Company does not own, directly or indirectly, any capital stock or other ownership interest in any partnership, corporation, business
trust, limited liability company, limited liability partnership, joint stock company, trust, unincorporated association, joint
venture or other entity.</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">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company has filed all foreign, federal, state and local 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, except insofar as the failure to file
such returns would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 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, except to the extent of taxes that would not, singly or in the aggregate, reasonably be expected to result
in a Material Adverse Effect and except as disclosed in writing to the Representative. 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
to the extent of any insufficiency that would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse
Effect. Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, (i)&nbsp;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)&nbsp;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;<U>taxes</U>&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;<U>returns</U>&rdquo; means all returns, declarations, reports,
statements, and other documents required to be filed in respect to taxes.</FONT></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; font-variant: normal; text-align: justify; text-indent: 1in"></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: 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">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Since
the respective dates as of which information is given in the Registration Statement, the Time of Sale Disclosure Package and the
Final Prospectus, (a)&nbsp;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)&nbsp;the Company has not declared or paid any
dividends or made any distribution of any kind with respect to its capital stock; (c)&nbsp;there has not been any change in the
capital stock of the Company (other than a change in the number of outstanding shares of Common Stock due to the issuance of shares
upon the exercise of outstanding convertible notes, options or warrants or the issuance of restricted stock awards or restricted
stock units under the Company&rsquo;s existing stock awards plan, or any new grants thereof in the ordinary course of business),
(d)&nbsp;there has not been any material change in the Company&rsquo;s long-term or short-term debt and (e)&nbsp;there has not
been the occurrence of any Material Adverse Effect<FONT STYLE="color: black">.</FONT></FONT></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">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">There
is no pending or, to the Knowledge of the Company, any threatened action, suit or proceeding to which the Company is a party or
of which any property or assets of the Company is the subject before or by any court or governmental agency, authority or body,
or any arbitrator or mediator, which is reasonably likely to result in a Material Adverse Effect</FONT></FONT>.</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">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company holds, and is in compliance with, all franchises, grants, authorizations, licenses, permits, easements, consents, certificates
and orders (&ldquo;<U>Permits</U>&rdquo;) of any governmental or self-regulatory agency, authority or body required for the conduct
of its business, and all such Permits are in full force and effect,</FONT></FONT> in each case except where the failure to hold,
or comply with, any of them is not reasonably likely to result in a Material Adverse Effect<FONT STYLE="color: black">.</FONT></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">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has good and marketable title to all property (whether real or personal) described in the Registration Statement, the Time
of Sale Disclosure Package and the Final Prospectus as being owned by them that are material to the business of the Company, in
each case free and clear of all liens, claims, security interests, other encumbrances or defects, except those that have been disclosed
in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus or those not reasonably likely to result
in a Material Adverse Effect. The property held under lease by the Company is held by it under valid, subsisting and enforceable
leases with only such exceptions with respect to any particular lease as are not material or do not interfere in any material respect
with the conduct of the business of the Company.</FONT></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; font-variant: normal; text-align: justify; text-indent: 1in"></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"><FONT STYLE="color: black">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company owns or possesses or has valid right to use all patents, patent applications, trademarks, service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights (&ldquo;<U>Intellectual
Property</U>&rdquo;) necessary for the conduct of the business of the Company and its subsidiaries as currently carried on and
as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. To the Knowledge of the
Company, no action or use by the Company will involve or give rise to any infringement of, or license or similar fees for, any
Intellectual Property of others</FONT></FONT>. T<FONT STYLE="color: black">he Company has not received any notice alleging any
such infringement or fee.</FONT></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">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company has complied with, is not in violation of, and has not received any notice of violation relating to any law, rule or regulation
relating to the conduct of its business, or the ownership or operation of its property and assets, including, without limitation,
(A)&nbsp;the Currency and Foreign Transactions Reporting Act of 1970, as amended, or any money laundering laws, rules or regulations,
(B)&nbsp;the Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder, (C)&nbsp;the Foreign Corrupt Practices
Act of 1977 and the rules and regulations thereunder and (D)&nbsp;the Employment Retirement Income Security Act of 1974 and the
rules and regulations thereunder, in each case except where the failure to be in compliance is not reasonably likely to result
in a Material Adverse Effect.</FONT></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">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Neither
the Company nor, to the Knowledge of the Company, any director, officer, employee, representative, agent or affiliate of the Company
is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(&ldquo;<U>OFAC</U>&rdquo;); and the Company will not directly or indirectly use the proceeds of the Offering of the Shares contemplated
hereby, or lend, contribute or otherwise make available such proceeds to any person or entity, for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered by OFAC.</FONT></P>

<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">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company carries, or is covered by, insurance in such amounts and covering such risks as the Company reasonably believes is adequate
for the conduct of its business and the value of its properties and as is customary for companies engaged in similar businesses
in similar industries.</FONT></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">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(A)
Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(&ldquo;<U>ERISA</U>&rdquo;), for which the Company or any member of its &ldquo;Controlled Group&rdquo; (defined as any organization
which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986,
as amended (the &ldquo;<U>Code</U>&rdquo;)) would have any liability (each, a &ldquo;<U>Plan</U>&rdquo;) has been maintained in
compliance in all material respects with its terms and the requirements of any applicable statutes, orders, rules and regulations,
including but not limited to ERISA and the Code; (B) no prohibited transaction, within the meaning of Section 406 of ERISA or Section
4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative
exemption; (C) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no &ldquo;accumulated
funding deficiency&rdquo; as defined in Section 412 of the Code, whether or not waived, has occurred or is reasonably expected
to occur; (D) the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan
(determined based on those assumptions used to fund such Plan); (E) no &ldquo;reportable event&rdquo; (within the meaning of Section
4043(c) of ERISA) has occurred or is reasonably expected to occur; and (F) neither the Company nor any member of the Controlled
Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA in respect of a Plan (including a &ldquo;multiemployer
plan&rdquo;, within the meaning of Section 4001(a)(3) of ERISA).</FONT></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; font-variant: normal; text-align: justify; text-indent: 1in"></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: 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">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">No
labor dispute with the employees of the Company exists or, to the Knowledge of the Company, is imminent that is reasonably likely
to result in a Material Adverse Effect.</FONT></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">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Neither
the Company, nor, to its Knowledge, any other party&nbsp;is in violation, breach or default of any Contract that is reasonably
likely to result in a Material Adverse Effect or that is required to be disclosed in accordance with the Exchange Act but is not
so disclosed.</FONT></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">(xxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">No
supplier or customer of the Company has&nbsp;notified the Company&nbsp;that it&nbsp;intends to&nbsp;discontinue or&nbsp;decrease
the rate of business done&nbsp;with&nbsp;the Company, except where such decrease is not reasonably likely to result in a Material
Adverse Effect.</FONT></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">(xxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">There
are no claims, payments, issuances, arrangements or understandings for services in the nature of a finder&rsquo;s, consulting or
origination fee with respect to the introduction of the Company to the Underwriters or the sale of the Shares hereunder or any
other arrangements, agreements, understandings, payments or issuances with respect to the Company that may affect the Underwriters&rsquo;
compensation, as determined by FINRA. </FONT></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">(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as disclosed in writing to the Representative, 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, investing fee or otherwise, in consideration of such person raising
capital for the Company or introducing to the Company persons who provided capital to the Company, (ii)&nbsp;any FINRA member,
or (iii)&nbsp;any person or entity that has any direct or indirect affiliation or association with any FINRA member, in each case,
within the 12-month period prior to the date on which the Registration Statement was filed with the Commission (&ldquo;<U>Filing
Date</U>&rdquo;) or thereafter. </FONT></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">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
the Company&rsquo;s Knowledge, no (i)&nbsp;officer or director of the Company, (ii)&nbsp;owner of 5% or more of the Company&rsquo;s
securities or (iii)&nbsp;owner of any amount of the Company&rsquo;s securities acquired within the 180-day period prior to the
Filing Date, has any direct or indirect affiliation or association with any FINRA member. The Company will advise the Representative
and its counsel if it becomes aware that any officer, director or stockholder of the Company is or becomes an affiliate or associated
person of a FINRA member participating in the Offering.</FONT></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">(xxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company is in material compliance with all Environmental Laws. As used herein, &ldquo;<U>Environmental Law(s)</U>&rdquo; means
any and all applicable international, federal, state, or local laws, statutes, ordinances, regulations, policies, guidance, rules,
judgments, orders, court decisions or rule of common law, permits, restrictions and licenses, that (i)&nbsp;regulate or relate
to the protection or clean up of the environment; the use, treatment, storage, transportation, handling, disposal or release of
Hazardous Substances; the preservation or protection of waterways, groundwater, drinking water, air, wildlife, plants or other
natural resources; or the health and safety of persons or property, including without limitation protection of the health and safety
of employees; or (ii)&nbsp;impose liability or responsibility with respect to any of the foregoing, including without limitation
the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. &sect; 9601 et seq.), or any other law of similar
effect. As used herein, &ldquo;<U>Hazardous Substances</U>&rdquo; means any pollutant, chemical, substance and any toxic, infectious,
carcinogenic, reactive, corrosive, ignitable or flammable chemical, or chemical compound, or hazardous substance, material or waste,
whether solid, liquid or gas, that is subject to regulation, control or remediation under any Environmental Laws, including without
limitation, any quantity of asbestos in any form, urea formaldehyde, PCBs, radon gas, crude oil or any fraction thereof, all forms
of natural gas, petroleum products or by-products or derivatives.</FONT></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; font-variant: normal; text-align: justify; text-indent: 1in"></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: 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">(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Other
than the Underwriters, no person has the right to act as an underwriter or as a financial advisor to the Company in connection
with the transactions contemplated hereby.</FONT></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">(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company maintains a system of internal accounting controls sufficient to provide reasonable assurances that (A) transactions are
executed in accordance with management&rsquo;s general or specific authorization; (B) transactions are recorded as necessary to
permit preparation of financial statements in conformity with generally accepted accounting principles in the United States and
to maintain accountability for assets; (C) access to assets is permitted only in accordance with management&rsquo;s general or
specific authorization; and (D) the recorded accountability for assets is compared with existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. The Company&rsquo;s internal control over financial reporting
is effective and none of the Company, its board of directors and audit committee is aware of any &ldquo;significant deficiencies&rdquo;
or &ldquo;material weaknesses&rdquo; (each as defined by the Public Company Accounting Oversight Board) in its internal control
over financial reporting, or any fraud, whether or not material, that involves management or other employees of the Company who
have a significant role in the Company&rsquo;s internal controls; and since the end of the latest audited fiscal year, there has
been no change in the Company&rsquo;s internal control over financial reporting (whether or not remediated) that has materially
affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting. The Company&rsquo;s
board of directors has, validly appointed an audit committee to oversee internal accounting controls whose composition satisfies
the applicable requirements of the applicable stock exchange rules (the &ldquo;<U>Exchange Rules</U>&rdquo;) and the Company&rsquo;s
board of directors and/or the audit committee has adopted a charter that satisfies the requirements of the Exchange Rules.</FONT></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">(xxviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">
The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-14 and 15d-14 under the Exchange
Act) and such controls and procedures are designed to reasonably ensure that material information relating to the Company that
is required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is made known to the
principal executive officer and the principal financial officer. The Company has utilized such controls and procedures in preparing
and evaluating the disclosures included or incorporated by reference in the Registration Statement and the Prospectus.</FONT></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal italic 10pt Times New Roman, Times, Serif; font-variant: normal; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties of the Selling Stockholders.</B></TD>
</TR></TABLE>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Selling Stockholder, severally and not jointly, represents and warrants to, and agrees with, the Underwriters as follows:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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;</FONT><FONT STYLE="font-size: 10pt">This
Agreement has been duly authorized, executed and delivered by such Selling Stockholder, and constitutes a valid, legal and binding
obligation of such Selling Stockholder, enforceable in accordance with its terms, except as rights to indemnity hereunder may be
limited by federal or state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting the rights of creditors generally and subject to general principles of equity. The execution, delivery
and performance of this Agreement and the consummation of the transactions herein contemplated will not result in a breach or violation
of any of the terms and provisions of, or constitute a default under, any statute, agreement or instrument to which such Selling
Stockholder is a party or by which it is bound or to which any of its property is subject, or any order, rule, regulation or decree
of any court or governmental agency or body having jurisdiction over such Selling Stockholder or any of its properties, except
for violations and defaults that individually or in the aggregate would not reasonably be expected to result in a material adverse
effect in such Selling Stockholder&rsquo;s ability to perform its obligations under this Agreement (with respect to a Selling Stockholder,
a &ldquo;<U>Material Adverse Effect</U>&rdquo;). No consent, approval, authorization or order of, or filing with, any court or governmental agency or
body is required for the execution, delivery and performance of this Agreement or for the consummation of the transactions contemplated
hereby, including the sale of the Shares by such Selling Stockholder, except as may be required under <FONT STYLE="color: black">the
Exchange Act, the Securities Act, state securities or blue sky laws, the </FONT>bylaws, rules and regulations of <FONT STYLE="color: black">FINRA
or the </FONT>bylaws, rules and regulations of <FONT STYLE="color: black">the NYSE MKT</FONT>; and such Selling Stockholder has
the power and authority to enter into this Agreement and to sell the Shares as contemplated by this Agreement. </FONT></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; font-variant: normal; text-align: justify; text-indent: 1in"></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: 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;</FONT><FONT STYLE="font-size: 10pt">Except
as disclosed in writing to the Representative, such Selling Stockholder is, on the date hereof, the record and beneficial owner
of all of the Shares to be sold by the Selling Stockholder hereunder free and clear of all liens, encumbrances, equities and claims
and has duly indorsed such Shares in blank or has duly signed a stock power assigning all right, title and interest to the Shares
to be sold by such Selling Stockholder, with all signatures appropriately guaranteed by an eligible guarantor institution with
membership in an approved medallion guaranty program pursuant to Rule&nbsp;17Ad-15 under the Exchange Act.</FONT></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">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
the applicable Closing Date, all stock transfer or other taxes (other than income taxes) that are required to be paid in connection
with the sale and transfer by such Selling Stockholder of the Shares will be fully paid or provided for by such Selling Stockholder
and all laws imposing such taxes will be fully complied with.</FONT></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">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Such
Selling Stockholder, directly or indirectly, has not entered into any commitment, transaction or other arrangement, including any
prepaid forward contract, 10b5-1 plan or similar agreement, which transfers or may transfer any of the legal or beneficial ownership
or any of the economic consequences of ownership of the Shares, except as has been previously disclosed in writing to the Representative.
</FONT></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">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Such
Selling Stockholder represents and warrants that it has not prepared or had prepared on its behalf or used or referred to any &ldquo;free
writing prospectus&rdquo; (as defined in Rule&nbsp;405 of the Act) and further represents that it has not distributed and will
not distribute any written materials in connection with the offer or sale of the Shares that could otherwise constitute a &ldquo;free
writing prospectus&rdquo; (as defined in Rule&nbsp;405 of the Act) required to be filed with the Commission or retained under Rule&nbsp;433
of the Act. </FONT></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">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">All
information relating to such Selling Stockholder furnished by or on behalf of such Selling Stockholder in writing expressly for
use in the Registration Statement, the Time of Sale Disclosure Package or any Prospectus, as the case may be, is as of the Closing
Date, true, correct, and complete in all material respects, and does not, and will not, contain any untrue statement of a material
fact or omit to state any material fact necessary to make such information not misleading. In addition, such Selling Stockholder
confirms as accurate the number of shares of Common Stock set forth opposite such Selling Stockholder&rsquo;s name in the Time
of Sale Disclosure Package and any Prospectus under the caption &ldquo;Selling Shareholders&rdquo; (both prior to and after giving
effect to the sale of the Shares). </FONT></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; font-variant: normal; text-align: justify; text-indent: 1in"></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: 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">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Such
Selling Stockholder does not have any registration or other similar rights to have any equity or debt securities registered for
sale by the Company under the Registration Statement or included in an offering contemplated by this Agreement, except for such
rights that have been satisfied in connection with the Offering or waived.</FONT></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">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Such
Selling Stockholder has not taken and will not take, directly or indirectly, any action designed to or that might be reasonably
expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of the Shares in violation of the Act or the Exchange Act. </FONT></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">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Such
Selling Stockholder is not prompted to sell shares of Common Stock by any information concerning the Company that is not set forth
in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus. </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal italic 10pt Times New Roman, Times, Serif; font-variant: normal; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Purchase, Sale and Delivery of Shares.</B></TD>
</TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">On
the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set
forth, the Company agrees to issue and sell the Underwritten Shares and the Selling Stockholders agree, severally and not jointly,
to sell the Secondary Shares to the Underwriters, and the Underwriters agree, severally and not jointly, to purchase the Underwritten
Shares and the Secondary Shares. The purchase price for each Underwritten Share and Secondary Share shall be $11.40 per share (the
&ldquo;<U>Per Share Price</U>&rdquo;), as shown on <U>Schedule IV</U>.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company hereby grants to the Underwriters the option to purchase some or all of the Additional Shares and, upon the basis of the
warranties and representations and subject to the terms and conditions herein set forth, the Underwriters shall have the right
to purchase, severally and not jointly, all or any portion of the Additional Shares at the Per Share Price as may be necessary
to cover any over-allotments made in connection with the transactions contemplated hereby. This option may be exercised by the
Representative at any time (but not more than once) on or before the thirtieth day following the date hereof, by written notice
to the Company (the &ldquo;<U>Option Notice</U>&rdquo;). The Option Notice shall set forth the aggregate number of Additional Shares
as to which the option is being exercised, and the date and time when the Additional Shares are to be delivered (such date and
time being herein referred to as the &ldquo;<U>Option Closing Date</U>&rdquo;); <I>provided</I>, <I>however</I>, that the Option
Closing Date shall not be earlier than the Closing Date (as defined below) nor earlier than the first business day after the date
on which the option shall have been exercised, nor later than the fifth business day after the date on which the option shall have
been exercised unless the Company and the Representative otherwise agree in writing.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Payment
of the purchase price for and delivery of the Additional Shares shall be made at the Option Closing Date in the same manner and
at the same office as the payment for the Underwritten Shares as set forth in subparagraph (d) below.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Underwritten Shares and Secondary Shares will be delivered by the Company and the Selling Stockholders to the Representative against
payment of the purchase price therefor by wire transfer of same day funds payable to the order of the Company or a Selling Stockholder
at the offices of Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, CA 92660, or such other location as may be
mutually acceptable, at 6:00 a.m. Pacific standard time, on the third (or if the Underwritten Shares and Secondary Shares are priced,
as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern time, the fourth) full business day following
the date hereof, or at such other time and date as the Representative and the Company determine pursuant to Rule 15c6-1(a) under
the Exchange Act, or, in the case of the Additional Shares, at such date and time set forth in the Option Notice. The time and
date of delivery of the Underwritten Shares and the Secondary Shares or the Additional Shares, as applicable, is referred to herein
as the &ldquo;<U>Closing Date</U>.&rdquo; If the Representative so elects, delivery of the Underwritten Shares, Secondary Shares<B>
</B>and Additional Shares may be made by credit through full fast transfer to the account at The Depository Trust Company designated
by the Representative.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal italic 10pt Times New Roman, Times, Serif; font-variant: normal; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Covenants.</B></TD>
</TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company covenants and agrees with the Underwriters as follows:</FONT></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"><FONT STYLE="color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">During
the period beginning on the date hereof and ending on the later of the Closing Date or such date as determined by the Representative
that the Final Prospectus is no longer required by law to be delivered in connection with sales by an underwriter or dealer (the
&ldquo;<U>Prospectus Delivery Period</U>&rdquo;), prior to amending or supplementing the Registration Statement, including any
Rule 462 Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, the Company shall furnish to the
Representative for review and comment a copy of each such proposed amendment or supplement, and the Company shall not file any
such proposed amendment or supplement to which the Representative reasonably objects.</FONT></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;</FONT><FONT STYLE="font-size: 10pt">From
the date of this Agreement until the end of the Prospectus Delivery Period, the Company shall promptly advise the Representative
in writing (A)&nbsp;of the receipt of any comments of, or requests for additional or supplemental information from, the Commission,
(B)&nbsp;of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement
to the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, (C)&nbsp;of the time and date
that any post-effective amendment to the Registration Statement becomes effective and (D)&nbsp;of the issuance by the Commission
of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending its use or
the use of the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, or of any proceedings
to remove, suspend or terminate from listing the Common Stock from any securities exchange upon which it is listed for trading
or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order
at any time during the Prospectus Delivery Period, the Company will use its reasonable efforts to obtain the lifting of such order
at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A
and 430B, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company
under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)
of the Securities Act).</FONT></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"><FONT STYLE="color: black">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(A)
During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as
now and hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act, as now and
hereafter amended, so far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated by the provisions
hereof, the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. If during such period any event
occurs the result of which would cause the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers,
the Time of Sale Disclosure Package) to include an untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is
necessary or appropriate in the opinion of the Company or its counsel or the Representative or its counsel to amend the Registration
Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time
of Sale Disclosure Package) to comply with the Securities Act, the Company will promptly notify the Representative, allow the Representative
the opportunity to provide reasonable comments on such amendment, Prospectus supplement or document and will amend the Registration
Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time
of Sale Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or
effect such compliance.</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.25in">(B) During
the Prospectus Delivery Period, if at any time following the issuance of an Issuer Free Writing Prospectus there occurred or occurs
an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information
contained in the Registration Statement or any Prospectus or included or would include an untrue statement of a material fact or
omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
prevailing at that subsequent time, not misleading, the Company promptly will notify the Representative and will promptly amend
or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement
or omission.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company shall take or cause to be taken all necessary action to qualify the Shares for sale under the securities laws of such jurisdictions
as the Representative reasonably designates and to continue such qualifications in effect so long as required for the distribution
of the Shares, except that the Company shall not be required in connection therewith to qualify as a foreign corporation or as
a dealer in securities in any jurisdiction in which it is not so qualified, to execute a general consent to service of process
in any state or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise subject.</FONT></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">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
for those Issuer Free Writing Prospectuses identified in <U>Schedule III</U> hereto, the Company covenants that it will not, unless
it obtains the prior written consent of the Representative, make any offer relating to the Shares that would constitute an Issuer
Free Writing Prospectus or that would otherwise constitute a &ldquo;free writing prospectus&rdquo; (as defined in Rule 405 of the
Securities Act) required to be filed by the Company with the Commission or retained by the Company under Rule 433 of the Securities
Act. In the event that the Representative expressly consents in writing to any such free writing prospectus (a &ldquo;<U>Permitted
Free Writing Prospectus</U>&rdquo;), the Company covenants that it shall (i)&nbsp;treat each Permitted Free Writing Prospectus
as an Issuer Free Writing Prospectus, and (ii)&nbsp;comply with the requirements of Rule 164 and 433 of the Securities Act applicable
to such Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.</FONT></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">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company will furnish to the Representative and its counsel copies of the Registration Statement, each Prospectus, any Issuer Free
Writing Prospectus, and all amendments and supplements to such documents, in each case as soon as available and in such quantities
as the Representative may from time to time reasonably request.</FONT></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"><FONT STYLE="color: black">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months
after the end of the Company&rsquo;s current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month
period that shall satisfy the provisions of Section&nbsp;11(a) of the Securities Act and Rule 158 of the Rules and Regulations.</FONT></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">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company has not taken and will not take, directly or indirectly, during the Prospectus Delivery Period, any action designed to
or which might reasonably be expected to cause or result in, or that has constituted, the stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of the Shares.</FONT></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">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause
to be paid (A)&nbsp;all expenses (including transfer taxes allocated to the respective transferees) incurred by it in connection
with the delivery to the Underwriters of the Shares, (B)&nbsp;all expenses and fees (including, without limitation, fees and expenses
of the Company&rsquo;s counsel) incurred by it in connection with the preparation, printing, filing, delivery, and shipping of
the Registration Statement (including the financial statements therein and all amendments, schedules, and exhibits thereto), the
Shares, the Time of Sale Disclosure Package, any Prospectus (including the Final Prospectus), any Issuer Free Writing Prospectus
and any amendment thereof or supplement thereto, (C)&nbsp;the fees and expenses of any transfer agent or registrar, (D)&nbsp;listing
fees, if any, (E)&nbsp;all other costs and expenses incident to the performance of the Company&rsquo;s obligations hereunder that
are not otherwise specifically provided for herein and (F)&nbsp;all reasonable out-of-pocket accountable expenses of the Underwriters
(including, but not limited to, reasonable fees and disbursements of counsel to the Underwriters) in an amount not in excess of
$50,000. Except for reimbursement from the Company of any of the fees and costs described in (A) through (F) above that are paid
by the Underwriters, and notwithstanding any other provision hereof, the Underwriters will pay all of their own fees and costs
in connection with the transactions described herein.</FONT></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">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company intends to apply the net proceeds from the sale of the Shares to be sold by it hereunder for the purposes set forth in
the Time of Sale Disclosure Package and in the Final Prospectus.</FONT></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">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company hereby agrees that, without the prior written consent of the Representative, it will not, during the period ending
on and including the 90th day after the date hereof (as the same may be extended as described below, the
&ldquo;Lock-Up Period&rdquo;), (i) offer, pledge, issue, sell, contract to sell, purchase, contract to purchase, lend, or
otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or
exercisable or exchangeable for Common Stock; or (ii) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described
in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise; or
(iii) file any registration statement with the Commission relating to the offering by the Company of any shares of Common
Stock or any securities convertible into or exercisable or exchangeable for Common Stock. The restrictions contained in the
preceding sentence shall not apply to (1) the Shares to be sold hereunder, (2) the issuance of Common Stock upon the exercise
of options or warrants or other convertible securities disclosed as outstanding in the Registration Statement (excluding
exhibits thereto) or the Final Prospectus and (3) the issuance of employee stock options not exercisable during the Lock-Up
Period and the grant of restricted stock awards or restricted stock units (or the delivery of shares of Common Stock upon
settlement thereof) pursuant to equity incentive plans described in the Registration Statement (excluding exhibits thereto)
and the Final Prospectus. Notwithstanding the foregoing, if (x) the Company issues an earnings release or material news, or
a material event relating to the Company occurs, during the last 17 days of the Lock-Up Period, or (y) prior to the
expiration of the Lock-Up Period, the Company announces that it will release earnings results during the 16-day period
beginning on the last day of the Lock-Up Period, the restrictions imposed by this clause shall continue to apply until the
expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or
material event, unless the Representative waives such extension in writing; provided, however, that this sentence shall not
apply if (A) the Company meets the applicable requirements of Rule 139(a)(1) under the Securities Act in the manner
contemplated by NASD Conduct Rule 2711(f)(4), (B) the Company&rsquo;s securities are &ldquo;actively traded&rdquo; as defined
in Rule 101(c)(1) of Regulation M of the Exchange Act and (C) the provisions of NASD Conduct Rule 2711(f)(4) do not restrict
the publication or distribution, by the Underwriters, of any research reports relating to the Company during the 15 days
before or after the last day of the Lock-up Period (before giving effect to such extension).</FONT></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: 1in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Selling Stockholder, severally and not jointly, covenants and agrees with the Underwriters as follows: </FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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;</FONT><FONT STYLE="font-size: 10pt">The
Selling Stockholders, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will
pay or cause to be paid all expenses (including transfer taxes allocated to the respective transferees) incurred in connection
with the delivery to the Underwriters of the Secondary Shares to be sold by the Selling Stockholders hereunder.</FONT></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;</FONT><FONT STYLE="font-size: 10pt">Such
Selling Stockholder will deliver to the Underwriters prior to the applicable Closing Date a properly completed and executed United
States Treasury Department Form W-9.</FONT></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">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">During
the Prospectus Delivery Period, such Selling Stockholder will advise the Representative promptly, and if requested by the Representative,
will confirm such advice in writing, of any change in information relating to such Selling Stockholder in the Registration Statement,
the Time of Sale Disclosure Package or any Prospectus.</FONT></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">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Such
Selling Stockholder agrees that it will not prepare or have prepared on its behalf or use or refer to any &ldquo;free writing prospectus&rdquo;
(as such term is defined in Rule&nbsp;405 under the Act), and agrees that it will not distribute any written materials in connection
with the offer or sale of the Shares.</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: normal; text-indent: 0.5in"><FONT STYLE="color: black"><B><I>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
of the Underwriters&rsquo; Obligations.</I></B><FONT STYLE="font-style: normal"> </FONT></FONT>The obligations of the Underwriters
hereunder to purchase the Shares are subject to the accuracy in all material respects, as of the date hereof and at the Closing
Date (as if made at the Closing Date), of all representations and warranties of the Company and the Selling Stockholders contained
herein (other than those representations and warranties of the Company and the Selling Shareholders that are qualified as to materiality,
which shall be accurate in all respects), the compliance by the Company and the Selling Stockholders with their respective agreements
hereunder and the following additional conditions:</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
filing of a Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, is required under the Securities
Act or the Rules and Regulations, the Company shall have filed such Prospectus (or such amendment or supplement) or such Issuer
Free Writing Prospectus with the Commission in the manner and within the time period so required (without reliance on Rule 424(b)(8)
or Rule 164(b) under the Securities Act); the Registration Statement shall remain effective; no stop order suspending the effectiveness
of the Registration Statement or any part thereof, any Rule 462 Registration Statement, or any amendment thereof, nor suspending
or preventing the use of the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus shall
have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; and any request of
the Commission or the Representative for additional information (to be included in the Registration Statement, the Time of Sale
Disclosure Package, the Final Prospectus, any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the
Representative&rsquo;s satisfaction<FONT STYLE="color: black">.</FONT></FONT></P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Shares shall be qualified for listing on the NYSE MKT.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Representative shall not have reasonably determined and advised the Company that the Registration Statement, the Time of Sale Disclosure
Package or the Final Prospectus (or any amendment thereof or supplement thereto) or any Issuer Free Writing Prospectus contains
an untrue statement of fact that, in the Representative&rsquo;s reasonable opinion, is material, or omits to state a fact which,
in the Representative&rsquo;s reasonable opinion, is material and is required to be stated therein or necessary to make the statements
therein not misleading<FONT STYLE="color: black">.</FONT></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">[Intentionally
Omitted]</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
the Closing Date, there shall have been furnished to the Representative the opinion and negative assurance letter of Graubard Miller,
counsel for the Company, dated the Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory
to the Representative, to the effect set forth in <U>Schedule V</U>.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
the Closing Date, there shall have been furnished to the Representative the opinion of legal counsel to each of the Selling Stockholders
dated the Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative,
to the effect set forth in <U>Schedule VI</U>.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
the Closing Date, there shall have been furnished to the Representative the opinion and negative assurance letter of Goodwin Procter
LLP, counsel for the Underwriters, dated the Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory
to the Representative.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">At
the time of execution of this Agreement, the Representative shall have received a letter from J.H. Cohn LLP, addressed to the Underwriters,
executed and dated such date, confirming that they are independent public accountants within the meaning of the Securities Act
and are in compliance with the applicable requirements relating to the qualifications of accountants under Rule 2-01 of Regulation
S-X of the Commission, and confirming, as of the date of such letter (or, with respect to matters involving changes or developments
since the respective dates as of which specified financial information is given in the Time of Sale Disclosure Package, as of a
date not more than three business days prior to the date of such letter), the conclusions and findings of said firm, of the type
ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters, with respect to the financial information,
including any financial information contained in Exchange Act Reports filed by the Company or incorporated by reference in the
Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, and other matters required by the Representative.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
the effective date of any post-effective amendment to the Registration Statement and on the Closing Date, the Representative shall
have received a letter (the &ldquo;<U>Bring-down Letter</U>&rdquo;) from J.H. Cohn LLP, addressed to the Underwriters and dated
the date of such post-effective amendment or the Closing Date, as the case may be, confirming, as of the date of each such Bring-down
Letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial
information is given in the Time of Sale Disclosure Package, as of a date not more than three business days prior to the date of
such Bring-down Letter), the conclusions and findings of said firms, of the type ordinarily included in accountants&rsquo; &ldquo;comfort
letters&rdquo; to underwriters, with respect to the financial information, and other matters covered by its letter delivered to
the Representative concurrently with the execution of this Agreement pursuant to paragraph (i) of this Section 7</FONT></P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
the Closing Date, there shall have been furnished to the Representative a certificate, dated the Closing Date and addressed to
the Underwriters, signed by the chief executive officer and the chief financial officer of the Company, in their capacity as officers
of the Company, to the effect that:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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;</FONT><FONT STYLE="font-size: 10pt">The
representations and warranties of the Company in this Agreement are true and correct, in all material respects (other than those
representations and warranties that are qualified as to materiality, which are true and correct in all respects), as if made at
and as of the Closing Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to
be performed or satisfied at or prior to the Closing Date;</FONT></P>

<P STYLE="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;</FONT><FONT STYLE="font-size: 10pt">No
stop order or other order (A)&nbsp;suspending the effectiveness of the Registration Statement or any part thereof or any amendment
thereof, (B)&nbsp;suspending the qualification of the Shares for offering or sale, or (C)&nbsp;suspending or preventing the use
of the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus has been issued, and no proceeding
for that purpose has been instituted or, to their Knowledge, is contemplated by the Commission or any state or regulatory body;
and</FONT></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">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">There
has been no occurrence of any event resulting or reasonably likely to result in a Material Adverse Effect during the period from
and after the date of this Agreement and prior to the Closing Date.</FONT></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; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">On
or before the date hereof, the Representative shall have received duly executed &ldquo;lock-up&rdquo; agreements, in a form attached
as <U>Exhibit A</U> hereto, between the Representative and the persons listed on <U>Schedule VII</U>.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Subsequent
to the execution and delivery of this Agreement, there shall not have occurred any change, or any development involving a prospective
change, in or affecting particularly the business or properties of the Company from that set forth in the Time of Sale Disclosure
Package or the Final Prospectus, whether or not arising in the ordinary course of business, which, in the reasonable judgment of
the Representative, is material and adverse and makes it, in the reasonable judgment of the Representative, impractical to proceed
with Offering of the Shares as contemplated hereby and in the Final Prospectus.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Representative shall have received a certificate of the Company signed by the Secretary or Assistant Secretary of the Company,
dated as of the date of Closing Date, certifying: (i) that the Certificate of Incorporation is true and complete, has not been
modified and is in full force and effect; (ii) that the by-laws of the Company are true and complete, have not been modified and
are in full force and effect; (iii) that the resolutions of the Company&rsquo;s Board of Directors relating to the Offering contemplated
by this Agreement are in full force and effect and have not been modified; and (iv) as to the incumbency of the officers of the
Company. The documents referred to in such certificate shall be attached to such certificate.</FONT></P>

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

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Common Stock shall be registered under the Exchange Act and shall be listed on the NYSE MKT, and the Company shall not have taken
any action designed to terminate, or likely to have the effect of terminating,&nbsp;the registration of the Common Stock under
the Exchange Act or delisting or suspending from trading the Common Stock from the NYSE MKT, nor shall the Company have received
any information suggesting that the Commission is contemplating terminating such registration or listing<FONT STYLE="color: black">.</FONT></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company and the Selling Stockholders shall have furnished to the Representative and its counsel such additional documents, certificates
and evidence as the Representative or its counsel may have reasonably requested.</FONT></P>

<P STYLE="font: normal 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: 0.5in">If any condition specified
in this Section&nbsp;7 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by
the Representative by notice to the Company and the Selling Stockholders at any time at or prior to the Closing Date and such termination
shall be without liability of any party to any other party, except that Section&nbsp;8 and Section&nbsp;9 shall survive any such
termination and remain in full force and effect.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal italic 10pt Times New Roman, Times, Serif; font-variant: normal; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Indemnification and Contribution</B><FONT STYLE="font-style: normal">.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company agrees to indemnify, defend and hold harmless each Underwriter, its affiliates, directors and officers and employees, and
each person, if any, who controls any Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act, from and against any losses, claims, damages or liabilities, joint or several, to which such Underwriter or
such person may become subject, under the Securities Act or otherwise (including in settlement of any litigation if such settlement
is effected with the written consent of the Company), insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon (i)&nbsp;an untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness
and at any subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations, the Time of Sale Disclosure Package, the
Final Prospectus, or any amendment or supplement thereto (including any documents filed under the Exchange Act and deemed to be
incorporated by reference into the Registration Statement or the Final Prospectus), or any Issuer Free Writing Prospectus or in
any materials or information provided to investors by, or with the written approval of, the Company in connection with the marketing
of the Offering of the Shares, including any road show or investor presentations (whether in person or electronically) (&ldquo;<U>Marketing
Materials</U>&rdquo;), or arise out of or are based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein, (with respect to the Time of Sale Disclosure Package, the Final
Prospectus, any Issuer Free Writing Prospectus or any Marketing Materials in light of the circumstances under which they were made),
not misleading, (ii)&nbsp;in whole or in part, any inaccuracy in the representations and warranties of the Company contained herein
or (iii)&nbsp;in whole or in part, any failure of the Company to perform its obligations hereunder or under law, and will reimburse
the Underwriters for any legal or other expenses reasonably incurred by them in connection with evaluating, investigating or defending
against such loss, claim, damage, liability or action; <I>provided, however</I>, that the Company shall not be liable in any such
case to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in the Registration Statement, the Time of Sale Disclosure Package,
the Final Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus or any Marketing Materials, in
reliance upon and in conformity with written information furnished to the Company through the Representative by or on behalf of
any Underwriter specifically for use in the preparation thereof<FONT STYLE="color: black">.</FONT></FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Selling Stockholder will, severally and not jointly, indemnify, defend and hold harmless each Underwriter against any losses, claims,
damages or liabilities, joint or several, to which such Underwriter may become subject, under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectus or any Issuer
Free Writing Prospectus, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein, (with respect to the
Time of Sale Disclosure Package, the Final Prospectus, any Issuer Free Writing Prospectus or any Marketing Materials in light of
the circumstances under which they were made), not misleading, but only with reference to the information relating to such Selling
Stockholder furnished by such Selling Stockholder to the Company for use therein which shall consist of the statements set forth
under the caption &ldquo;Principal and Selling Stockholders&rdquo; in the Time of Sale Disclosure Package and the Final Prospectus.
The liability of each Selling Stockholder under the indemnity agreement contained in this Section 8(b) shall be limited to an amount
equal to the proceeds (net of underwriting discounts and concessions, but before deducting other expenses) received by the Selling
Stockholder from the sale of the Shares sold by such Selling Stockholder under this Agreement.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Underwriter, severally and not jointly, will indemnify, defend and hold harmless the Company and the Selling Stockholders, their
respective affiliates, directors, officers and employees, and each person, if any, who controls the Company or a Selling Stockholder
within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, from and against any losses,
claims, damages or liabilities to which the Company or a Selling Stockholder may become subject, under the Securities Act or otherwise
(including in settlement of any litigation, if such settlement is effected with the written consent of such Underwriter), insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i)&nbsp;an untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement, the Time of Sale Disclosure Package,
the Final Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, or (ii) the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, (with respect
to the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, in light of the circumstances
under which they were made), not misleading, in each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Time of Sale Disclosure Package,
the Final Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, in reliance upon and in conformity
with written information furnished to the Company through the Representative by or on behalf of such Underwriter specifically for
use in the preparation thereof, and will reimburse the Company or a Selling Stockholder for any legal or other expenses reasonably
incurred by the Company or a Selling Stockholder in connection with investigating or defending against any such loss, claim, damage,
liability or action<FONT STYLE="color: black">.</FONT></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Promptly
after receipt by an indemnified party under subsection (a), (b) or (c) above of notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify
the indemnifying party in writing of the commencement thereof; but the failure to notify the indemnifying party shall not relieve
the indemnifying party from any liability that it may have to any indemnified party except to the extent such indemnifying party
has been materially prejudiced by such failure. In case any such action shall be brought against any indemnified party, and it
shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate in, and,
to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof,
with counsel satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of
the indemnifying party&rsquo;s election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified
party under such subsection for any legal or other expenses subsequently incurred by such indemnified party in connection with
the defense thereof other than reasonable costs of investigation; <I>provided</I>, <I>however</I>, that if (i)&nbsp;the indemnified
party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified
parties that are different from or in addition to those available to the indemnifying party, (ii)&nbsp;a conflict or potential
conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party
(in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified
party), or (iii)&nbsp;the indemnifying party has not in fact employed counsel reasonably satisfactory to the indemnified party
to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, the indemnified
party shall have the right to employ a single counsel to represent it in any claim in respect of which indemnity may be sought
under subsection (a), (b) or (c)&nbsp;of this Section&nbsp;8, in which event the reasonable and documented fees and expenses of
such separate counsel shall be borne by the indemnifying party or parties and reimbursed to the indemnified party as incurred<FONT STYLE="color: black">.</FONT></FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The indemnifying party
under this Section&nbsp;8 shall not be liable for any settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified
party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment
in any pending or threatened action, suit or proceeding in respect of which any indemnified party is a party or could be named
and indemnity was or would be sought hereunder by such indemnified party, unless such settlement, compromise or consent (a)&nbsp;includes
an unconditional release of such indemnified party from all liability for claims that are the subject matter of such action, suit
or proceeding and (b)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on
behalf of any indemnified party<FONT STYLE="color: black">.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
the indemnification provided for in this Section&nbsp;8 is unavailable or insufficient to hold harmless an indemnified party under
subsection (a), (b) or (c) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of the losses, claims, damages or liabilities referred to in subsection (a), (b)&nbsp;or (c) above, (i)&nbsp;in
such proportion as is appropriate to reflect the relative benefits received by the Company and the Selling Stockholders, on the
one hand, and the Underwriters, on the other, from the offering and sale of the Shares or (ii)&nbsp;if the allocation provided
by clause (i)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company and the Selling Stockholders, on the one
hand, and the Underwriters, on the other, in connection with the statements or omissions that resulted in such losses, claims,
damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and
the Selling Stockholders, on the one hand, and the Underwriters, on the other, shall be deemed to be in the same proportion as
the total net proceeds from the Offering (before deducting expenses) received by the Company and the Selling Stockholders, and
the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover
page of the Final Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company, the Selling Stockholders or the Underwriters and the parties&rsquo; relevant intent, knowledge, access
to information and opportunity to correct or prevent such untrue statement or omission. The Company, the Selling stockholders and
the Underwriters agree that it would not be just and equitable if contributions pursuant to this subsection (e) were to be determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred
to in the first sentence of this subsection (e). The amount paid by an indemnified party as a result of the losses, claims, damages
or liabilities referred to in the first sentence of this subsection (e) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim that is
the subject of this subsection (e). Notwithstanding the provisions of this subsection (e), 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 such Underwriter has otherwise been required to
pay in respect of such losses, liabilities, claims, damages and expenses. No person guilty of fraudulent misrepresentation (within
the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation<FONT STYLE="color: black">. The Underwriters&rsquo; obligations to contribute pursuant to this
Section 8 are several and not joint, in proportion to their respective underwriting commitments as set forth opposite their respective
names on <U>Schedule I</U>. For purposes of this Section 8, each officer and employee of an Underwriter and each person, if any,
who controls an Underwriter within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution
as such Underwriter, and each director of the Company, each officer of the Company who signed the Registration Statement, and each
person, if any, who controls the Company or a Selling Stockholder with the meaning of the Securities Act and the Exchange Act shall
have the same rights to contribution as the Company or such Selling Stockholder.</FONT></FONT></P>

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

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
obligations of the Company and the Selling Stockholders under this Section&nbsp;8 </FONT>shall be in addition to any
liability that the Company and the Selling Stockholders may otherwise have and the benefits of such obligations shall extend,
upon the same terms and conditions, to each person, if any, who controls any Underwriter within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act; and the obligations of each Underwriter under
this Section&nbsp;<FONT STYLE="font-size: 10pt">8 </FONT>shall be in addition to any liability that such Underwriter may
otherwise have and the benefits of such obligations shall extend, upon the same terms and conditions, to the Company, the
Selling Stockholders and their respective officers, directors and each person who controls the Company or a Selling
Stockholder within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act<FONT STYLE="color: black">.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">For
purposes of this Agreement, the Representative confirms, and the Company and the Selling Stockholders acknowledge, that there is
no information furnished in writing to the Company and the Selling Stockholders by the Representative specifically for preparation
of or inclusion in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectus or any Permitted Issuer
Free Writing Prospectus, other than the statements set forth in the &ldquo;Underwriting&rdquo; section of the Final Prospectus
and the Time of Sale Disclosure Package, insofar as such statements relate to the reoffer of the securities by the Underwriters;
to selling concessions and re-allowances offered by the Underwriters to dealers; to stabilizing transactions, over-allotment transactions
and syndicate covering transactions that may be undertaken by the Underwriters; to selling restrictions in jurisdictions outside
the United States; or to the electronic distribution of the Prospectus by the Underwriters<FONT STYLE="color: black">.</FONT></FONT></P>

<P STYLE="font: normal 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; font-variant: normal; text-indent: 0.5in"><FONT STYLE="color: black"><B><I>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations
and Agreements to Survive Delivery</I></B><I>.</I><FONT STYLE="font-style: normal"> </FONT></FONT>All <FONT STYLE="color: black">indemnities,
agreements, representations, warranties and other statements </FONT>of the Underwriter, the Company and the Selling Stockholders
herein or in certificates delivered pursuant hereto including, but not limited to, the agreements of the Underwriters and the
Selling Stockholders and the Company contained in Section&nbsp;6(a)(ix), Section 6(b)(i) and Section <FONT STYLE="font-size: 10pt; font-style: normal">8
</FONT>hereof, shall remain operative and in full force and effect regardless of any investigation <FONT STYLE="color: black">(or
any statement as to the results thereof) </FONT>made by or on behalf of any Underwriter or any controlling person thereof, or
the Company and the Selling Stockholders or any of their respective officers, directors, or controlling persons, and shall survive
delivery of, and payment for, the Shares to and by the Underwriters hereunder<FONT STYLE="font-size: 10pt; font-style: normal; color: black">.</FONT></P>

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal italic 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Termination of this Agreement</B><FONT STYLE="font-style: normal">.</FONT></TD>
</TR></TABLE>



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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Representative shall have the right to terminate this Agreement by giving notice to the Company and the Selling Stockholders as
hereinafter specified at any time at or prior to the Closing Date, if (i) trading in the Company&rsquo;s Common Stock shall have
been suspended by the Commission or the NYSE MKT or trading in securities generally on the Nasdaq Global Market, New York Stock
Exchange or the NYSE MKT shall have been suspended, (ii) minimum or maximum prices for trading shall have been fixed, or maximum
ranges for prices for securities shall have been required, on the Nasdaq Global Market, New York Stock Exchange or the NYSE MKT,
by such exchange or by order of the Commission or any other governmental authority having jurisdiction, (iii) a banking moratorium
shall have been declared by federal or New York state authorities, (iv) there shall have occurred any attack on, outbreak or escalation
of hostilities or act of terrorism involving the United States, any declaration by the United States of a national emergency or
war, any substantial change in financial markets, any substantial change or development involving a prospective substantial change
in United States or international political, financial or economic conditions or any other calamity or crisis, or (v) the Company
suffers any loss by strike, fire, flood, earthquake, accident or other calamity, whether or not covered by insurance, the effect
of which, in each case described in this subsection (a), in the Representative&rsquo;s judgment is material and adverse and makes
it impractical or inadvisable to proceed with the completion of the sale of and payment for the Shares. Any such termination shall
be without liability of any party to any other party except that the provisions of </FONT></FONT>Section&nbsp;6(a)(ix) and Section
<FONT STYLE="font-size: 10pt">8 </FONT>hereof shall at all times be effective and shall survive such termination.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the Representative elects to terminate this Agreement as provided in this Section, the Company and the Selling Stockholders shall
be notified promptly by the Representative by telephone, confirmed by letter.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal italic 10pt Times New Roman, Times, Serif; font-variant: normal; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Default by One or More Underwriters.</B></TD>
</TR></TABLE>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
any Underwriter shall default in its obligation to purchase the Shares which it has agreed to purchase hereunder, the Representative
may in its discretion arrange for another party or other parties to purchase such Shares on the terms contained herein. If within
thirty-six hours after such default by any Underwriter the Representative does not arrange for the purchase of such Shares, then
the Company shall be entitled to a further period of thirty-six hours within which to procure another party or other parties reasonably
satisfactory to the Representative to purchase such Shares on such terms. In the event that, within the respective prescribed periods,
the Representative notifies the Company that the Representative has so arranged for the purchase of such Shares, or the Company
notifies the Representative that the Company has so arranged for the purchase of such Shares, the Representative or the Company
shall have the right to postpone its purchase of the Shares for a period of not more than seven days, in order to effect whatever
changes may thereby be made necessary in the Registration Statement, the Time of Disclosure Package or the Final Prospectus, or
in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration
Statement, the Time of Sale Disclosure Package or the Final Prospectus which in the Representative&rsquo;s opinion may thereby
be made necessary. The term &ldquo;Underwriter&rdquo; as used in this Agreement shall include any person substituted under this
Section with like effect as if such person had originally been a party to this Agreement with respect to such Shares. </FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If,
after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the Representative
and the Company as provided in subsection (a) above, the aggregate number of such Shares which remain unpurchased does not exceed
one-eleventh of the aggregate number of all the Shares to be purchased at the Time of Sale, then the Company shall have the right
to require each non-defaulting Underwriter to purchase the number of Shares which such Underwriter agreed to purchase hereunder
at the Time of Sale and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the number
of Shares which such Underwriter agreed to purchase hereunder) of the Shares of such defaulting Underwriter or Underwriters for
which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default.
</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If,
after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the Representative
and the Company as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased exceeds one-eleventh
of the aggregate number of all of the Shares to be purchased at the Time of Sale (other than by reason of any default on the part
of the Company), or if the Company shall not exercise the right described in subsection (b) above to require non-defaulting Underwriters
to purchase Shares of a defaulting Underwriter or Underwriters, then the Company will have the right, by written notice given within
the following 36-hour period to the Representative, to terminate this Agreement.</FONT></P>

<P STYLE="font: normal 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; font-variant: normal; text-indent: 0.5in"><FONT STYLE="color: black"><B><I>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices</I></B><I>.
</I></FONT>Except as otherwise provided herein, all communications hereunder shall be in writing and, if to the Underwriters,
shall be mailed, delivered or telecopied to Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, CA 92660 (telecopy
number 949-720-7223), Attention: John Dalfonsi, with a copy to Goodwin Procter LLP, 620 Eighth Ave., New York, NY 10018, Attention:
Michael D. Maline, Esq. (telecopy number 212-355-3333); if to the Company, shall be mailed, delivered or telecopied to it at CPI
Aerostructures, Inc., 91 Heartland Blvd., Edgewood, NY 11717, Attention: Chief Executive Officer (telecopy number 631-586-5840),
with a copy to Graubard Miller, 405 Lexington Avenue, New York, NY 10174, Attention: David Miller (telecopy number 888-225-3464);
and if to the Selling Shareholders, shall be mailed, delivered or telecopied to them at c/o Graubard Miller, 405 Lexington Avenue,
New York, NY 10174, Attention: David Miller (telecopy number 888-225-3464); or in each case to such other address as the person
to be notified may have requested in writing. Any party to this Agreement may change such address for notices by sending to the
parties to this Agreement written notice of a new address for such purpose<FONT STYLE="color: black">.</FONT></P>

<P STYLE="font: normal italic 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; font-variant: normal; text-indent: 0.5in"><FONT STYLE="color: black"><B><I>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons
Entitled to Benefit of Agreement</I></B><I>.</I><FONT STYLE="font-style: normal"> </FONT></FONT>This Agreement shall inure to
the benefit of and be binding upon the parties hereto and their respective successors and assigns and the controlling persons,
officers and directors referred to in Section&nbsp;8. Nothing in this Agreement is intended or shall be construed to give to any
other person, firm or corporation any legal or equitable remedy or claim under or in respect of this Agreement or any provision
herein contained. The term &ldquo;successors and assigns&rdquo; as herein used shall not include any purchaser, as such purchaser,
of any of the Shares from the Underwriters<FONT STYLE="color: black">.</FONT></P>

<P STYLE="font: normal italic 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; font-variant: normal; text-indent: 0.5in"><FONT STYLE="color: black"><B><I>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Absence
of Fiduciary Relationship</I></B><I>.</I><FONT STYLE="font-style: normal"> </FONT></FONT>The Company and each of the Selling Stockholders
acknowledge and agree that: (a)&nbsp;each Underwriter has been retained solely to act as underwriter in connection with the sale
of the Shares and that no fiduciary, advisory or agency relationship between the Company, the Selling Shareholders and any Underwriter
has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether any Underwriter
has advised or is advising the Company or any Selling Stockholder on other matters; (b)&nbsp;the price and other terms of the
Shares set forth in this Agreement were established by the Company and the Selling Stockholders following discussions and arms-length
negotiations with the Underwriters and the Company and the Selling Stockholders are capable of evaluating and understanding and
understand and accept the terms, risks and conditions of the transactions contemplated by this Agreement; (c)&nbsp;they have been
advised that the Underwriters and their respective affiliates are engaged in a broad range of transactions that may involve interests
that differ from those of the Company and the Selling Stockholders and that the Underwriters have no obligation to disclose such
interest and transactions to the Company or the Selling Stockholders by virtue of any fiduciary, advisory or agency relationship;
(d)&nbsp;they have been advised that each Underwriter is acting, in respect of the transactions contemplated by this Agreement,
solely for the benefit of such Underwriter, and not on behalf of the Company or the Selling Stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: normal; text-indent: 0.5in"><FONT STYLE="color: black"><B><I>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Limitations.</I></B><FONT STYLE="font-style: normal"> Nothing in this Agreement </FONT></FONT>shall be construed to limit the
ability of any Underwriter or its affiliates to (a)&nbsp;trade in the Company&rsquo;s or any other company&rsquo;s securities
or publish research on the Company or any other company, subject to applicable law, or (b)&nbsp;pursue or engage in investment
banking, financial advisory or other business relationships with entities that may be engaged in or contemplate engaging in, or
acquiring or disposing of, businesses that are similar to or competitive with the business of the Company.</P>

<P STYLE="font: normal italic 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; font-variant: normal; text-indent: 0.5in"><FONT STYLE="color: black"><B><I>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments
and Waivers</I></B><I>.</I><FONT STYLE="font-style: normal"> </FONT></FONT>No supplement, modification or waiver of this Agreement
shall be binding unless executed in writing by the party to be bound thereby. The failure of a party to exercise any right or
remedy shall not be deemed or constitute a waiver of such right or remedy in the future. No waiver of any of the provisions of
this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (regardless of whether similar), nor
shall any such waiver be deemed or constitute a continuing waiver unless otherwise expressly provided<FONT STYLE="color: black">.</FONT></P>

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

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partial
Unenforceability</B><FONT STYLE="font-style: normal">. The invalidity or unenforceability of any section, paragraph, clause or
provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or provision.</FONT></P>

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

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Law</B><FONT STYLE="font-style: normal">. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York.</FONT></P>

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

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission
to Jurisdiction</B><FONT STYLE="font-style: normal">. The Underwriter, the Company and each Selling Stockholder irrevocably (a)
submit to the jurisdiction of any court of the State of New York located in the City and County of New York or the United States
District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of this
Agreement, or any of the agreements or transactions contemplated by this Agreement, the Registration Statement and the Prospectus
(each a &ldquo;<U>Proceeding</U>&rdquo;), and consent to personal service with respect thereto, (b) agree that all claims in respect
of any Proceeding may be heard and determined in any such court, (c) waive, to the fullest extent permitted by law, any immunity
from jurisdiction of any such court or from any legal process therein, (d) agree not to commence any Proceeding other than in such
courts and (e) waive, to the fullest extent permitted by law, any claim that such Proceeding is brought in an inconvenient forum.
THE COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS),
THE SELLING STOCKHOLDERS AND THE UNDERWRITERS HEREBY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED
UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE REGISTRATION
STATEMENT AND THE PROSPECTUS.</FONT></P>

<P STYLE="font: normal italic 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; font-variant: normal; text-indent: 0.5in"><FONT STYLE="color: black"><B><I>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.
</I></B></FONT>This Agreement may be executed and delivered (including by facsimile transmission and electronic mail attaching
a portable document file (.pdf)) in one or more counterparts and, if executed and delivered in more than one counterpart, the
executed counterparts shall each be deemed to be an original and all such counterparts shall together constitute one and the same
instrument<FONT STYLE="color: black">.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Please sign and return
to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between the Company,
the Selling Stockholders and the Underwriters in accordance with its terms.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">COMPANY:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-autospace: none; font-weight: bold; text-indent: 0">CPI AEROSTRUCTURES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-align: justify; text-autospace: none; text-indent: 0">By:</TD>
    <TD STYLE="width: 30%; padding: 0; text-align: justify; text-autospace: none; text-indent: 0; border-bottom: Black 1pt solid">/s/ Vincent Palazzolo</TD>
    <TD STYLE="width: 15%; padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">Name:</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">Vincent Palazzolo</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">Title:</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">Chief Financial Officer and Secretary</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">SELLING STOCKHOLDERS:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">HARVEY J. BAZAAR</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0; border-bottom: Black 1pt solid">/s/ Harvey J. Bazaar</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">EDWARD J. FRED</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0; border-bottom: Black 1pt solid">/s/ Edward J. Fred</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">DOUGLAS McCROSSON</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0; border-bottom: Black 1pt solid">/s/ Douglas McCrosson</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">KENNETH McSWEENEY</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0; border-bottom: Black 1pt solid">/s/ Kenneth McSweeney</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">VINCENT PALAZZOLO</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0; border-bottom: Black 1pt solid">/s/ Vincent Palazzolo</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">WALTER PAULICK</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0; border-bottom: Black 1pt solid">/s/ Walter Paulick</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 197.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature page to Underwriting Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 197.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 197.65pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 197.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.75in">Confirmed
as of the date first above-mentioned</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.75in">by the
Representative, acting on its own behalf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.75in">and as
Representative of the several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.75in">referred
to in the foregoing agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.75in">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding: 0; text-align: justify; text-autospace: none; text-indent: 0">By:</TD>
    <TD STYLE="width: 30%; padding: 0; text-align: justify; text-autospace: none; text-indent: 0; border-bottom: Black 1pt solid">/s/
    Aaron M. Gurewitz</TD>
    <TD STYLE="width: 64%; padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">Name:</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">Aaron M. Gurewitz</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">Title:</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">Head of Equity Capital Markets</TD>
    <TD STYLE="padding: 0; text-align: justify; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature page to Underwriting Agreement]</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
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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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE I</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Underwriter</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 23%; padding: 0; text-align: center; text-autospace: none; text-indent: 0">Number of<BR>
 Underwritten Shares<BR>
 <U>to be Purchased</U></TD>
    <TD STYLE="width: 23%; padding: 0; text-align: center; text-autospace: none; text-indent: 0">Number of<BR>
Secondary Shares<BR>
<U>to be Purchased</U></TD>
    <TD STYLE="width: 20%; padding: 0; text-align: center; text-autospace: none; text-indent: 0">Number of<BR>
Additional Shares<BR>
<U>to be Purchased</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; text-indent: 0">Roth Capital Partners, LLC</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>700,000</U></TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>213,500</U></TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>137,026</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; text-indent: 0">EarlyBirdCapital, Inc.</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>150,000</U></TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>45,750</U></TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>29,362</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; text-indent: 0">Noble Financial Capital Markets</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>150,000</U></TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>45,750</U></TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>29,362</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">TOTAL</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>1,000,000</U></TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>305,000</U></TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0"><U>195,750</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE II</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Schedule of Shares to be Sold</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: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Number of Underwritten and<BR> Secondary Shares<BR> to be Sold</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Number of Additional<BR> Shares to be Sold</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; text-indent: 0; width: 40%"><B>Company:</B>&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0; width: 20%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0; width: 20%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0 0.36in; text-align: left; text-autospace: none; text-indent: 0"> CPI Aerostructures, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center"><U>1,000,000</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center"><U>195,750</U></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0 0.36in; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0 0in; text-align: left; text-autospace: none; text-indent: 0"><B>Selling Stockholders:</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0 0.36in; text-align: left; text-autospace: none; text-indent: 0"> Harvey J. Bazaar</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center"><U>25,000</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0 0.36in; text-align: left; text-autospace: none; text-indent: 0">Edward J. Fred</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center"><U>200,000</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0 0.36in; text-align: left; text-autospace: none; text-indent: 0">Douglas McCrosson</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center"><U>50,000</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0 0.36in; text-align: left; text-autospace: none; text-indent: 0">Kenneth McSweeney</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center"><U>10,000</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0 0.36in; text-align: left; text-autospace: none; text-indent: 0">Vincent Palazzolo</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center"><U>15,000</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0 0.36in; text-align: left; text-autospace: none; text-indent: 0">Walter Paulick</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center"><U>5,000</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 10pt 0 0; text-align: left; text-autospace: none; font-weight: bold; text-indent: 0">TOTAL</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center"><U>1,305,000</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 10pt 0 0; text-align: center"><U>195,750</U></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE IV</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>&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: 50%; padding: 0 0 8pt; text-indent: 0">Issuer:</TD>
    <TD STYLE="width: 50%; padding: 0 0 8pt; text-indent: 0">CPI Aerostructures, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Symbol:</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">CVU</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Security:</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Common stock, par value $0.001 per share</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Company Shares:</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0"> 1,000,000 shares of common stock</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Selling Stockholders&rsquo; Shares</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0"> 305,000 shares of common stock</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Over-allotment option:</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0"> 195,750 additional shares of common stock</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Public offering price:</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">$12.00 per share</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Underwriting discounts and commissions:</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">$.60 per share</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Net proceeds (excluding the over-allotment):</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">$14,877,000 (after deducting the underwriter&rsquo;s discounts and commissions and estimated offering expenses payable by the Company)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Trade date:</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">June 8, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Settlement date:</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">June 13, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Underwriters:</TD>
    <TD STYLE="padding: 0 0 8pt; text-indent: 0">Roth Capital Partners, LLC, EarlyBirdCapital, Inc. and Noble Financial Capital
    Markets </TD></TR>
</TABLE>
<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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE V</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>Company Opinion</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: left; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has been duly incorporated and is validly existing as a corporation under the laws of the State of New York with requisite
corporate power to own or lease, as the case may be, and to operate its properties and conduct its business as described in the
Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is duly qualified or admitted to transact business as a foreign corporation in the jurisdictions set forth on Appendix
I attached hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorized capital stock of the Company was as set forth in the Base Prospectus under the caption &ldquo;Description of Capital
Stock&rdquo; as of the date stated therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares have been duly authorized and, when issued and paid for by the Underwriters pursuant to the terms of the Underwriting Agreement,
will be validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holders of outstanding shares of capital stock of the Company are not entitled to preemptive rights or rights of first refusal
or other similar rights to subscribe for the Shares under New York law, the Company&rsquo;s certificate of incorporation or by-laws
or, to our knowledge, any Contract that is required to be disclosed in accordance with the Exchange Act (&ldquo;Material Contract&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
our knowledge, there is (i) no action, suit or proceeding by or before any court or other governmental agency, authority or body
or any arbitrator pending or overtly threatened against the Company or its properties by a third party of a character required
to be disclosed in the Time of Sale Disclosure Package or the Final Prospectus that is not disclosed in such Time of Sale Disclosure
Package or Final Prospectus as required by the Securities Act and the rules thereunder, and (ii) no indenture, contract, lease,
mortgage, deed of trust, note agreement, loan or other agreement or instrument of a character required to be filed as an exhibit
to either Registration Statement or any documents incorporated by reference, or deemed to be incorporated by reference therein,
which is not filed as required by the Securities Act and the rules thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statements in (i) the Base Prospectus under the heading &ldquo;Description of Capital Stock&rdquo; and (ii) Item 15 of the Registration
Statement, insofar as such statements purport to summarize legal matters, agreements or documents discussed therein, fairly present,
to the extent required by the Securities Act and the rules thereunder, in all material respects, such legal matters, agreements
or documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement has become effective under the Securities Act; no stop order suspending the effectiveness of any Registration
Statement has been issued and no proceedings for that purpose have been instituted or overtly threatened. Any required filing of
the Prospectus, and any supplement thereto, pursuant to Rule 424(b) under the 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: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement, at the time it became effective, and the Final Prospectus, as of its date (in each case other than the
financial statements and notes thereto or other financial or statistical data derived therefrom, as to which we express no opinion)
each appeared on its face to comply as to form in all material respects with the applicable requirements of the Securities Act
and the rules thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriting Agreement has been duly authorized by all necessary corporate action on the part of the Company, has been duly executed
and delivered by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not, and, after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as
described in the Final Prospectus, will not be, an &ldquo;investment company&rdquo; as defined in the Investment Company Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
consent, approval, authorization or filing or registration with or order of any U.S. Federal or New York court or governmental,
administrative or regulatory agency or body having jurisdiction over the Company is required for the execution and delivery of
the Underwriting Agreement by the Company or the offer and sale by the Company of the Shares as contemplated by the Underwriting
Agreement, except such as have been obtained, taken or made and except such as may be required under the blue sky laws of any jurisdiction
in connection with the purchase and distribution of the Shares by the Underwriters in the manner contemplated in the Underwriting
Agreement, and the Final Prospectus, or under the bylaws, rules and regulations of FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance by the Company of the Underwriting Agreement, and the issuance and sale of the Shares pursuant
to the Underwriting Agreement will not result in (i) a breach or violation of the provisions of the charter or bylaws of the Company,
(ii) a breach or violation of or a default under the terms of any Material Contract; or (iii) a violation of any statute, law,
rule, or regulation which, in our experience is typically applicable to transactions of the nature contemplated by the Underwriting
Agreement and is applicable to the Company, or any order, writ, judgment, injunction, decree, or award that has been entered against
the Company and of which we are aware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
our knowledge, except as set forth in the Final Prospectus, no holders of securities of the Company have rights to require the
registration under the Act of resales of such securities under any of the Material Contracts or the Company&rsquo;s charter or
bylaws, except such rights as have been satisfied in connection with the offering or waived.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Negative Assurances 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: left; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement (except as to the financial statements and schedules, related notes and other financial data and statistical
data derived therefrom, as to which we express no comment), at the date and time that the Registration Statement became effective,
contained any 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;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Time of Sale Disclosure Package (except as to the financial statements and schedules, related notes and other financial data and
statistical data derived therefrom, as to which we express no comment), taken as a whole as of the Time of Sale, contained any
untrue statement of a material fact or omitted or omits 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; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Final Prospectus (except as to the financial statements and schedules, related notes and other financial data and statistical data
derived therefrom, as to which we express no comment), as of its date or dates as amended or supplemented, as applicable, and as
of the date hereof contained or contains any untrue statement of a material fact or omitted or omits 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE VI</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>Selling Stockholders Opinion</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: left; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriting Agreement has been executed and delivered by the Selling Stockholders and
constitutes the valid and binding agreement of the Selling Stockholders enforceable against the Selling Stockholders in accordance
with its terms, except as rights to indemnity may be limited by applicable laws and except as enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws affecting creditors&rsquo; rights, and subject
to general equity principles and to limitations on availability of equitable relief, including specific performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
consent, approval, authorization or filing with or order of any U.S Federal or New York court, governmental agency or body having
jurisdiction over the Selling Stockholders is required for the consummation by the Selling Stockholders of the transactions contemplated
by the Underwriting Agreement, except such as have been obtained, taken or made and except such as may be required under the blue
sky laws of any jurisdiction in connection with the purchase and distribution of the Shares by the Underwriters in the manner contemplated
in the Underwriting Agreement, and the Final Prospectus, or under the bylaws, rules and regulations of FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery of the Underwriting Agreement and the sale of the Shares by each Selling Stockholder pursuant to the Underwriting
Agreement will not result in a violation of (A)  to our knowledge, any U.S. Federal or New York statute, law,
rule, or regulation that, in our experience is typically applicable to transactions of the nature contemplated by the Underwriting
Agreement and is applicable to the Selling Stockholders, or (B) to our knowledge, any order, writ, judgment, injunction, decree,
or award that has been entered against any of the Selling Stockholders and of which we are aware, in the cases of clauses (A) and (B) the breach or violation of which would materially and adversely affect the ability of the particular Selling Stockholder
to perform any of its obligations under the Underwriting Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Selling Stockholder is the beneficial owner of the Common Stock to be sold by such Selling Stockholder pursuant to the Underwriting
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
indication by book entry that the Securities to be sold by the Selling Stockholders pursuant to the Underwriting Agreement have
been credited to a securities account (within the meaning of Section 8-501(a) of the New York Uniform Commercial Code (the &ldquo;NYUCC&rdquo;))
maintained by the Underwriters at DTC and payment therefor by the Underwriters in accordance with the Underwriting Agreement (assuming
that neither DTC nor the Underwriters have notice of any adverse claim (within the meaning of Section 8-105 of the NYUCC) to such
Securities), (i) DTC shall be a &ldquo;protected purchaser&rdquo; of such Securities within the meaning of Section 8-303 of the
NYUCC, (ii) under Section 8-501 of the NYUCC, the Underwriters will acquire a security entitlement with respect to such Securities
and (iii) no action based on any &ldquo;adverse claim,&rdquo; within the meaning of Section 8-102 of the NYUCC, to such Securities,
whether framed in conversion, replevin, constructive trust, equitable lien or other theory, may be asserted against any Underwriter
with respect to such security entitlement.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Edward J. Fred</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Crescendo Partners II, L.P. Series L</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form Lock-up Agreement</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">June ___, 2012</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">Roth Capital Partners, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">888 San Clemente Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Newport Beach, California 92660</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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that Roth Capital Partners, LLC (&ldquo;<U>Roth</U>&rdquo;) as representative of the several underwriters (the &ldquo;<U>Underwriters</U>&rdquo;)
proposes to enter into an Underwriting Agreement (the &ldquo;<U>Underwriting Agreement</U>&rdquo;) with CPI Aerostructures, Inc.,
a New York corporation (the &ldquo;<U>Company</U>&rdquo;) providing for the public offering (the &ldquo;<U>Public Offering</U>&rdquo;)
by the Underwriters of shares of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;<U>Common Stock</U>&rdquo;).</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">To induce the
Underwriters to continue their efforts in connection with the Public Offering, the undersigned hereby agrees that, without
the prior written consent of the Underwriters, it will not, during the period commencing on the date hereof and ending 90
days after the date of the final prospectus supplement relating to the Public Offering (the &ldquo;<U>Prospectus</U>&rdquo;)
(the &ldquo;<U>Lock-Up Period</U>&rdquo;)*, (1) 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 Common Stock or any securities convertible into or exercisable
or exchangeable for Common Stock, or (2) enter into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (1)
or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing
sentence shall not apply to (a) the sale of shares of Common Stock to the Underwriters pursuant to the Underwriting
Agreement, (b) transactions relating to shares of Common Stock or other securities acquired in open market transactions after
the completion of the Public Offering,<I> provided</I> that no filing under Section&nbsp;16(a) of the Securities Exchange Act
of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;) shall be required or shall be voluntarily made in connection with
subsequent sales of Common Stock or other securities acquired in such open market transactions, (c) transfers of shares
of Common Stock or any security convertible into Common Stock as a bona fide gift, by will or intestacy or to a family member
or trust for the benefit of a family member; <I>provided</I> that in the case of any transfer or distribution pursuant to
clause&nbsp;(b), (i) each donee or distributee shall sign and deliver a lock-up letter substantially in the form of this
letter and (ii) if the undersigned is required to file a report under Section 16(a) of the Exchange Act, reporting a
reduction in beneficial ownership of Common Stock or any securities convertible into or exercisable or exchangeable for
Common Stock during the Lock-Up Period, the undersigned shall include a statement in such report to the effect that such
transfer is being made as a gift, by will or intestate succession, as applicable, (d) forfeitures of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock to satisfy tax withholding obligations of the
undersigned in connection with the vesting of restricted stock pursuant to the Company&rsquo;s stock incentive plans, which
forfeitures may require the undersigned to file a report under Section 16(a) of the Exchange Act reporting a reduction in
beneficial ownership of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock
during the Lock-Up Period, or (e) the sale of shares of Common Stock that have been bona fide pledged by the undersigned
prior to the date hereof. In addition, the undersigned agrees that, without the prior written consent of the Underwriters, it
will not, during the period commencing on the date hereof and ending 90 days* after the date of the Prospectus, make any
demand for or exercise any right with respect to, the registration of any shares of Common Stock or any security
convertible into or exercisable or exchangeable for Common Stock. The undersigned also agrees and consents to the entry of
stop transfer instructions with the Company&rsquo;s transfer agent and registrar against the transfer of the
undersigned&rsquo;s shares of Common Stock except in compliance with the foregoing restrictions.</P>

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

<HR ALIGN="LEFT" NOSHADE SIZE="1" STYLE="color: Black; width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The Lock-Up Agreements signed by each of Mr. Eric Rosenfeld
and Crescendo  Partners II, L.P. Series L shall have a term of sixty (60) days.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If (i) the Company
issues an earnings release or material news, or a material event relating to the Company occurs, during the last 17 days of the
Lock-Up Period, or (ii) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results
during the 16-day period beginning on the last day of the Lock-Up Period, the restrictions imposed by this agreement shall continue
to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material
news or material event, unless the Underwriters waive such extension; provided, however, that this sentence shall not apply if
(A) the Company meets the applicable requirements of Rule 139(a)(1) under the Securities Act in the manner contemplated by NASD
Conduct Rule 2711(f)(4) (B) the Company&rsquo;s securities are &ldquo;actively traded&rdquo; as defined in Rule 101(c)(1) of Regulation
M of the Exchange Act and (C) the provisions of NASD Conduct Rule 2711(f)(4) do not restrict the publication or distribution, by
the Underwriters, of any research reports relating to the Company during the 15 days before or after the last day of the Lock-up
Period (before giving effect to such extension).</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">No provision in this
agreement shall be deemed to restrict or prohibit the exercise or exchange by the undersigned of any option or warrant to acquire
shares of Common Stock, or securities exchangeable or exercisable for or convertible into Common Stock, <I>provided that</I> the
undersigned does not transfer the Common Stock acquired on such exercise or exchange during the Lock-Up Period, unless otherwise
permitted pursuant to the terms of this agreement. In addition, no provision herein shall be deemed to restrict or prohibit the
entry into or modification of a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act at any time (other
than the entry into or modification of such a plan in such a manner as to cause the sale of any shares of Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock within the Lock-Up Period).</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 understands
that the Company and the Underwriters are relying upon this agreement in proceeding toward consummation of the Public Offering.
The undersigned further understands that this agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs,
legal representatives, successors and assigns.</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 understands
that, if (i) the Underwriting Agreement is not executed by June&nbsp;15,&nbsp;2012, (ii) the Company notifies the Underwriters
in writing that it does not intend to proceed with the Public Offering or (iii) the Underwriting Agreement (other than the provisions
thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Stock to be
sold thereunder, the undersigned shall be released from all obligations under this letter agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whether or not the
Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made
pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters.</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">This letter agreement
shall be governed by, and construed in accordance with, the laws of the State of New York.</P>

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

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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">Very truly yours,</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(Name)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">(Address)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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"></P>

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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v315265_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GRAUBARD MILLER<BR>
</B>405 Lexington Avenue<BR>
New York, New York 10174</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">June 8, 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">CPI Aerostructures, Inc.<BR>
91 Heartland Boulevard<BR>
Edgewood, New York 11717</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as counsel
to CPI Aerostructures, Inc., a New York corporation (&ldquo;Company&rdquo;), in connection with the preparation of the Registration
Statement on Form S-3, File No 333-181056) (&ldquo;Registration Statement&rdquo;), filed by the Company with the Securities and
Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
which was declared effective on May 11, 2012, and the prospectus supplement thereto, dated June 8, 2012 (&ldquo;Prospectus Supplement&rdquo;).</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 Prospectus
Supplement relates to (i) the issuance and sale by the Company of 1,000,000 shares (&ldquo;Firm Shares&rdquo;) of the
Company&rsquo;s common stock, par value $.001 per share (&ldquo;Common Stock&rdquo;), and up to an additional 195,750 shares
(&ldquo;Over-Allotment Shares&rdquo;) of Common Stock which the Underwriters (defined below) have the right to purchase to
cover over-allotments and (ii) the sale of an aggregate of 305,000 shares of Common Stock comprised of (a) an aggregate of
255,000 shares (&ldquo;Stockholder Shares&rdquo;) of Common Stock to be sold by Harvey J. Bazaar, Edward J. Fred, Kenneth
McSweeney, Vincent Palazzolo and Walter Paulick (collectively,
&ldquo;Stockholders&rdquo;) and (b) an aggregate of 50,000 shares (the &ldquo;Option Shares&rdquo;) of Common Stock to be
acquired by Douglas McCrosson (&ldquo;McCrosson&rdquo;) upon his exercise of Company Options (defined
below) in connection with the Offering, pursuant to the Underwriting Agreement, dated June 8, 2012, among the Company, each
of the Stockholders, McCrosson and Roth Capital Partners, LLC, as representative of the several underwriters named therein
(the &ldquo;Underwriters&rdquo;).</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">This opinion is being
furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the opinion
set forth below, we have reviewed (a) the Prospectus Supplement and the Registration Statement and the exhibits thereto; (b) the
Company&rsquo;s Articles of Incorporation, as amended; (c) the Company&rsquo;s Bylaws; (d) certain records of the Company&rsquo;s
corporate proceedings as reflected in its minute books; and (e) such statutes, records and other documents as we have deemed relevant.
We have also reviewed the stock option agreement, dated May 5, 2003, between the Company and McCrosson with respect to the Option Shares ( the &ldquo;Company
Options&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our examination,
we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and conformity
with the originals of all documents submitted to us as copies thereof. In addition, we have made such other examinations of law
and fact as we have deemed relevant in order to form a basis for the opinions hereinafter expressed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
we are of the opinion that:</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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Firm Shares and Over-Allotment Shares have been duly authorized and when sold and issued in accordance with the Prospectus Supplement
and in accordance with the terms of the Underwriting Agreement against payment therefor, will be validly issued, fully paid and
non-assessable.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Option Shares have been duly authorized and when sold and issued in accordance with the terms of the Company Options against payment
therefor, will be validly issued, fully paid and non-assessable.</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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stockholder Shares have been validly issued and are fully paid and non-assessable.</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"><FONT STYLE="font-size: 10pt">No
opinion is expressed herein other than as to the laws of the State of New York</FONT> <FONT STYLE="font-size: 10pt">and the federal
securities law of the United States of America. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to
the filing of this opinion with the Commission as an exhibit to the Company&rsquo;s Current Report on Form 8-K being filed on the
date hereof, and incorporation by reference into the Registration Statement. We also consent to the use of our name as counsel
to the Company, and to all references made to us in the Registration Statement and the prospectus forming a part thereof. In giving
this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities
Act or the rules and regulations promulgated thereunder. This opinion is expressed as of the date hereof and we disclaim any undertaking
to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 50%; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-indent: 0">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">/s/ GRAUBARD MILLER</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"></P>

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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>v315265_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CPI AERO ANNOUNCES PUBLIC OFFERING OF
COMMON STOCK</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Edgewood, New York, June 7, 2012 &ndash; CPI Aerostructures,
Inc. (&ldquo;CPI Aero&reg;&rdquo;) (NYSE MKT:CVU) today announced that CPI Aero and selling stockholders intend to offer shares of
common stock in an underwritten public offering. CPI Aero also expects to grant to the underwriters a 30-day option to purchase
additional shares of common stock to cover overallotments, if any. CPI Aero intends to use the net proceeds from this offering
to fund working capital, other general corporate purposes and to pay down a portion of its revolving credit facility.</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">Roth Capital Partners is acting as the sole bookrunning manager
of the offering. EarlyBirdCapital, Inc. and Noble Financial Capital Markets are acting as co-managers.</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">The offering is being made pursuant to an effective shelf registration
statement (File No. 333-181056) declared effective by the Securities and Exchange Commission on May 11, 2012. A prospectus supplement
relating to the offering will be filed with the Securities and Exchange Commission. When available, copies of the prospectus supplement
and accompanying base prospectus relating to the offering may be obtained from the Securities and Exchange Commission at <U>http://www.sec.gov</U>,
or from Roth Capital Partners at 888 San Clemente Drive, Newport Beach, CA 92660, by calling (800) 678-9147 or by email: rothecm@roth.com.</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">This press release shall not constitute an offer to sell or
the solicitation of an offer to buy, the shares of common stock. Neither CPI Aero nor the selling stockholders will sell any of
the shares of common stock and has been advised by the underwriters that neither they nor their affiliates will sell any of the
shares of common stock in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any such state or jurisdiction.</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"><B>About CPI Aero</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CPI Aero is engaged in the contract production of structural
aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. CPI Aero also
acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts. In conjunction with its
assembly operations, CPI Aero provides engineering, technical and program management services.</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"><B>Safe Harbor Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains forward-looking information. Readers
are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made.
Such statements are subject to certain risks and uncertainties which are disclosed in CPI Aero&rsquo;s SEC reports, including the
Form 10-K for the year ended December 31, 2011, and the Form 10-Q for the quarter ended March 31, 2012. These risks and uncertainties
could cause actual results to differ materially from those currently anticipated or projected.</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"></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"><B>Contacts</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vincent Palazzolo, 631-586-5200</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lena Cati, 212-836-9611</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Linda Latman, 212-836-9609</P>

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

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



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

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

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

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<TYPE>EX-99.2
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<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CPI AERO ANNOUNCES PRICING OF COMMON STOCK OFERING</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Edgewood, New York, June 8, 2012 &ndash; CPI
Aerostructures, Inc. (&ldquo;CPI Aero&reg;&rdquo;) (NYSE MKT) today announced the pricing of its previously announced
underwritten public offering of 1,305,000 shares of its common stock at a price to the public of  $12.00 per share. CPI Aero
is offering  1,000,000 shares and selling stockholders are offering 305,000 shares of common stock. In addition, CPI Aero
has granted the underwriters a 30-day option to purchase up to 195,750 additional shares of its common stock to cover
overallotments, if any.</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">Net proceeds from the sale by CPI Aero of the shares after underwriting
discounts and commissions and other offering expenses are expected to be approximately $11.2 million. The company plans to use
the net proceeds from the offering for working capital and other general corporate purposes and to pay down a portion of its revolving
credit facility. The offering is subject to customary closing conditions and is expected to close on June 13, 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">Roth Capital Partners is acting as the sole bookrunning manager
of the offering. EarlyBirdCapital, Inc. and Noble Financial Capital Markets are acting as co-managers.</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">The offering is being made pursuant to an effective shelf registration
statement (File No. 333-181056) declared effective by the Securities and Exchange Commission on May 11, 2012. Copies of the prospectus
supplement and accompanying base prospectus relating to the offering may be obtained from the Securities and Exchange Commission
at <U>http://www.sec.gov</U>, or from Roth Capital Partners at 888 San Clemente Drive, Newport Beach, CA 92660, by calling (800)
678-9147 or by email: rothecm@roth.com.</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">This press release shall not constitute an offer to sell or
the solicitation of an offer to buy, the shares of common stock. Neither CPI Aero nor the selling stockholders will sell any of
the shares of common stock and has been advised by the underwriters that neither they nor their affiliates will sell any of the
shares of common stock in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any such state or jurisdiction.</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"><B>About CPI Aero</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CPI Aero is engaged in the contract production of structural
aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. CPI Aero also
acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts. In conjunction with its
assembly operations, CPI Aero provides engineering, technical and program management services.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains forward-looking information. Readers
are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made.
Such statements are subject to certain risks and uncertainties which are disclosed in CPI Aero&rsquo;s SEC reports, including the
Form 10-K for the year ended December 31, 2011, and the Form 10-Q for the quarter ended March 31, 2012. These risks and uncertainties
could cause actual results to differ materially from those currently anticipated or projected.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vincent Palazzolo, 631-586-5200</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lena Cati, 212-836-9611</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Linda Latman, 212-836-9609</P>

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



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

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

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

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