<SEC-DOCUMENT>0001144204-12-006320.txt : 20120207
<SEC-HEADER>0001144204-12-006320.hdr.sgml : 20120207
<ACCEPTANCE-DATETIME>20120207125055
ACCESSION NUMBER:		0001144204-12-006320
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20120202
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120207
DATE AS OF CHANGE:		20120207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSGENOMIC INC
		CENTRAL INDEX KEY:			0001043961
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				911789357
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30975
		FILM NUMBER:		12576653

	BUSINESS ADDRESS:	
		STREET 1:		12325 EMMET ST
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68164
		BUSINESS PHONE:		4027385480

	MAIL ADDRESS:	
		STREET 1:		12325 EMMET STREET
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68164
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v301517_8k.htm
<DESCRIPTION>8-K
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (date of earliest event reported):
<B> February 7, 2012 (February 2, 2012)</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Transgenomic, Inc.</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">DELAWARE</TD>
    <TD STYLE="width: 34%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">000-30975</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">91-1789357</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or Other Jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">of Incorporation)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">File Number)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">12325 Emmet Street, Omaha, Nebraska</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">68164</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<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: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(402) 452-5400</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Registrant&rsquo;s Telephone Number, Including Area Code)</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 27pt; font-size: 10pt; text-align: justify; text-indent: -27pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 95%; padding-right: 0; padding-left: 0">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>Item 1.01. Entry into a Material Definitive
Agreement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On February 2, 2012,
Transgenomic, Inc. (the &ldquo;<U>Company</U>&rdquo;) entered into a Securities Purchase Agreement (the &ldquo;<U>Purchase Agreement</U>&rdquo;)
with certain institutional and other accredited investors (the &ldquo;<U>Investors</U>&rdquo;) pursuant to which the Company: (i)
sold to the Investors an aggregate of 19,000,000 shares of the Company&rsquo;s Common Stock at a price per share of $1.00 (the
&ldquo;<U>Common Shares</U>&rdquo;) for aggregate gross proceeds of approximately $19,000,000; and (ii) issued to the Investors
warrants (the &ldquo;<U>Warrants</U>&rdquo;) to purchase up to an aggregate of 9,500,000 shares of Common Stock with an exercise
price of $1.25 per share (collectively, the &ldquo;<U>Offering</U>&rdquo;). The Warrants may be exercised, in whole or in part,
at any time from February 7, 2012 until February 7, 2017 and contain both cash and &ldquo;cashless exercise&rdquo; features. The
Warrants also impose penalties on the Company for failure to deliver the shares of Common Stock issuable upon exercise. The Company
currently intends to use the net proceeds from the Offering for general corporate and working capital purposes, primarily to accelerate
development of several of the company&rsquo;s key initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the Offering, in connection with
the conversion of certain convertible promissory notes in the aggregate amount of $3,000,000 (the &ldquo;<U>Convertible Notes</U>&rdquo;)
issued by the Company on December 29, 2011 to Third Security Senior Staff 2008 LLC, a Virginia limited liability company, Third
Security Staff 2010 LLC, a Virginia limited liability company, and Third Security Incentive 2010 LLC, a Virginia limited liability
company (collectively, the &ldquo;<U>Third Security Entities</U>&rdquo;), the Third Security Entities received an aggregate of
3,000,000 Common Shares (the &ldquo;<U>Third Security Common Shares</U>&rdquo;) and Warrants to purchase up to 1,500,000 shares
of Common Stock (the &ldquo;<U>Third Security Warrants</U>&rdquo;) upon the same terms as the Investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the Offering, the Company
also entered into a registration rights agreement with the Investors and the Third Security Entities (the &ldquo;<U>Registration
Rights Agreement</U>&rdquo;). The Registration Rights Agreement requires that the Company file a registration statement (the &ldquo;<U>Initial
Registration Statement</U>&rdquo;) with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) within forty-five
(45) days of the closing date of the Offering (the &ldquo;<U>Filing Date</U>&rdquo;) for the resale by the Investors and the Third
Security Entities of all of the Common Shares, the shares of Common Stock issuable upon exercise of the Warrants, the Third Security
Common Shares, the shares of Common Stock issuable upon exercise of the Third Security Warrants and all shares of Common Stock
issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect thereto (the &ldquo;<U>Registrable
Securities</U>&rdquo;). The Initial Registration Statement must be declared effective by the SEC within ninety (90) days of the
closing date of the Offering (the &ldquo;<U>Effectiveness Date</U>&rdquo;) subject to certain adjustments. Upon the occurrence
of certain events (each an &ldquo;<U>Event</U>&rdquo;), including, but not limited to, that the Initial Registration Statement
is not filed prior to the Filing Date, the Company will be required to pay liquidated damages to each of the Investors and the
Third Security Entities upon the date of the Event and then monthly thereafter until the earlier of: (i) the Event is cured, or
(ii) the registrable shares are eligible for resale under Rule 144 without manner of sale or volume limitations. In no event shall
the aggregate amount of liquidated damages payable to each of the Investors and Third Security Entities exceed in the aggregate
10% of the aggregate purchase price paid by such Investor or Third Security Entity for the Registrable Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Craig-Hallum Capital Group LLC (the &ldquo;<U>Placement
Agent</U>&rdquo;) served as the sole placement agent for the Offering. In consideration for services rendered as the Placement
Agent in the Offering, the Company agreed to (i) pay to the Placement Agent cash commissions equal to $1,330,000, or 7.0% of the
gross proceeds received in the Offering, (ii) issue to the Placement Agent a five-year warrant to purchase up to 380,000 shares
of the Company&rsquo;s Common Stock (representing 2% of the Common Shares sold in the Offering) with an exercise price of $1.25
per share and other terms that are the same as the terms of the Warrants and the Third Security Warrants issued in connection with
the Offering (the &ldquo;<U>Agent Warrants</U>&rdquo;); and (iii) reimburse the Placement Agent for reasonable out-of-pocket expenses,
including fees paid to the placement agent&rsquo;s legal counsel, incurred in connection with the Offering, which reimbursable
expenses shall not exceed $125,000. In addition, the Company will also pay the Placement Agent the cash fee and warrants, determined
in accordance with the percentages set forth above, if, during a 12-month period commencing January 2, 2012, the Company signs
a definitive agreement or letter of intent or other evidence of commitment which subsequently results in an offering of the securities
of the Company being consummated. The calculation of the Placement Agent&rsquo;s fees did not include the Third Security Common
Shares and Third Security Warrants issued to the Third Security Entities in connection with the conversion of the convertible promissory
notes described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The foregoing descriptions of the Purchase
Agreement, Warrants, the Third Security Warrants and Registration Rights Agreement do not purport to be complete and are qualified
in their entireties by reference to the full text of the Purchase Agreement, form of Third Security Warrant, form of Warrant and
Registration Rights Agreement, which are filed as Exhibit 10.1, Exhibit 10.2, Exhibit 10.3 and Exhibit 10.4, respectively, to this
Current Report on Form 8-K and incorporated herein by reference.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 3.02</B></TD><TD STYLE="text-align: justify"><B>Unregistered Sales of Equity Securities</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Offering described in Item
1.01 of this Current Report on Form 8-K, which description is incorporated into this Item 3.02 by reference, on February 2, 2012,
the Company offered and sold the Common Shares, Warrants, Third Security Common Shares and Third Security Warrants to &ldquo;accredited
investors&rdquo; as such term is defined in the Securities Act and in reliance on the exemption from registration afforded by Section
4(2) and Regulation D (Rule 506) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;) and corresponding
provisions of state securities laws. Accordingly, the securities to be issued in this Offering have not been registered under the
Securities Act, and until registered, these securities may not be offered or sold in the United States absent registration or availability
of an applicable exemption from registration.</P>

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

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01. Financial Statements and Exhibits</B></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><B>(d) Exhibits</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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: 16%; padding: 0; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Exhibit Number</TD>
    <TD STYLE="width: 84%; padding: 0; font-size: 10pt; font-weight: bold; text-decoration: underline; text-indent: 0">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">10.1</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Securities Purchase Agreement entered into by and among the Company and the Investors dated February 2, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">10.2</P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Form of Warrant issued by the Company to the Third Security Entities on February 7, 2012.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">10.3</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Form of Warrant issued by the Company to the Investors on February 7, 2012. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">10.4</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Form of Registration Rights Agreement entered into by and among the Company, the Third Security Entities and the Investors dated February 2, 2012. </TD></TR>
</TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.25in"><B>SIGNATURES</B></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">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/12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; vertical-align: top; font-weight: bold; text-indent: 0">TRANSGENOMIC, INC.</TD></TR>
<TR>
    <TD STYLE="width: 53%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; vertical-align: top; padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 42%; vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">Date: February 7, 2012.</TD>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0; border-bottom: Black 1pt solid">/s/ Brett L. Frevert</TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0">Brett L. Frevert</TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0">Chief Financial Officer</TD></TR>
</TABLE>


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

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

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

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

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

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    <TD STYLE="width: 16%; padding: 0; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Exhibit Number</TD>
    <TD STYLE="width: 84%; padding: 0; font-size: 10pt; font-weight: bold; text-decoration: underline; text-indent: 0">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">10.1</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Securities Purchase Agreement entered into by and among the Company and the Investors dated February 2, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">10.2</P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Form of Warrant issued by the Company to the Third Security Entities on February 7, 2012.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">10.3</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Form of Warrant issued by the Company to the Investors on February 7, 2012. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">10.4</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Form of Registration Rights Agreement entered into by and among the Company, the Third Security Entities and the Investors dated February 2, 2012. </TD></TR>
</TABLE>
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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

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<TYPE>EX-10.1
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<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 10.1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="text-transform: uppercase"><B><U>EXECUTION
COPY</U></B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Securities Purchase
Agreement (this &ldquo;<I>Agreement</I>&rdquo;) is dated as of February 2, 2012 by and among Transgenomic, Inc., a Delaware corporation
(the &ldquo;<I>Company</I>&rdquo;), and each purchaser identified on the signature pages hereto (each, including its successors
and assigns, a &ldquo;<I>Purchaser</I>&rdquo; and collectively, the &ldquo;<I>Purchasers</I>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and each Purchaser is executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(2) of the Securities Act of 1933, as amended (the &ldquo;<I>Securities Act</I>&rdquo;), and Rule 506 of Regulation
D (&ldquo;<I>Regulation D</I>&rdquo;) as promulgated by the United States Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;)
under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Purchaser, severally and not jointly, wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated
in this Agreement, (i) that aggregate number of shares of common stock, par value $0.01 per share (the &ldquo;<I>Common Stock</I>&rdquo;),
of the Company, set forth below such Purchaser&rsquo;s name on the signature page of this Agreement (which aggregate amount for
all Purchasers together shall be 19,000,000 shares of Common Stock and shall be collectively referred to herein as the &ldquo;<I>Shares</I>&rdquo;)
and (ii) warrants, in substantially the form attached hereto as <U>Exhibit A</U> (the &ldquo;<I>Warrants</I>&rdquo;), to acquire
up to that number of additional shares of Common Stock equal to 50% of the number of Shares purchased by such Purchaser, rounded
up to the nearest whole share (the shares of Common Stock issuable upon exercise of or otherwise pursuant to the Warrants collectively
are referred to herein as the &ldquo;<I>Warrant Shares</I>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares, the Warrants and the Warrant Shares collectively are referred to herein as the &ldquo;<I>Securities</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has engaged Craig-Hallum Capital Group LLC to act as exclusive placement agent (the &ldquo;<I>Placement Agent</I>&rdquo;)
for the offering of the Shares and Warrants on a &ldquo;best efforts&rdquo; basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contemporaneously
with the execution and delivery of this Agreement, the parties hereto are executing and delivering a Registration Rights Agreement,
substantially in the form attached hereto as <U>Exhibit B</U> (the &ldquo;<I>Registration Rights Agreement</I>&rdquo;), pursuant
to which, among other things, the Company will agree to provide certain registration rights with respect to the Shares and the
Warrant Shares under the Securities Act and the rules and regulations promulgated thereunder and applicable state securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Company and each Purchaser hereby agree as follows:</P>

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definitions</U><FONT STYLE="font-size: 10pt">.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms shall have
the meanings indicated in this Section 1.1:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Accredited Investor
Questionnaire</I>&rdquo; means the Accredited Investor Questionnaire set forth as <U>Exhibit C-1</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Action</I>&rdquo;
means any action, suit, inquiry, notice of violation, proceeding (including any partial proceeding such as a deposition) or investigation
pending or, to the Company&rsquo;s Knowledge, threatened against the Company or any of their respective properties or any officer,
director or employee of the Company acting in his or her capacity as an officer, director or employee before or by any federal,
state, county, local or foreign court, arbitrator, governmental or administrative agency, regulatory authority, stock market, stock
exchange or trading facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Affiliate</I>&rdquo;
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls,
is controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the
Securities Act. With respect to a Purchaser, any investment fund or managed account that is managed on a discretionary basis by
the same investment manager as such Purchaser will be deemed to be an Affiliate of such Purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Agreement</I>&rdquo;
has the meaning set forth in the Preamble.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Board of Directors</I>&rdquo;
means the board of directors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Business Day</I>&rdquo;
<FONT STYLE="color: black">means any day except Saturday, Sunday, any day which is a federal legal holiday in the United States
or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Buy-In</I>&rdquo;
has the meaning set forth in Section 4.1(f).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Buy-In Price</I>&rdquo;
has the meaning set forth in Section 4.1(f).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Closing</I>&rdquo;
means the closing of the purchase and sale of the Shares and the Warrants on the Closing Date pursuant to Section 2.1.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><I>&ldquo;Closing Bid Price&rdquo;</I>
means, for any security as of any date, (a) the last reported closing bid price per share for such security on the Principal Trading
Market, as reported by Bloomberg Financial Markets, or, (b) if the Principal Trading Market begins to operate on an extended hours
basis and does not designate the closing bid price then the last bid price of such security prior to 4:00&nbsp;p.m., New York City
time, as reported by Bloomberg Financial Markets, or (c) if the foregoing do not apply, the last closing price of such security
in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg Financial Markets, or,
(d) if no closing bid price is reported for such security by Bloomberg Financial Markets, the average of the bid prices of any
market makers for such security as reported in the &ldquo;pink sheets&rdquo; by Pink Sheets LLC. If the Closing Bid Price cannot
be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price of such security on such
date shall be the fair market value as mutually determined by the Company and the holder of such security. If the Company and such
holder are unable to agree upon the fair market value of such security, then the Board of Directors shall use its good faith judgment
to determine the fair market value. The Board of Directors&rsquo; determination shall be binding on all parties absent demonstrable
error.. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other
similar transaction during the applicable calculation period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Closing Date</I>&rdquo;
means the Trading Day when all of the Transaction Documents have been executed and delivered by the applicable parties thereto,
and all of the conditions set forth in Sections 2.1, 2.2, 5.1 and 5.2 hereof are satisfied or waived, as the case may be, or such
other date as the parties may agree.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Commission</I>&rdquo;
has the meaning set forth in the Recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Common Stock</I>&rdquo;
has the meaning set forth in the Recitals, and also includes any other class of securities into which the Common Stock may hereafter
be reclassified or changed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Common Stock Equivalents</I>&rdquo;
means any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including, without
limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exchangeable
for, or otherwise entitles the holder thereof to receive, Common Stock or other securities that entitle the holder to receive,
directly or indirectly, Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Company</I>&rdquo;
has the meaning set forth in the Preamble.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Company Counsel</I>&rdquo;
means Husch Blackwell LLP, with offices located at 1620 Dodge Street, Omaha, Nebraska 68102.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Company Deliverables</I>&rdquo;
has the meaning set forth in Section 2.2(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Company&rsquo;s
Knowledge</I>&rdquo; means with respect to any statement made to the Company&rsquo;s Knowledge, that the statement is based upon
the actual knowledge of the officers of the Company having responsibility for the matter or matters that are the subject of the
statement, after due inquiry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Control</I>&rdquo;
(including the terms &ldquo;controlling&rdquo;, &ldquo;controlled by&rdquo; or &ldquo;under common control with&rdquo;) means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Deadline Date</I>&rdquo;
has the meaning set forth in Section 4.1(f).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Disclosure Materials</I>&rdquo;
has the meaning set forth in Section 3.1(h).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Disclosure Schedules</I>&rdquo;
has the meaning set forth in Section 3.1.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>DTC</I>&rdquo;
has the meaning set forth in Section 4.1(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Effective Date</I>&rdquo;
means the date on which the initial Registration Statement required by Section 2(a) of the Registration Rights Agreement is first
declared effective by the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Effectiveness Deadline</I>&rdquo;
means the date on which the initial Registration Statement is required to be declared effective by the Commission under the terms
of the Registration Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Environmental Laws</I>&rdquo;
has the meaning set forth in Section 3.1(dd).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Evaluation Date</I>&rdquo;
has the meaning set forth in Section&nbsp;3.1(t).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Exchange Act</I>&rdquo;
means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>FDA</I>&rdquo;
has the meaning set forth in Section 3.1(ll).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>GAAP</I>&rdquo;
means U.S. generally accepted accounting principles, as applied by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Governmental Licenses</I>&rdquo;
has the meaning set forth in Section 3.1(ll).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Intellectual Property
Rights</I>&rdquo; has the meaning set forth in Section 3.1(p).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Irrevocable Transfer
Agent Instructions</I>&rdquo; means, with respect to the Company, the Irrevocable Transfer Agent Instructions, in substantially
the form of <U>Exhibit E</U>, executed by the Company and delivered to and acknowledged in writing by the Transfer Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Legend Removal
Date</I>&rdquo; has the meaning set forth in Section&nbsp;4.1(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Lien</I>&rdquo;
means any lien, charge, deed of trust, claim, encumbrance, security interest, <FONT STYLE="font-size: 10pt">priority, right or
preferential arrangement of any kind or nature whatsoever (excluding preferred stock and equity related preferences) </FONT>or
other restrictions of any kind<FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Material Adverse
Effect</I>&rdquo; means a material adverse effect on the results of operations, assets, prospects, business or financial condition
of the Company, except that any of the following, either alone or in combination, shall not be deemed a Material Adverse Effect:
(i) effects caused by changes or circumstances affecting general market conditions in the U.S. economy or which are generally applicable
to the industry in which the Company operates, provided that such effects are not borne disproportionately by the Company, (ii)
effects caused by earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material
worsening of any such hostilities, acts of war, sabotage or terrorism or military actions existing as of the date hereof or (iii)
effects resulting from or relating to the announcement or disclosure of the sale of Securities or other transactions contemplated
by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Material Contract</I>&rdquo;
means any contract of the Company that has been filed or was required to have been filed as an exhibit to the SEC Reports pursuant
to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Material Permits</I>&rdquo;
has the meaning set forth in Section 3.1(n).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>New York Courts</I>&rdquo;
means the state and federal courts sitting in the City of New York, Borough of Manhattan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>OFAC</I>&rdquo;
has the meaning set forth in Section 3.1(kk).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Outside Date</I>&rdquo;
means the tenth (10<SUP>th</SUP>) Business Day following the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Person</I>&rdquo;
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Placement Agent</I>&rdquo;
has the meaning set forth in the Recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Press Release</I>&rdquo;
has the meaning set forth in Section 4.6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Principal Trading
Market</I>&rdquo; means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which, as of
the date of this Agreement and the Closing Date, shall be the OTCQB Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Proceeding</I>&rdquo;
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Purchase Price</I>&rdquo;
means $1.00 per unit, each such unit comprised of one share of Common Stock and a Warrant to purchase 0.5 Warrant Shares (subject
to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common
Stock that occur after the date of this Agreement.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Purchaser</I>&rdquo;
or &ldquo;<I>Purchasers</I>&rdquo; has the meaning set forth in the Recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Purchaser Deliverables</I>&rdquo;
has the meaning set forth in Section 2.2(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Purchaser Party</I>&rdquo;
has the meaning set forth in Section 4.10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Registration Rights
Agreement</I>&rdquo; has the meaning set forth in the Recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Registration Statement</I>&rdquo;
means a registration statement meeting the requirements set forth in the Registration Rights Agreement and covering the resale
by the Purchasers of the Registrable Securities (as defined in the Registration Rights Agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Regulation D</I>&rdquo;
has the meaning set forth in the Recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Required Approvals</I>&rdquo;
has the meaning set forth in Section 3.1(e).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Rule 144</I>&rdquo;
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>SEC Reports</I>&rdquo;
has the meaning set forth in Section 3.1(h).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Secretary&rsquo;s
Certificate</I>&rdquo; has the meaning set forth in Section 2.2(a)(vii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Securities</I>&rdquo;
has the meaning set forth in the Recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Securities Act</I>&rdquo;
has the meaning set forth in the Recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Shares</I>&rdquo;
has the meaning set forth in the Recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Short Sales</I>&rdquo;
include, without limitation, (i) all &ldquo;short sales&rdquo; as defined in Rule 200 promulgated under Regulation SHO under the
Exchange Act, whether or not against the box, and all types of direct and indirect stock pledges, forward sale contracts, options,
puts, calls, short sales, swaps, &ldquo;put equivalent positions&rdquo; (as defined in Rule 16a-1(h) under the Exchange Act) and
similar arrangements (including on a total return basis), and (ii) sales and other transactions through non-U.S. broker dealers
or foreign regulated brokers <FONT STYLE="color: black">(but shall not be deemed to include the location and/or reservation of
borrowable shares of Common Stock)</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Stock Certificates</I>&rdquo;
has the meaning set forth in Section 2.2(a)(ii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Subscription Amount</I>&rdquo;
means, with respect to each Purchaser, the aggregate amount to be paid for the Shares and the related Warrants purchased hereunder
as indicated on such Purchaser&rsquo;s signature page to this Agreement next to the heading &ldquo;Aggregate Purchase Price (Subscription
Amount)&rdquo;<FONT STYLE="color: black"> in United States dollars and in immediately available funds</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Subsidiary</I>&rdquo;<FONT STYLE="color: black">
means any subsidiary of the Company as set forth on <U>Schedule 3.1(a)</U>, and shall, where applicable, include any subsidiary
of the Company formed or acquired after the date hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Trading Affiliate</I>&rdquo;
has the meaning set forth in Section 3.2(h).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Trading Day</I>&rdquo;
means (i) a day on which the Common Stock is listed or quoted and traded on its Principal Trading Market (other than the OTCMarkets),
or (ii) if the Common Stock is not listed on a Trading Market (other than the OTCMarkets), a day on which the Common Stock is traded
in the over-the-counter market, as reported by the OTCMarkets, or (iii) if the Common Stock is not quoted on any Trading Market,
a day on which the Common Stock is quoted in the over-the-counter market as reported in the &ldquo;pink sheets&rdquo; by Pink Sheets
LLC (or any similar organization or agency succeeding to its functions of reporting prices); <I>provided</I>, that in the event
that the Common Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business
Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Trading Market</I>&rdquo;
means whichever of the New York Stock Exchange, the NYSE Amex, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ
Capital Market or the OTCMarkets on which the Common Stock is listed or quoted for trading on the date in question.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Transaction Documents</I>&rdquo;
means this Agreement, the schedules and exhibits attached hereto, the Warrants, the Registration Rights Agreement, the Irrevocable
Transfer Agent Instructions and any other documents or agreements explicitly contemplated hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Transfer Agent</I>&rdquo;
means Wells Fargo Bank Minnesota, N.A. - Shareowner Services, <FONT STYLE="color: black">the current transfer agent of the Company,
with a mailing address of P.O. Box 64854, St. Paul, MN 55164-0854, and a telephone number of (800) 478-9715, </FONT>or any successor
transfer agent for the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Warrants</I>&rdquo;
has the meaning set forth in the Recitals. The Placement Agent and/or its designees are also receiving placement agent warrants
as compensation for services rendered in connection with the transactions set forth herein, which warrants shall also constitute
&ldquo;<I>Warrants</I>&rdquo; for all purposes hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Warrant Shares</I>&rdquo;
has the meaning set forth in the Recitals.</P>

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Closing</U><FONT STYLE="font-size: 10pt">.
</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amount</U>.
&nbsp;&nbsp;Subject to the terms and conditions set forth in this Agreement, at the Closing, the Company shall issue and sell to each
Purchaser, and each Purchaser shall, severally and not jointly, purchase from the Company, such number of units equal to the
quotient resulting from dividing (i)&nbsp;the Subscription Amount for such Purchaser as indicated below such
Purchaser&rsquo;s name on its signature page to this Agreement by (ii)&nbsp;the Purchase Price, rounded down to the nearest
whole Share. Warrants shall have an exercise price equal to $1.25 per Warrant Share, subject to adjustment as provided in
such Warrants.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Closing</U>.
&nbsp;&nbsp;The Closing of the purchase and sale of the Shares and Warrants shall take place at the offices of Goodwin Procter LLP, The New
York Times Building, 620 Eighth Avenue, New York, New York 10018 on the Closing Date or at such other location(s) or remotely by
facsimile transmission or other electronic means as the parties may mutually agree.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Form
of Payment</U>. &nbsp;&nbsp;&nbsp;&nbsp;Except as may otherwise be agreed to among the Company and one or more of the Purchasers,
on or prior to the Business Day immediately prior to the Closing Date, each Purchaser shall wire its Subscription Amount, in United
States dollars and in immediately available funds, to an escrow account established by the Placement Agent (the aggregate amounts
received being held in escrow are referred to herein as the &ldquo;<I>Escrow Amount</I>&rdquo;). On the Closing Date,<FONT STYLE="color: black">
(a) the Escrow Amount constituting the aggregate Purchase Price shall be distributed as follows: (1) to the Placement Agent, the
fees and reimbursable expenses payable to the Placement Agent, and (2) the balance of the aggregate Purchase Price to the Company,
(b) the Company shall irrevocably instruct the Transfer Agent to deliver to each Purchaser one or more stock certificates, free
and clear of all restrictive and other legends (except as expressly provided in Section 4.1(b) hereof), evidencing the number
of Shares such Purchaser is purchasing as is set forth</FONT> on such Purchaser&rsquo;s signature page to this Agreement next
to the heading &ldquo;Number of Shares to be Acquired,&rdquo;<FONT STYLE="color: black"> within three Trading Days after the Closing,
and (c) the Company shall deliver to each Purchaser one or more Warrants, free and clear of all restrictive and other legends
(except as expressly provided in Section 4.1(b) hereof), evidencing the number of Warrant Shares such Purchaser is entitled to
purchase as is set forth on such Purchaser&rsquo;s signature page to this Agreement next to the heading &ldquo;Underlying Shares
Subject to Warrant,&rdquo; within three Trading Days after the Closing.</FONT> Notwithstanding the foregoing, in the event a Purchaser
has specified to the Company at the time of execution of this Agreement that it shall settle &ldquo;delivery versus payment&rdquo;,
the Company shall deliver the Shares and Warrants to such Purchaser on or before the Closing Date and, upon receipt, the Purchaser
shall wire its Subscription Amount to an account designated in writing by the Company.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Closing
Deliveries</U><FONT STYLE="font-size: 10pt">. <FONT STYLE="color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>On
or prior to the Closing, the Company shall issue, deliver or cause to be delivered to each Purchaser the following (the &ldquo;<I>Company
Deliverables</I>&rdquo;):</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement, duly executed by the Company;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;facsimile
copies of one or more stock certificates, free and clear of all restrictive and other legends (except as provided in Section 4.1(b)
hereof), evidencing the Shares subscribed for by such Purchaser hereunder, registered in the name of such Purchaser as set forth
on the Stock Certificate Questionnaire included as <U>Exhibit C-2</U> hereto (the &ldquo;<I>Stock Certificates</I>&rdquo;), with
the original Stock Certificates delivered by the Transfer Agent within three Trading Days of Closing <FONT STYLE="font-size: 10pt">(unless
such Purchaser has specified to the Company at the time of execution of this Agreement that it shall settle &ldquo;delivery versus
payment&rdquo; in which case such original Stock Certificates shall be delivered on or prior to the Closing Date)</FONT>;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;facsimile
copies of one or more Warrants, executed by the Company and registered in the name of such Purchaser as set forth on the Stock
Certificate Questionnaire included as <U>Exhibit C-2</U> hereto, pursuant to which such Purchaser shall have the right to acquire
such number of Warrant Shares equal to 50% of the number of Shares issuable to such Purchaser pursuant to Section 2.2(a)(ii), rounded
up to the nearest whole share (<I>provided, however,</I> that in the event any Purchasers are Affiliates of each other, all Shares
purchased by such Purchasers shall be aggregated together for the purpose of determining the aggregate number of Warrant Shares
subject to all Warrants purchased by such Purchasers), on the terms set forth therein, with the original Warrants delivered by
the Company within three Trading Days of Closing <FONT STYLE="font-size: 10pt">(unless such Purchaser has specified to the Company
at the time of execution of this Agreement that it shall settle &ldquo;delivery versus payment&rdquo; in which case such original
Warrants shall be delivered on or prior to the Closing Date)</FONT>;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
legal opinion of Company Counsel, dated as of the Closing Date and in substantially the form attached hereto as <U>Exhibit D</U>,
executed by such counsel and addressed to the Purchasers and the Placement Agent;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Rights Agreement, duly executed by the Company;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;duly
executed Irrevocable Transfer Agent Instructions acknowledged in writing by the Transfer Agent<FONT STYLE="color: black"> instructing
the Transfer Agent to deliver, on an expedited basis, a certificate evidencing a number of Shares equal to such Purchaser&rsquo;s
Subscription Amount divided by the Purchase Price, registered in the name of such Purchaser</FONT>;</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate of the Secretary of the Company (the &ldquo;<I>Secretary&rsquo;s Certificate</I>&rdquo;), dated as of the Closing Date
and in substantially the form attached hereto as <U>Exhibit F</U>;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Compliance Certificate referred to in Section 5.1(h);</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate evidencing the formation and good standing of the Company issued by the Secretary of State of the State of Delaware
as of a date within five days of the Closing Date;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate evidencing the Company&rsquo;s qualification as a foreign corporation and good standing issued by (i) the Secretary
of State of the State of California and (ii) the Secretary of State of the State of Nebraska as of a date within five days of the
Closing Date; and</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certified copy of the certificate of incorporation of the Company, as certified by the Secretary of State of the State of Delaware,
as of a date within 10 days of the Closing Date;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
or prior to the Closing, each Purchaser shall deliver or cause to be delivered to the Company (or the Placement Agent in the case
of clause (ii) below) the following, with respect to such Purchaser (the &ldquo;<I>Purchaser Deliverables</I>&rdquo;):</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement, duly executed by such Purchaser;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to the completion of Section 2.2(a)(ii) and (iii), its Subscription Amount, in United States dollars and in immediately available
funds, in the amount set forth as the &ldquo;Purchase Price&rdquo; indicated below such Purchaser&rsquo;s name on the applicable
signature page hereto under the heading &ldquo;Aggregate Purchase Price (Subscription Amount)&rdquo; by wire transfer to an escrow
account established by the Placement Agent;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Rights Agreement, duly executed by such Purchaser; and</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
fully completed and duly executed Accredited Investor Questionnaire, satisfactory to the Company, and Stock Certificate Questionnaire
in the forms attached hereto as <U>Exhibits C-1</U> and <U>C-2</U>, respectively.</P>

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Warranties of the Company</U><FONT STYLE="font-size: 10pt">. Except as (i) set forth in the schedules delivered herewith (the
&ldquo;<I>Disclosure Schedules</I>&rdquo;), which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation
made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules or other representations
relating to the subject matter of such disclosures, or (ii) disclosed in the SEC Reports, the Company hereby represents and warrants
as of the date hereof and the Closing Date (except for the representations and warranties that speak as of a specific date, which
shall be made as of such date), to each of the Purchasers and to the Placement Agent:</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Subsidiaries</U>.
The Company has no direct or indirect Subsidiaries other than those listed in <U>Schedule 3.1(a)</U> hereto. Except as disclosed
in <U>Schedule 3.1(a)</U> hereto, the Company owns, directly or indirectly, all of the capital stock or comparable equity interests
of each Subsidiary free and clear of any and all Liens, and all the issued and outstanding shares of capital stock or comparable
equity interest of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights
to subscribe for or purchase securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Organization
and Qualification</U>. The Company and each of its Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the
requisite corporate power and authority to own or lease and use its properties and assets and to carry on its business as currently
conducted. Neither the Company nor any Subsidiary is in violation or default of any of the provisions of its certificate of incorporation
or bylaws or other organizational documents. The Company and each of its Subsidiaries is duly qualified to conduct business and
is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, would not have or reasonably be expected to result in a Material Adverse Effect, and no Proceeding has been instituted,
is pending, or, to the Company&rsquo;s Knowledge, has been threatened in any such jurisdiction revoking, limiting or curtailing
or seeking to revoke, limit or curtail such power and authority or qualification.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Authorization;
Enforcement; Validity</U>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and
thereunder. The Company&rsquo;s execution and delivery of each of the Transaction Documents to which it is a party and the consummation
by it of the transactions contemplated hereby and thereby (including, but not limited to, the sale and delivery of the Shares and
the Warrants and the reservation for issuance and the subsequent issuance of the Warrant Shares upon exercise of the Warrants)
have been duly authorized by all necessary corporate action on the part of the Company, and no further corporate action is required
by the Company, its Board of Directors or its stockholders in connection therewith other than in connection with the Required Approvals.
Each of the Transaction Documents to which it is a party has been (or upon delivery will have been) duly executed by the Company
and is, or when delivered in accordance with the terms hereof, will constitute the legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors&rsquo;
rights and remedies or by other equitable principles of general application, (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions
may be limited by applicable law.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Conflicts</U>. The execution, delivery and performance by the Company of the Transaction Documents to which it is a party and the
consummation by the Company of the transactions contemplated hereby or thereby (including, without limitation, the issuance of
the Shares and Warrants and the reservation for issuance and issuance of the Warrant Shares) do not and will not (i) conflict with
or violate any provisions of the Company&rsquo;s or any Subsidiary&rsquo;s certificate of incorporation or bylaws or otherwise
result in a violation of the organizational documents of the Company, (ii) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would result in a default) under, result in the creation of any Lien upon any of the
properties or assets of the Company or any Subsidiary or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any Material Contract, or (iii) subject to the Required Approvals, conflict
with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court
or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations
and the rules and regulations, assuming the correctness of the representations and warranties made by the Purchasers herein, of
any self-regulatory organization to which the Company or its securities are subject, including all applicable Trading Markets),
or by which any property or asset of the Company is bound or affected, except in the case of clauses (ii) and (iii) such as would
not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect or a material adverse
effect on the legality, validity or enforceability of any Transaction Document or the Company&rsquo;s ability to perform in any
material respect on a timely basis its obligations under any Transaction Document.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Filings,
Consents and Approvals</U>. Neither the Company nor any of its Subsidiaries is required to obtain any consent, waiver, approval,
authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local
or other governmental authority, holder of outstanding securities of the Company or other Person in connection with the execution,
delivery and performance by the Company of the Transaction Documents (including the issuance of the Securities), other than (i)
the filing with the Commission of one or more Registration Statements in accordance with the requirements of the Registration Rights
Agreement, (ii) filings required by applicable state securities laws, (iii) the filing of a Notice of Sale of Securities on Form
D with the Commission under Regulation D of the Securities Act, (iv) the filing of any requisite notices and/or application(s)
to the Principal Trading Market for the issuance and sale of the Securities and the listing of the Shares and Warrant Shares for
trading or quotation, as the case may be, thereon in the time and manner required thereby, (v) the filings required in accordance
with Section 4.6 of this Agreement and (vi) those that have been made or obtained prior to the date of this Agreement (collectively,
the &ldquo;<I>Required Approvals</I>&rdquo;).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Issuance
of the Securities</U>. The Shares have been duly authorized and, when issued and paid for in accordance with the terms of the Transaction
Documents, will be duly and validly issued, fully paid and nonassessable and free and clear of all Liens, other than restrictions
on transfer provided for in the Transaction Documents or imposed by applicable securities laws, and shall not be subject to preemptive
or similar rights of stockholders. The Warrants have been duly authorized and, when issued and paid for in accordance with the
terms of the Transaction Documents, will be duly and validly issued, free and clear of all Liens, other than restrictions on transfer
provided for in the Transaction Documents or imposed by applicable securities laws, and shall not be subject to preemptive or similar
rights of stockholders. The Warrant Shares issuable upon exercise of the Warrants have been duly authorized and, when issued and
paid for in accordance with the terms of the Transaction Documents and the Warrants, will be duly and validly issued, fully paid
and nonassessable, free and clear of all Liens, other than restrictions on transfer provided for in the Transaction Documents or
imposed by applicable securities laws, and shall not be subject to preemptive or similar rights of stockholders. Assuming the accuracy
of the representations and warranties of the Purchasers in this Agreement, the Securities will be issued in compliance with all
applicable federal and state securities laws. As of the Closing Date, the Company shall have reserved from its duly authorized
capital stock the number of shares of Common Stock issuable upon exercise of the Warrants (without taking into account any limitations
on the exercise of the Warrants set forth in the Warrants). The Company shall, so long as any of the Warrants are outstanding,
take all action necessary to reserve and keep available out of its authorized and unissued capital stock, solely for the purpose
of effecting the exercise of the Warrants, the number of shares of Common Stock issuable upon exercise of the Warrants (without
taking into account any limitations on the exercise of the Warrants set forth in the Warrants).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Capitalization</U>.
The capitalization of the Company is as described in its most recently filed SEC Report on Form 10-K, except for issuances pursuant
to this Agreement, stock option exercises, issuances pursuant to equity incentive plans or exercises of warrants. The Company has
not issued any capital stock since the date of its most recently filed SEC Report other than to reflect stock option and warrant
exercises that do not, individually or in the aggregate, have a material affect on the issued and outstanding capital stock, options
and other securities of the Company. No Person has any right of first refusal, preemptive right, right of participation, or any
similar right to participate in the transactions contemplated by the Transaction Documents that have not been effectively waived
as of the Closing Date. Except as set forth on <U>Schedule&nbsp;3.1(g)</U> or a result of the purchase and sale of the Shares and
Warrants, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any
right to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which
the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. Except
as set forth on <U>Schedule 3.1(g)</U>, the issuance and sale of the Shares and Warrants will not obligate the Company to issue
shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any holder
of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. All of the outstanding
shares of capital stock of the Company are validly issued, fully paid and nonassessable, have been issued in compliance in all
material respects with all applicable federal and state securities laws, and none of such outstanding shares was issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities which violation would have or would reasonably
be expected to result in a Material Adverse Effect. No further approval or authorization of any stockholder, the Board of Directors
or others is required for the issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other
similar agreements with respect to the Company&rsquo;s capital stock to which the Company is a party or, to the Company&rsquo;s
Knowledge, between or among any of the Company&rsquo;s stockholders.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>SEC
Reports; Disclosure Materials</U>. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by it under the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the 12 months preceding the
date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the &ldquo;<I>SEC
Reports</I>&rdquo;, and the SEC Reports, together with the Disclosure Schedules, being collectively referred to as the &ldquo;<I>Disclosure
Materials</I>&rdquo;) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports
prior to the expiration of any such extension,<FONT STYLE="color: black"> except where the failure to file on a timely basis would
not have or reasonably be expected to result in a Material Adverse Effect and would not have or reasonably be expected to result
in any limitation or prohibition on the Company&rsquo;s ability to register the Shares and Warrant Shares for resale on Form S-1
or any Purchaser&rsquo;s ability to use Rule&nbsp;144 to resell any Securities</FONT>. As of their respective filing dates, or
to the extent corrected by a subsequent amendment, the SEC Reports complied in all material respects with the requirements of the
Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC
Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
<FONT STYLE="color: black">The Company has never been an issuer subject to Rule 144(i) under the Securities Act. </FONT>Each of
the Material Contracts to which the Company or any Subsidiary is a party or to which the property or assets of the Company or any
of its Subsidiaries are subject has been filed (or incorporated by reference) as an exhibit to the SEC Reports.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Financial
Statements.</U> The consolidated financial statements of the Company included in the SEC Reports comply in all material respects
with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the
time of filing (or to the extent corrected by a subsequent amendment). Such consolidated financial statements have been prepared
in accordance with GAAP applied on a consistent basis during the periods involved, except as may be otherwise specified in such
financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required
by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries taken
as a whole as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in
the case of unaudited statements, to normal, immaterial year-end audit adjustments.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Material
Changes</U>. Since the date of the latest financial statements included within the SEC Reports, except as specifically disclosed
in <FONT STYLE="color: black">a subsequent SEC Report filed prior to the date hereof and except as disclosed in <U>Schedule 3.1(j)</U></FONT>,
(i) there have been no events, occurrences or developments that have had or would reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect, (ii) the Company has not incurred any material liabilities (contingent or otherwise)
other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and
(B) liabilities not required to be reflected in the Company's financial statements pursuant to GAAP or required to be disclosed
in filings made with the Commission, (iii) the Company has not altered materially its method of accounting or the manner in which
it keeps its accounting books and records, (iv) the Company has not declared or made any dividend or distribution of cash or other
property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock
(other than in connection with repurchases of unvested stock issued to employees of the Company) and (v) the Company has not issued
any equity securities to any officer, director or Affiliate, except Common Stock issued in the ordinary course as dividends on
outstanding preferred stock or issued pursuant to existing Company stock option or stock purchase plans or executive and director
compensation arrangements disclosed in the SEC Reports. <FONT STYLE="color: black">Except as disclosed in <U>Schedule 3.1(j)</U>
and except for the issuance of the Shares and Warrants contemplated by this Agreement, no event, liability or development has occurred
or exists with respect to the Company or its Subsidiaries or their respective business, properties, operations or financial condition,
that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made
that has not been publicly disclosed at least one Trading Day prior to the date that this representation is made.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Litigation</U>.
There is no Action which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction
Documents or the Securities or (ii) except as disclosed in <U>Schedule 3.1(k)</U>, would, if there were an unfavorable decision,
individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. During the past five years,
neither the Company nor any Subsidiary, nor to the Company&rsquo;s Knowledge any director or officer thereof, is or has been the
subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach
of fiduciary duty. There has not been, and to the Company&rsquo;s Knowledge there is not pending or contemplated, any investigation
by the Commission involving the Company or any current or former director or officer of the Company. During the past five years,
the Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by
the Company under the Exchange Act or the Securities Act.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Employment
Matters</U>. No material labor dispute exists or, to the Company&rsquo;s Knowledge, is imminent with respect to any of the employees
of the Company which would have or would reasonably be expected to result in a Material Adverse Effect. None of the Company&rsquo;s
or any Subsidiary&rsquo;s employees is a member of a labor union that relates to such employee&rsquo;s relationship with the Company,
and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement. Except as disclosed in <U>Schedule
3.1(l)</U>, <FONT STYLE="color: black">no executive officer of the Company (as defined in Rule 501(f) of the Securities Act) has
notified the Company or any of its Subsidiaries that such officer intends to leave the Company or any such Subsidiary or otherwise
terminate such officer&rsquo;s employment with the Company or any such Subsidiary. To the Company&rsquo;s Knowledge, no executive
officer or key employee, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality,
disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive
covenant in favor of any third party, and to the Company&rsquo;s Knowledge, the continued employment of each such executive officer
or key employee does not subject the Company or any Subsidiary to any liability with respect to any of the foregoing matters, except,
in each case, matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect. The Company is in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment
and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance
would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. </FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance</U>.
Neither the Company nor any of its Subsidiaries (i) is in default under or in violation of (and no event has occurred that has
not been waived that, with notice or lapse of time or both, would result in a default by the Company or any of its Subsidiaries
under), nor has the Company or any of its Subsidiaries received written notice of a claim that it is in default under or that it
is in violation of, any Material Contract (whether or not such default or violation has been waived), (ii) is in violation of any
order of any court, arbitrator or governmental body having jurisdiction over the Company or any of its Subsidiaries or their properties
or assets, or (iii) is in violation of, or in receipt of written notice that it is in violation of, any statute, rule or regulation
of any governmental authority applicable to the Company or any of its Subsidiaries, except in each case as would not, individually
or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Regulatory
Permits</U>. The Company and each of its Subsidiaries possesses all certificates, authorizations and permits issued by the appropriate
federal, state, local or foreign regulatory authorities necessary to conduct its business as currently conducted, except as set
forth in the SEC Reports, or such that where the failure to possess such permits, individually or in the aggregate, has not and
would not have or would not reasonably be expected to result in a Material Adverse Effect (&ldquo;<I>Material Permits</I>&rdquo;),
and neither the Company nor any of its Subsidiaries has received any notice of Proceedings relating to the revocation or modification
of any such Material Permits.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Title
to Assets</U>. The Company and each of its Subsidiaries has good and marketable title to all tangible personal property owned by
it that is material to its business, in each case free and clear of all Liens except such as do not materially affect the value
of such property and do not interfere with the use made and proposed to be made of such property by the Company. Any real property
and facilities held under lease by the Company and any of its Subsidiaries are held by it under valid, subsisting and enforceable
leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property
and buildings by the Company and its Subsidiaries.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Patents
and Trademarks</U>. Except as disclosed in <U>Schedule 3.1(p)</U>, to the Company&rsquo;s Knowledge, the Company and each of its
Subsidiaries owns, possesses, licenses or has other rights to use, all patents, patent applications, trade and service marks, trade
and service mark applications and registrations, trade names, trade secrets, inventions, copyrights, licenses, technology, know-how
and other intellectual property rights and similar rights necessary or material for use in connection with its businesses as described
in the SEC Reports and which the failure to so have would have or reasonably be expected to result in a Material Adverse Effect
(collectively, the &ldquo;<I>Intellectual Property Rights</I>&rdquo;). Except as disclosed in <U>Schedule 3.1(p)</U>, to the Company&rsquo;s
Knowledge, none of the Intellectual Property Rights used by the Company or any Subsidiary violates or infringes upon the patent,
trademark, copyright, trade secret or other proprietary rights of any Person. There is no pending or, to the Company&rsquo;s Knowledge,
threatened action, suit, proceeding or claim by any Person that the Company&rsquo;s or any Subsidiary&rsquo;s business as now conducted
infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of another. To the Company&rsquo;s
Knowledge, there is no existing infringement by another Person of any of the Intellectual Property Rights that would have or would
reasonably be expected to result in a Material Adverse Effect. <FONT STYLE="color: black">To the Company&rsquo;s Knowledge, all
patent applications and patents within the Intellectual Property Rights have been prosecuted with a duty of candor, and, except
as disclosed in <U>Schedule 3.1(p)</U>, there is no material fact known by the Company that would preclude the issuance of patents
with respect to said patent applications or that would render any issued patents invalid or unenforceable. There is no pending
or, to the Company&rsquo;s Knowledge, threatened action, suit, proceeding or claim by another Person challenging the Company&rsquo;s
or any Subsidiary&rsquo;s rights in or to any material Intellectual Property Rights, or challenging inventorship, validity or scope
of any such Intellectual Property Rights. </FONT>The Company has taken reasonable security measures to protect the secrecy, confidentiality
and value of all of its and its Subsidiaries&rsquo; Intellectual Property Rights, except where failure to do so would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect. None of the technology employed by the Company
or any of its Subsidiaries has been obtained or is being used by the Company or any Subsidiary in violation of any contractual
obligation binding on the Company or any Subsidiary or, to the Company&rsquo;s Knowledge, any of its or its Subsidiaries&rsquo;
officers, directors or employees or otherwise in violation of the rights of any Person, which violations would have or would reasonably
be expected to have a Material Adverse Effect.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Insurance</U>.
The Company and each of its Subsidiaries is insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as the Company believes to be prudent and customary in the businesses and locations in which the Company
and the Subsidiaries are engaged. None of the Company or any of its Subsidiaries has received any written notice of cancellation
of any such insurance, nor, to the Company&rsquo;s Knowledge, will it or any Subsidiary be unable to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business without a material increase in cost.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Transactions
With Affiliates and Employees</U>. Except as set forth in the SEC Reports, none of the executive officers or directors of the Company
and, to the Company&rsquo;s Knowledge, none of the employees of the Company is presently a party to any transaction with the Company
(other than for services as employees, officers and directors) that would be required to be disclosed pursuant to Item 404 of Regulation
S-K promulgated under the Securities Act.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Internal
Accounting Controls</U>. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset and liability accountability,
(iii) access to assets or incurrence of liabilities is permitted only in accordance with management's general or specific authorization,
and (iv) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable
intervals and appropriate action is taken with respect to any differences.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sarbanes-Oxley;
Disclosure Controls</U>. The Company is in compliance in all material respects with all of the provisions of the Sarbanes-Oxley
Act of 2002 which are applicable to it. The Company has established disclosure controls and procedures (as such term is defined
in Rule 13a-15(e) and 15d-15(e) under the Exchange Act<FONT STYLE="color: black">) for the Company and designed such disclosure
controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under
the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission&rsquo;s rules
and forms. The Company&rsquo;s certifying officers have evaluated the effectiveness of the Company&rsquo;s disclosure controls
and procedures as of the end of the period covered by the Company&rsquo;s most recently filed periodic report under the Exchange
Act (such date, the &ldquo;<I>Evaluation Date</I>&rdquo;). The Company presented in its most recently filed periodic report under
the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based
on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the Company&rsquo;s internal
control over financial reporting (as such term is defined in the Exchange Act) that have materially affected, or are reasonably
likely to materially affect, the Company&rsquo;s internal control over financial reporting.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Certain
Fees</U>. <FONT STYLE="color: black">Except as disclosed in<U> Schedule 3.1(u)</U>, n</FONT>o person or entity will have, as a
result of the transactions contemplated by this Agreement, any valid right, interest or claim against or upon the Company or a
Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by
or on behalf of the Company, other than the Placement Agent with respect to the offer and sale of the Shares and Warrants (which
fees are being paid by the Company). The Purchasers shall have no obligation with respect to any fees or with respect to any claim
made by or on behalf of other Persons for fees of a type contemplated in this paragraph (u) pursuant to any agreement to which
the Company is a party that may be due in connection with the transactions contemplated by the Transaction Documents. The Company
shall indemnify, pay, and hold each Purchaser harmless against, any liability, loss or expense (including, without limitation,
attorneys&rsquo; fees and out-of-pocket expenses) arising in connection with any such right, interest or claim.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Private
Placement</U>. Assuming the accuracy of the Purchasers&rsquo; representations and warranties set forth in Section 3.2 of this Agreement
and the accuracy of the information disclosed in the Accredited Investor Questionnaires provided by the Purchasers, no registration
under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers under the Transaction
Documents.<FONT STYLE="color: black"> The issuance and sale of the Securities hereunder does not contravene the rules and regulations
of the Principal Trading Market. </FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Investment
Company</U>. The Company is not, <FONT STYLE="color: black">and is not an Affiliate of, </FONT>and immediately after receipt of
payment for the Shares and Warrants, will not be<FONT STYLE="color: black"> or be an Affiliate of</FONT>, an &ldquo;investment
company&rdquo; within the meaning of the Investment Company Act of 1940, <FONT STYLE="color: black">as amended. The Company shall
conduct its business in a manner so that it will not become subject to the Investment Company Act of 1940, </FONT>as amended.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registration
Rights</U>. Other than each of the Purchasers pursuant to the Registration Rights Agreement, no Person has any right to cause the
Company to effect the registration under the Securities Act of any securities of the Company.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Listing
and Maintenance Requirements</U>. The Company&rsquo;s Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to terminate the registration of the Common Stock under the Exchange Act, nor
has the Company received any notification that the Commission is contemplating terminating such registration. The Company has not,
in the 12 months preceding the date hereof, received written notice from any Trading Market on which the Common Stock is listed
or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market.
<FONT STYLE="color: black">The Company is, and has no reason to believe that it will not in the foreseeable future continue to
be in compliance with all listing and maintenance requirements of the Principal Trading Market on the date hereof. </FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Application
of Takeover Protections; Rights Agreements</U>. The Company and the Board of Directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover provision under the Company's charter documents or the laws of its state of
incorporation that is or could reasonably be expected to become applicable to any of the Purchasers as a result of the Purchasers
and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including, without limitation,
the Company's issuance of the Securities and the Purchasers' ownership of the Securities.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Disclosure</U>.
The Company confirms that it has not provided, and none of its officers or directors nor, to the Company&rsquo;s Knowledge, any
other Person acting on its or their behalf has provided, and it has not authorized the Placement Agent to provide, any Purchaser
or its respective agents or counsel with any information that it believes constitutes material, non-public information except insofar
as the existence, provisions and terms of the Transaction Documents and the proposed transactions hereunder may constitute such
information, all of which will be disclosed by the Company in the Press Release as contemplated by Section 4.6 hereof. The Company
understands and confirms that the Purchasers will rely on the foregoing representations in effecting transactions in securities
of the Company. All disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company, its business and
the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein,
in light of the circumstances under which they were made, not misleading. The Company acknowledges and agrees that no Purchaser
makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically
set forth in Section 3.2 hereto.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Integrated Offering</U>. Assuming the accuracy of the Purchasers&rsquo; representations and warranties set forth in Section 3.2,
neither the Company nor, to the Company&rsquo;s Knowledge, any Person acting on its behalf has, directly or indirectly, at any
time within the past six months, made any offers or sales of any Company security or solicited any offers to buy any security under
circumstances that would (i) eliminate the availability of the exemption from registration under Regulation D under the Securities
Act in connection with the offer and sale by the Company of the Securities as contemplated hereby or (ii) cause the offering of
the Securities pursuant to the Transaction Documents to be integrated with prior offerings by the Company for purposes of any applicable
law, regulation or stockholder approval provisions, including, without limitation, under the rules and regulations of any Trading
Market on which any of the securities of the Company are listed or designated unless such integration would not have or reasonably
be expected to result in a Material Adverse Effect.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Tax
Matters</U>. The Company and each of its Subsidiaries (i) has accurately and timely prepared and filed (or requested valid extensions
thereof) all foreign, federal and state income and all other tax returns, reports and declarations required by any jurisdiction
to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown
or determined to be due on such returns, reports and declarations, except those being contested in good faith, with respect to
which adequate reserves have been set aside on the books of the Company and (iii) has set aside on its books provisions reasonably
adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply,
except, in the case of clauses (i) and (ii) above, where the failure to so pay or file any such tax, assessment, charge or return
would not have or reasonably be expected to result in a Material Adverse Effect. There are no unpaid taxes in any material amount
claimed to be due by the Company or any Subsidiary by the taxing authority of any jurisdiction.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Environmental
Matters</U>. To the Company&rsquo;s Knowledge, none of the Company or any of its Subsidiaries (i)&nbsp;is in violation of any statute,
rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use,
disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure
to hazardous or toxic substances (collectively, &ldquo;<I>Environmental Laws</I>&rdquo;), (ii)&nbsp;owns or operates any real property
contaminated with any substance that is in violation of any Environmental Laws, (iii) is liable for any off-site disposal or contamination
pursuant to any Environmental Laws, or (iv)&nbsp;is subject to any claim relating to any Environmental Laws; which violation, contamination,
liability or claim has had or would have, individually or in the aggregate, a Material Adverse Effect; and there is no pending
investigation or, to the Company&rsquo;s Knowledge, investigation threatened in writing that might lead to such a claim.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
General Solicitation</U>. Neither the Company nor, to the Company&rsquo;s Knowledge, any person acting on behalf of the Company
has offered or sold any of the Securities by any form of general solicitation or general advertising.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Off
Balance Sheet Arrangements</U>. There is no transaction, arrangement, or other relationship between the Company, any Subsidiary
and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in the SEC Reports and
is not so disclosed and would have or reasonably be expected to result in a Material Adverse Effect.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Foreign
Corrupt Practices</U>. Neither the Company nor any of its Subsidiaries, nor to the Company&rsquo;s Knowledge, any agent or other
person acting on behalf of the Company or any of its Subsidiaries, has (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any
unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns
from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person
acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any
provision of the Foreign Corrupt Practices Act of 1977, as amended.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Acknowledgment
Regarding Purchasers&rsquo; Purchase of Securities</U>.&nbsp; The Company acknowledges and agrees that each of the Purchasers is
acting solely in the capacity of an arm&rsquo;s length purchaser with respect to the Transaction Documents and the transactions
contemplated hereby and thereby.&nbsp; The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary
of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby
and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents
and the transactions contemplated thereby is merely incidental to the Purchasers&rsquo; purchase of the Securities.&nbsp;<FONT STYLE="color: black">The
Company further represents to each Purchaser that the Company&rsquo;s decision to enter into this Agreement and the other Transaction
Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Regulation
M Compliance</U>. The Company has not, and to the Company&rsquo;s Knowledge no one acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for
soliciting purchases of, any of the Securities in violation of Regulation M under the Exchange Act, or (iii) paid or agreed to
pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case
of clauses (ii) and (iii), compensation paid to the Placement Agent in connection with the placement of the Shares and Warrants.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>PFIC
Status</U>. Neither the Company nor any of its Subsidiaries is or intends to become a &ldquo;passive foreign investment company&rdquo;
within the meaning of Section&nbsp;1297 of the U.S. Internal Revenue Code of 1986, as amended.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>OFAC
Status</U>. Neither the Company nor any of its Subsidiaries is and, to the Company&rsquo;s Knowledge, no director, officer, agent,
employee, Affiliate or Person acting on behalf of the Company or any Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<I>OFAC</I>&rdquo;); and the Company will not directly
or indirectly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to
any joint venture partner or other Person or entity, towards any sales or operations in Cuba, Iran, Syria, Sudan, Myanmar or any
other country sanctioned by OFAC or for the purpose of financing the activities of any Person currently subject to any U.S. sanctions
administered by OFAC.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Government
Licenses</U>. The Company and its Subsidiaries possess such permits, certificates, licenses, approvals, consents and other authorizations
(collectively, &ldquo;<I>Governmental Licenses</I>&rdquo;) issued by the appropriate federal, state, local or foreign regulatory
agencies or bodies necessary to conduct the business of the Company as described in the SEC Reports, including without limitation,
all such approvals, certificates, authorizations and permits required by the United States Food and Drug Administration (the &ldquo;<I>FDA</I>&rdquo;)
and/or other federal, state, local or foreign agencies or bodies engaged in the regulation of clinical trials, pharmaceuticals,
or biohazardous substances or materials, except where the failure so to possess would not, individually or in the aggregate, have
or reasonably be expected to have a Material Adverse Effect; the Company and each of its Subsidiaries is in compliance with the
terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, individually or in the
aggregate, have or reasonably be expected to have a Material Adverse Effect; all of the Governmental Licenses are valid and in
full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to
be in full force and effect would not, individually or in the aggregate, have or reasonably be expected to have a Material Adverse
Effect; and neither the Company nor any of its Subsidiaries has received any written notice of Proceedings relating to the revocation
or modification of any such Governmental Licenses which, individually or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would have or reasonably be expected to have a Material Adverse Effect. Where required by applicable laws and
regulations of the FDA or any foreign regulatory authority, the Company and each of its Subsidiaries has submitted to the FDA or
any foreign regulatory authority an Investigational New Drug Application, or similar application, or amendment or supplement thereto
for a clinical trial it has conducted or sponsored or is conducting or sponsoring, except where such failure would not, individually
or in the aggregate, have or reasonably be expected to have a Material Adverse Effect; all such submissions were in material compliance
with applicable laws and rules and regulations when submitted and no material deficiencies have been asserted by the FDA or such
foreign regulatory authority with respect to any such submissions, except any deficiencies which could not, individually or in
the aggregate, have or reasonably be expected to have a Material Adverse Effect.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Additional Agreements</U>. The Company does not have any agreement or understanding with any Purchaser with respect to the transactions
contemplated by the Transaction Documents other than as specified in the Transaction Documents.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt"><FONT STYLE="font-size: 10pt; color: black">3.2&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Warranties of the Purchasers</U><FONT STYLE="font-size: 10pt">. Each Purchaser hereby, for itself and for no other Purchaser,
represents and warrants as of the date hereof and as of the Closing Date to the Company and the Placement Agent as follows:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Organization;
Authority</U>. Such Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with the requisite corporate, limited liability company or partnership power and authority to enter into and
to consummate the transactions contemplated by the applicable Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement by such Purchaser and performance by such Purchaser of the
transactions contemplated by this Agreement have been duly authorized by all necessary corporate or, if such Purchaser is not a
corporation, such partnership, limited liability company or other applicable like action, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally the enforcement of, creditors&rsquo; rights and remedies or by
other equitable principles of general application.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Conflicts</U>. The execution, delivery and performance by such Purchaser of this Agreement and the Registration Rights Agreement
and the consummation by such Purchaser of the transactions contemplated hereby and thereby will not (i) result in a violation of
the organizational documents of such Purchaser, (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which such Purchaser is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws) applicable to such Purchaser, except in the
case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the
aggregate, reasonably be expected to have a material adverse effect on the ability of such Purchaser to perform its obligations
hereunder.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Investment
Intent</U>. Such Purchaser understands that the Securities are &ldquo;restricted securities&rdquo; and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Shares and Warrants and, upon exercise of
the Warrants, will acquire the Warrant Shares issuable upon exercise thereof as principal for its own account and not with a view
to, or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state
securities laws, <I>provided, however</I>, that by making the representations herein, such Purchaser does not agree to hold any
of the Securities for any minimum period of time and reserves the right, subject to the provisions of this Agreement and the Registration
Rights Agreement, at all times to sell or otherwise dispose of all or any part of such Securities pursuant to an effective registration
statement under the Securities Act or under an exemption from such registration and in compliance with applicable federal and state
securities laws. Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business. Such Purchaser does
not presently have any agreement, plan or understanding, directly or indirectly, with any Person to distribute or effect any distribution
of any of the Securities (or any securities which are derivatives thereof) to or through any person or entity; such Purchaser is
not a registered broker-dealer under Section 15 of the Exchange Act or an entity engaged in a business that would require it to
be so registered as a broker-dealer.</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Purchaser
Status</U>. At the time such Purchaser was offered the Shares and Warrants, it was, and at the date hereof it is, and on each date
on which it exercises the Warrants it will be, an &ldquo;accredited investor&rdquo; as defined in Rule 501(a) under the Securities
Act.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>General
Solicitation</U>. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or any other general advertisement.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Experience
of Such Purchaser</U>. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Access
to Information</U>. Such Purchaser acknowledges that it has had the opportunity to review the Disclosure Materials and has been
afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives
of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the
Securities; (ii) access to information about the Company and its Subsidiaries and their respective financial condition, results
of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the
opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense
that is necessary to make an informed investment decision with respect to the investment. Neither such inquiries nor any other
investigation conducted by or on behalf of such Purchaser or its representatives or counsel shall modify, amend or affect such
Purchaser's right to rely on the truth, accuracy and completeness of the Company's representations and warranties contained in
the Transaction Documents. Such Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make
an informed decision with respect to its acquisition of the Securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Brokers
and Finders</U>. No Person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest
or claim against or upon the Company or any Purchaser for any commission, fee or other compensation pursuant to any agreement,
arrangement or understanding entered into by or on behalf of such Purchaser.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Independent
Investment Decision</U>. Such Purchaser has independently evaluated the merits of its decision to purchase Securities pursuant
to the Transaction Documents, and such Purchaser confirms that it has not relied on the advice of any other Purchaser&rsquo;s business
and/or legal counsel in making such decision. Such Purchaser understands that nothing in this Agreement or any other materials
presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Securities constitutes legal,
tax or investment advice. Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has
deemed necessary or appropriate in connection with its purchase of the Securities. Such Purchaser understands that the Placement
Agent has acted solely as the agent of the Company in this placement of the Shares and Warrants and such Purchaser has not relied
on the business or legal advice of the Placement Agent or any of its agents, counsel or Affiliates in making its investment decision
hereunder, and confirms that none of such Persons has made any representations or warranties to such Purchaser in connection with
the transactions contemplated by the Transaction Documents.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Reliance
on Exemptions</U>. Such Purchaser understands that the Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon
the truth and accuracy of, and such Purchaser&rsquo;s compliance with, the representations, warranties, agreements, acknowledgements
and understandings of such Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility
of such Purchaser to acquire the Securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Governmental Review</U>. Such Purchaser understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment
in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Residency</U>.
Such Purchaser&rsquo;s residence (if an individual) or offices in which its investment decision with respect to the Securities
was made (if an entity) are located at the address immediately below such Purchaser&rsquo;s name on its signature page hereto.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Accuracy
of Accredited Investor Questionnaire</U>.&nbsp;&nbsp;The Accredited Investor Questionnaire delivered by such Purchaser in connection
with this Agreement is complete and accurate in all respects as of the date of this Agreement and will be correct as of the Closing
Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company and each of the Purchasers acknowledge
and agree that no party to this Agreement has made or makes any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in this Article III and the Transaction Documents.</P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OTHER AGREEMENTS OF THE PARTIES</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Transfer
Restrictions</U><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance
with Laws</U>. Notwithstanding any other provision of this Article IV, each Purchaser, severally but not jointly, covenants that
the Securities may be disposed of only pursuant to an effective registration statement under, and in compliance with the requirements
of, the Securities Act, or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements
of the Securities Act, and in compliance with any applicable state and federal securities laws. In connection with any transfer
of the Securities other than (i) pursuant to an effective registration statement, (ii) to the Company, (iii) pursuant to Rule 144
(<I>provided</I> that such Purchaser provides the Company with reasonable assurances (in the form of seller and, if applicable,
broker representation letters) that the securities may be sold pursuant to such rule) or (iv) in connection with a bona fide pledge
as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel
selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under
the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement
and the Registration Rights Agreement and shall have the rights of a Purchaser under this Agreement and the Registration Rights
Agreement with respect to such transferred Securities.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Legends</U>.
Certificates evidencing the Securities shall bear any legend as required by the &ldquo;blue sky&rdquo; laws of any state and a
restrictive legend in substantially the following form, until such time as they are not required under Section 4.1(c):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">[NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED] [THESE SECURITIES HAVE NOT BEEN REGISTERED] UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company acknowledges
and agrees that a Purchaser may from time to time pledge, and/or grant a security interest in, some or all of the legended Securities
in connection with applicable securities laws, pursuant to a bona fide margin agreement in compliance with a bona fide margin loan.
Such a pledge would not be subject to approval or consent of the Company and no legal opinion of legal counsel to the pledgee,
secured party or pledgor shall be required in connection with the pledge, but such legal opinion shall be required in connection
with a subsequent transfer or foreclosure following default by such Purchaser transferee of the pledge. No notice shall be required
of such pledge, but such Purchaser&rsquo;s transferee shall promptly notify the Company of any such subsequent transfer or foreclosure
of such legended Securities. Each Purchaser acknowledges that the Company shall not be responsible for any pledges relating to,
or the grant of any security interest in, any of the Securities or for any agreement, understanding or arrangement between any
Purchaser and its pledgee or secured party. At the appropriate Purchaser&rsquo;s expense, the Company will execute and deliver
such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or
transfer of the Securities, including the preparation and filing of any required prospectus supplement under Rule 424(b)(3) of
the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of selling stockholders
thereunder. Each Purchaser acknowledges and agrees that, except as otherwise provided in Section 4.1(c), any Securities subject
to a pledge or security interest as contemplated by this Section 4.1(b) shall continue to bear the legend set forth in this Section
4.1(b) and be subject to the restrictions on transfer set forth in Section 4.1(a).</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Removal
of Legends</U>. The legend set forth in Section 4.1(b) above shall be removed and the Company shall issue a certificate without
such legend or any other legend to the holder of the applicable Securities upon which it is stamped or issue to such holder by
electronic delivery at the applicable balance account at the Depository Trust Company (&ldquo;<I>DTC</I>&rdquo;), if (i) such
Securities are registered for resale under the Securities Act (provided that, <FONT STYLE="color: black">if a Purchaser is selling
pursuant to the Registration Statement, </FONT>such Purchaser agrees to only sell such Securities <FONT STYLE="color: black">during
such time that the Registration Statement is effective and not withdrawn or suspended, and only </FONT>as permitted by the Registration
Statement), (ii) such Securities are sold or transferred pursuant to Rule 144 (if the transferor is not an Affiliate of the Company),
or (iii) such Securities are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with
the current public information required under Rule 144 as to such securities and without volume or manner-of-sale restrictions.
Following the earlier of (i) the Effective Date or (ii) Rule 144 becoming available for the resale of Securities, without the
requirement for the Company to be in compliance with the current public information required under Rule 144 as to such securities
and without volume or manner-of-sale restrictions, the Company shall deliver to the Transfer Agent irrevocable instructions that
the Transfer Agent shall reissue a certificate representing the applicable Shares or issue a certificate representing the applicable
Warrant Shares without legend upon receipt by the Transfer Agent of the legended certificates for such Shares. Any fees (with
respect to the Transfer Agent or otherwise) associated with the removal of such legend shall be borne by the Company. Following
the Effective Date, or at such earlier time as a legend is no longer required for certain Securities (in which case a Purchase
shall also be required to provide reasonable assurances (in the form of seller and, if applicable, broker representation letters),
the Company will no later than three Trading Days following the delivery by a Purchaser to the Company or the Transfer Agent (with
notice to the Company) of (i) a legended certificate representing Shares or Warrant Shares (endorsed or with stock powers attached,
signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer) or (ii) an Exercise Notice and
payment of the applicable exercise price in the manner stated in the Warrants to effect the exercise of such Warrant in accordance
with its terms, and an opinion of counsel to the extent required by Section 4.1(a) (such third Trading Day, the &ldquo;<I>Legend
Removal Date</I>&rdquo;), deliver or cause to be delivered to the transferee of such Purchaser or such Purchaser, as applicable,
a certificate representing such Securities that is free from all restrictive and other legends. The Company may not make any notation
on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section
4.1(c) other than to comply with applicable law. Certificates for Shares or Warrant Shares subject to legend removal hereunder
may be transmitted by the Transfer Agent to a Purchaser by crediting the account of such Purchaser&rsquo;s prime broker with DTC
as directed by such Purchaser.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Irrevocable
Transfer Agent Instructions</U>. The Company shall issue irrevocable instructions to its transfer agent, and any subsequent transfer
agent, in substantially the form of <U>Exhibit E</U> attached hereto (the &ldquo;<I>Irrevocable Transfer Agent Instructions</I>&rdquo;).
The Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred to in this
Section 4.1(d) (or instructions that are consistent therewith) will be given by the Company to its transfer agent in connection
with this Agreement, and that the Securities shall otherwise be freely transferable on the books and records of the Company as
and to the extent provided in this Agreement and the other Transaction Documents and applicable law. The Company acknowledges that
a breach by it of its obligations under this Section 4.1(d) will cause irreparable harm to a Purchaser. Accordingly, the Company
acknowledges that the remedy at law for a breach of its obligations under this Section 4.1(d) will be inadequate and agrees, in
the event of a breach or threatened breach by the Company of the provisions of this Section 4.1(d), that a Purchaser shall be entitled,
in addition to all other available remedies, to an order and/or injunction restraining any breach and requiring immediate issuance
and transfer, without the necessity of showing economic loss and without any bond or other security being required.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Acknowledgement</U>.
Each Purchaser, severally but not jointly, acknowledges its primary responsibilities under the Securities Act and accordingly will
not sell or otherwise transfer the Securities or any interest therein without complying with the requirements of the Securities
Act and applicable law. While the Registration Statement remains effective, each Purchaser hereunder may sell the Shares and Warrant
Shares in accordance with the plan of distribution contained in the Registration Statement and if it does so it will comply therewith
and with the related prospectus delivery requirements unless an exemption therefrom is available. Each Purchaser, severally and
not jointly with the other Purchasers, agrees that if it is notified by the Company in writing at any time that the Registration
Statement registering the resale of the Shares or the Warrant Shares is not effective or that the prospectus included in such Registration
Statement no longer complies with the requirements of Section 10 of the Securities Act, such Purchaser will refrain from selling
such Shares and Warrant Shares until such time as the Purchaser is notified by the Company that such Registration Statement is
effective or such prospectus is compliant with Section 10 of the Securities Act, unless such Purchaser is able to, and does, sell
such Shares or Warrant Shares pursuant to an available exemption from the registration requirements of Section 5 of the Securities
Act. Both the Company and its Transfer Agent, and their respective directors, officers, employees and agents, may rely on this
Section 4.1(e) and each Purchaser, severally but not jointly, with the other Purchasers will indemnify and hold harmless each of
such persons from any breaches or violations of this Section 4.1(e).</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Buy-In</U>.
If the Company shall fail for any reason or for no reason to issue to a Purchaser unlegended certificates within three Trading
Days after receipt of all documents necessary for the removal of the legend set forth above (the &ldquo;<I>Deadline Date</I>&rdquo;),
then, in addition to all other remedies available to such Purchaser, if on or after the Trading Day immediately following such
three Trading Day period, such Purchaser is required to purchase (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by the holder of shares of Common Stock that such Purchaser anticipated receiving from
the Company without any restrictive legend (a &ldquo;<I>Buy-In</I>&rdquo;), then the Company shall, within three Trading Days after
such Purchaser&rsquo;s request and in the Company&rsquo;s sole discretion, either (i) pay cash to such Purchaser in an amount equal
to such Purchaser&rsquo;s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased
(the &ldquo;<I>Buy-In Price</I>&rdquo;), at which point the shares of Common Stock held by such Purchaser equal to the number of
shares of Common Stock so purchased shall be forfeited to the Company and the Company&rsquo;s obligation to deliver such certificate
(and to issue such shares of Common Stock) shall terminate, or (ii) promptly honor its obligation to deliver to such Purchaser
a certificate or certificates representing such shares of Common Stock and pay cash to the Purchaser in an amount equal to the
excess (if any) of the Buy-In Price over the product of (a) such number of shares of Common Stock, multiplied by (b) the Closing
Bid Price on the Deadline Date. A Purchaser shall provide the Company written notice indicating the amounts payable to such Purchaser
in respect of the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Company.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Reservation
of Common Stock</U>. The Company shall take all action necessary to at all times during the period the Warrants are outstanding
have authorized, and reserved for the purpose of issuance from and after the Closing Date, the number of shares of Common Stock
issuable upon exercise of the Warrants issued at the Closing (without taking into account any limitations on exercise of the Warrants
set forth in the Warrants).</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Acknowledgment
of Dilution</U>. The Company acknowledges that the issuance of the Shares may result in dilution of the outstanding shares of Common
Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations
under the Transaction Documents, including without limitation its obligation to issue the Shares pursuant to the Transaction Documents,
are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect
of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance
may have on the ownership of the other stockholders of the Company.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Furnishing
of Information</U>. In order to enable the Purchasers to sell the Securities under Rule 144, until the earlier of (i) the date
that the Securities cease to be Registrable Securities (as defined in the Registration Rights Agreement) (and for no less than
12 months from the Closing) or (ii) a Fundamental Transaction (as defined in the Warrant) pursuant to which the Company is no longer
a reporting company under the Exchange Act, the Company shall use its commercially reasonable efforts to timely file (or obtain
extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after
the date hereof pursuant to the Exchange Act. Except as set forth in clause (ii) above, during such period, if the Company is not
required to file reports pursuant to the Exchange Act, it will prepare and furnish to the Purchasers and make publicly available
in accordance with Rule 144(c) such information as is required for the Purchasers to sell the Securities under Rule 144.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Integration</U><FONT STYLE="font-size: 10pt">. The Company shall not, and shall use its commercially reasonable efforts to ensure
that no Affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that will be integrated with the offer or sale of the Securities in a
manner that would require the registration under the Securities Act of the sale of the Securities to the Purchasers, or that will
be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that
it would require stockholder approval prior to the closing of such other transaction unless stockholder approval is obtained before
the closing of such subsequent transaction.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Securities
Laws Disclosure; Publicity</U><FONT STYLE="font-size: 10pt">. On or before 9:00 a.m., New York City time, on the Business Day immediately
following the date hereof, the Company shall issue a press release (the &ldquo;</FONT><I>Press Release</I><FONT STYLE="font-size: 10pt">&rdquo;)
reasonably acceptable to the Placement Agent disclosing all material terms of the transactions contemplated hereby. On or before
5:30 p.m., New York City time, on the fourth Trading Day immediately following the execution of this Agreement, the Company will
file a Current Report on Form 8-K with the Commission describing the terms of the Transaction Documents (and including as exhibits
to such Current Report on Form 8-K the material Transaction Documents (including, without limitation, this Agreement, the form
of Warrant and the Registration Rights Agreement)). Notwithstanding the foregoing, the Company shall not publicly disclose the
name of any Purchaser or an Affiliate of any Purchaser, or include the name of any Purchaser or an Affiliate of any Purchaser in
any press release or filing with the Commission (other than the Registration Statement) or any regulatory agency or Trading Market,
without the prior written consent of such Purchaser, except (i) as required by federal securities law in connection with (A) any
registration statement contemplated by the Registration Rights Agreement and (B) the filing of final Transaction Documents (including
signature pages thereto) with the Commission and (ii) to the extent such disclosure is required by law, request of the Staff of
the Commission or Trading Market regulations, in which case the Company shall provide the Purchasers with prior written notice
of such disclosure permitted under this subclause (ii). From and after the issuance of the Press Release, no Purchaser shall be
in possession of any material, non-public information received from the Company or any of its officers, directors, employees or
agents, that is not disclosed in the Press Release. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that it will comply with the provisions of any confidentiality or nondisclosure agreement executed by it and, in addition, until
such time as the transactions contemplated by this Agreement are required to be publicly disclosed by the Company as described
in this Section 4.6, such Purchaser will maintain the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction). </FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Shareholder
Rights Plan</U><FONT STYLE="font-size: 10pt">. No claim will be made or enforced by the Company or, with the consent of the Company,
any other Person, that any Purchaser is an &ldquo;Acquiring Person&rdquo; under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, in either
case solely by virtue of receiving Securities under the Transaction Documents or under any other written agreement between the
Company and the Purchasers. </FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Non-Public
Information</U><FONT STYLE="font-size: 10pt">. Except with respect to the material terms and conditions of the transactions contemplated
by the Transaction Documents, including this Agreement, or as expressly required by any applicable securities law, the Company
covenants and agrees that neither it, nor any other Person acting on its behalf, will provide any Purchaser or its agents or counsel
with any information regarding the Company that the Company believes constitutes material non-public information without the express
written consent of such Purchaser, unless prior thereto such Purchaser shall have executed a written agreement regarding the confidentiality
and use of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant
in effecting transactions in securities of the Company.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Use
of Proceeds</U><FONT STYLE="font-size: 10pt">. The Company shall use the net proceeds from the sale of the Shares and Warrants
hereunder for working capital and general corporate purposes.</FONT></P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification
of Purchasers</U><FONT STYLE="font-size: 10pt">. Subject to the provisions of this Section&nbsp;4.10, the Company will indemnify
and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each
Person who controls such Purchaser (within the meaning of Section&nbsp;15 of the Securities Act and Section&nbsp;20 of the Exchange
Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons
(each, a &ldquo;</FONT><I>Purchaser Party</I><FONT STYLE="font-size: 10pt">&rdquo;) harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs
and reasonable attorneys&rsquo; fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of
or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement
or in the other Transaction Documents or (ii) any action instituted against a Purchaser in any capacity, or any Purchaser Party,
by any stockholder of the Company who is not an Affiliate of such Purchaser seeking indemnification, with respect to any of the
transactions contemplated by the Transaction Documents (unless such action is based upon a breach of such Purchaser&rsquo;s representations,
warranties or covenants under the Transaction Documents or any other agreement with the Company, or any agreements or understandings
such Purchaser may have with any such stockholder or any violations by the Purchaser of state or federal securities laws or any
conduct by such Purchaser which constitutes fraud, gross negligence, willful misconduct or malfeasance). Promptly after receipt
by any such Person (the &ldquo;<I>Indemnified Person</I>&rdquo;) of notice of any demand, claim or circumstances which would or
might give rise to a claim or the commencement of any action, proceeding or investigation in respect of which indemnity may be
sought pursuant to this Section 4.10, such Indemnified Person shall promptly notify the Company in writing and the Company shall
assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Person, and shall assume
the payment of all fees and expenses relating to such action, proceeding or investigation; provided, however, that the failure
of any Indemnified Person so to notify the Company shall not relieve the Company of its obligations hereunder except to the extent
that the Company is actually and materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Person
shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Person unless: (i) the Company and the Indemnified Person shall have mutually agreed to the retention of such counsel; (ii) the
Company shall have failed promptly to assume the defense of such proceeding and to employ counsel reasonably satisfactory to such
Indemnified Person in such proceeding; or (iii) in the reasonable judgment of counsel to such Indemnified Person, representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company
shall not be liable for any settlement of any proceeding effected without its prior written consent, which consent shall not be
unreasonably withheld, delayed or conditioned. Without the prior written consent of the Indemnified Person, which consent shall
not be unreasonably withheld, delayed or conditioned, the Company shall not effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder
by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability
arising out of such proceeding.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Listing
of Securities</U><FONT STYLE="font-size: 10pt">. In the time and manner required by the Principal Trading Market, the Company shall
prepare and file with such Principal Trading Market an additional shares listing application covering all of the Shares and Warrant
Shares and shall use its reasonable best efforts to take all steps necessary to cause all of the Shares and Warrant Shares to be
approved for listing on the Principal Trading Market as promptly as possible thereafter. </FONT></P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Form&nbsp;D;
Blue Sky</U><FONT STYLE="font-size: 10pt">. The Company agrees to timely file a Form&nbsp;D with respect to the Securities as required
under Regulation&nbsp;D and to provide a copy thereof, promptly upon the written request of any Purchaser. The Company, on or before
the Closing Date, shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption
for or to qualify the Securities for sale to the Purchasers at the Closing pursuant to this Agreement under applicable securities
or &ldquo;Blue Sky&rdquo; laws of the states of the United States (or to obtain an exemption from such qualification) and shall
provide evidence of such actions promptly upon the written request of any Purchaser. </FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Delivery
of Shares and Warrants After Closing </U><FONT STYLE="font-size: 10pt">. The Company shall deliver, or cause to be delivered, the
respective Shares and Warrants purchased by each Purchaser to such Purchaser within three Trading Days of the Closing Date (unless
such Purchaser has specified to the Company at the time of execution of this Agreement that it shall settle &ldquo;delivery versus
payment&rdquo; in which case such Shares and Warrants shall be delivered on or prior to the Closing Date). </FONT><U> </U></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Subsequent
Equity Sales</U>. From the date hereof until 60 days after the Effective Date of the Initial Registration Statement (as defined
in the Registration Rights Agreement), the Company shall not issue shares of Common Stock or Common Stock Equivalents; <I>provided,
however</I>, the 60-day period set forth in this Section 4.15 shall be extended for the number of Trading Days during such period
in which (i) trading in the Common Stock is suspended by any Trading Market within such 60-day period, or (ii) within 60 days of
the Effective Date of the Initial Registration Statement,, the Registration Statement is not effective or the prospectus included
in the Registration Statement may not be used by the Purchasers for the resale of the Shares and Warrant Shares. Notwithstanding
the foregoing, in no event shall this Section 4.15 prohibit the Company from issuing shares of Common Stock or Common Stock Equivalents
(i) in connection with acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company,
provided that any such issuance shall only be to a Person which is, itself or through its Subsidiaries, an operating company in
a business synergistic with the business of the Company and in which the Company receives benefits in addition to the investment
of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital
or to an entity whose primary business is investing in securities, (ii) upon the exercise of any options or warrants outstanding
on the date hereof, (iii) upon the exercise of the Warrants or (iv) to employees, directors or consultants pursuant to any stock
option or equity incentive or employee stock purchase plan.</P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conditions
Precedent to the Obligations of the Purchasers to Purchase Securities</U><FONT STYLE="font-size: 10pt">. The obligation of each
Purchaser to acquire Shares and Warrants at the Closing is subject to the fulfillment to such Purchaser&rsquo;s satisfaction, on
or prior to the Closing Date, of each of the following conditions, any of which may be waived by such Purchaser (as to itself only):</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Warranties</U>. The representations and warranties of the Company contained herein shall be true and correct in all material
respects (except for those representations and warranties which are qualified as to materiality, in which case such representations
and warranties shall be true and correct in all respects) as of the date when made and as of the Closing Date, as though made on
and as of such date, except for such representations and warranties that speak as of a specific date.</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Performance</U>.
The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to the Closing.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Injunction</U>. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Consents</U>.
The Company shall have obtained in a timely fashion any and all consents, permits, approvals, registrations and waivers necessary
for consummation of the purchase and sale of the Securities at the Closing (including all Required Approvals), all of which shall
be and remain so long as necessary in full force and effect.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Adverse
Change</U>. Since the date of execution of this Agreement, no event or series of events shall have occurred that has had or would
reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Suspensions of Trading in Common Stock</U>. The Common Stock shall not have been suspended, as of the Closing Date, by the Commission
or the Principal Trading Market from trading on the Principal Trading Market nor shall suspension by the Commission or the Principal
Trading Market have been threatened, as of the Closing Date, either (A) in writing by the Commission or the Principal Trading Market
or (B) by falling below the minimum listing maintenance requirements of the Principal Trading Market.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Company
Deliverables</U>. The Company shall have delivered the Company Deliverables in accordance with Section 2.2(a).</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance
Certificate</U>. The Company shall have delivered to each Purchaser a certificate, dated as of the Closing Date and signed by its
Chief Executive Officer or its Chief Financial Officer, certifying to the fulfillment of the conditions specified in Sections 5.1(a)
and (b) in the form attached hereto as <U>Exhibit G</U>.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Minimum
Proceeds</U>. The Company shall have received aggregate gross proceeds of no less than $15.0 million.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination</U>.&#9;This
Agreement shall not have been terminated as to such Purchaser in accordance with Section 6.18 herein.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conditions
Precedent to the Obligations of the Company to sell Securities</U><FONT STYLE="font-size: 10pt">. The Company's obligation to sell
and issue the Shares and Warrants at the Closing to the Purchasers is subject to the fulfillment to the satisfaction of the Company
on or prior to the Closing Date of the following conditions, any of which may be waived by the Company:</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Warranties</U>. The representations and warranties made by the Purchasers in Section 3.2 hereof shall be true and correct in
all material respects (except for those representations and warranties which are qualified as to materiality, in which case such
representations and warranties shall be true and correct in all respects) as of the date when made, and as of the Closing Date
as though made on and as of such date, except for representations and warranties that speak as of a specific date.</P>

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

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

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

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



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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-decoration: none; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Performance</U>.
Such Purchaser shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied with by such Purchaser at or prior to the Closing
Date.</FONT></P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; text-decoration: none; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>No
Injunction</U>. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any
of the transactions contemplated by the Transaction Documents.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-decoration: none; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-decoration: none; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Consents</U></FONT>.
The Company shall have obtained in a timely fashion any and all consents, permits, approvals, registrations and waivers necessary
for consummation of the purchase and sale of the Securities at the Closing (including all Required Approvals), all of which shall
be and remain so long as necessary in full force and effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-decoration: none; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-decoration: none; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Purchasers
Deliverables</U>. Such Purchaser shall have delivered its Purchaser Deliverables in accordance with Section 2.2(b).</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-decoration: none; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-decoration: none; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Termination</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall not have been terminated as to such Purchaser in accordance with Section 6.18 herein.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: black">Article
VI<BR>
</FONT>MISCELLANEOUS</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Fees
and Expenses</U><FONT STYLE="font-size: 10pt">. Except as otherwise expressly set forth in the Company&rsquo;s engagement letter
with the Placement Agent, the Company and each Purchaser, severally and not jointly with any other Purchaser, shall pay the fees
and expenses of their respective advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such
party in connection with the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall
pay all Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with the sale and issuance of the Securities
to the Purchasers. Each Purchaser, severally and not jointly with any other Purchaser, shall be responsible for all other tax liability
that may arise as a result of holding or transferring the Securities by it.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Entire
Agreement</U><FONT STYLE="font-size: 10pt">. The Transaction Documents, together with the exhibits and schedules thereto, contain
the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings,
discussions and representations, oral or written, with respect to such matters, which the parties acknowledge have been merged
into such documents, exhibits and schedules. At or after the Closing, and without further consideration, the Company and the Purchasers
will execute and deliver to the other such further documents as may be reasonably requested in order to give practical effect to
the intention of the parties under the Transaction Documents.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U><FONT STYLE="font-size: 10pt">.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered
via facsimile (provided the sender receives a machine-generated confirmation of successful transmission) at the facsimile number
specified in this Section 6.3 prior to 5:00 p.m., New York City time, on a Trading Day, (b) the next Trading Day after the date
of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section 6.3
on a day that is not a Trading Day or later than 5:00 p.m., New York City time, on any Trading Day, (c) the Trading Day following
the date of mailing, if sent by U.S. nationally recognized overnight courier service with next day delivery specified, or (d) upon
actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall
be as follows:</FONT></P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12325 Emmet
Street</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omaha, NE 68164</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone No.:
(402) 452-5400</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile No.:
(402) 452-5401</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">With a copy to (which
shall not constitute notice):</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 Dodge Street</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omaha, NE 68102</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone No.:
(402) 964-5000</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile No.:
(402) 964-5050</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1.3in">If to a Purchaser:</TD><TD STYLE="text-align: justify">To the address set forth under such Purchaser&rsquo;s name on the signature page hereof;</TD></TR></TABLE>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; text-indent: 0in">or such other address
as may be designated in writing hereafter, in the same manner, by such Person.<BR STYLE="mso-special-character: line-break">
</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Amendments;
Waivers; No Additional Consideration</U><FONT STYLE="font-size: 10pt">. No provision of this Agreement may be waived, modified,
supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchasers holding
or having the right to acquire 66 2/3% of the Shares and the Warrant Shares on a fully-diluted basis at the time of such amendment
(which amendment shall be binding on all Purchasers or, in the case of a waiver, by the party against whom enforcement of any such
waiver is sought; provided, that any amendment, waiver modification or supplement of this Agreement that modifies the Subscription
Amount of any Purchaser, the Purchase Price or Section 2.1(a) or (c), Section 2.2, Section 3.1(aa). Section 4.6 or this Section
6.4 of this Agreement or causes any such Purchaser to assume any additional liability or material obligation, may be effected only
pursuant to a written instrument signed by the Company and such Purchaser. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent
default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to
exercise any right hereunder in any manner impair the exercise of any such right. No consideration shall be offered or paid to
any Purchaser to amend or consent to a waiver or modification of any provision of any Transaction Document unless the same consideration
is also offered to all Purchasers who then hold Securities.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Construction</U><FONT STYLE="font-size: 10pt">.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall be construed as
if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provisions of this Agreement or any of the Transaction Documents.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Successors
and Assigns</U>. The provisions of this Agreement shall inure to the benefit of and be binding upon the parties and their successors
and permitted assigns. This Agreement, or any rights or obligations hereunder, may not be assigned by the Company without the written
consent of <FONT STYLE="font-size: 10pt">Purchasers holding or having the right to acquire 66 2/3% of the Shares and the Warrant
Shares on a fully-diluted basis at the time of such consent except to a successor in the event of a Fundamental Transaction.</FONT>.
Any Purchaser may assign its rights hereunder in whole or in part to any Person to whom such Purchaser assigns or transfers any
Securities in compliance with the Transaction Documents and applicable law, provided that such transferee shall agree in writing
to be bound, with respect to the transferred Securities, by the terms and conditions of this Agreement that apply to the &ldquo;Purchasers&rdquo;.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Third-Party Beneficiaries</U>. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except (i)
the Placement Agent is an intended third party beneficiary of Article III hereof <FONT STYLE="color: black; letter-spacing: 0pt"><U>and
(ii) each Purchaser Party is an intended third party beneficiary of Section 4.10</U></FONT>.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Governing
Law</U><FONT STYLE="font-size: 10pt">. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without
regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party
hereto or its respective Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto
hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that
it is not personally subject to the jurisdiction of any such New York Court, or that such Proceeding has been commenced in an improper
or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any manner permitted by law. </FONT><B>EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.</B><FONT STYLE="font-size: 10pt"> </FONT></P>

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

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Survival</U><FONT STYLE="font-size: 10pt">.
Subject to applicable statute of limitations, the representations, warranties agreements and covenants contained herein shall survive
the Closing and the delivery of the Securities.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Execution</U><FONT STYLE="font-size: 10pt">.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission,
or by e-mail delivery of a &ldquo;.pdf&rdquo; format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page
were an original thereof.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Severability</U><FONT STYLE="font-size: 10pt">.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate
such substitute provision in this Agreement.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Rescission
and Withdrawal Right.</U> Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
the Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and
the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind
or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election
in whole or in part without prejudice to its future actions and rights.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Replacement
of Securities</U><FONT STYLE="font-size: 10pt">. If any certificate or instrument evidencing any Securities is mutilated, lost,
stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof,
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company and the Transfer Agent of such loss, theft or destruction and the execution by the holder thereof of a customary
lost certificate affidavit of that fact and an agreement to indemnify and hold harmless the Company and the Transfer Agent for
any losses in connection therewith or, if required by the Transfer Agent, a bond in such form and amount as is required by the
Transfer Agent. The applicants for a new certificate or instrument under such circumstances shall also pay any reasonable third-party
costs associated with the issuance of such replacement Securities. If a replacement certificate or instrument evidencing any Securities
is requested due to a mutilation thereof, the Company may require delivery of such mutilated certificate or instrument as a condition
precedent to any issuance of a replacement.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Remedies</U><FONT STYLE="font-size: 10pt">.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the
foregoing sentence and hereby agree to waive in any action for specific performance of any such obligation (other than in connection
with any action for a temporary restraining order) the defense that a remedy at law would be adequate.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payment
Set Aside</U><FONT STYLE="font-size: 10pt">. To the extent that the Company makes a payment or payments to any Purchaser pursuant
to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds
of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set
aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver
or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable
cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had
not occurred. </FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Adjustments
in Share Numbers and Prices</U><FONT STYLE="font-size: 10pt">. In the event of any stock split, subdivision, dividend or distribution
payable in shares of Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly
or indirectly shares of Common Stock), combination or other similar recapitalization or event occurring after the date hereof and
prior to the Closing, each reference in any Transaction Document to a number of shares or a price per share shall be deemed to
be amended to appropriately account for such event. </FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Independent
Nature of Purchasers' Obligations and Rights</U><FONT STYLE="font-size: 10pt">. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance of the obligations of any other Purchaser under any Transaction Document. The decision of each Purchaser to
purchase Securities pursuant to the Transaction Documents has been made by such Purchaser independently of any other Purchaser
and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties,
liabilities, results of operations, condition (financial or otherwise) or prospects of the Company or any Subsidiary which may
have been made or given by any other Purchaser or by any agent or employee of any other Purchaser, and no Purchaser and any of
its agents or employees shall have any liability to any other Purchaser (or any other Person) relating to or arising from any such
information, materials, statement or opinions. Nothing contained herein or in any Transaction Document, and no action taken by
any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect
to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser acknowledges that no other Purchaser
has acted as agent for such Purchaser in connection with making its investment hereunder and that no Purchaser will be acting as
agent of such Purchaser in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation the rights
arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, Purchasers
and their respective counsels have chosen to communicate with the Company through Goodwin Procter LLP, counsel to the Placement
Agent. Each Purchaser acknowledges that Goodwin Procter LLP has rendered legal advice to the Placement Agent and not to such Purchaser
in connection with the transactions contemplated hereby, and that each such Purchaser has relied for such matters on the advice
of its own respective counsel. The Company has elected to provide all Purchasers with the same terms and Transaction Documents
for the convenience of the Company and not because it was required or requested to do so by any Purchaser. </FONT></P>

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

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">6.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination</U><FONT STYLE="font-size: 10pt">.
This Agreement may be terminated and the sale and purchase of the Shares and the Warrants abandoned at any time prior to the Closing
by either the Company or any Purchaser (with respect to itself only) upon written notice to the other, if the Closing has not been
consummated on or prior to 5:00 p.m., New York City time, on the Outside Date; </FONT><I>provided, however</I><FONT STYLE="font-size: 10pt">,
that the right to terminate this Agreement under this Section 6.18 shall not be available to any Person whose failure to comply
with its obligations under this Agreement has been the cause of or resulted in the failure of the Closing to occur on or before
such time. Nothing in this Section 6.18 shall be deemed to release any party from any liability for any breach by such party of
the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific
performance by any other party of its obligations under this Agreement or the other Transaction Documents. In the event of a termination
pursuant to this Section 6.18, the Company shall promptly notify all non-terminating Purchasers. Upon a termination in accordance
with this Section 6.18, the Company and the terminating Purchaser(s) shall not have any further obligation or liability (including
arising from such termination) to the other, and no Purchaser will have any liability to any other Purchaser under the Transaction
Documents as a result therefrom. The Company and any Purchaser(s) may extend the term of this Agreement in accordance with the
amendment provisions of Section 6.4 herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0">Exhibit 10.1&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the
parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; tab-stops: right 6.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; tab-stops: right 6.5in">TRANSGENOMIC, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify; tab-stops: right 6.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify; tab-stops: right 6.5in">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: justify; tab-stops: right 6.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; tab-stops: 256.5pt right 6.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; tab-stops: 256.5pt right 6.5in">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify; tab-stops: 256.5pt right 6.5in; padding-left: 22pt">/s/ Craig J. Tuttle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; tab-stops: 256.5pt right 6.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; tab-stops: 256.5pt right 6.5in">&nbsp;</TD>
    <TD STYLE="text-align: left; tab-stops: 256.5pt right 6.5in">Name:&nbsp; Craig J. Tuttle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; tab-stops: 256.5pt right 6.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; tab-stops: 256.5pt right 6.5in">&nbsp;</TD>
    <TD STYLE="text-align: left; tab-stops: 256.5pt right 6.5in">Title:&nbsp; President / Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]<BR>
[SIGNATURE PAGES for purchasers FOLLOW]</P>

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<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%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">NAME OF PURCHASER: ________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">By: ____________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Aggregate Purchase Price (Subscription Amount):
    $______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Number of Shares to be Acquired: ______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Underlying Shares Subject to Warrant: ________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">(50% of the number of Shares to be acquired)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Tax ID No.: ____________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Address for Notice/Residency of Purchaser:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Telephone No.:&nbsp;&nbsp; _______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Facsimile No.:&nbsp;&nbsp; ________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">E-mail Address:&nbsp;&nbsp; ________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Attention:&nbsp; _______________________</FONT></TD></TR>
</TABLE>


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

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



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Delivery Instructions:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">(if different than above)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">c/o&nbsp; _______________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Street:&nbsp;&nbsp; ____________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">City/State/Zip: ______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Attention: __________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Telephone No.: ____________________________</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></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: 7%; text-align: justify; text-indent: 0in">A:</TD>
    <TD STYLE="width: 93%; text-align: justify; text-indent: 0in">Form of Warrant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">B:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Form of Registration Rights Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">C-1:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Accredited Investor Questionnaire</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">C-2:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Stock Certificate Questionnaire</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">D:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Form of Opinion of Company Counsel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">E:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Form of Irrevocable Transfer Agent Instructions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">F:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Form of Secretary&rsquo;s Certificate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">G:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Form of Officer&rsquo;s Certificate</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Filed as Exhibit 10.3)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Filed as Exhibit 10.4)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(to be read in conjunction with the entire Securities
Purchase Agreement<BR>
and Registration Rights Agreement)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">Complete the following items in the Securities Purchase Agreement and/or Registration Rights Agreement:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.5pt">1.</TD><TD STYLE="text-align: justify">Provide the information regarding the Purchaser requested on the signature page. The Securities
Purchase Agreement and the Registration Rights Agreement must be executed by an individual authorized to bind the Purchaser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -34.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.5pt">2.</TD><TD STYLE="text-align: justify"><U>Exhibit C-1</U> &ndash; Accredited Investor Questionnaire:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -34.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"></TD><TD STYLE="text-align: justify">Provide the information requested by the Accredited Investor Questionnaire</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: center; text-indent: -34.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.5pt">3.</TD><TD STYLE="text-align: justify"><U>Exhibit C-2</U> Stock Certificate Questionnaire:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -34.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"></TD><TD STYLE="text-align: justify">Provide the information requested by the Stock Certificate Questionnaire</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -34.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.5pt">4.</TD><TD STYLE="text-align: justify"><U>Annex B</U> to the Registration Rights Agreement &mdash; Selling Securityholder Notice and Questionnaire</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -34.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"></TD><TD STYLE="text-align: justify">Provide the information requested by the Selling Securityholder Notice and Questionnaire</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -34.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.5pt">5.</TD><TD STYLE="text-align: justify">Return the signed Securities Purchase Agreement and Registration Rights Agreement to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify">Mary Ann Borgerding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify">Craig-Hallum Capital Group LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify">222 South Ninth Street, Suite 350</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify">Minneapolis, MN 55402</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify">Tel: (612) 334-6346</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Fax: (612) 334-6399</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Email: mborgerding@craig-hallum.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: black">B.</FONT></TD><TD STYLE="text-align: justify">Instructions regarding the transfer of funds for the purchase of Securities is set forth below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -37.05pt">&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: 20%; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left; font-size: 10pt">Name of Bank:</TD>
    <TD STYLE="width: 55%; text-align: left; font-size: 10pt">Private Bank Minnesota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">City/State of Bank:</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Minneapolis, MN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">ABA Number:</TD>
    <TD STYLE="text-align: left; font-size: 10pt">091005836</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Name of Account:</TD>
    <TD STYLE="text-align: left; font-size: 10pt">TBIO Escrow Account</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Account Number:</TD>
    <TD STYLE="text-align: left; font-size: 10pt">3040938</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(ALL INFORMATION WILL BE TREATED CONFIDENTIALLY)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To:&#9;Transgenomic, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;This Investor Questionnaire (&ldquo;<U>Questionnaire</U>&rdquo;)
must be completed by each potential investor in connection with the offer and sale of the shares of the common stock, par value
$0.01 per share, certain warrants and shares of common stock that may be issued upon exercise of such warrants (collectively,
the &ldquo;<U>Securities</U>&rdquo;), of Transgenomic, Inc., a Delaware corporation (the &ldquo;<U>Corporation</U>&rdquo;). The
Securities are being offered and sold by the Corporation without registration under the Securities Act of 1933, as amended (the
&ldquo;<U>Act</U>&rdquo;), and the securities laws of certain states, in reliance on the exemptions contained in Section&nbsp;4(2)
of the Act and on Regulation D promulgated thereunder and in reliance on similar exemptions under applicable state laws. The Corporation
must determine that a potential investor meets certain suitability requirements before offering or selling Securities to such
investor. The purpose of this Questionnaire is to assure the Corporation that each investor will meet the applicable suitability
requirements. The information supplied by you will be used in determining whether you meet such criteria, and reliance upon the
private offering exemptions from registration is based in part on the information herein supplied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Questionnaire does not constitute an offer
to sell or a solicitation of an offer to buy any security. Your answers will be kept strictly confidential. However, by signing
this Questionnaire, you will be authorizing the Corporation to provide a completed copy of this Questionnaire to such parties as
the Corporation deems appropriate in order to ensure that the offer and sale of the Securities will not result in a violation of
the Act or the securities laws of any state and that you otherwise satisfy the suitability standards applicable to purchasers of
the Securities. All potential investors must answer all applicable questions and complete, date and sign this Questionnaire. Please
print or type your responses and attach additional sheets of paper if necessary to complete your answers to any item.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PART A.&#9;<U>BACKGROUND INFORMATION</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Name of Beneficial Owner of the Securities:
_______________________________________________________________</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: 0.5in">(Number and
Street)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">__________________________________________________________________________________________________</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: 30%; text-align: justify; font-size: 10pt">(City)</TD>
    <TD STYLE="width: 46%; text-align: justify; font-size: 10pt">(State)</TD>
    <TD STYLE="width: 24%; text-align: justify; font-size: 10pt">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Telephone Number: (___)_____________________________________________________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>If a corporation, partnership, limited liability
company, trust or other entity:</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">State of formation:______________________ Approximate
Date of formation: __________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">Were you formed
for the purpose of investing in the securities being offered?</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Yes ____&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
____</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>If an individua</U>l:</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: 0.5in">(Number and
Street)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">__________________________________________________________________________________________________</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: 30%; text-align: justify">(City)</TD>
    <TD STYLE="width: 46%; text-align: justify">(State)</TD>
    <TD STYLE="width: 24%; text-align: justify">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Telephone Number: (___)______________________________________________________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Age: __________ &nbsp; Citizenship: ____________
&nbsp; Where registered to vote: _______________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Set forth in the space provided below the state(s),
if any, in the United States in which you maintained your residence during the past two years and the dates during which you resided
in each state:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">Are you a director
or executive officer of the Corporation?</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Yes ____ &nbsp;&nbsp;&nbsp;&nbsp;
No ____</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Social Security or Taxpayer Identification
No. ______________________________________________________________</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In order for the Company
to offer and sell the Securities in conformance with state and federal securities laws, the following information must be obtained
regarding your investor status. Please <U>initial each category</U><I> </I>applicable to you as a Purchaser of Securities of the
Company.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -0.25in">__ (1) A bank
as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section
3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -0.25in">__ (2) A broker
or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;&nbsp;</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">__ (3) </TD><TD STYLE="text-align: justify">An insurance company as defined in Section 2(13) of the Securities Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">__ (4) </TD><TD STYLE="text-align: justify">An investment company registered under the Investment Company Act of 1940 or a business development
company as defined in Section 2(a)(48) of such act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">__ (5) </TD><TD STYLE="text-align: justify">A Small Business Investment Company licensed by the U.S. Small Business Administration under Section
301(c) or (d) of the Small Business Investment Act of 1958;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">__ (6)</TD><TD STYLE="text-align: justify"> A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">__ (7) </TD><TD STYLE="text-align: justify">An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974,
if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings
and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in
excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">__ (8) </TD><TD STYLE="text-align: justify">A private business development company as defined in Section 202(a)(22) of the Investment Advisers
Act of 1940;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">__ (9) </TD><TD STYLE="text-align: justify">An organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation, Massachusetts
or similar business trust, or partnership, not formed for the specific purpose of acquiring the Securities, with total assets in
excess of $5,000,000;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">__ (10) &nbsp;&nbsp;A trust,
with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, whose purchase is directed
by a sophisticated person who has such knowledge and experience in financial and business matters that such person is capable of
evaluating the merits and risks of investing in the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">___(11) &nbsp;A natural
person whose individual net worth, or joint net worth with that person&rsquo;s spouse, at the time of his purchase exceeds $1,000,000
(excluding the value of such persons&rsquo; primary residence);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: left; text-indent: -0.5in">___(12) &nbsp;A natural
person who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with that person&rsquo;s
spouse in excess of $300,000, in each of those years, and has a reasonable expectation of reaching the same income level in the
current year;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: left; text-indent: -0.5in">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">___(13)&nbsp; An executive
officer or director of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">___(14)&nbsp; An entity
in which all of the equity owners qualify under any of the above subparagraphs. If the undersigned belongs to this investor category
only, list the equity owners of the undersigned, and the investor category which each such equity owner satisfies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR EXECUTION BY AN INDIVIDUAL:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">By</TD>
    <TD STYLE="width: 22%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Date</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Print Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: justify">Entity Name:</TD>
    <TD STYLE="width: 27%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">By</TD>
    <TD STYLE="width: 22%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Date</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Print Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>C.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>ADDITIONAL SIGNATURES (if required by partnership, corporation or trust document):</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; 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: 7%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: justify">Entity Name:</TD>
    <TD STYLE="width: 27%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">By</TD>
    <TD STYLE="width: 22%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Date</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Print Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; 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: 7%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: justify">Entity&nbsp;Name:</TD>
    <TD STYLE="width: 27%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">By</TD>
    <TD STYLE="width: 22%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Date</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Print Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><U>Exhibit
C-2</U></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 2.2(b) of the Agreement,
please provide us with the following information:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: left">1.</TD>
    <TD STYLE="width: 75%; text-align: justify">The exact name that the Securities are to be registered in (this is the name that will appear on the stock certificate(s)).&nbsp; You may use a nominee name if appropriate:</TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">2.</TD>
    <TD STYLE="text-align: justify">The relationship between the Purchaser of the Securities and the Registered Holder listed in response to Item 1 above:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">3.</TD>
    <TD STYLE="text-align: justify">The mailing address, telephone and telecopy number of the Registered Holder listed in response to Item 1 above:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">4.</TD>
    <TD STYLE="text-align: justify">The Tax Identification Number (or, if an individual, the Social Security Number) of the Registered Holder listed in response to Item 1 above:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The Company is a corporation existing and in good standing under the laws of the State of Delaware, with the corporate power
and authority to (i) execute, deliver and perform the Purchase Agreement, the Registration Rights Agreement and the Warrants (collectively,
the &ldquo;<B><I>Transaction Documents</I></B>&rdquo;) and (ii) conduct its business and own or lease its properties as described
in the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2010. The Company is qualified to do business
as a foreign corporation in (i) the State of California and (ii) the State of Nebraska.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Each of the Transaction Documents has been authorized by all necessary corporate action of, and executed and delivered by,
the Company, and constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with
its terms.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>The execution, delivery and performance of the Transaction Documents<B> </B>by the Company, the compliance with the terms and
provisions thereof by the Company and the issuance and sale of the Securities by the Company will not violate any law or regulation
known to us to be generally applicable to transactions of this type (other than federal and state securities or &ldquo;blue sky&rdquo;
laws, as to which no opinion is expressed in this paragraph) or violate or result in a default under any of the terms and provisions
of Restated Certificate of Incorporation, as amended (the &ldquo;<B><I>Certificate of Incorporation</I></B>&rdquo;), or Amended
Bylaws of the Company (the &ldquo;<B><I>Bylaws</I></B>&rdquo;) or any agreement to which the Company is a party or bound (this
opinion being limited (i) to those agreements identified on <U>Exhibit&nbsp;B</U> attached hereto and (ii) in that we express no
opinion with respect to any violation or default (a) arising under or based upon any cross-default provision insofar as it relates
to a violation or default under an agreement not identified on <U>Exhibit B</U> attached hereto or (b) arising as a result of any
violation or default under any agreement or covenant by failure to comply with any financial or numerical requirement requiring
computation).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The Company has an authorized equity capitalization of [________] shares of Common Stock and [______] shares of preferred stock.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The Shares have been authorized by all necessary corporate action of the Company and, when issued and delivered to the Purchasers
pursuant to the Purchase Agreement against payment of the consideration therefor as provided therein, will be validly issued, fully
paid and nonassessable.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD>The Warrant Shares initially issuable upon exercise of the Warrants have been authorized by all necessary corporate action
of the Company and, when and if issued upon exercise of the Warrants in accordance with the terms thereof against payment of the
consideration therefor as provided therein, will be validly issued, fully paid and nonassessable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD>The holders of shares of Common Stock are not entitled to any (i) pre-emptive rights pursuant to the General Corporation Law
of the State of Delaware (the &ldquo;<B><I>DGCL</I></B>&rdquo;) or the Certificate of Incorporation or Bylaws or (ii) contractual
pre-emptive rights under those agreements identified on <U>Exhibit&nbsp;B</U> attached hereto.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">8.</TD><TD>No consent, approval, authorization or order of, or filing with, any governmental agency or body or any court is required in
connection with the execution, delivery or performance of the Transaction Documents by the Company, or in connection with the issuance
or sale of the Securities by the Company to the Purchasers, except (i) for the filing of Form D with the Securities and Exchange
Commission, (ii) periodic and other reporting requirements under the Securities Exchange Act of 1934 and the rules and regulations
thereunder and (iii) as may be required under state securities or &ldquo;blue sky&rdquo; laws.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">9.</TD><TD>It is not necessary in connection with the offer and sale of the Securities to the Purchasers under the Purchase Agreement
to register the Securities under the Securities Act of 1933 assuming the accuracy of the representations and warranties of the
Purchasers in the Purchase Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.</TD><TD>To our actual knowledge, there is no litigation nor any governmental proceeding involving the Company, pending or threatened,
that challenges the validity or enforceability of the Purchase Agreement or the Registration Rights Agreement, or seeks to enjoin
the performance of the Purchase Agreement or the Registration Rights Agreement by the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">11.</TD><TD>The Company is not required to register as an &ldquo;investment company,&rdquo; as such term is defined in the Investment Company
Act of 1940.</TD></TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">As of February [___], 2012</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Wells Fargo Bank Minnesota, N.A. - Shareowner
Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">P.O. Box 64854</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">St. Paul, MN 55164-0854</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Reference is made to that
certain Securities Purchase Agreement, dated as of February 2, 2012 (the &ldquo;Agreement&rdquo;), by and among Transgenomic, Inc.,
a Delaware corporation (the &ldquo;Company&rdquo;), and the purchasers named on the signature pages thereto (collectively, and
including permitted transferees, the &ldquo;Holders&rdquo;), pursuant to which the Company is issuing to the Holders shares (the
&ldquo;Shares&rdquo;) of Common Stock of the Company, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), and warrants
(the &ldquo;Warrants&rdquo;), which are exercisable into shares of Common Stock (the &ldquo;Warrant Shares&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This letter shall serve
as our irrevocable authorization and direction to you (provided that you are the transfer agent of the Company at such time and
the conditions set forth in this letter are satisfied), subject to any stop transfer instructions that we may issue to you from
time to time, if any, to issue certificates representing shares of Common Stock upon transfer or resale of the Shares or Warrant
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You acknowledge and agree
that so long as you have received written confirmation from the Company&rsquo;s legal counsel that a registration statement covering
resales of the Shares and the Warrant Shares has been declared effective by the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and a copy of such registration statement, then,
unless otherwise required by law, you shall use your commercially reasonable efforts to issue the certificates representing the
Shares or Warrant Shares registered in the names of such Holders or transferees, as the case may be, within three business days
of your receipt of a notice of transfer of Shares or Warrant Shares, and such certificates shall not bear any legend restricting
transfer of the Shares or Warrant Shares thereby and should not be subject to any stop-transfer restriction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A form of written confirmation
from the Company&rsquo;s outside legal counsel that a registration statement covering resales of the Shares and the Warrant Shares
has been declared effective by the Commission under the Securities Act (which confirmation shall be delivered to you upon effectiveness
of the registration statement) is attached hereto as <U>Annex I</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please be advised that
the Holders are relying upon this letter as an inducement to enter into the Agreement and, accordingly, each Holder is a third
party beneficiary to these instructions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please execute this letter
in the space indicated to acknowledge your agreement to act in accordance with these instructions.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left">TRANSGENOMIC, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Title:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase">Wells
Fargo Bank Minnesota, N.A. - Shareowner Services</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: left">By:</TD>
    <TD STYLE="width: 44%; border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Title:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left">Date:&nbsp; _________________, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM OF NOTICE OF EFFECTIVENESS OF REGISTRATION
STATEMENT </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Wells Fargo Bank Minnesota, N.A. - Shareowner
Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">P.O. Box 64854</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">St. Paul, MN 55164-0854</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Re: <U>Transgenomic, Inc.</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Transgenomic, Inc., a Delaware
corporation (the &ldquo;<I>Company</I>&rdquo;), has entered into a Securities Purchase Agreement, dated as of February 2, 2012,
with the buyers named therein (collectively, the &ldquo;<I>Purchasers</I>&rdquo;) pursuant to which the Company issued to the Purchasers
shares of the Company&rsquo;s common stock, $0.01 par value per share (the &ldquo;<I>Common Stock</I>&rdquo;), and warrants exercisable
for shares of Common Stock (the &ldquo;<I>Warrants</I>&rdquo;). Pursuant to that certain Registration Rights Agreement of even
date, the Company agreed to register the resale of the Common Stock, including the shares of Common Stock issuable upon exercise
of the Warrants (collectively, the &ldquo;<I>Registrable Securities</I>&rdquo;), under the Securities Act of 1933, as amended (the
&ldquo;<I>Securities Act</I>&rdquo;). In connection with the Company&rsquo;s obligations under the Registration Rights Agreement,
on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
____, the Company filed a Registration Statement on Form S-1 (File No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>)
(the &ldquo;<I>Registration Statement</I>&rdquo;) with the Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;)
relating to the Registrable Securities which names each of the Purchasers as a selling stockholder thereunder and set forth as
<U>Exhibit A</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with the
foregoing, we advise you that a member of the Commission&rsquo;s staff has advised us by telephone that the Commission has entered
an order declaring the Registration Statement effective under the Securities Act at ____ [a.m.][p.m.] on __________, ____, and
we have no knowledge, after telephonic inquiry of a member of the staff, that any stop order suspending its effectiveness has been
issued or that any proceedings for that purpose are pending before, or threatened by, the Commission and the Registrable Securities
are available for resale under the Securities Act pursuant to the Registration Statement. Based upon the foregoing, we are of the
opinion that as of the date of this opinion, the Registrable Securities have been duly authorized and, when issued by you, will
be validly issued, fully paid and non-assessable, and are registered for resale under the Securities Act under the effective Registration
Statement and may be issued without a restrictive legend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This letter shall serve
as our standing notice to you that the Common Stock may be freely transferred by the Purchasers pursuant to the Registration Statement.
You need not require further letters from us to effect any future legend-free issuance or reissuance of shares of Common Stock
to the Purchasers or the transferees of the Purchasers, as the case may be, as contemplated by the Company&rsquo;s Irrevocable
Transfer Agent Instructions dated __________, 2012, provided at the time of such reissuance, the Company has not otherwise notified
you that the Registration Statement is unavailable for the resale of the Registrable Securities. This letter shall serve as our
standing instructions with regard to this matter.</P>

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

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

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

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 50%; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 4%; vertical-align: top; text-align: left">By:</TD>
    <TD STYLE="width: 46%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
certifies that he is the duly elected, qualified and acting Secretary of Transgenomic, Inc., a Delaware corporation (the &ldquo;<I>Company</I>&rdquo;),
and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company and in connection
with the Securities Purchase Agreement, dated as of February 2, 2012, by and among the Company and the investors party thereto
(the <I>&quot;Securities Purchase Agreement&quot;</I>), <FONT STYLE="font: 9pt Arial; color: Red"><B></B></FONT>and
further certifies in his official capacity, in the name and on behalf of the Company, the items set forth below. Capitalized terms
used but not otherwise defined herein shall have the meaning set forth in the Securities Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Attached
hereto as Exhibit A is a true, correct and complete copy of the resolutions duly adopted by the Board of Directors of the Company
(the &ldquo;Board&rdquo;) at a meeting of the Board held on [_____, ____] approving the transactions contemplated by the Securities
Purchase Agreement and the other Transaction Documents and the issuance of the Securities. Such resolutions have not in any way
been amended, modified, revoked or rescinded, have been in full force and effect since their adoption to and including the date
hereof and are now in full force and effect. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Attached
hereto as Exhibit B is a true, correct and complete copy of the Certificate of Incorporation of the Company, together with any
and all amendments thereto currently in effect, and no action has been taken to further amend, modify or repeal such Certificate
of Incorporation, the same being in full force and effect in the attached form as of the date hereof. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Attached
hereto as Exhibit C is a true, correct and complete copy of the Bylaws of the Company and any and all amendments thereto currently
in effect, and no action has been taken to further amend, modify or repeal such Bylaws, the same being in full force and effect
in the attached form as of the date hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
person listed below has been duly elected or appointed to the position(s) indicated opposite his name and is duly authorized to
sign the Securities Purchase Agreement and each of the Transaction Documents on behalf of the Company, and the signature appearing
opposite such person&rsquo;s name below is such person&rsquo;s genuine signature.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify; font-weight: bold; text-decoration: none; border-bottom: Black 1pt solid">Name</TD>
    <TD STYLE="width: 1%; text-align: justify; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: justify; font-weight: bold; text-decoration: none; border-bottom: Black 1pt solid">Position</TD>
    <TD STYLE="width: 1%; text-align: justify; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 39%; text-align: justify; font-weight: bold; text-decoration: none; border-bottom: Black 1pt solid">Signature</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">[________]</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Chief Executive Officer</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">[________]</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Chief Financial Officer</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the undersigned has hereunto
set his hand as of this ____ day of ______________, 2012.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">[Name]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 238.5pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, [Name], Chief Financial Officer, hereby
certify that [Name] is the duly elected, qualified and acting Secretary of the Company and that the signature set forth above is
his true signature.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">[Name]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-align: center; text-indent: -17.6pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-align: right; text-indent: -17.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-align: right; text-indent: -17.6pt"><B>EXHIBIT A</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 252.4pt"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 252.4pt"><B>EXHIBIT B</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned, the Chief Executive Officer
of Transgenomic, Inc., a Delaware corporation (the &ldquo;<I>Company</I>&rdquo;), pursuant to Section 5.1(h) of the Securities
Purchase Agreement, dated as of February 2, 2012, by and among the Company and the investors signatory thereto (the &ldquo;<I>Securities
Purchase Agreement</I>&rdquo;), hereby represents, warrants and certifies as follows (capitalized terms used but not otherwise
defined herein shall have the meaning set forth in the Securities Purchase Agreement):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The representations and warranties of the Company contained in the Securities Purchase Agreement
are true and correct in all material respects (except for those representations and warranties which are qualified as to materiality,
in which case, such representations and warranties shall be true and correct in all respects) as of the date when made and as of
the date hereof, as though made on and as of such date, except for such representations and warranties that speak as of a specific
date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The Company has performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to
the date hereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the undersigned has executed this certificate this ___ day of ___________, 2012</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">[Name]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>v301517_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES
ACT&rdquo;), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS
TRANSFER AGENT.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Original Issue Date: February 7, 2012</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transgenomic, Inc., a Delaware corporation
(the &ldquo;<I>Company</I>&rdquo;), hereby certifies that, for value received, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> or its permitted registered assigns
(the &ldquo;<I>Holder</I>&rdquo;), is entitled to purchase from the Company up to a total of __________ shares of common stock,
$0.01 par value per share (the &ldquo;<I>Common Stock</I>&rdquo;), of the Company (each such share, a &ldquo;<I>Warrant Share</I>&rdquo;
and all such shares, the &ldquo;<I>Warrant Shares</I>&rdquo;) at an exercise price per share equal to $1.25 per share (as adjusted
from time to time as provided in Section 9 herein, the &ldquo;<I>Exercise Price</I>&rdquo;), at any time and from time to time
on or after the date hereof<B> </B>(the &ldquo;<I>Original Exercise Date</I>&rdquo;) and through and including 5:30 p.m., New York
City time, February 7, 2017 (the &ldquo;<I>Expiration Date</I>&rdquo;), and subject to the following terms and conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Warrant (this &ldquo;<I>Warrant</I>&rdquo;)
is one of a series of similar warrants issued upon conversion of the Convertible Promissory Notes originally issued by the Company
pursuant to that certain Convertible Promissory Note Purchase Agreement, dated December 30, 2011, by and among the Company, Third
Security Senior Staff 2008 LLC, Third Security Staff 2010 LLC and Third Security Incentive 2010 LLC (the &ldquo;<I>Purchase Agreement</I>&rdquo;).
All such warrants are referred to herein, collectively, as the &ldquo;<I>Warrants</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Definitions</U>.
In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings
given to such terms in the Purchase Agreement. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Registration
of Warrants</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose, which
may be a third-party transfer agent (the &ldquo;<I>Warrant Register</I>&rdquo;), in the name of the record Holder (which shall
include the initial Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder)
from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose
of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Registration
of Transfers</U>. The Company shall register the transfer of all or any portion of this Warrant in the Warrant Register, upon
surrender of this Warrant, with the Form of Assignment attached as <U>Schedule 2</U> hereto duly completed and signed, to the
Company&rsquo;s transfer agent or to the Company at its address specified in the Third Security Purchase Agreement and (x) delivery,
at the request of the Company, of an opinion of counsel reasonably satisfactory to the Company to the effect that the transfer
of such portion of this Warrant may be made pursuant to an available exemption from the registration requirements of the Securities
Act and all applicable state securities or blue sky laws (other than in connection with any transfer (i) pursuant to an effective
registration statement, (ii) to the Company, (iii) pursuant to Rule 144 (provided that such Holder provides the Company with reasonable
assurances (in the form of seller and, if applicable, broker representation letters) that the securities may be sold pursuant
to such rule) or (iv) in connection with a bona fide pledge) and (y) delivery by the transferee of a written statement to the
Company certifying that the transferee is an &ldquo;accredited investor&rdquo; as defined in Rule 501(a) under the Securities
Act, at its address specified in the Third Security Purchase Agreement. Upon any such registration or transfer, a new warrant
to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a &ldquo;<I>New Warrant</I>&rdquo;)
evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining
portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant
by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of
the New Warrant that the Holder has in respect of this Warrant. The Company shall prepare, issue and deliver at its own expense
any New Warrant under this Section 3. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exercise
and Duration of Warrant</U>. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All or any part of this Warrant
shall be exercisable by the registered Holder in any manner permitted by Section 10 of this Warrant at any time and from time to
time on or after the Original Issue Date and through and including 5:30 p.m. New York City time, on the Expiration Date. At 5:30
p.m., New York City time, on the Expiration Date, the portion (or all) of this Warrant not exercised prior thereto shall be and
become void and of no value and this Warrant shall be automatically terminated and no longer outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holder may exercise this Warrant
by delivering to the Company (i) an exercise notice, in the form attached as <U>Schedule 1</U> hereto (the &ldquo;<I>Exercise Notice</I>&rdquo;),
completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is
being exercised (which may take the form of a &ldquo;cashless exercise&rdquo; if so indicated in the Exercise Notice and if a &ldquo;cashless
exercise&rdquo; may occur at such time pursuant to Section 10 below) within two (2) Business Days following the Exercise Date (as
defined herein). The date on which the Exercise Notice is delivered to the Company (as determined in accordance with the notice
provisions hereof) is an &ldquo;<I>Exercise Date</I>.&rdquo; The Holder shall not be required to deliver the original Warrant in
order to effect an exercise hereunder, but if it is not so delivered then such exercise shall constitute an agreement by the Holder
to deliver the original Warrant to the Company as soon as practicable thereafter. Execution and delivery of the Exercise Notice
shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase
the remaining number of Warrant Shares.<FONT STYLE="color: black"> </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Delivery
of Warrant Shares</U>. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
exercise of this Warrant, the Company shall promptly (but in no event later than three Trading Days after the Exercise Date) issue
or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the Holder
may designate (provided that, if the Registration Statement (as defined below) is not effective and the Holder directs the Company
to deliver a certificate for the Warrant Shares in a name other than that of the Holder or an Affiliate of the Holder, it shall
deliver to the Company on the Exercise Date an opinion of counsel reasonably satisfactory to the Company to the effect that the
issuance of such Warrant Shares in such other name may be made pursuant to an available exemption from the registration requirements
of the Securities Act and all applicable state securities or blue sky laws), (i) a certificate for the Warrant Shares issuable
upon such exercise, free of restrictive legends, or (ii) an electronic delivery of the Warrant Shares to the Holder&rsquo;s account
at the Depository Trust Company (&ldquo;<I>DTC</I>&rdquo;) or a similar organization, unless in the case of clause (i) and (ii)
a registration statement covering the resale of the Warrant Shares and naming the Holder as a selling stockholder thereunder (the
&ldquo;<I>Registration Statement</I>&rdquo;) is not then effective or the Warrant Shares are not freely transferable without restriction
under Rule 144 by Holders who are not affiliates of the Company, in which case such Holder shall receive a certificate for the
Warrant Shares issuable upon such exercise with appropriate restrictive legends. The Holder, or any Person permissibly so designated
by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the
Exercise Date. Notwithstanding anything contained herein to the contrary, if the Holder fails to deliver the documents required
to register a transferee as set forth in Section 3 above or to provide the documents required under this Section 5(a) to issue
a certificate or electronic delivery of the Warrant Shares to any Person(s) other than the Holder, then determination of the three
Trading Days shall be tolled until such documents have been delivered to the Company. If the Warrant Shares are to be issued free
of all restrictive legends, the Company shall, upon the written request of the Holder, use its reasonable best efforts to deliver,
or cause to be delivered, Warrant Shares hereunder electronically through DTC or another established clearing corporation performing
similar functions, if available; provided, that, the Company may, but will not be required to, change its transfer agent if its
current transfer agent cannot deliver Warrant Shares electronically through such a clearing corporation. &quot;<I>Trading Day</I>&quot;
means any day on which the Common Stock are traded on the principal securities exchange or securities market on which the Common
Stock are then traded (the &ldquo;<I>Trading Market</I>&rdquo;); <I>provided</I> that &quot;<I>Trading Day</I>&quot; shall not
include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day
that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange
or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at
4:00:00 p.m., New York time).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If by the close of the third Trading
Day after delivery of a properly completed Exercise Notice and the payment of the aggregate Exercise Price in any manner permitted
by Section 10 of this Warrant, the Company fails to deliver to the Holder a certificate representing the required number of Warrant
Shares in the manner required pursuant to Section 5(a), and if after such third Trading Day and prior to the receipt of such Warrant
Shares, the Holder is required to purchase (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction
of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a &ldquo;<I>Buy-In</I>&rdquo;),
then the Company shall, in its sole discretion, within three Trading Days after the Holder&rsquo;s request for payment, either
(1) pay in cash to the Holder an amount equal to the Holder&rsquo;s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased, at which point the number of Warrant Shares underlying this Warrant equal to the number
of shares of Common Stock so purchased shall be forfeited and the Company&rsquo;s obligation to deliver such certificate (and to
issue such Warrant Shares) shall terminate or (2) promptly honor its obligation to deliver to the Holder a certificate or certificates
representing such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of Holder&rsquo;s total purchase
price (including brokerage commissions, if any) for the shares of Common Stock so purchased in the Buy-In over the product of (A)
the number of shares of Common Stock purchased in the Buy-In, multiplied by (B) the closing bid price of a share of Common Stock
on the Exercise Date. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Company.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by law,
the Company&rsquo;s obligations to issue and deliver Warrant Shares in accordance with and subject to the terms hereof are absolute
and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the
Company (other than breaches related to this Warrant or the Purchase Agreement) or any violation or alleged violation of law by
the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such obligation of the Company
to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit the Holder&rsquo;s right to pursue
any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company&rsquo;s failure to timely deliver certificates representing shares of Common
Stock upon exercise of the Warrant as required pursuant to the terms hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Charges,
Taxes and Expenses</U>. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; <I>provided, however</I>,
that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder
shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving
Warrant Shares upon exercise hereof. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Replacement
of Warrant</U>. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case,
a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the
Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver
such mutilated Warrant to the Company as a condition precedent to the Company&rsquo;s obligation to issue the New Warrant. </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Reservation
of Warrant Shares</U>. The Company represents and warrants that on the date hereof, it has duly authorized and reserved, and covenants
that it will at all times during the period this Warrant is outstanding reserve and keep available out of the aggregate of its
authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon
exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the
exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the
Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be
duly and validly authorized, issued and fully paid and nonassessable and free from all taxes, liens and charges created by the
Company in respect of the original issuance thereof (other than taxes in respect of any transfer occurring contemporaneously with
such issue). The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who
are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares
upon the exercise of the purchase rights under this Warrant. The Company represents and warrants that the Warrant Shares, when
issued and paid for in accordance with the terms of the Transaction Documents and the Warrants, will be issued free and clear
of all security interests, claims, liens and other encumbrances other than restrictions imposed by applicable securities laws.
The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or
automated quotation system upon which the Common Stock may be listed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Certain
Adjustments</U>. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Dividends and Splits</U>.
If the Company, at any time while this Warrant is outstanding, (i)&nbsp;pays a stock dividend on its Common Stock or otherwise
makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii)&nbsp;subdivides its outstanding
shares of Common Stock into a larger number of shares, (iii)&nbsp;combines (by combination, reverse stock split or otherwise) its
outstanding shares of Common Stock into a smaller number of shares (a &ldquo;<I>Stock Combination Event</I>&rdquo;) or (iv)&nbsp;issues
by reclassification of shares of Common Stock any shares of capital stock of the Company, then in each such case the Exercise Price
shall be adjusted to a price determined by multiplying the Exercise Price in effect immediately prior to the effective date of
such event by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on such effective date
immediately before giving effect to such event and the denominator of which shall be the number of shares of Common Stock outstanding
immediately after giving effect to such event. Any adjustment made pursuant to clause (i)&nbsp;of this paragraph shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and
any adjustment pursuant to clause (ii), (iii)&nbsp;or (iv)&nbsp;of this paragraph shall become effective immediately after the
effective date of such subdivision, combination or reclassification. If at any time and from time to time on or after the Issuance
Date there occurs a Stock Combination Event and the product of (i) the quotient determined by dividing (A) the Exercise Price in
effect immediately prior to the Stock Combination Event by (B) the arithmetic average of the weighted average price during the
fifteen (15) Trading Days immediately prior to the Stock Combination Event; and (ii) the arithmetic average of the weighted average
price during the fifteen (15) Trading Days immediately following the date of such Stock Combination Event (each, an &ldquo;Event
Market Price&rdquo;) is less than the Exercise Price then in effect (after giving effect to the adjustment in Section 9(a) above),
then on the sixteenth (16th) Trading Day immediately following such Stock Combination Event, the Exercise Price then in effect
on such sixteenth (16th) Trading Day (after giving effect to the adjustment in Section 9(a) above) shall be reduced (but in no
event increased) to the Event Market Price. For the avoidance of doubt, if the adjustment in the immediately preceding sentence
would otherwise result in an increase in the Exercise Price hereunder, no adjustment shall be made.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pro Rata Distributions</U>.
If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock for no consideration
(i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph)
or (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset, including cash (in each case, &ldquo;<I>Distributed
Property</I>&rdquo;), except, in the case of subsections (b)(i) through (b)(iv) hereof, for any distributions pursuant to a shareholders&rsquo;
rights plan or similar takeover defense agreement or plan adopted by the Company, then, upon any exercise of this Warrant that
occurs after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be
entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property
that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record
holder of such Warrant Shares immediately prior to such record date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fundamental Transactions</U>.
If, at any time while this Warrant is outstanding (i)&nbsp;the Company effects (A) any merger of the Company with (but not into)
another Person, in which stockholders of the Company immediately prior to such transaction own less than a majority of the outstanding
stock of the surviving entity, or (B) any merger or consolidation of the Company into another Person, (ii) the Company effects
any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender offer or exchange
offer approved or authorized by the Company&rsquo;s Board of Directors is completed pursuant to which holders of at least a majority
of the outstanding Common Stock tender or exchange their shares for other securities, cash or property, or (iv) the Company effects
any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common
Stock covered by Section 9(a) above) (in any such case, a &ldquo;<I>Fundamental Transaction</I>&rdquo;), then the Holder shall
have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as
it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to
such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without
regard to any limitations on exercise contained herein (the &ldquo;<I>Alternate Consideration</I>&rdquo;), and the Holder shall
no longer have the right to receive Warrant Shares upon exercise of this Warrant. The Company shall not effect any such Fundamental
Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or
the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or Person shall assume the obligation
to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled
to receive, and the other obligations under this Warrant. The provisions of this paragraph (c) shall similarly apply to subsequent
transactions of an analogous type to any Fundamental Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number of Warrant Shares</U>.
Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) or (e) of this Section 9, the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be the
same as the aggregate Exercise Price in effect immediately prior to such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsequent Equity Sales</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided
in paragraph (e)(iii) of this <U>Section 9</U>, if and whenever the Company shall issue or sell, or is, in accordance with any
of paragraphs (e)(ii)(l) through (e)(ii)(7) of this <U>Section 9</U>, deemed to have issued or sold, any shares of Common Stock
for no consideration or for a consideration per share less than the Exercise Price in effect immediately prior to the time of such
issue or sale, then and in each such case (a &ldquo;<I>Trigger Issuance</I>&rdquo;) the then-existing Exercise Price shall be reduced
as of the close of business on the effective date of the Trigger Issuance, to a price determined as follows:</P>

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

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Adjusted Exercise Price = <U>(A x B) + D</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.8in">&nbsp;A+C</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.75in">where</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75in">&ldquo;A&rdquo;
equals the number of shares of Common Stock outstanding, including Additional Shares of Common Stock (as defined below) deemed
to be issued hereunder, immediately preceding such Trigger Issuance;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75in">&ldquo;B&rdquo;
equals the Exercise Price in effect immediately preceding such Trigger Issuance;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75in">&ldquo;C&rdquo;
equals the number of Additional Shares of Common Stock issued or deemed issued hereunder as a result of the Trigger Issuance; and</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75in">&ldquo;D&rdquo;
equals the aggregate consideration, if any, received or deemed to be received by the Company upon such Trigger Issuance;</P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>provided, however</I>, that in no event
shall the Exercise Price after giving effect to such Trigger Issuance be greater than the Exercise Price immediately prior to such
Trigger Issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this paragraph (e), &ldquo;<I>Additional
Shares of Common Stock</I>&rdquo; shall mean all shares of Common Stock issued by the Company or deemed to be issued pursuant to
this paragraph (e), other than Excluded Issuances (as defined in paragraph (e)(iii) of this <U>Section 9</U>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this paragraph (e), the following paragraphs (e)(ii)(l) to (e)(ii)(7) shall also be applicable:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Issuance
of Rights or Options</U>. In case at any time the Company shall in any manner grant (directly and not by assumption in a merger
or otherwise) any warrants or other rights to subscribe for or to purchase, or any options for the purchase of, Common Stock or
any stock or security convertible into or exchangeable for Common Stock (such warrants, rights or options being called &ldquo;<I>Options</I>&rdquo;
and such convertible or exchangeable stock or securities being called &ldquo;<I>Convertible Securities</I>&rdquo;), whether or
not such Options or the right to convert or exchange any such Convertible Securities are immediately exercisable, and the price
per share for which Common Stock is issuable upon the exercise of such Options or upon the conversion or exchange of such Convertible
Securities (determined by dividing (i)&nbsp;the sum (which sum shall constitute the applicable consideration) of (x)&nbsp;the
total amount, if any, received or receivable by the Company as consideration for the granting of such Options, plus (y)&nbsp;the
aggregate amount of additional consideration payable to the Company upon the exercise of all such Options, plus (z), in the case
of such Options that relate to Convertible Securities, the aggregate amount of additional consideration, if any, payable upon
the issue or sale of such Convertible Securities and upon the conversion or exchange thereof, by (ii)&nbsp;the total maximum number
of shares of Common Stock issuable upon the exercise of such Options or upon the conversion or exchange of all such Convertible
Securities issuable upon the exercise of such Options) shall be less than the Exercise Price in effect immediately prior to the
time of the granting of such Options, then the total number of shares of Common Stock issuable upon the exercise of such Options
or upon conversion or exchange of the total amount of such Convertible Securities issuable upon the exercise of such Options shall
be deemed to have been issued for such price per share as of the date of granting of such Options or the issuance of such Convertible
Securities and thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise Price. Except as otherwise
provided in paragraph (e)(ii)(3), no adjustment of the Exercise Price shall be made upon the actual issue of such Common Stock
or of such Convertible Securities upon exercise of such Options or upon the actual issue of such Common Stock upon conversion
or exchange of such Convertible Securities. </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Issuance
of Convertible Securities</U>. In case the Company shall in any manner issue (directly and not by assumption in a merger or otherwise)
or sell any Convertible Securities, whether or not the rights to exchange or convert any such Convertible Securities are immediately
exercisable, and the price per share for which Common Stock is issuable upon such conversion or exchange (determined by dividing
(i)&nbsp;the sum (which sum shall constitute the applicable consideration) of (x)&nbsp;the total amount received or receivable
by the Company as consideration for the issue or sale of such Convertible Securities, plus (y)&nbsp;the aggregate amount of additional
consideration, if any, payable to the Company upon the conversion or exchange thereof, by (ii)&nbsp;the total number of shares
of Common Stock issuable upon the conversion or exchange of all such Convertible Securities) shall be less than the Exercise Price
in effect immediately prior to the time of such issue or sale, then the total maximum number of shares of Common Stock issuable
upon conversion or exchange of all such Convertible Securities shall be deemed to have been issued for such price per share as
of the date of the issue or sale of such Convertible Securities and thereafter shall be deemed to be outstanding for purposes of
adjusting the Exercise Price, provided that (a)&nbsp;except as otherwise provided in paragraph (e)(ii)(3), no adjustment of the
Exercise Price shall be made upon the actual issuance of such Common Stock upon conversion or exchange of such Convertible Securities
and (b) no further adjustment of the Exercise Price shall be made by reason of the issue or sale of Convertible Securities upon
exercise of any Options to purchase any such Convertible Securities for which adjustments of the Exercise Price have been made
pursuant to the other provisions of paragraph (e).<FONT STYLE="color: black; letter-spacing: 0pt"><U> No adjustment pursuant to
this Section 9 shall be made if such adjustment would result in an increase of the Exercise Price then in effect</U></FONT></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Change
in Option Price or Conversion Rate</U>. Upon the happening of any of the following events, namely, if the purchase price provided
for in any Option referred to in paragraph (e)(ii)(l) of this <U>Section 9</U>, the additional consideration, if any, payable upon
the conversion or exchange of any Convertible Securities referred to in paragraphs (e)(ii)(l) or (e)(ii)(2), or the rate at which
Convertible Securities referred to in paragraphs (e)(ii)(l) or (e)(ii)(2) are convertible into or exchangeable for Common Stock
shall change at any time (including, but not limited to, changes under or by reason of provisions designed to protect against dilution),
the Exercise Price in effect at the time of such event shall forthwith be readjusted to the Exercise Price that would have been
in effect at such time had such Options or Convertible Securities still outstanding provided for such changed purchase price, additional
consideration or conversion rate, as the case may be, at the time initially granted, issued or sold. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Dividends</U>. Subject to the provisions of this paragraph (e), in case the Company shall declare a dividend or make any other
distribution upon any stock of the Company (other than the Common Stock) payable in Common Stock, Options or Convertible Securities,
then any Common Stock, Options or Convertible Securities, as the case may be, issuable in payment of such dividend or distribution
shall be deemed to have been issued or sold without consideration.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Consideration
for Stock</U>. In case any shares of Common Stock, Options or Convertible Securities shall be issued or sold for cash, the consideration
received therefor shall be deemed to be the gross amount received by the Company therefor. In case any shares of Common Stock,
Options or Convertible Securities shall be issued or sold for a consideration other than cash, the amount of the consideration
other than cash received by the Company shall be deemed to be the fair value of such consideration as determined in good faith
by the Board of Directors of the Company. In case any Options shall be issued in connection with the issue and sale of other securities
of the Company, together comprising one integral transaction in which no specific consideration is allocated to such Options by
the parties thereto, such Options shall be deemed to have been issued for such consideration as determined in good faith by the
Board of Directors of the Company. If Common Stock, Options or Convertible Securities shall be issued or sold by the Company and,
in connection therewith, other Options or Convertible Securities (the &ldquo;<I>Additional Rights</I>&rdquo;) are issued, then
the consideration received or deemed to be received by the Company shall be reduced by the fair market value of the Additional
Rights (as determined using the Black Scholes Option Pricing Model or another method mutually agreed to by the Company and the
Holder). The Board of Directors of the Company shall respond promptly, in writing, to an inquiry by the Holder as to the fair market
value of the Additional Rights. In the event that the Board of Directors of the Company and the Holder are unable to agree upon
the fair market value of the Additional Rights, the Company and the Holder shall jointly select an appraiser who is experienced
in such matters. The decision of such appraiser shall be final and conclusive, and the cost of such appraiser shall be borne evenly
by the Company and the Holder. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Record
Date</U>. In case the Company shall take a record of the holders of its Common Stock for the purpose of entitling them (i) to receive
a dividend or other distribution payable in Common Stock, Options or Convertible Securities or (ii) to subscribe for or purchase
Common Stock, Options or Convertible Securities, then such record date shall be deemed to be the date of the issue or sale of the
shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution
or the date of the granting of such right of subscription or purchase, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Treasury
Shares</U>. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for
the account of the Company or any of its wholly-owned subsidiaries, and the disposition of any such shares (other than the cancellation
or retirement thereof) shall be considered an issue or sale of Common Stock for the purpose of this paragraph (e).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing, no adjustment will be made under this paragraph&nbsp;(e) in respect of: (i)&nbsp;the issuance of securities upon
the exercise or conversion of any Common Stock or Common Stock Equivalents issued by the Company prior to the date hereof provided
that such securities have not been amended since the date hereof to increase the number of such securities or to decrease the
exercise price, exchange price or conversion price of such securities, (ii)&nbsp;the grant of options, warrants, Common Stock
or other Common Stock Equivalents (but not including any amendments to such instruments) under any duly authorized Company stock
option, restricted stock plan or stock purchase plan whether now existing or hereafter approved by the Company and its stockholders
in the future, and the issuance of Common Stock in respect thereof, (iii)&nbsp;the issuance of securities in connection with a
Strategic Transaction, or (iv)&nbsp;the issuance of securities in a transaction described in paragraph (a) or (b) of this <U>Section
9</U> (collectively, &ldquo;<I>Excluded Issuances</I>&rdquo;). For purposes of this paragraph, a &ldquo;<I>Strategic Transaction</I>&rdquo;
means a transaction or relationship in which (1)&nbsp;the Company issues shares of Common Stock to a Person that the Board of
Directors of the Company determined in good faith is, itself or through its Subsidiaries, an operating company in a business synergistic
with the business of the Company (or a shareholder thereof) and (2)&nbsp;the Company expects to receive benefits in addition to
the investment of funds, but shall not include (x)&nbsp;a transaction in which the Company is issuing securities primarily for
the purpose of raising capital or to a Person whose primary business is investing in securities or (y)&nbsp;issuances to lenders.
The term &ldquo;<I>Common Stock Equivalents</I>&rdquo; shall mean any securities of the Company which would entitle the holder
thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants
or other instrument that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock or other securities that entitle the holder to receive, directly or indirectly, Common Stock.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Calculations</U>.
All calculations under this Section 9 shall be made to the nearest cent or the nearest share, as applicable. The number of shares
of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Notice
of Adjustments</U>. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will, at the
written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and
prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or
type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in reasonable detail the facts upon which such adjustment is based. Upon written request,
the Company will promptly deliver a copy of each such certificate to the Holder and to the Company&rsquo;s transfer agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Notice
of Corporate Events</U>. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution
of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or
warrants to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement
contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution,
liquidation or winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed
to constitute material non-public information, the Company shall deliver to the Holder a notice of such transaction at least ten
(10) business days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order
to participate in or vote with respect to such transaction; <I>provided, however</I>, that the failure to deliver such notice
or any defect therein shall not affect the validity of the corporate action required to be described in such notice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Exercise Price</U>. The
Holder shall pay the Exercise Price in immediately available funds; <I>provided, however</I>, that if, on any Exercise Date there
is not an effective Registration Statement registering, or no current prospectus available for, the resale of the Warrant Shares
by the Holder, then the Holder may, in its sole discretion, satisfy its obligation to pay the Exercise Price through a &ldquo;cashless
exercise&rdquo;, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">X = Y [(A-B)/A]</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">X = the number of Warrant Shares
to be issued to the Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Y = the total number of Warrant
Shares with respect to which this Warrant is being exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">A = the average of the Closing Bid
Price of the shares of Common Stock (as reported by Bloomberg Financial Markets) for the five consecutive Trading Days ending on
the date immediately preceding the Exercise Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">B = the Exercise Price then in
effect for the applicable Warrant Shares at the time of such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this Warrant, &ldquo;<I>Closing
Bid Price</I>&rdquo; means, for any security as of any date, the last reported closing bid price for such security on the Trading
Market for such security, as reported by Bloomberg Financial Markets, or, if such Trading Market begins to operate on an extended
hours basis and does not designate the closing bid price, then the last bid price of such security prior to 4:00 p.m., New York
City time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last closing price of such security
in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg Financial Markets, or,
if no closing bid price is reported for such security by Bloomberg Financial Markets, the average of the bid prices of any market
makers for such security as reported in the &quot;pink sheets&quot; by Pink Sheets LLC. If the Closing Bid Price cannot be calculated
for a security on a particular date on any of the foregoing bases, the Closing Bid Price of such security on such date shall be
the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then the Board of Directors of the Company shall use its good faith judgment to determine
the fair market value. The Board of Directors&rsquo; determination shall be binding upon all parties absent demonstrable error.
All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during the applicable calculation period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of Rule 144, it is intended, understood
and acknowledged that the provisions above permitting &ldquo;cashless exercise&rdquo; are intended, in part, to ensure that a full
or partial exchange of this Warrant pursuant to such provisions will qualify as a conversion, within the meaning of paragraph (d)(3)(ii)
of Rule 144, and the holding period for the Warrant Shares shall be deemed to have commenced as to such original Holder, on the
Original Issue Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">[<U>Reserved</U>.]
</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>No
Fractional Shares</U>. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the
next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Bid Price) for any
such fractional shares. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Notices</U>.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in the Purchase Agreement prior to 5:30 p.m., New York City time,
on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number specified in the Purchase Agreement on a day that is not a Trading Day or later than 5:30 p.m., New York
City time, on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight
courier service specifying next business day delivery, or (iv) upon actual receipt by the Person to whom such notice is required
to be given, if by hand delivery. The address and facsimile number of a Person for such notices or communications shall be as
set forth in the Purchase Agreement unless changed by such Person by two Trading Days&rsquo; prior notice to the other Person(s)
in accordance with this Section 13. </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Warrant
Agent</U>. The Company shall serve as warrant agent under this Warrant. Upon 15 days&rsquo; notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder&rsquo;s last address as shown
on the Warrant Register. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Miscellaneous</U>.
</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Rights as a Stockholder</U>.The Holder, solely in such Person's capacity as a holder of this Warrant, shall not be entitled
to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder, solely in such Person's capacity as the Holder of this Warrant, any of
the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive
notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant
Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities, whether such liabilities are asserted
by the Company or by creditors of the Company.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorized
Shares</U>. (i) The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be
issued as provided herein without violation of any applicable law or regulation or of any requirements of the Trading Market upon
which the Common Stock may be listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except and to
the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (b) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant,
and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Successors
and Assigns</U>.&nbsp;&nbsp;Subject to the restrictions on transfer set forth in this Warrant, and compliance with applicable securities
laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written consent of
the Holder except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the benefit
of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant
shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of
action under this Warrant.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Amendment
and Waiver</U>. Except as otherwise provided herein, the provisions of the Warrants may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the Holder. </FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Acceptance</U>.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Governing
Law; Jurisdiction</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL
BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR
IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT
OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING,
ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY
WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY
THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT
FOR NOTICES TO IT UNDER THE PURCHASE AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS
AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED
BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The headings
herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the
provisions hereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and
the Holder will attempt in good faith to agree upon a valid and enforceable provision which as closely as possible reflects the
intent of the parties hereto, and upon so agreeing, shall incorporate such substitute provision in this Warrant.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-decoration: none">TRANSGENOMIC, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 4%; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 45%; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">By:</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp; Craig J. Tuttle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp; President/Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[To be executed by the Holder to purchase shares
of Common Stock under the Warrant]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned is the Holder of Warrant No. __________ (the &ldquo;Warrant&rdquo;) issued by Transgenomic, Inc., a Delaware corporation
(the &ldquo;Company&rdquo;). Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth
in the Warrant. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">The
Holder intends that payment of the Exercise Price shall be made as (check one):</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&euro;</TD>
    <TD STYLE="width: 79%; text-align: justify">Cash Exercise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&euro;</TD>
    <TD STYLE="text-align: justify">&ldquo;Cashless Exercise&rdquo; under Section 10 of the Warrant</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">If
the Holder has elected a Cash Exercise, the Holder shall pay the sum of $_______ in immediately available funds to the Company
in accordance with the terms of the Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms of the
Warrant. Please issue (check applicable box): </FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&euro;</TD>
    <TD STYLE="width: 79%; text-align: justify">A certificate of certificates representing the Holder Warrant Shares in the name of the undersigned or in such other name as is specified below:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&euro;</TD>
    <TD STYLE="width: 79%; text-align: justify">The Holder Warrant Shares in electronic form to the following account:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; text-align: justify">Name and Contact for Broker:</TD>
    <TD STYLE="width: 44%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: justify">Broker no:</TD>
    <TD STYLE="width: 59%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; text-align: justify">Account no:</TD>
    <TD STYLE="width: 57%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; text-align: justify">Account holder:</TD>
    <TD STYLE="width: 54%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">Dated:_______________, _____</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>Name of Holder:&nbsp; ___________________________</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">By:</TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Signature must conform in all respects to name of Holder as specified
on the face of the Warrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[To be completed and executed by the Holder
only upon transfer of the Warrant]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(the &ldquo;Transferee&rdquo;) the right represented by the within Warrant to purchase <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
shares of Common Stock of Transgenomic, Inc., a Delaware corporation (the &ldquo;Company&rdquo;) to which the within Warrant relates
and appoints <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
attorney to transfer said right on the books of the Company with full power of substitution in the premises. In connection therewith,
the undersigned represents, warrants, covenants and agrees to and with the Company that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify">(a)</TD>
    <TD STYLE="width: 93%; text-align: justify">the offer and sale of the Warrant contemplated hereby is being made in compliance with Section 4(1) of the United States Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), or another valid exemption from the registration requirements of Section 5 of the Securities Act and in compliance with all applicable securities laws of the states of the United States;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(b)</TD>
    <TD STYLE="text-align: justify">the undersigned has not offered to sell the Warrant by any form of general solicitation or general advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, and any seminar or meeting whose attendees have been invited by any general solicitation or general advertising;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(c)</TD>
    <TD STYLE="text-align: justify">the undersigned has read the Transferee&rsquo;s investment letter included herewith, and to its actual knowledge, the statements made therein are true and correct; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(d)</TD>
    <TD STYLE="text-align: justify">the undersigned understands that the Company may condition the transfer of the Warrant contemplated hereby upon the delivery to the Company by the undersigned or the Transferee, as the case may be, of a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable securities laws of the states of the United States.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; 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: 41%">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD STYLE="width: 4%; text-indent: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 55%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
    <TD>(Signature must conform in all respects to name of holder as specified on the face of the Warrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
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    <TD>Address of Transferee</TD></TR>
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    <TD>In the presence of:</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD></TR>
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    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>v301517_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES
ACT&rdquo;), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS
TRANSFER AGENT.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Original Issue Date: February 7, 2012</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transgenomic, Inc., a Delaware
corporation (the &ldquo;<I>Company</I>&rdquo;), hereby certifies that, for value received <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
or its permitted registered assigns (the &ldquo;<I>Holder</I>&rdquo;), is entitled to purchase from the Company up to a total
of __________ shares of common stock, $0.01 par value per share (the &ldquo;<I>Common Stock</I>&rdquo;), of the Company (each
such share, a &ldquo;<I>Warrant Share</I>&rdquo; and all such shares, the &ldquo;<I>Warrant Shares</I>&rdquo;) at an exercise
price per share equal to $1.25 per share (as adjusted from time to time as provided in Section 9 herein, the
&ldquo;<I>Exercise Price</I>&rdquo;), at any time and from time to time on or after the date hereof<B> </B>(the
&ldquo;<I>Original Exercise Date</I>&rdquo;) and through and including 5:30 p.m., New York City time, on February 7, 2017
(the &ldquo;<I>Expiration Date</I>&rdquo;), and subject to the following terms and conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Warrant (this &ldquo;<I>Warrant</I>&rdquo;) is one of a series of similar warrants issued pursuant to
that certain Securities Purchase Agreement, dated February 2, 2012, by and among the Company and the Purchasers identified therein
(the &ldquo;<I>Purchase Agreement</I>&rdquo;). All such warrants are referred to herein, collectively, as the &ldquo;<I>Warrants</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Definitions</U>.
In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings
given to such terms in the Purchase Agreement. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Registration
of Warrants</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose, which
may be a third-party transfer agent (the &ldquo;<I>Warrant Register</I>&rdquo;), in the name of the record Holder (which shall
include the initial Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder)
from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose
of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
of Transfers</U>. Subject to the restrictions on transfer set forth in Section 4.1 of the Purchase Agreement and compliance with
all applicable securities laws, the Company shall register the transfer of all or any portion of this Warrant in the Warrant Register,
upon surrender of this Warrant, with the Form of Assignment attached as <U>Schedule 2</U> hereto duly completed and signed, to
the Company&rsquo;s transfer agent or to the Company at its address specified in the Purchase Agreement and (x) delivery, at the
request of the Company, of an opinion of counsel reasonably satisfactory to the Company to the effect that the transfer of such
portion of this Warrant may be made pursuant to an available exemption from the registration requirements of the Securities Act
and all applicable state securities or blue sky laws (other than in connection with any transfer (i) pursuant to an effective
registration statement, (ii) to the Company, (iii) pursuant to Rule 144 (provided that such Holder provides the Company with reasonable
assurances (in the form of seller and, if applicable, broker representation letters) that the securities may be sold pursuant
to such rule) or (iv) in connection with a bona fide pledge) and (y) delivery by the transferee of a written statement to the
Company certifying that the transferee is an &ldquo;accredited investor&rdquo; as defined in Rule 501(a) under the Securities
Act and making the representations and certifications set forth in Sections 3.2(b), (c), (d), (f), (j) and (n) of the Purchase
Agreement, to the Company at its address specified in the Purchase Agreement. Upon any such registration or transfer, a new warrant
to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a &ldquo;<I>New Warrant</I>&rdquo;)
evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining
portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant
by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of
the New Warrant that the Holder has in respect of this Warrant. The Company shall prepare, issue and deliver at its own expense
any New Warrant under this Section 3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exercise
and Duration of Warrant</U>. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All or any part of this Warrant
shall be exercisable by the registered Holder in any manner permitted by Section 10 of this Warrant at any time and from time to
time on or after the Original Issue Date and through and including 5:30 p.m. New York City time, on the Expiration Date. At 5:30
p.m., New York City time, on the Expiration Date, the portion (or all) of this Warrant not exercised prior thereto shall be and
become void and of no value and this Warrant shall be automatically terminated and no longer outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as <U>Schedule 1</U>
hereto (the &ldquo;<I>Exercise Notice</I>&rdquo;), completed and duly signed, and (ii) payment of the Exercise Price for the number
of Warrant Shares as to which this Warrant is being exercised (which may take the form of a &ldquo;cashless exercise&rdquo; if
so indicated in the Exercise Notice and if a &ldquo;cashless exercise&rdquo; may occur at such time pursuant to Section 10 below)
within two (2) Business Days following the Exercise Date (as defined herein). The date on which the Exercise Notice is delivered
to the Company (as determined in accordance with the notice provisions hereof) is an &ldquo;<I>Exercise Date</I>.&rdquo; The delivery
by (or on behalf of) the Holder of the Exercise Notice and the applicable Exercise Price as provided above shall constitute the
Holder&rsquo;s certification to the Company that its representations contained in Sections 3.2(b), (c), (d), (f), (j) and (n)
of the Purchase Agreement are true and correct as of the Exercise Date and the date on which Holder pays the Company the Exercise
Price as if remade in their entirety (or, in the case of any transferee Holder that is not a party to the Purchase Agreement,
such transferee Holder&rsquo;s certification to the Company that such representations are true and correct as to such assignee
Holder as of the Exercise Date). The Holder shall not be required to deliver the original Warrant in order to effect an exercise
hereunder, but if it is not so delivered then such exercise shall constitute an agreement by the Holder to deliver the original
Warrant to the Company as soon as practicable thereafter. Execution and delivery of the Exercise Notice shall have the same effect
as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of
Warrant Shares.<FONT STYLE="color: black"> </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Delivery
of Warrant Shares</U>. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
exercise of this Warrant, the Company shall promptly (but in no event later than three Trading Days after the Exercise Date) issue
or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the Holder
may designate (provided that, if the Registration Statement is not effective and the Holder directs the Company to deliver a certificate
for the Warrant Shares in a name other than that of the Holder or an Affiliate of the Holder, it shall deliver to the Company
on the Exercise Date an opinion of counsel reasonably satisfactory to the Company to the effect that the issuance of such Warrant
Shares in such other name may be made pursuant to an available exemption from the registration requirements of the Securities
Act and all applicable state securities or blue sky laws), (i) a certificate for the Warrant Shares issuable upon such exercise,
free of restrictive legends, or (ii) an electronic delivery of the Warrant Shares to the Holder&rsquo;s account at the Depository
Trust Company (&ldquo;<I>DTC</I>&rdquo;) or a similar organization, unless in the case of clause (i) and (ii) a registration statement
covering the resale of the Warrant Shares and naming the Holder as a selling stockholder thereunder is not then effective or the
Warrant Shares are not freely transferable without restriction under Rule 144 by Holders who are not affiliates of the Company,
in which case such Holder shall receive a certificate for the Warrant Shares issuable upon such exercise with appropriate restrictive
legends. The Holder, or any Person permissibly so designated by the Holder to receive Warrant Shares, shall be deemed to have
become the holder of record of such Warrant Shares as of the Exercise Date. Notwithstanding anything contained herein to the contrary,
if the Holder fails to deliver the documents required to register a transferee as set forth in Section 3 above or to provide the
documents required under this Section 5(a) to issue a certificate or electronic delivery of the Warrant Shares to any Person(s)
other than the Holder, then determination of the three Trading Days shall be tolled until such documents have been delivered to
the Company. If the Warrant Shares are to be issued free of all restrictive legends, the Company shall, upon the written request
of the Holder, use its reasonable best efforts to deliver, or cause to be delivered, Warrant Shares hereunder electronically through
DTC or another established clearing corporation performing similar functions, if available; provided, that, the Company may, but
will not be required to, change its transfer agent if its current transfer agent cannot deliver Warrant Shares electronically
through such a clearing corporation. &quot;<I>Trading Day</I>&quot; means any day on which the Common Stock are traded on the
Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal
securities exchange or securities market on which the Common Stock is then traded; <I>provided</I> that &quot;<I>Trading Day</I>&quot;
shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or
any day that the Common Stock are suspended from trading during the final hour of trading on such exchange or market (or if such
exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour
ending at 4:00:00 p.m., New York time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If by the close of the third Trading
Day after delivery of a properly completed Exercise Notice and the payment of the aggregate Exercise Price in any manner permitted
by Section 10 of this Warrant, the Company fails to deliver to the Holder a certificate representing the required number of Warrant
Shares in the manner required pursuant to Section 5(a), and if after such third Trading Day and prior to the receipt of such Warrant
Shares, the Holder is required to purchase (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction
of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a &ldquo;<I>Buy-In</I>&rdquo;),
then the Company shall, in its sole discretion, within three Trading Days after the Holder&rsquo;s request for payment, either
(1) pay in cash to the Holder an amount equal to the Holder&rsquo;s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased, at which point the number of Warrant Shares underlying this Warrant equal to the number
of shares of Common Stock so purchased shall be forfeited and the Company&rsquo;s obligation to deliver such certificate (and to
issue such Warrant Shares) shall terminate or (2) promptly honor its obligation to deliver to the Holder a certificate or certificates
representing such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of Holder&rsquo;s total purchase
price (including brokerage commissions, if any) for the shares of Common Stock so purchased in the Buy-In over the product of (A)
the number of shares of Common Stock purchased in the Buy-In, multiplied by (B) the closing bid price of a share of Common Stock
on the Exercise Date. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Company.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by law, the Company&rsquo;s obligations to issue and deliver Warrant Shares in accordance with and
subject to the terms hereof (including the limitations set forth in Section 11 below) are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision
hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any
obligation to the Company (other than breaches related to this Warrant or the Purchase Agreement) or any violation or alleged
violation of law by the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit
such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit
the Holder&rsquo;s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company&rsquo;s failure to timely
deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Charges,
Taxes and Expenses</U>. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; <I>provided, however</I>,
that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder
shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving
Warrant Shares upon exercise hereof. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Replacement
of Warrant</U>. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case,
a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the
Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver
such mutilated Warrant to the Company as a condition precedent to the Company&rsquo;s obligation to issue the New Warrant. </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Reservation
of Warrant Shares</U>. The Company represents and warrants that on the date hereof, it has duly authorized and reserved, and covenants
that it will at all times during the period this Warrant is outstanding reserve and keep available out of the aggregate of its
authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon
exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the
exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the
Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be
duly and validly authorized, issued and fully paid and nonassessable and free from all taxes, liens and charges created by the
Company in respect of the original issuance thereof (other than taxes in respect of any transfer occurring contemporaneously with
such issue). The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who
are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares
upon the exercise of the purchase rights under this Warrant. The Company represents and warrants that the Warrant Shares, when
issued and paid for in accordance with the terms of the Transaction Documents and the Warrants, will be issued free and clear
of all security interests, claims, liens and other encumbrances other than restrictions imposed by applicable securities laws.
The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or
automated quotation system upon which the Common Stock may be listed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Certain
Adjustments</U>. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Dividends and Splits</U>.
If the Company, at any time while this Warrant is outstanding, (i)&nbsp;pays a stock dividend on its Common Stock or otherwise
makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii)&nbsp;subdivides its outstanding
shares of Common Stock into a larger number of shares, (iii)&nbsp;combines (by combination, reverse stock split or otherwise) its
outstanding shares of Common Stock into a smaller number of shares (a &ldquo;<I>Stock Combination Event</I>&rdquo;) or (iv)&nbsp;issues
by reclassification of shares of Common Stock any shares of capital stock of the Company, then in each such case the Exercise Price
shall be adjusted to a price determined by multiplying the Exercise Price in effect immediately prior to the effective date of
such event by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on such effective date
immediately before giving effect to such event and the denominator of which shall be the number of shares of Common Stock outstanding
immediately after giving effect to such event. Any adjustment made pursuant to clause (i)&nbsp;of this paragraph shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and
any adjustment pursuant to clause (ii), (iii)&nbsp;or (iv)&nbsp;of this paragraph shall become effective immediately after the
effective date of such subdivision, combination or reclassification. If at any time and from time to time on or after the Issuance
Date there occurs a Stock Combination Event and the product of (i) the quotient determined by dividing (A) the Exercise Price in
effect immediately prior to the Stock Combination Event by (B) the arithmetic average of the weighted average price during the
fifteen (15) Trading Days immediately prior to the Stock Combination Event; and (ii) the arithmetic average of the weighted average
price during the fifteen (15) Trading Days immediately following the date of such Stock Combination Event (each, an &ldquo;Event
Market Price&rdquo;) is less than the Exercise Price then in effect (after giving effect to the adjustment in Section 9(a) above),
then on the sixteenth (16th) Trading Day immediately following such Stock Combination Event, the Exercise Price then in effect
on such sixteenth (16th) Trading Day (after giving effect to the adjustment in Section 9(a) above) shall be reduced (but in no
event increased) to the Event Market Price. For the avoidance of doubt, if the adjustment in the immediately preceding sentence
would otherwise result in an increase in the Exercise Price hereunder, no adjustment shall be made.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pro Rata Distributions</U>.
If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock for no consideration
(i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph)
or (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset, including cash (in each case, &ldquo;<I>Distributed
Property</I>&rdquo;), except, in the case of subsections (b)(i) through (b)(iv) hereof, for any distributions pursuant to a shareholders&rsquo;
rights plan or similar takeover defense agreement or plan adopted by the Company, then, upon any exercise of this Warrant that
occurs after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be
entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property
that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record
holder of such Warrant Shares immediately prior to such record date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fundamental Transactions</U>.
If, at any time while this Warrant is outstanding (i)&nbsp;the Company effects (A) any merger of the Company with (but not into)
another Person, in which stockholders of the Company immediately prior to such transaction own less than a majority of the outstanding
stock of the surviving entity, or (B) any merger or consolidation of the Company into another Person, (ii) the Company effects
any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender offer or exchange
offer approved or authorized by the Company&rsquo;s Board of Directors is completed pursuant to which holders of at least a majority
of the outstanding Common Stock tender or exchange their shares for other securities, cash or property, or (iv) the Company effects
any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common
Stock covered by Section 9(a) above) (in any such case, a &ldquo;<I>Fundamental Transaction</I>&rdquo;), then the Holder shall
have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as
it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to
such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without
regard to any limitations on exercise contained herein (the &ldquo;<I>Alternate Consideration</I>&rdquo;), and the Holder shall
no longer have the right to receive Warrant Shares upon exercise of this Warrant. The Company shall not effect any such Fundamental
Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or
the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or Person shall assume the obligation
to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled
to receive, and the other obligations under this Warrant. The provisions of this paragraph (c) shall similarly apply to subsequent
transactions of an analogous type to any Fundamental Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number of Warrant Shares</U>.
Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) or (e) of this Section 9, the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be the
same as the aggregate Exercise Price in effect immediately prior to such adjustment.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided
in paragraph (e)(iii) of this <U>Section 9</U>, if and whenever the Company shall issue or sell, or is, in accordance with any
of paragraphs (e)(ii)(l) through (e)(ii)(7) of this <U>Section 9</U>, deemed to have issued or sold, any shares of Common Stock
for no consideration or for a consideration per share less than the Exercise Price in effect immediately prior to the time of such
issue or sale, then and in each such case (a &ldquo;<I>Trigger Issuance</I>&rdquo;) the then-existing Exercise Price shall be reduced
as of the close of business on the effective date of the Trigger Issuance, to a price determined as follows:</P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Adjusted Exercise Price = <U>(A x B) + D</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.8in">&nbsp;A+C</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.75in">where</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75in">&ldquo;A&rdquo;
equals the number of shares of Common Stock outstanding, including Additional Shares of Common Stock (as defined below) deemed
to be issued hereunder, immediately preceding such Trigger Issuance;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75in">&ldquo;B&rdquo;
equals the Exercise Price in effect immediately preceding such Trigger Issuance;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75in">&ldquo;C&rdquo;
equals the number of Additional Shares of Common Stock issued or deemed issued hereunder as a result of the Trigger Issuance; and</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75in">&ldquo;D&rdquo;
equals the aggregate consideration, if any, received or deemed to be received by the Company upon such Trigger Issuance;</P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>provided, however</I>, that in no event
shall the Exercise Price after giving effect to such Trigger Issuance be greater than the Exercise Price immediately prior to such
Trigger Issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this paragraph (e), &ldquo;<I>Additional
Shares of Common Stock</I>&rdquo; shall mean all shares of Common Stock issued by the Company or deemed to be issued pursuant to
this paragraph (e), other than Excluded Issuances (as defined in paragraph (e)(iii) of this <U>Section 9</U>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this paragraph (e), the following paragraphs (e)(ii)(l) to (e)(ii)(7) shall also be applicable:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Issuance
of Rights or Options</U>. In case at any time the Company shall in any manner grant (directly and not by assumption in a merger
or otherwise) any warrants or other rights to subscribe for or to purchase, or any options for the purchase of, Common Stock or
any stock or security convertible into or exchangeable for Common Stock (such warrants, rights or options being called &ldquo;<I>Options</I>&rdquo;
and such convertible or exchangeable stock or securities being called &ldquo;<I>Convertible Securities</I>&rdquo;), whether or
not such Options or the right to convert or exchange any such Convertible Securities are immediately exercisable, and the price
per share for which Common Stock is issuable upon the exercise of such Options or upon the conversion or exchange of such Convertible
Securities (determined by dividing (i)&nbsp;the sum (which sum shall constitute the applicable consideration) of (x)&nbsp;the
total amount, if any, received or receivable by the Company as consideration for the granting of such Options, plus (y)&nbsp;the
aggregate amount of additional consideration payable to the Company upon the exercise of all such Options, plus (z), in the case
of such Options that relate to Convertible Securities, the aggregate amount of additional consideration, if any, payable upon
the issue or sale of such Convertible Securities and upon the conversion or exchange thereof, by (ii)&nbsp;the total maximum number
of shares of Common Stock issuable upon the exercise of such Options or upon the conversion or exchange of all such Convertible
Securities issuable upon the exercise of such Options) shall be less than the Exercise Price in effect immediately prior to the
time of the granting of such Options, then the total number of shares of Common Stock issuable upon the exercise of such Options
or upon conversion or exchange of the total amount of such Convertible Securities issuable upon the exercise of such Options shall
be deemed to have been issued for such price per share as of the date of granting of such Options or the issuance of such Convertible
Securities and thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise Price. Except as otherwise
provided in paragraph (e)(ii)(3), no adjustment of the Exercise Price shall be made upon the actual issue of such Common Stock
or of such Convertible Securities upon exercise of such Options or upon the actual issue of such Common Stock upon conversion
or exchange of such Convertible Securities. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Issuance
of Convertible Securities</U>. In case the Company shall in any manner issue (directly and not by assumption in a merger or otherwise)
or sell any Convertible Securities, whether or not the rights to exchange or convert any such Convertible Securities are immediately
exercisable, and the price per share for which Common Stock is issuable upon such conversion or exchange (determined by dividing
(i)&nbsp;the sum (which sum shall constitute the applicable consideration) of (x)&nbsp;the total amount received or receivable
by the Company as consideration for the issue or sale of such Convertible Securities, plus (y)&nbsp;the aggregate amount of additional
consideration, if any, payable to the Company upon the conversion or exchange thereof, by (ii)&nbsp;the total number of shares
of Common Stock issuable upon the conversion or exchange of all such Convertible Securities) shall be less than the Exercise Price
in effect immediately prior to the time of such issue or sale, then the total maximum number of shares of Common Stock issuable
upon conversion or exchange of all such Convertible Securities shall be deemed to have been issued for such price per share as
of the date of the issue or sale of such Convertible Securities and thereafter shall be deemed to be outstanding for purposes of
adjusting the Exercise Price, provided that (a)&nbsp;except as otherwise provided in paragraph (e)(ii)(3), no adjustment of the
Exercise Price shall be made upon the actual issuance of such Common Stock upon conversion or exchange of such Convertible Securities
and (b) no further adjustment of the Exercise Price shall be made by reason of the issue or sale of Convertible Securities upon
exercise of any Options to purchase any such Convertible Securities for which adjustments of the Exercise Price have been made
pursuant to the other provisions of paragraph (e).<FONT STYLE="color: black; letter-spacing: 0pt"><U> No adjustment pursuant to
this Section 9 shall be made if such adjustment would result in an increase of the Exercise Price then in effect</U></FONT></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Change
in Option Price or Conversion Rate</U>. Upon the happening of any of the following events, namely, if the purchase price provided
for in any Option referred to in paragraph (e)(ii)(l) of this <U>Section 9</U>, the additional consideration, if any, payable upon
the conversion or exchange of any Convertible Securities referred to in paragraphs (e)(ii)(l) or (e)(ii)(2), or the rate at which
Convertible Securities referred to in paragraphs (e)(ii)(l) or (e)(ii)(2) are convertible into or exchangeable for Common Stock
shall change at any time (including, but not limited to, changes under or by reason of provisions designed to protect against dilution),
the Exercise Price in effect at the time of such event shall forthwith be readjusted to the Exercise Price that would have been
in effect at such time had such Options or Convertible Securities still outstanding provided for such changed purchase price, additional
consideration or conversion rate, as the case may be, at the time initially granted, issued or sold. </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Dividends</U>. Subject to the provisions of this paragraph (e), in case the Company shall declare a dividend or make any other
distribution upon any stock of the Company (other than the Common Stock) payable in Common Stock, Options or Convertible Securities,
then any Common Stock, Options or Convertible Securities, as the case may be, issuable in payment of such dividend or distribution
shall be deemed to have been issued or sold without consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consideration
for Stock</U>. In case any shares of Common Stock, Options or Convertible Securities shall be issued or sold for cash, the consideration
received therefor shall be deemed to be the gross amount received by the Company therefor. In case any shares of Common Stock,
Options or Convertible Securities shall be issued or sold for a consideration other than cash, the amount of the consideration
other than cash received by the Company shall be deemed to be the fair value of such consideration as determined in good faith
by the Board of Directors of the Company. In case any Options shall be issued in connection with the issue and sale of other securities
of the Company, together comprising one integral transaction in which no specific consideration is allocated to such Options by
the parties thereto, such Options shall be deemed to have been issued for such consideration as determined in good faith by the
Board of Directors of the Company. If Common Stock, Options or Convertible Securities shall be issued or sold by the Company and,
in connection therewith, other Options or Convertible Securities (the &ldquo;<I>Additional Rights</I>&rdquo;) are issued, then
the consideration received or deemed to be received by the Company shall be reduced by the fair market value of the Additional
Rights (as determined using the Black Scholes Option Pricing Model or another method mutually agreed to by the Company and the
Holder). The Board of Directors of the Company shall respond promptly, in writing, to an inquiry by the Holder as to the fair market
value of the Additional Rights. In the event that the Board of Directors of the Company and the Holder are unable to agree upon
the fair market value of the Additional Rights, the Company and the Holder shall jointly select an appraiser who is experienced
in such matters. The decision of such appraiser shall be final and conclusive, and the cost of such appraiser shall be borne evenly
by the Company and the Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Record
Date</U>. In case the Company shall take a record of the holders of its Common Stock for the purpose of entitling them (i) to receive
a dividend or other distribution payable in Common Stock, Options or Convertible Securities or (ii) to subscribe for or purchase
Common Stock, Options or Convertible Securities, then such record date shall be deemed to be the date of the issue or sale of the
shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution
or the date of the granting of such right of subscription or purchase, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Treasury
Shares</U>. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for
the account of the Company or any of its wholly-owned subsidiaries, and the disposition of any such shares (other than the cancellation
or retirement thereof) shall be considered an issue or sale of Common Stock for the purpose of this paragraph (e).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing, no adjustment will be made under this paragraph&nbsp;(e) in respect of: (i)&nbsp;the issuance of securities upon
the exercise or conversion of any Common Stock or Common Stock Equivalents issued by the Company prior to the date hereof provided
that such securities have not been amended since the date hereof to increase the number of such securities or to decrease the
exercise price, exchange price or conversion price of such securities, (ii)&nbsp;the grant of options, warrants, Common Stock
or other Common Stock Equivalents (but not including any amendments to such instruments) under any duly authorized Company stock
option, restricted stock plan or stock purchase plan whether now existing or hereafter approved by the Company and its stockholders
in the future, and the issuance of Common Stock in respect thereof, (iii)&nbsp;the issuance of securities in connection with a
Strategic Transaction, or (iv)&nbsp;the issuance of securities in a transaction described in paragraph (a) or (b) of this <U>Section
9</U> (collectively, &ldquo;<I>Excluded Issuances</I>&rdquo;). For purposes of this paragraph, a &ldquo;<I>Strategic Transaction</I>&rdquo;
means a transaction or relationship in which (1)&nbsp;the Company issues shares of Common Stock to a Person that the Board of
Directors of the Company determined in good faith is, itself or through its Subsidiaries, an operating company in a business synergistic
with the business of the Company (or a shareholder thereof) and (2)&nbsp;the Company expects to receive benefits in addition to
the investment of funds, but shall not include (x)&nbsp;a transaction in which the Company is issuing securities primarily for
the purpose of raising capital or to a Person whose primary business is investing in securities or (y)&nbsp;issuances to lenders.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Calculations</U>.
All calculations under this Section 9 shall be made to the nearest cent or the nearest share, as applicable. The number of shares
of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Notice
of Adjustments</U>. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will, at the
written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and
prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or
type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in reasonable detail the facts upon which such adjustment is based. Upon written request,
the Company will promptly deliver a copy of each such certificate to the Holder and to the Company&rsquo;s transfer agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Notice
of Corporate Events</U>. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution
of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or
warrants to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement
contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution,
liquidation or winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed
to constitute material non-public information, the Company shall deliver to the Holder a notice of such transaction at least ten
(10) business days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order
to participate in or vote with respect to such transaction; <I>provided, however</I>, that the failure to deliver such notice
or any defect therein shall not affect the validity of the corporate action required to be described in such notice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Exercise Price</U>. The Holder shall pay the Exercise Price in immediately available funds; <I>provided, however</I>, that
if, on any Exercise Date there is not an effective Registration Statement (as defined in that certain Registration Rights
Agreement, of even date herewith, by and among the Company and the several Purchasers signatory thereto) registering, or no
current prospectus available for, the resale of the Warrant Shares by the Holder, then the Holder may, in its sole
discretion, satisfy its obligation to pay the Exercise Price through a &ldquo;cashless exercise&rdquo;, in which event the
Company shall issue to the Holder the number of Warrant Shares determined as follows:</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">X = Y [(A-B)/A]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">X = the number of Warrant Shares
to be issued to the Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Y = the total number of Warrant
Shares with respect to which this Warrant is being exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">A = the average of the Closing Bid
Price of the shares of Common Stock (as reported by Bloomberg Financial Markets) for the five consecutive Trading Days ending on
the date immediately preceding the Exercise Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">B = the Exercise Price then in
effect for the applicable Warrant Shares at the time of such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this
Warrant, &ldquo;<I>Closing Bid Price</I>&rdquo; means, for any security as of any date, the last reported closing bid price
for such security on the Principal Trading Market for such security, as reported by Bloomberg Financial Markets, or, if such
Principal Trading Market begins to operate on an extended hours basis and does not designate the closing bid price, then the
last bid price of such security prior to 4:00 p.m., New York City time, as reported by Bloomberg Financial Markets, or if the
foregoing do not apply, the last closing price of such security in the over-the-counter market on the electronic bulletin
board for such security as reported by Bloomberg Financial Markets, or, if no closing bid price is reported for such security
by Bloomberg Financial Markets, the average of the bid prices of any market makers for such security as reported in the
&quot;pink sheets&quot; by Pink Sheets LLC. If the Closing Bid Price cannot be calculated for a security on a particular date
on any of the foregoing bases, the Closing Bid Price of such security on such date shall be the fair market value as
mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market
value of such security, then the Board of Directors of the Company shall use its good faith judgment to determine the fair
market value. The Board of Directors&rsquo; determination shall be binding upon all parties absent demonstrable error. All
such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during the applicable calculation period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of Rule 144, it is intended, understood
and acknowledged that the provisions above permitting &ldquo;cashless exercise&rdquo; are intended, in part, to ensure that a full
or partial exchange of this Warrant pursuant to such provisions will qualify as a conversion, within the meaning of paragraph (d)(3)(ii)
of Rule 144, and the holding period for the Warrant Shares shall be deemed to have commenced as to such original Holder, on the
Original Issue Date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Exercise</U>. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired by
the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure
that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by the Holder
and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder&rsquo;s
for purposes of Section 13(d) of the Exchange Act, does not exceed 4.99% of the total number of then issued and outstanding shares
of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial
ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Company is not representing to such Holder that such calculation is in compliance
with Section 13(d) of the Exchange Act and such Holder is solely responsible for any schedules required to be filed in accordance
therewith. To the extent that the limitation contained in this Section 11 applies, the determination of whether this Warrant is
exercisable (in relation to other securities owned by such Holder) and of which a portion of this Warrant is exercisable shall
be in the sole discretion of a Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&rsquo;s determination
of whether this Warrant is exercisable (in relation to other securities owned by such Holder) and of which portion of this Warrant
is exercisable, in each case subject to such aggregate percentage limitation, and the Company shall have no obligation to verify
or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 11, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding
shares of Common Stock as reflected in (x) the Company&rsquo;s most recent Form 10-Q or Form 10-K, as the case may be, (y) a more
recent public announcement by the Company or (z) any other notice by the Company or the Transfer Agent setting forth the number
of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within three Trading Days confirm
orally and in writing to such Holder the number of shares of Common Stock then outstanding. This provision shall not restrict the
number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities
or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of this
Warrant. <FONT STYLE="color: black"> </FONT> By written notice to the Company, which will not be effective until the 61st day after
such notice is delivered to the Company, the Holder may waive the provisions of this Section 11 (but such waiver will not affect
any other holder) to change the beneficial ownership limitation to 9.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant, and the provisions of
this Section 11 shall continue to apply. Upon such a change by a Holder of the beneficial ownership limitation from such 4.99%
limitation to such 9.99% limitation, the beneficial ownership limitation may not be further waived by such Holder.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>No
Fractional Shares</U>. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the
next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Bid Price) for any
such fractional shares. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Notices</U>.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in the Purchase Agreement prior to 5:30 p.m., New York City time,
on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number specified in the Purchase Agreement on a day that is not a Trading Day or later than 5:30 p.m., New York
City time, on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight
courier service specifying next business day delivery, or (iv) upon actual receipt by the Person to whom such notice is required
to be given, if by hand delivery. The address and facsimile number of a Person for such notices or communications shall be as
set forth in the Purchase Agreement unless changed by such Person by two Trading Days&rsquo; prior notice to the other Person(s)
in accordance with this Section 13. </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Warrant
Agent</U>. The Company shall serve as warrant agent under this Warrant. Upon 15 days&rsquo; notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder&rsquo;s last address as shown
on the Warrant Register. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Miscellaneous</U>.
</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Rights as a Stockholder</U>.The Holder, solely in such Person's capacity as a holder of this Warrant, shall not be entitled
to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder, solely in such Person's capacity as the Holder of this Warrant, any of
the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive
notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant
Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities, whether such liabilities are asserted
by the Company or by creditors of the Company.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorized
Shares.&nbsp;&nbsp;</U>(i) The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares
may be issued as provided herein without violation of any applicable law or regulation or of any requirements of the Trading Market
upon which the Common Stock may be listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except and to
the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (b) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant,
and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Successors
and Assigns</U>.&nbsp;&nbsp;Subject to the restrictions on transfer set forth in this Warrant and in Section 4.1 of the
Purchase Agreement, and compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not
be assigned by the Company without the written consent of the Holder except to a successor in the event of a
Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the Company and the Holder and their
respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to
any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this
Warrant.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Amendment
and Waiver</U>. Except as otherwise provided herein, the provisions of the Warrants may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the Holder. </FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Acceptance</U>.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Governing
Law; Jurisdiction</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL
BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR
IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT
OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING,
ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY
WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY
THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT
FOR NOTICES TO IT UNDER THE PURCHASE AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS
AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED
BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The headings
herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the
provisions hereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and
the Holder will attempt in good faith to agree upon a valid and enforceable provision which as closely as possible reflects the
intent of the parties hereto, and upon so agreeing, shall incorporate such substitute provision in this Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-decoration: none">TRANSGENOMIC, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 4%; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 45%; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">By:</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp; Craig J. Tuttle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp; President/Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[To be executed by the Holder to purchase shares
of Common Stock under the Warrant]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned is the Holder of Warrant No. __________ (the &ldquo;Warrant&rdquo;) issued by Transgenomic, Inc., a Delaware corporation
(the &ldquo;Company&rdquo;). Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth
in the Warrant. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">The
Holder intends that payment of the Exercise Price shall be made as (check one):</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&euro;</TD>
    <TD STYLE="width: 79%; text-align: justify">Cash Exercise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&euro;</TD>
    <TD STYLE="text-align: justify">&ldquo;Cashless Exercise&rdquo; under Section 10 of the Warrant</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">If
the Holder has elected a Cash Exercise, the Holder shall pay the sum of $_______ in immediately available funds to the Company
in accordance with the terms of the Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms of the
Warrant. Please issue (check applicable box): </FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&euro;</TD>
    <TD STYLE="width: 79%; text-align: justify">A certificate of certificates representing the Holder Warrant Shares in the name of the undersigned or in such other name as is specified below:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&euro;</TD>
    <TD STYLE="width: 79%; text-align: justify">The Holder Warrant Shares in electronic form to the following account:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; text-align: justify">Name and Contact for Broker:</TD>
    <TD STYLE="width: 44%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: justify">Broker no:</TD>
    <TD STYLE="width: 59%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; text-align: justify">Account no:</TD>
    <TD STYLE="width: 57%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; text-align: justify">Account holder:</TD>
    <TD STYLE="width: 54%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise
evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11 of the Warrant to
which this notice relates.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">Dated:_______________, _____</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>Name of Holder:&nbsp; ___________________________</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">By:</TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Signature must conform in all respects to name of Holder as specified
on the face of the Warrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[To be completed and executed by the Holder
only upon transfer of the Warrant]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(the &ldquo;Transferee&rdquo;) the right represented by the within Warrant to purchase <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
shares of Common Stock of Transgenomic, Inc., a Delaware corporation (the &ldquo;Company&rdquo;) to which the within Warrant relates
and appoints <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
attorney to transfer said right on the books of the Company with full power of substitution in the premises. In connection therewith,
the undersigned represents, warrants, covenants and agrees to and with the Company that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify">(a)</TD>
    <TD STYLE="width: 93%; text-align: justify">the offer and sale of the Warrant contemplated hereby is being made in compliance with Section 4(1) of the United States Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), or another valid exemption from the registration requirements of Section 5 of the Securities Act and in compliance with all applicable securities laws of the states of the United States;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(b)</TD>
    <TD STYLE="text-align: justify">the undersigned has not offered to sell the Warrant by any form of general solicitation or general advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, and any seminar or meeting whose attendees have been invited by any general solicitation or general advertising;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(c)</TD>
    <TD STYLE="text-align: justify">the undersigned has read the Transferee&rsquo;s investment letter included herewith, and to its actual knowledge, the statements made therein are true and correct; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(d)</TD>
    <TD STYLE="text-align: justify">the undersigned understands that the Company may condition the transfer of the Warrant contemplated hereby upon the delivery to the Company by the undersigned or the Transferee, as the case may be, of a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable securities laws of the states of the United States.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; 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: 41%">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD STYLE="width: 4%; text-indent: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 55%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
    <TD>(Signature must conform in all respects to name of holder as specified on the face of the Warrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
    <TD>Address of Transferee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>In the presence of:</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-indent: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>v301517_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.4</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">This Registration Rights
Agreement (this &ldquo;<I>Agreement</I>&rdquo;) is made and entered into as of February 2, 2012, by and among Transgenomic, Inc.,
a Delaware corporation (the &ldquo;<I>Company</I>&rdquo;), and the several signatories hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">This Agreement is made pursuant
to (i) the Securities Purchase Agreement (the &ldquo;<I>Purchase Agreement</I>&rdquo;), dated as of the date hereof between the
Company and each purchaser signatory thereto (each a &ldquo;<I>Purchaser</I>&rdquo; and collectively, the &ldquo;<I>Purchasers</I>&rdquo;)
and (ii) the Convertible Promissory Note Purchase Agreement, dated December 30, 2011, by and among the Company and each of the
Third Security Holders (as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Company and each of the Holders agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definitions</U>.
Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given
such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Advice</I>&rdquo;
has the meaning set forth in Section 6(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Affiliate</I>&rdquo;
means, with respect to any person, any other person which directly or indirectly controls, is controlled by, or is under common
control with, such person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Agreement</I>&rdquo;
has the meaning set forth in the Preamble.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Business Day</I>&rdquo;
means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Closing</I>&rdquo;
has the meaning set forth in the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Closing Date</I>&rdquo;
has the meaning set forth in the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Commission</I>&rdquo;
means the Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Common Stock</I>&rdquo;
means the common stock of the Company, par value $0.01 per share, and any securities into which such common stock may hereinafter
be reclassified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Company</I>&rdquo;
has the meaning set forth in the Preamble.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Effective Date</I>&rdquo;
means each date that the Registration Statement filed pursuant to Section&nbsp;2(a) and any post-effective amendment thereto is
declared effective by the Commission.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Effectiveness Deadline</I>&rdquo;
means, with respect to the Initial Registration Statement or the New Registration Statement, the 90<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT>
calendar day following the Closing Date (or, in the event the Commission reviews and has written comments to the Initial Registration
Statement or the New Registration Statement, the 120<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT> calendar day following the
Closing Date);<I> provided, however,</I> that if the Company is notified by the Commission that the Initial Registration Statement
or the New Registration Statement will not be reviewed or is no longer subject to further review and comments, the Effectiveness
Deadline as to such Registration Statement shall be the 3<SUP>rd</SUP> Trading Day following the date on which the Company is so
notified if such date precedes the dates otherwise required above;<I> provided, further</I>, that if the Effectiveness Deadline
falls on a Saturday, Sunday or other day that the Commission is closed for business, the Effectiveness Deadline shall be extended
to the next Business Day on which the Commission is open for business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Effectiveness Period</I>&rdquo;
has the meaning set forth in Section 2(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Event</I>&rdquo;
has the meaning set forth in Section 2(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Event Date</I>&rdquo;
has the meaning set forth in Section 2(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Exchange Act</I>&rdquo;
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Filing Deadline</I>&rdquo;
means, with respect to the Initial Registration Statement required to be filed pursuant to Section 2(a), the 45<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT>
calendar day following the Closing Date;<I> provided, however,</I> that if the Filing Deadline falls on a Saturday, Sunday or other
day that the Commission is closed for business, the Filing Deadline shall be extended to the next business day on which the Commission
is open for business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Holder</I>&rdquo;
or &ldquo;<I>Holders</I>&rdquo; means the holder or holders, as the case may be, from time to time of Registrable Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Indemnified Party</I>&rdquo;
has the meaning set forth in Section 5(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Indemnifying Party</I>&rdquo;
has the meaning set forth in Section 5(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Initial Registration
Statement</I>&rdquo; means the initial Registration Statement filed pursuant to Section 2(a) of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><I>&ldquo;Liquidated Damages</I>&rdquo;
has the meaning set forth in Section 2(c)<I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><I>&ldquo;Losses</I>&rdquo;
has the meaning set forth in Section 5(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>New Registration
Statement</I>&rdquo; has the meaning set forth in Section 2(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Person</I>&rdquo;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Principal Market</I>&rdquo;
means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which, as of the Closing Date,
shall be the OTC Bulletin Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Proceeding</I>&rdquo;
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or threatened.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Prospectus</I>&rdquo;
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Purchase Agreement</I>&rdquo;
has the meaning set forth in the Recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Purchaser</I>&rdquo;
or &ldquo;<I>Purchasers</I>&rdquo; has the meaning set forth in the Recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Registrable Securities</I>&rdquo;
means all of (i) the Shares, (ii) the Warrant Shares, (iii) the Third Security Shares and (iv) any securities issued or issuable
upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing,<I> provided</I>,
that the Holder has completed and delivered to the Company a Selling Stockholder Questionnaire; and<I> provided, further</I>, that
with respect to a particular Holder, such Holder&rsquo;s Shares, Warrant Shares and/or Third Security Shares shall cease to be
Registrable Securities upon the earliest to occur of the following: (A) a sale pursuant to a Registration Statement or Rule 144
under the Securities Act (in which case, only such security sold by the Holder shall cease to be a Registrable Security); or (B)&nbsp;becoming
eligible for resale by the Holder under Rule 144 without the requirement for the Company to be in compliance with the current public
information requirement thereunder and without volume or manner-of-sale restrictions, pursuant to a written opinion letter to such
effect, addressed, delivered and acceptable to the Transfer Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Registration Statements</I>&rdquo;
means any one or more registration statements of the Company filed under the Securities Act that covers the resale of any of the
Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, the Initial Registration Statement,
the New Registration Statement and any Remainder Registration Statements), including (in each case) the amendments and supplements
to such Registration Statements, including pre- and post-effective amendments thereto, all exhibits and all material incorporated
by reference or deemed to be incorporated by reference in such Registration Statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Remainder Registration
Statement</I>&rdquo; has the meaning set forth in Section 2(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Rule 144</I>&rdquo;
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Rule 415</I>&rdquo;
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Rule 424</I>&rdquo;
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>SEC Guidance</I>&rdquo;
means (i) any publicly-available written or oral guidance, comments, requirements or requests of the Commission staff, provided,
that any such oral guidance, comments, requirements or requests are reduced to writing by the Commission and (ii) the Securities
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Securities Act</I>&rdquo;
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Selling Stockholder
Questionnaire</I>&rdquo; means a questionnaire in the form attached as <U>Annex B</U> hereto, or such other form of questionnaire
as may reasonably be adopted by the Company from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Shares</I>&rdquo;
means the shares of Common Stock issued or issuable to the Purchasers pursuant to the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Special Registration
Statement</I>&rdquo; means a registration statement relating to any employee benefit plan on Form S-8 or similar form or, with
respect to any corporate reorganization or other transaction under Rule 145 of the Securities Act, a registration statement on
Form S-4 or similar form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Third Security
Holders</I>&rdquo; means Third Security Senior Staff 2008 LLC, Third Security Staff 2010 LLC, and Third Security Incentive 2010
LLC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Third Security
Purchase Agreement</I>&rdquo; means that certain Convertible Promissory Note Purchase Agreement by and among the Company, Third
Security Senior Staff 2008 LLC, Third Security Staff 2010 LLC, and Third Security Incentive 2010 LLC dated December 30, 2011.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Third Security
Shares</I>&rdquo; means (i) the shares of Common Stock issuable upon conversion of the Convertible Promissory Notes issued pursuant
to the Third Security Purchase Agreement and (ii) the shares of Common Stock issuable upon exercise of the Third Security Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Third Security
Warrants</I>&rdquo; means the Warrants to purchase Common Stock issuable upon conversion of the Convertible Promissory Notes issued
pursuant to the Third Security Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Trading Day</I>&rdquo;
means (i) a day on which the Common Stock is listed or quoted and traded on its Principal Market (other than the OTC Bulletin Board),
or (ii) if the Common Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a day on which the Common Stock
is traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on
any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market as reported in the &ldquo;pink sheets&rdquo;
by Pink Sheets LLC (or any similar organization or agency succeeding to its functions of reporting prices);<I> provided</I>, that
in the event that the Common Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean
a Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Trading Market</I>&rdquo;
means whichever of the New York Stock Exchange, the NYSE Amex, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ
Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Warrants</I>&rdquo;
means the Warrants issued pursuant to the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<I>Warrant Shares</I>&rdquo;
means the shares of Common Stock issued or issuable upon exercise of the Warrants.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
or prior to the Filing Deadline, the Company shall prepare and file with the Commission a Registration Statement covering the
resale of all of the Registrable Securities not already covered by an existing and effective Registration Statement for an offering
to be made on a continuous basis pursuant to Rule 415 or, if Rule 415 is not available for offers and sales of the Registrable
Securities, by such other means of distribution of Registrable Securities as the Holders may reasonably specify (the &ldquo;<I>Initial
Registration Statement</I>&rdquo;). The Initial Registration Statement shall be on Form S-1 (or such other form available to register
for resale the Registrable Securities as a secondary offering) subject to the provisions of Section 2(e) and shall contain (except
if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement)
a &ldquo;Plan of Distribution&rdquo; section substantially in the form attached hereto as <U>Annex A</U> (which may be modified
to respond to comments, if any, provided by the Commission). Notwithstanding the registration obligations set forth in this <U>Section
2</U>, in the event the Commission informs the Company that all of the Registrable Securities cannot, as a result of the application
of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly
(i) inform each of the Holders thereof and use its commercially reasonable efforts to file amendments to the Initial Registration
Statement as required by the Commission and/or (ii) withdraw the Initial Registration Statement and file a new registration statement
(a &ldquo;<I>New Registration Statement</I>&rdquo;), in either case covering the maximum number of Registrable Securities permitted
to be registered by the Commission, on Form&nbsp;S-1 or such other form available to register for resale the Registrable Securities
as a secondary offering;<I> provided, however,</I> that prior to filing such amendment or New Registration Statement, the Company
shall be obligated to use its commercially reasonable efforts to advocate with the Commission for the registration of all of the
Registrable Securities in accordance with SEC Guidance, including without limitation, the Manual of Publicly Available Telephone
Interpretations D.29 and Compliance and Disclosure Interpretations. Notwithstanding any other provision of this Agreement and
subject to the payment of liquidated damages in Section 2(c), if any SEC Guidance sets forth a limitation of the number of Registrable
Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that
the Company used commercially reasonable efforts to advocate with the Commission for the registration of all or a greater number
of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable
Securities to be registered on such Registration Statement will first be reduced by the Third Security Shares (applied, in the
case that some Third Security Shares may be registered, to the Third Security Holders on a pro rata basis based on the total number
of unregistered Third Security Shares held by such Third Security Holders), second by the Warrant Shares (applied, in the case
that some Warrant Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered Warrant
Shares held by such Holders) and third by the Shares (applied, in the case that some Shares may be registered, to the Holders
on a pro rata basis based on the total number of unregistered Shares held by such Holders), subject to a determination by the
Commission that certain Holders must be reduced first based on the number of Registrable Securities held by such Holders. In the
event the Company amends the Initial Registration Statement or files a New Registration Statement, as the case may be, under clauses
(i) or (ii) above, the Company will use its commercially reasonable efforts to file with the Commission, as promptly as allowed
by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements
on Form S-1 or such other form available to register for resale those Registrable Securities that were not registered for resale
on the Initial Registration Statement, as amended, or the New Registration Statement (the &ldquo;<I>Remainder Registration Statements</I>&rdquo;).
No Holder shall be named as an &ldquo;underwriter&rdquo; in any Registration Statement without such Holder&rsquo;s prior written
consent.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company shall use its commercially reasonable efforts
to cause each Registration Statement or any post-effective amendment thereto to be declared effective by the Commission as soon
as practicable and, with respect to the Initial Registration Statement or the New Registration Statement, as applicable, no later
than the Effectiveness Deadline (including, with respect to the Initial Registration Statement or the New Registration Statement,
as applicable, filing with the Commission a request for acceleration of effectiveness in accordance with Rule 461 promulgated under
the Securities Act within five (5) Business Days after the date that the Company is notified (orally or in writing, whichever is
earlier) by the Commission that such Registration Statement will not be &ldquo;reviewed,&rdquo; or not be subject to further review
and the effectiveness of such Registration Statement may be accelerated), and, subject to Sections 2(e) and (f), shall use its
commercially reasonable efforts to keep each Registration Statement continuously effective under the Securities Act until the earlier
of (i) such time as all of the Registrable Securities covered by such Registration Statement have been publicly sold by the Holders
or (ii) the date that is one (1) year following the Closing Date (the &ldquo;<I>Effectiveness Period</I>&rdquo;). The Company shall
promptly notify the Holders via facsimile or electronic mail of the effectiveness of a Registration Statement or any post-effective
amendment thereto on or before the first Trading Day after the date that the Company telephonically confirms effectiveness with
the Commission. The Company shall, by 9:30 a.m. New York City time on the first Trading Day after the Effective Date, file a final
Prospectus with the Commission, as required by Rule 424(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If: (i) the Initial Registration Statement is not filed
with the Commission on or prior to the Filing Deadline, (ii) the Initial Registration Statement or the New Registration Statement,
as applicable, is not declared effective by the Commission (or otherwise does not become effective) for any reason on or prior
to the Effectiveness Deadline or (iii) after its Effective Date and except for the reasons as set forth in Sections 2(e) and (f)
and Section 3(h), (A) such Registration Statement ceases for any reason (including, without limitation, by reason of a stop order
or the Company&rsquo;s failure to update the Registration Statement), to remain continuously effective as to all Registrable Securities
included in such Registration Statement or (B) the Holders are not permitted to utilize the Prospectus therein to resell such Registrable
Securities for any reason (other than due to a change in the &ldquo;Plan of Distribution&rdquo; or the inaccuracy of any information
regarding the Holders), in each case, for more than an aggregate of 20&nbsp;consecutive calendar days or 45 calendar days (which
need not be consecutive days) during any 12-month period (other than as a result of a breach of this Agreement by a Holder, due
to a circumstance set forth in Section 2(f) below or a Holder&rsquo;s failure to return a Selling Stockholder Questionnaire within
the time period provided by Section 2(d) hereof) (any such failure or breach in clauses (i) through (iii) above being referred
to as an &ldquo;<I>Event</I>,&rdquo; and, for purposes of clauses (i) or (ii), the date on which such Event occurs, or for purposes
of clause (iii), the date on which such 20 or 45 calendar day period is exceeded, being referred to as an &ldquo;<I>Event Date</I>&rdquo;),
then in addition to any other rights the Holders may have hereunder or under applicable law: (x) within five Business Days after
an Event Date relating to a failure in clause (i) only, the Company shall pay to each Holder an amount in cash, as liquidated damages
and not as a penalty, equal to 1.5% of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement or the
Third Security Purchase Agreement, as applicable, for any Registrable Securities held by such Holder on such Event Date; and (y)
on each 30-day anniversary (or pro rata portion thereof) following any Event Date (including, for the avoidance of doubt, a failure
in clause (i), in which case each 30-day anniversary shall be measured commencing on the 31<SUP>st</SUP> day following such Event
Date) until the earlier of (1)&nbsp;the applicable Event is cured or (2) the Registrable Securities are eligible for resale pursuant
to Rule&nbsp;144 without manner of sale or volume restrictions, the Company shall pay to each Holder an amount in cash, as liquidated
damages and not as a penalty, equal to 1.5% of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement
or the Third Security Purchase Agreement, as applicable, for any unregistered Registrable Securities then held by such Holder.
The amounts payable pursuant to the foregoing clauses (x) and (y) are referred to collectively as &ldquo;<I>Liquidated Damages</I>.&rdquo;
The parties agree that (1) notwithstanding anything to the contrary herein, no Liquidated Damages shall be payable with respect
to any period after the expiration of the Effectiveness Period and in no event shall the aggregate amount of Liquidated Damages
payable to a Holder exceed, in the aggregate, 10% of the aggregate purchase price paid by such Holder pursuant to the Purchase
Agreement or the Third Security Purchase Agreement, as applicable and (2) in no event shall the Company be liable in any 30-day
period for Liquidated Damages under this Agreement in excess of 1.5% of the aggregate purchase price paid by the Holders pursuant
to the Purchase Agreement or the Third Security Purchase Agreement, as applicable. If the Company fails to pay any Liquidated Damages
pursuant to this Section 2(c) in full within five Business Days after the date payable, the Company will pay interest thereon at
a rate of 1.5% per month (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing
daily from the date such Liquidated Damages are due until such amounts, plus all such interest thereon, are paid in full. Unless
otherwise specified in Section 2(c), the Liquidated Damages pursuant to the terms hereof shall apply on a daily pro-rata basis
for any portion of a month prior to the cure of an Event, except in the case of the first Event Date. Notwithstanding the foregoing,
nothing shall preclude any Holder from pursuing or obtaining any available remedies at law, specific performance or other equitable
relief with respect to this Section&nbsp;2(c) in accordance with applicable law. The Company shall not be liable for Liquidated
Damages under this Agreement as to any Registrable Securities which are not permitted by the Commission to be included in a Registration
Statement due solely to SEC Guidance from the time that it is determined that such Registrable Securities are not permitted to
be registered until such time as the provisions of this Agreement as to the Remainder Registration Statements required to be filed
hereunder are triggered, in which case the provisions of this Section 2(c) shall once again apply, if applicable. In such case,
the Liquidated Damages shall be calculated to only apply to the percentage of Registrable Securities which are permitted in accordance
with SEC Guidance to be included in such Registration Statement.<B> </B> The Effectiveness Deadline for a Registration Statement
shall be extended without default or Liquidated Damages hereunder in the event that the Company&rsquo;s failure to obtain the effectiveness
of the Registration Statement on a timely basis results from&nbsp;the failure of a Holder to timely provide the Company with information
requested by the Company and necessary to complete the Registration Statement in accordance with the requirements of the Securities
Act (in which the Effectiveness Deadline would be extended with respect to Registrable Securities held by such Holder).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each Holder agrees to furnish to the Company a completed
Selling Stockholder Questionnaire not more than ten Trading Days following the date of this Agreement. At least 10 Trading Days
prior to the first anticipated filing date of a Registration Statement for any registration under this Agreement, the Company will
notify each Holder of the information the Company requires from that Holder other than the information contained in the Selling
Stockholder Questionnaire, if any, which shall be completed and delivered to the Company promptly upon request and, in any event,
within three Trading Days prior to the applicable anticipated filing date. Each Holder further agrees that it shall not be entitled
to be named as a selling securityholder in the Registration Statement or use the Prospectus for offers and resales of Registrable
Securities at any time, unless such Holder has returned to the Company a completed and signed Selling Stockholder Questionnaire
and a response to any requests for further information as described in the previous sentence. If a Holder of Registrable Securities
returns a Selling Stockholder Questionnaire or a request for further information, in either case, after its respective deadline,
the Company shall use its commercially reasonable efforts to take such actions as are required to name such Holder as a selling
security holder in the Registration Statement or any pre-effective or post-effective amendment thereto and to include (to the extent
not theretofore included) in the Registration Statement the Registrable Securities identified in such late Selling Stockholder
Questionnaire or request for further information. Each Holder acknowledges and agrees that the information in the Selling Stockholder
Questionnaire or request for further information as described in this Section 2(d) will be used by the Company in the preparation
of the Registration Statement and hereby consents to the inclusion of such information in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In the event that Form S-3 is not available for the registration
of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on Form
S-1 and (ii) undertake to register the Registrable Securities on Form S-3 promptly after such form is available, provided that
the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement
on Form S-3 covering the Registrable Securities has been declared effective by the Commission.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registration Procedures</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">In connection with the Company&rsquo;s
registration obligations hereunder, the Company shall:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Not less than five Trading Days prior to the filing of
each Registration Statement and not less than one Trading Day prior to the filing of any related Prospectus or any amendment or
supplement thereto (except for Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K
and any similar or successor reports), (i) furnish to the Holder copies of such Registration Statement, Prospectus or amendment
or supplement thereto, as proposed to be filed, which documents will be subject to the review of such Holder (it being acknowledged
and agreed that if a Holder does not object to or comment on the aforementioned documents within such five Trading Day or one Trading
Day period, as the case may be, then the Holder shall be deemed to have consented to and approved the use of such documents) and
(ii) use commercially reasonable efforts to cause its officers and directors, counsel and independent registered public accountants
to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct
such review. The Company shall not file any Registration Statement or Prospectus or any amendment or supplement thereto in a form
to which a Holder reasonably objects in good faith, provided that, the Company is notified of such objection in writing within
the five Trading Day or one Trading Day period described above, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> (i) Subject to Section 2(e) and (f) and Section 3(h),
prepare and file with the Commission such amendments (including post-effective amendments) and supplements to each Registration
Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously
effective as to the applicable Registrable Securities for its Effectiveness Period; (ii) cause the related Prospectus to be amended
or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended,
to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably practicable to any comments received from the Commission
with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably possible, provide the Holders
true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains
to the Holders as &ldquo;Selling Stockholders&rdquo; but not any comments that would result in the disclosure to the Holders of
material and non-public information concerning the Company; and (iv) comply with the provisions of the Securities Act and the Exchange
Act with respect to the disposition of all Registrable Securities covered by a Registration Statement until such time as all of
such Registrable Securities cease to be Registrable Securities or shall have been disposed of (subject to the terms of this Agreement)
in accordance with the intended methods of disposition by the Holders thereof as set forth in such Registration Statement as so
amended or in such Prospectus as so supplemented;<I> provided, however,</I> that in the event the Company informs the Holders in
writing that it does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Holders are required to deliver
a Prospectus in connection with any disposition of Registrable Securities, the Company shall deliver to the Holders a copy of the
Prospectus in electronic format and each such Holder shall be responsible for the delivery of the Prospectus to the Persons to
whom such Holder sells any of the Registrable Securities, and each Holder agrees to dispose of Registrable Securities in compliance
with the &ldquo;Plan of Distribution&rdquo; described in the Registration Statement and otherwise in compliance with applicable
federal and state securities laws. In the case of amendments and supplements to a Registration Statement which are required to
be filed pursuant to this Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form
10-K, Form 10-Q or Form 8-K or any analogous report under the Exchange Act, the Company shall have incorporated such report by
reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the Commission on
the same day on which the Exchange Act report which created the requirement for the Company to amend or supplement such Registration
Statement was filed.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notify the Holders (which notice shall, pursuant to clauses
(iii) through (v) hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have
been made) as promptly as reasonably practicable via facsimile or electronic mail (and, in the case of (i)(A) below, not less than
one (1) Trading Day prior to such filing) and no later than one Trading Day following the day: (i)(A) when a Prospectus or any
Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission
notifies the Company whether there will be a &ldquo;review&rdquo; of such Registration Statement or post-effective amendment and
whenever the Commission comments in writing on any Registration Statement or any post-effective amendment thereto (in which case
the Company shall provide to each of the Holders true and complete copies of all comments that pertain to the Holders as a &ldquo;Selling
Stockholder&rdquo; or to the &ldquo;Plan of Distribution&rdquo; and all written responses thereto, but not information that the
Company believes would constitute material and non-public information); and (C)&nbsp;with respect to each Registration Statement
or any post-effective amendment thereto, when the same has become effective; (ii) of any request by the Commission or any other
Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional
information that pertains to the Holders as &ldquo;Selling Stockholders&rdquo; or the &ldquo;Plan of Distribution&rdquo;; (iii)
of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness
of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose;
(iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such
purpose and (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration
Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration
Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may
be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light
of the circumstances under which they were made), not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Use commercially reasonable efforts to avoid the issuance
of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any
suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction,
as soon as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If requested by a Holder, furnish to such Holder, without
charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested
by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents
with the Commission;<I> provided</I>, that the Company shall have no obligation to provide any document pursuant to this clause
that is available on the Commission&rsquo;s EDGAR system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Prior
to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate
with the selling Holders in connection with the registration or qualification (or exemption from the registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of the Registrable Securities covered by each Registration Statement; <I>provided</I>, that the Company
shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, would subject
the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service
of process in any such jurisdiction.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free,
to the extent permitted by the Purchase Agreement or the Third Security Purchase Agreement, as applicable, and under law, of all
restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any
such Holders may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Following
the occurrence of any event contemplated by Section 3(c), as promptly as reasonably practicable, prepare a supplement or amendment,
including a post-effective amendment, to the affected Registration Statements or a supplement to the related Prospectus or any
document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter
delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, form of
prospectus or supplement thereto, in light of the circumstances under which they were made), not misleading. If the Company notifies
the Holders in accordance with clauses (iii) through (v) of Section 3(c) above to suspend the use of any Prospectus until the
requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus. The Company will use
its commercially reasonable efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The
Company shall be entitled to exercise its right under this Section 3(h) to suspend the availability of a Registration Statement
and Prospectus for a period not to exceed 45 calendar days (which need not be consecutive days) in any 12-month period without
incurring liability for Liquidated Damages otherwise required pursuant to Section 2(c). For the avoidance of doubt, any period
of time for which the availability of a Registration Statement and Prospectus are suspended pursuant to Sections 2(e) and (f)
shall be disregarded when determining the time period allotted under this Section 3(h).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company may require each selling Holder to furnish to the Company a certified statement as to (i) the number of shares of Common
Stock beneficially owned by such Holder and any Affiliate thereof, (ii) any Financial Industry Regulatory Authority, Inc. (&ldquo;<I>FINRA</I>&rdquo;)
affiliations, (iii)&nbsp;any natural persons who have the power to vote or dispose of the common stock and (iv) any other information
as may be requested by the Commission, FINRA or any state securities commission. During any periods that the Company is unable
to meet its obligations hereunder with respect to the registration of Registrable Securities because any Holder fails to furnish
such information within five Trading Days of the Company&rsquo;s request, any Liquidated Damages that are accruing at such time
as to such Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended
as to such Holder only, until such information is delivered to the Company; provided, however, if the failure of the Holder to
furnish the required information results the occurrence of an Event under 2(c), any Liquidated Damages that are accruing at such
time shall be tolled and any such Event that occurs as a result thereof shall be suspended until such time as the Holder furnishes
such information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall cooperate with any registered broker through which a Holder proposes to resell its Registrable Securities in effecting
a filing with FINRA pursuant to FINRA Rule 5110 as reasonably requested by any such Holder, and the Company shall pay the filing
fee required for the first such filing within five Business Days of the request therefor.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registration Expenses</U>. All fees and expenses incident
to the Company&rsquo;s performance of or compliance with its obligations under this Agreement (excluding any underwriting discounts
and selling commissions and all legal fees and expenses of legal counsel for any Holder) shall be borne by the Company whether
or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses
(A) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading, (B)
with respect to compliance with applicable state securities or Blue Sky laws (including, without limitation, fees and disbursements
of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities and determination
of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested by the Holders)
and (C) if not previously paid by the Company pursuant to Section 3(j) hereof, with respect to any filing that may be required
to be made by any broker through which a Holder intends to make sales of Registrable Securities with FINRA pursuant to FINRA Rule
5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such sale, (ii) printing
expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses
if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities included in
the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company,
(v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the
Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions
contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing
of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for
any underwriting, broker or similar fees or commissions of any Holder or any legal fees or other costs of the Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification by the Company</U>. The Company shall,
notwithstanding any termination of this Agreement, indemnify, defend and hold harmless each Holder, the officers, directors, agents,
partners, members, managers, stockholders, Affiliates and employees of each of them, each Person who controls any such Holder (within
the meaning of Section 15 of the Securities Act or Section&nbsp;20 of the Exchange Act) and the officers, directors, partners,
members, managers, stockholders, agents and employees of each such controlling Person, to the fullest extent permitted by applicable
law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs
of preparation and investigation and reasonable attorneys&rsquo; fees) and expenses (collectively, &ldquo;<I>Losses</I>&rdquo;),
as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any
Registration Statement, any Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved
<U>Annex A</U> hereto for this purpose), or arising out of or relating to any omission or alleged omission to state a material
fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading or (ii) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder relating to the offer
or sale of the Registrable Securities pursuant to the Registration Statement or any violation of this Agreement, except to the
extent, but only to the extent that (A) such untrue statements, alleged untrue statements, omissions or alleged omissions are based
solely upon information regarding such Holder furnished in writing to the Company by such Holder, or to the extent that such information
relates to such Holder or such Holder&rsquo;s proposed method of distribution of Registrable Securities and was reviewed and approved
in writing by such Holder expressly for use in the Registration Statement, such Prospectus or in any amendment or supplement thereto
(it being understood that each Holder has approved <U>Annex A</U> hereto for this purpose) or (B) in the case of an occurrence
of an Event of the type specified in Section 3(c)(iii)-(v), related to the use by a Holder of an outdated or defective Prospectus
after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by
such Holder of the Advice contemplated and defined in Section 6(d) below, following the receipt of the Advice the misstatement
or omission giving rise to such Loss would have been corrected, or (C) any such Losses arise out of the Purchaser&rsquo;s (or any
other indemnified Person&rsquo;s) failure to send or give a copy of the Prospectus or supplement (as then amended or supplemented),
if required pursuant to Rule 172 under the Securities Act (or any successor rule), to the Persons asserting an untrue statement
or alleged untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation
of the sale of Registrable Securities to such Person if such statement or omission was corrected in such Prospectus or supplement.
The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection
with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of an Indemnified Party (as defined in Section 5(c)) and shall survive
the transfer of the Registrable Securities by the Holders.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification by Holders</U>. Each Holder shall,
severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents, stockholders, Affiliates and
employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable
law, from and against all Losses, as incurred, arising out of or are based solely upon any untrue or alleged untrue statement of
a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto, or arising
out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus, or supplement thereto, in light of the circumstances under which they were made)
not misleading (i) to the extent, but only to the extent, that such untrue statements or omissions are based upon information regarding
such Holder furnished in writing to the Company by such Holder expressly for use therein or (ii) to the extent that such information
relates to such Holder or such Holder&rsquo;s proposed method of distribution of Registrable Securities and was reviewed and approved
in writing by such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved <U>Annex
A</U> hereto for this purpose), such Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence
of an event of the type specified in Section 3(c)(iii)-(v), to the extent, but only to the extent, related to the use by such Holder
of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or
defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). In no event shall the liability of
any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale
of the Registrable Securities giving rise to such indemnification obligation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conduct of Indemnification Proceedings</U>. If any
Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an &ldquo;<I>Indemnified Party</I>&rdquo;),
such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the &ldquo;<I>Indemnifying Party</I>&rdquo;)
in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel
reasonably satisfactory to the Indemnified Party and the payment of all reasonable fees and expenses incurred in connection with
defense thereof,<I> provided</I>, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying
Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined
by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have
materially and adversely prejudiced the Indemnifying Party.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">An Indemnified Party shall
have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing
to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and
to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such
Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified
Party shall have been advised by counsel that a conflict of interest exists if the same counsel were to represent such Indemnified
Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects
to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume
the defense thereof and such counsel shall be at the expense of the Indemnifying Party);<I> provided</I>, that the Indemnifying
Party shall not be liable for the fees and expenses of more than one separate firm of attorneys at any time for all Indemnified
Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its prior written
consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall, without the prior
written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party
is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that
are the subject matter of such Proceeding and such settlement does not include any non-monetary limitation on the actions of any
Indemnified Party or any of its affiliates or any admission of fault or liability on behalf of any such Indemnified Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Subject to the terms of this
Agreement, all fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection
with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section 5) shall be paid to the
Indemnified Party, as incurred, within 20 Trading Days of written notice thereof to the Indemnifying Party;<I> provided</I>, that
the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to
such actions for which such Indemnified Party is finally judicially determined to not be entitled to indemnification hereunder).
The failure to deliver written notice to the Indemnifying Party within a reasonable time of the commencement of any such action
shall not relieve such Indemnifying Party of any liability to the Indemnified Party under this Section 5, except to the extent
that the Indemnifying Party is materially and adversely prejudiced in its ability to defend such action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Contribution</U>.
If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute
to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect
the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party
and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue
or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by,
or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties&rsquo; relative intent, knowledge,
access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by
a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable
attorneys&rsquo; or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such
party would have been indemnified for such fees or expenses if the indemnification provided for in this Section 5 was available
to such party in accordance with its terms.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The parties hereto agree
that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or
by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 5(d), (A) no Holder shall be required to contribute, in the aggregate,
any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission and (B) no contribution will be made under circumstances
where the maker of such contribution would not have been required to indemnify the Indemnified Party under the fault standards
set forth in this Section 5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The indemnity and contribution
agreements contained in this Section 5 are in addition to any liability that the Indemnifying Parties may have to the Indemnified
Parties and are not in diminution or limitation of the indemnification provisions under the Purchase Agreement or the Third Security
Purchase Agreement, as applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Remedies</U>. Subject to the limitations set forth
elsewhere in this Agreement, in the event of a breach by the Company or by a Holder of any of their obligations under this Agreement,
each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this
Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company
and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach
by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance
in respect of such breach, it shall waive the defense that a remedy at law would be adequate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No Piggyback on Registrations; Prohibition on Filing
Other Registration Statements</U>. Neither the Company nor any of its security holders (other than the Holders in such capacity
pursuant hereto) may include securities of the Company in a Registration Statement other than the Registrable Securities and the
Company shall not prior to the initial Effective Date of the Initial Registration Statement enter into any new agreement providing
any such right to any of its security holders. The Company shall not file with the Commission a registration statement relating
to an offering for its own account under the Securities Act of any of its equity securities other than a Special Registration Statement
until the earlier of (i) the date that the Initial Registration Statement or New Registration Statement, as the case may be, is
declared effective or (ii) the date that all Registrable Securities are eligible for resale by non-affiliates without volume or
manner of sale restrictions under Rule 144 and without the requirement for the Company to be in compliance with the current public
information requirements under Rule 144. For the avoidance of doubt, the Company shall not be prohibited from preparing and filing
with the Commission a registration statement relating to an offering of Common Stock by existing stockholders of the Company under
the Securities Act pursuant to the terms of registration rights held by such stockholder or from filing amendments to registration
statements filed prior to the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance</U>. Each Holder covenants and agrees that,
in the event the Company informs such Holder in writing that it does not satisfy the conditions specified in Rule 172 and, as a
result thereof, such Holder is required to deliver a Prospectus in connection with any disposition of Registrable Securities, it
will comply with the prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom
is available) in connection with sales of Registrable Securities pursuant to the Registration Statement, and shall sell the Registrable
Securities only in accordance with a method of distribution described in the Registration Statement</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Discontinued Disposition</U>. By its acquisition of
Registrable Securities, the Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the
kind described in Section 3(c)(iii)-(v), such Holder will forthwith discontinue disposition of such Registrable Securities under
a Registration Statement until it is advised in writing (the &ldquo;<I>Advice</I>&rdquo;) by the Company that the use of the applicable
Prospectus (as it may have been supplemented or amended) may be resumed. The Company will use its commercially reasonable efforts
to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company may provide appropriate stop
orders to enforce the provisions of this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Piggy-Back Registrations</U>. If, at any time during
the Effectiveness Period, there is not an effective Registration Statement covering all of the Registrable Securities and the Company
shall determine to prepare and file with the Commission a registration statement relating to an offering for its own account or
the account of others under the Securities Act of any of its equity securities, other than on a Special Registration Statement,
then the Company shall deliver to each Holder a written notice of such determination and, if within seven days after the date of
the delivery of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement
all or any part of such Registrable Securities such Holder requests to be registered; <I>provided</I>, <I>however</I>, that the
Company shall not be required to register any Registrable Securities pursuant to this Section 6(e) that are (i) eligible for resale
pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required thereunder
and without volume or manner-of-sale restrictions or (ii) the subject of a then-effective Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No Inconsistent Agreements</U>. The Company has not
entered, as of the date hereof, nor shall the Company, on or after the date hereof, enter into any agreement with respect to its
securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts
with the provisions hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Amendments and Waivers</U>. The provisions of this
Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, or waived unless the same shall
be in writing and signed by the Company and each Holder. Notwithstanding the foregoing, a waiver or consent to depart from the
provisions hereof with respect to a matter that relates exclusively to the rights of Holders and that does not directly or indirectly
affect the rights of other Holders may be given by Holders of all of the Registrable Securities to which such waiver or consent
relates;<I> provided</I>,<I> however,</I> that the provisions of this sentence may not be amended, modified, or supplemented except
in accordance with the provisions of the immediately preceding sentence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U>. Any and all notices or other communications
or deliveries required or permitted to be provided hereunder shall be delivered as set forth in the Purchase Agreement or the Third
Security Purchase Agreement, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Successors and Assigns</U>. This Agreement shall inure
to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit
of each Holder. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement. The Company may not assign its rights (except by merger or in connection with another
entity acquiring all or substantially all of the Company&rsquo;s assets) or obligations hereunder without the prior written consent
of all the Holders of the then outstanding Registrable Securities. Each Holder may assign its respective rights with respect to
any or all of its Shares, Warrant Shares and/or Third Security Shares hereunder in the manner and to the Persons as permitted under
the Purchase Agreement or the Third Security Purchase Agreement, as applicable; <I>provided</I> in each case that (i)&nbsp;the
Holder agrees in writing with the transferee or assignee to assign such rights and related obligations under this Agreement, and
for the transferee or assignee to assume such obligations, and a copy of such agreement is furnished to the Company within a reasonable
time after such assignment, (ii)&nbsp;the Company is, within a reasonable time after such transfer or assignment, furnished with
written notice of the name and address of such transferee or assignee and the securities with respect to which such registration
rights are being transferred or assigned, (iii)&nbsp;at or before the time the Company received the written notice contemplated
by clause (ii)&nbsp;of this sentence, the transferee or assignee agrees in writing with the Company to be bound by all of the provisions
contained herein and (iv)&nbsp;the transferee is an &ldquo;accredited investor,&rdquo; as that term is defined in Rule&nbsp;501
of Regulation&nbsp;D.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Execution and Counterparts</U>. This Agreement may
be executed in two or more counterparts, each of which when so executed shall be deemed to be an original and, all of which taken
together shall constitute one and the same Agreement and shall become effective when counterparts have been signed by each party
and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission or by e-mail delivery of a &ldquo;.pdf&rdquo; format data file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or &ldquo;.pdf&rdquo; signature were the original thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Governing Law</U>. All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be determined in accordance with the provisions of the Purchase
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Cumulative Remedies</U>. Except as provided herein,
the remedies provided herein are cumulative and not exclusive of any other remedies provided by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Severability</U>. If any term, provision, covenant
or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated, and the parties hereto shall use their good faith reasonable efforts to find and
employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed
the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Headings</U>. The headings in this Agreement are for
convenience only and shall not limit or otherwise affect the meaning hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">[signature pages follow]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the parties
have executed this Registration Rights Agreement as of the date first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0in">TRANSGENOMIC, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 38%; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">By:</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Name:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Craig J. Tuttle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Title:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">President/Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.3pt; text-align: justify; text-indent: 0in">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.3pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in">IN WITNESS WHEREOF, the parties
have executed this Registration Rights Agreement as of the date first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: left">HOLDER:&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">AUTHORIZED SIGNATORY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&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%; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt">AUTHORIZED SIGNATORY</TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 3%">c/o:&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left; width: 47%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">Street:&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: left">City/State/Zip:&nbsp;</TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: left">Attention:&nbsp;</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left">Tel:&nbsp;</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left">Fax:&nbsp;</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">Email:&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are registering the
shares of common stock previously issued to the selling stockholders and issuable upon exercise of the warrants previously issued
to the selling stockholders to permit the resale of these shares of common stock by the holders of the common stock and warrants
from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders
of the shares of common stock. We will bear all fees and expenses incident to our obligation to register the shares of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling stockholders
may sell all or a portion of the shares of common stock beneficially owned by them and offered hereby from time to time directly
or through one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters or broker-dealers,
the selling stockholders will be responsible for underwriting discounts or commissions or agent&rsquo;s commissions. The shares
of common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at
varying prices determined at the time of sale, or at negotiated prices. The selling stockholders will act independently of us in
making decisions with respect to the timing, manner and size of each sale. These sales may be effected in transactions, which may
involve crosses or block transactions,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; 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: 7%; text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="width: 89%; text-align: justify">on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">in the over-the-counter market;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">in transactions otherwise than on these exchanges or systems or in the over-the-counter market;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">through the writing of options, whether such options are listed on an options exchange or otherwise;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">an exchange distribution in accordance with the rules of the applicable exchange;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">privately negotiated transactions;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">short sales;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">through the distribution of the common stock by any selling stockholders to its partners, members or stockholders;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="width: 89%; text-align: justify">through one or more underwritten offerings on a firm commitment or best efforts basis;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">sales pursuant to Rule 144;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">a combination of any such methods of sale; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Symbol">&middot;</TD>
    <TD STYLE="text-align: justify">any other method permitted pursuant to applicable law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the selling stockholders
effect such transactions by selling shares of <FONT STYLE="color: black">common stock</FONT> to or through underwriters, broker-dealers
or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions
from the selling stockholders or commissions from purchasers of the shares of <FONT STYLE="color: black">common stock</FONT> for
whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular
underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection
with sales of the shares of <FONT STYLE="color: black">common stock</FONT> or otherwise, the selling stockholders may enter into
hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of <FONT STYLE="color: black">common
stock</FONT> in the course of hedging in positions they assume. The selling stockholders may also sell shares of <FONT STYLE="color: black">common
stock</FONT> short and deliver shares of <FONT STYLE="color: black">common stock</FONT> covered by this prospectus to close out
short positions and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge
shares of <FONT STYLE="color: black">common stock</FONT> to broker-dealers that in turn may sell such shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling stockholders
may pledge or grant a security interest in some or all of the shares of <FONT STYLE="color: black">common stock</FONT> or warrants
owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and
sell the shares of <FONT STYLE="color: black">common stock</FONT> from time to time pursuant to this prospectus or any amendment
to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending, if necessary, the list of
selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus.
The selling stockholders also may transfer and donate the shares of <FONT STYLE="color: black">common stock</FONT> in other circumstances
in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes
of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling stockholders
and any broker-dealer participating in the distribution of the shares of <FONT STYLE="color: black">common stock</FONT> may be
deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities Act, and any commission paid, or any discounts or
concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act.
At the time a particular offering of the shares of <FONT STYLE="color: black">common stock</FONT> is made, a prospectus supplement,
if required, will be distributed which will set forth the aggregate amount of shares of <FONT STYLE="color: black">common stock</FONT>
being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions
and other terms constituting compensation from the selling stockholders and any discounts, commissions or concessions allowed or
reallowed or paid to broker-dealers. The selling stockholders may indemnify any broker-dealer that participates in transactions
involving the sale of the shares of <FONT STYLE="color: black">common stock</FONT> against certain liabilities, including liabilities
arising under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the securities laws
of some states, the shares of <FONT STYLE="color: black">common stock</FONT> may be sold in such states only through registered
or licensed brokers or dealers. In addition, in some states the shares of <FONT STYLE="color: black">common stock</FONT> may not
be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification
is available and is complied with.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">There can be no assurance
that any selling stockholder will sell any or all of the shares of <FONT STYLE="color: black">common stock</FONT> registered pursuant
to the registration statement, of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling stockholders
and any other person participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules
and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases
and sales of any of the shares of <FONT STYLE="color: black">common stock</FONT> by the selling stockholders and any other participating
person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares of <FONT STYLE="color: black">common
stock</FONT> to engage in market-making activities with respect to the shares of <FONT STYLE="color: black">common stock</FONT>.
All of the foregoing may affect the marketability of the shares of <FONT STYLE="color: black">common stock</FONT> and the ability
of any person or entity to engage in market-making activities with respect to the shares of <FONT STYLE="color: black">common stock</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will pay all expenses
of the registration of the shares of <FONT STYLE="color: black">common stock</FONT> pursuant to the registration rights agreement,
estimated to be $______ in total, including, without limitation, SEC filing fees and expenses of compliance with state securities
or &ldquo;Blue Sky&rdquo; laws; <I>provided</I>,<I> however</I>, that a selling stockholder will pay all underwriting discounts
and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including some liabilities under
the Securities Act, in accordance with the registration rights agreement, or the selling stockholders will be entitled to contribution.
We may be indemnified by the selling stockholders against civil liabilities, including liabilities under the Securities Act, that
may arise from any written information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance
with the registration rights agreement, or we may be entitled to contribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Once sold under the registration
statement, of which this prospectus forms a part, the shares of <FONT STYLE="color: black">common stock</FONT> will be freely tradable
in the hands of persons other than our affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.55in"><U>Annex B</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TRANSGENOMIC, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SELLING STOCKHOLDER NOTICE AND QUESTIONNAIRE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.7pt">The undersigned holder
of shares of the common stock, par value $0.01 per share, of Transgenomic, Inc. (the &ldquo;<I>Company</I>&rdquo;) understands
that the Company intends to file with the Securities and Exchange Commission a registration statement on Form S-1 (the &ldquo;<I>Resale
Registration Statemen</I>t&rdquo;) for the registration and the resale under Rule 415 of the Securities Act of 1933, as amended
(the &ldquo;<I> Securities Act</I>&rdquo;), of the Registrable Securities in accordance with the terms of the Registration Rights
Agreement. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.7pt">In order to sell or otherwise
dispose of any Registrable Securities pursuant to the Resale Registration Statement, a holder of Registrable Securities generally
will be required to be named as a selling stockholder in the related prospectus or a supplement thereto (as so supplemented, the
&ldquo;<I>Prospectus</I>&rdquo;), deliver the Prospectus to purchasers of Registrable Securities (including pursuant to Rule 172
under the Securities Act) and be bound by the provisions of the Registration Rights Agreement (including certain indemnification
provisions, as described below). Holders must complete and deliver this Notice and Questionnaire in order to be named as selling
stockholders in the Prospectus.<B> Holders of Registrable Securities who do not complete, execute and return this Notice and Questionnaire
within three Trading Days following the date of the Registration Rights Agreement (1) will not be named as selling stockholders
in the Resale Registration Statement or the Prospectus and (2) may not use the Prospectus for resales of Registrable Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.7pt">Certain legal consequences
arise from being named as a selling stockholder in the Resale Registration Statement and the Prospectus. Holders of Registrable
Securities are advised to consult their own securities law counsel regarding the consequences of being named or not named as a
selling stockholder in the Resale Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTICE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.7pt">The undersigned holder
(the &ldquo;<I>Selling Stockholder</I>&rdquo;) of Registrable Securities hereby gives notice to the Company of its intention to
sell or otherwise dispose of Registrable Securities owned by it and listed below in Item (3), unless otherwise specified in Item
(3), pursuant to the Resale Registration Statement. The undersigned, by signing and returning this Notice and Questionnaire, understands
and agrees that it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.7pt">The undersigned hereby
provides the following information to the Company and represents and warrants that such information is accurate and complete:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.1in; text-align: center; text-indent: -1.1in"><B>QUESTIONNAIRE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.1in; text-align: center; text-indent: -1.1in"><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: 8%; text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">1.</TD>
    <TD STYLE="width: 6%; text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">Name.</TD>
    <TD STYLE="width: 86%; text-align: justify; text-indent: 0in; tab-stops: list .5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">(a)</TD>
    <TD STYLE="text-align: left; text-indent: 0in; tab-stops: list 1.0in">Full Legal Name of Selling Stockholder:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">____________________________</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">(b)</TD>
    <TD STYLE="width: 86%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities Listed in Item 3 below are held:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">____________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">(c)</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by the questionnaire):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">____________________________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">2.</TD>
    <TD STYLE="width: 92%; text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">Address for Notices to Selling Stockholder:</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Telephone:&nbsp;&nbsp;____________________________________________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Fax:&nbsp;&nbsp;_________________________________________________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Contact Person:&nbsp;&nbsp;________________________________________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: left">E-mail address of Contact Person: &nbsp;&nbsp;__________________________________________________________________________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><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="text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">3.</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">Beneficial Ownership of Registrable Securities:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="width: 86%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">(a)</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">Type and Number of Registrable Securities beneficially owned:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">____________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">____________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">____________________________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; 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%; text-align: left; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; tab-stops: list 1.0in">(b)</TD>
    <TD STYLE="width: 86%; text-align: left; text-indent: 0in; tab-stops: list 1.0in">Number of shares of Common Stock to be registered pursuant to this Notice for resale:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">____________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">____________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">____________________________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">4.</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">Broker-Dealer Status:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="width: 86%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">(a)</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; tab-stops: list 1.0in">Are you a broker-dealer?</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 112.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 112.5pt; text-align: justify">Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; 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%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">(b)</TD>
    <TD STYLE="width: 86%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">If &ldquo;yes&rdquo; to Section 4(a), did you receive your Registrable Securities as compensation for investment banking services to the Company?</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 112.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 112.5pt; text-align: justify">Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; 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%; text-align: justify">Note:</TD>
    <TD STYLE="width: 92%; text-align: justify">If no, the Commission&rsquo;s staff has indicated that you should be identified as an underwriter in the Registration Statement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">(c)</TD>
    <TD STYLE="width: 86%; text-align: justify; text-indent: 0in; tab-stops: list 1.0in">Are you an affiliate of a broker-dealer?</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 112.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 112.5pt; text-align: justify">Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify; text-indent: 0in">Note:</TD>
    <TD STYLE="width: 86%; text-align: justify; text-indent: 0in">If yes, provide a narrative explanation below:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">____________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">____________________________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; 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%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">(d)</TD>
    <TD STYLE="width: 86%; text-align: justify">If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 112.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 112.5pt; text-align: justify">Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; 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%; text-align: justify">Note:</TD>
    <TD STYLE="width: 92%; text-align: justify">If no, the Commission&rsquo;s staff has indicated that you should be identified as an underwriter in the Registration Statement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><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: 8%; text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">5.</TD>
    <TD STYLE="width: 92%; text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">Beneficial Ownership of Other Securities of the Company Owned by the Selling Stockholder.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-style: italic">Except as set forth below in this Item 5, the undersigned is not the beneficial or registered owner of any securities of the Company other than the Registrable Securities listed above in Item 3.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.1in; text-align: justify; text-indent: -1.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.1in; text-align: justify; text-indent: -1.1in">Type and amount
of other securities beneficially owned:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">___________________________________________________________________________________________________<BR>
________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">___________________________________________________________________________________________________<BR>
________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><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: 8%; text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">6.</TD>
    <TD STYLE="width: 92%; text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">Relationships with the Company:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-style: italic">Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.6in; text-align: justify; text-indent: -1.1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 92%; text-align: justify">State any exceptions here:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&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%; text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">7.</TD>
    <TD STYLE="width: 92%; text-align: justify; text-indent: 0in; tab-stops: list .5in; font-weight: bold">Plan of Distribution:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-style: italic">The undersigned has reviewed the form of Plan of Distribution attached as Annex A to the Registration Rights Agreement, and hereby confirms that, except as set forth below, the information contained therein regarding the undersigned and its plan of distribution is correct and complete.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">State any exceptions here:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.1in; text-align: center; text-indent: -1.1in">***********</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned agrees to promptly notify the
Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof and prior
to the effective date of any applicable Resale Registration Statement. All notices hereunder and pursuant to the Registration Rights
Agreement shall be made in writing, by hand delivery, confirmed or facsimile transmission, first-class mail or air courier guaranteeing
overnight delivery at the address set forth below. In the absence of any such notification, the Company shall be entitled to continue
to rely on the accuracy of the information in this Notice and Questionnaire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By signing below, the undersigned consents
to the disclosure of the information contained herein in its answers to Items (1) through (7) above and the inclusion of such information
in the Resale Registration Statement and the Prospectus. The undersigned understands that such information will be relied upon
by the Company in connection with the preparation or amendment of any such Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By signing below, the undersigned acknowledges
that it understands its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act and the rules
and regulations thereunder, particularly Regulation M in connection with any offering of Registrable Securities pursuant to the
Resale Registration Statement. The undersigned also acknowledges that it understands that the answers to this Questionnaire are
furnished for use in connection with Registration Statements filed pursuant to the Registration Rights Agreement and any amendments
or supplements thereto filed with the Commission pursuant to the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By returning this Questionnaire, the undersigned
will be deemed to be aware of the foregoing interpretation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I confirm that, to the best of my knowledge
and belief, the foregoing statements (including, without limitation the answers to this Questionnaire) are correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF the undersigned, by authority
duly given, has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: left">Dated:</TD>
    <TD STYLE="width: 39%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; text-align: left">Beneficial Owner:</TD>
    <TD STYLE="width: 35%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: justify">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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