<SEC-DOCUMENT>0000320017-18-000012.txt : 20180208
<SEC-HEADER>0000320017-18-000012.hdr.sgml : 20180208
<ACCEPTANCE-DATETIME>20180208161153
ACCESSION NUMBER:		0000320017-18-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180208
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180208
DATE AS OF CHANGE:		20180208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALADRIUS BIOSCIENCES, INC.
		CENTRAL INDEX KEY:			0000320017
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
		IRS NUMBER:				222343568
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33650
		FILM NUMBER:		18585896

	BUSINESS ADDRESS:	
		STREET 1:		110 ALLEN ROAD
		STREET 2:		SECOND FLOOR
		CITY:			BASKING RIDGE
		STATE:			NJ
		ZIP:			07920
		BUSINESS PHONE:		908-842-0100

	MAIL ADDRESS:	
		STREET 1:		110 ALLEN ROAD
		STREET 2:		SECOND FLOOR
		CITY:			BASKING RIDGE
		STATE:			NJ
		ZIP:			07920

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Caladrius Biosciences, Inc.
		DATE OF NAME CHANGE:	20150608

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NeoStem, Inc.
		DATE OF NAME CHANGE:	20060906

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHASE III MEDICAL INC/DE
		DATE OF NAME CHANGE:	20030819
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-kfebruary2018.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="s0a8941803aa941f59c59f07ef0ed4a67"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date of Report (Date of earliest event reported): February 8, 2018</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CALADRIUS BIOSCIENCES, INC.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact Name of Registrant as Specified in Charter)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.4375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:34%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Delaware</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or Other Jurisdiction</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">of Incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">001-33650</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22-2343568</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(IRS Employer</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">110 Allen Road, Second Floor, Basking Ridge, NJ 07920</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of Principal Executive Offices)(Zip Code)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">(908) 842-0100</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Registrant's Telephone Number</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o </font><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;Emerging growth company</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="sa033399000ba4a52bb00bf1006493423"></a></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 1.01 Entry into a Material Definitive Agreement.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 8, 2018, Caladrius Biosciences, Inc., a Delaware corporation (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:10pt;">&#8221;), entered into a Common Stock Sales Agreement (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sales Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;) with H.C. Wainwright &amp; Co., LLC (&#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Wainwright</font><font style="font-family:inherit;font-size:10pt;">&#8221;), as sales agent, in connection with an &#8220;at the market offering&#8221; under which the Company from time to time may offer and sell shares of its common stock, par value $0.001 per share (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Common Stock</font><font style="font-family:inherit;font-size:10pt;">&#8221;), having an aggregate offering price of up to $12,000,000 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Shares</font><font style="font-family:inherit;font-size:10pt;">&#8221;). Shares sold under the Sales Agreement will be offered and sold pursuant to the Company&#8217;s previously filed and effective Registration Statement on Form S-3 (Registration No. 333-206175) (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Registration Statement</font><font style="font-family:inherit;font-size:10pt;">&#8221;) and a prospectus supplement and accompanying base prospectus that the Company expects to file with the Securities and Exchange Commission (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SEC</font><font style="font-family:inherit;font-size:10pt;">&#8221;) relating to the Shares shortly after the filing of this Current Report on Form 8-K.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subject to the terms and conditions of the Sales Agreement, Wainwright will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the Shares from time to time, based upon the Company&#8217;s instructions, including any price, time or size limits specified by the Company. The Company has provided Wainwright with customary indemnification rights, and Wainwright will be entitled to a commission at a fixed commission rate equal to 3.0% of the gross proceeds per Share sold. In addition, pursuant to the terms of the Sales Agreement, the Company has agreed to reimburse Wainwright for the documented fees and costs of its legal counsel reasonably incurred in connection with (i) entering into the transactions contemplated by the Sales Agreement in an amount not to exceed $50,000 in the aggregate and (ii) Wainwright&#8217;s ongoing diligence, drafting and other filing requirements arising from the transactions contemplated by the Sales Agreement in an amount not to exceed $2,500 in the aggregate per calendar quarter. Sales of the Shares, if any, under the Sales Agreement may be made in transactions that are deemed to be &#8220;at the market offerings&#8221; as defined in Rule 415 under the Securities Act of 1933, as amended (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Securities Act</font><font style="font-family:inherit;font-size:10pt;">&#8221;). The Company has no obligation to sell any of the Shares, and may at any time suspend sales under the Sales Agreement or terminate the Sales Agreement. The Sales Agreement will terminate upon the sale of all of the Shares under the Sales Agreement unless terminated earlier by either party as permitted under the Sales Agreement.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company currently intends to use the net proceeds from the offering, if any, for working capital and general corporate purposes, which include, but are not limited to, advancing its product portfolio, acquiring the rights to new product candidates, and general and administrative expenses.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The foregoing description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the Sales Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor shall there be any offer, solicitation or sale of the Shares in any state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or country.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The opinion of the Company&#8217;s counsel regarding the validity of the Shares is filed as Exhibit 5.1 to this Current Report on Form 8-K. This opinion is also filed with reference to, and is hereby incorporated by reference into, the Registration Statement.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company cautions you that statements included in this Current Report on Form 8-K that are not a description of historical facts are forward-looking statements. These forward-looking statements include statements regarding the Company&#8217;s ability to sell Shares pursuant to the Sales Agreement. The inclusion of forward-looking statements should not be regarded as a representation by the Company that any of these statements, results or sales will be achieved or completed due in part to risks and uncertainties inherent in the Company&#8217;s business, including those described in the Company&#8217;s Form 10-K for the year ended December 31, 2016 filed with the SEC on March 17, 2017. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this report to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:16px;text-align:justify;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:16px;text-align:justify;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:24px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01 Financial Statements and Exhibits.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.40625%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:4%;"></td><td style="width:96%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exhibits. </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:95.8984375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:12%;"></td><td style="width:4%;"></td><td style="width:84%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Number</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit51opinion.htm"><font style="font-family:inherit;font-size:10pt;">5.1</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:none;color:#0000FF;-sec-extract:exhibit;" href="exhibit-101.htm"><font style="font-family:inherit;font-size:10pt;text-decoration:none;">10.1</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Common Stock Sales Agreement, dated February 8, 2018, by and between Caladrius Biosciences, Inc. and H.C. Wainwright &amp; Co., LLC. </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit51opinion.htm"><font style="font-family:inherit;font-size:10pt;">23.1</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consent of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (contained in Exhibit 5.1). </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="sd07941cf807a4614a3dbd7c18c8e7423"></a></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.4375%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:29%;"></td><td style="width:17%;"></td><td style="width:13%;"></td><td style="width:30%;"></td><td style="width:11%;"></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CALADRIUS BIOSCIENCES, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dated:  February 8, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ David J. Mazzo</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">David J. Mazzo, PhD</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">President and Chief Executive Officer</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-5.1
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<FILENAME>exhibit51opinion.htm
<DESCRIPTION>EXHIBIT 5.1
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		<title>Exhibit</title>
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<div><a name="s962cfdafd3db47eda926925340d6edd6"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:97.65625%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:69%;"></td><td style="width:31%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:8px;text-align:center;"><img src="mintzlogoa10.jpg" alt="mintzlogoa10.jpg" style="height:75px;width:457px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit 5.1</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chrysler Center</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">666 Third Avenue</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">New York, NY  10017</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">212-935-3000</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">212-983-3115 fax </font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">www.mintz.com</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;text-indent:192px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">February 8, 2018</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Caladrius Biosciences, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">110 Allen Road, Second Floor</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basking Ridge, New Jersey 07920</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ladies and Gentlemen:</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have acted as counsel to Caladrius Biosciences, Inc., a Delaware corporation (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:10pt;">&#8221;), in connection with the preparation and filing with the Securities and Exchange Commission (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commission</font><font style="font-family:inherit;font-size:10pt;">&#8221;) of a Prospectus Supplement, dated February8, 2018, to a Prospectus, dated August 28, 2015 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Prospectus and Prospectus Supplement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), filed pursuant to a Registration Statement on Form S-3, Registration No. 333-206175 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Registration Statement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), pursuant to which the Company is registering under the Securities Act of 1933, as amended (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Securities Act</font><font style="font-family:inherit;font-size:10pt;">&#8221;), the sale of up to $12,000,000 of shares (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Placement Shares</font><font style="font-family:inherit;font-size:10pt;">&#8221;) of common stock, $0.001 par value per share (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Common Stock</font><font style="font-family:inherit;font-size:10pt;">&#8221;), of the Company. The Placement Shares are being sold pursuant to a Common Stock Sales Agreement, dated as of February 8, 2018, by and between the Company and H.C. Wainwright &amp; Co., LLC (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), pursuant to which the Company may issue and sell the Placement Shares pursuant to the Registration Statement and the Prospectus and Prospectus Supplement. </font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with this opinion, we have examined the Company&#8217;s Amended and Restated Certificate of Incorporation, as amended to date, and Amended and Restated By-laws, as amended to date, such other records of the corporate proceedings of the Company and certificates of the Company&#8217;s officers as we have deemed relevant, as well as the Registration Statement and the exhibits thereto and the Prospectus and the Prospectus Supplement.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In our examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, photostatic or facsimile copies and the authenticity of the originals of such copies.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Based upon the foregoing, and subject to the limitations set forth below, we are of the opinion that the Placement Shares, when issued by the Company out of the Company&#8217;s duly authorized Common Stock and issued and delivered by the Company against payment therefor as contemplated by the Agreement, on terms approved by the Board of Directors of the Company, or a duly authorized committee thereof, will be duly and validly issued, fully paid and non-assessable.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our opinion is limited to the General Corporation Law of the State of Delaware and the United States federal laws, and we express no opinion with respect to the laws of any other jurisdiction. No opinion is expressed herein with respect to the qualification of the Placement Shares under the securities or blue sky laws of any state or any foreign jurisdiction.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have relied as to certain matters on information obtained from public officials, officers of the Company, and other sources believed by us to be responsible.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;">February 8</font><font style="font-family:inherit;font-size:11pt;">, 2018</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Page 2</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Please note that we are opining only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters. This opinion is based upon currently existing statutes, rules, regulations and judicial decisions, and we disclaim any obligation to advise you of any change in any of these sources of law or subsequent legal or factual developments which might affect any matters or opinions set forth herein.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 8-K and the Registration Statement in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act and to the use of this Firm&#8217;s name therein and in the Prospectus Supplement under the caption &#8220;Legal Matters.&#8221; In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.</font></div><div style="line-height:120%;text-align:left;padding-left:240px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:240px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Very truly yours,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:240px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">/s/ Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:240px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<DESCRIPTION>EXHIBIT 10.1
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<div><a name="s4defea8c8521483c9e05d532e529ee58"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:528px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">EXHIBIT 10.1</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CALADRIUS BIOSCIENCES, INC.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">COMMON STOCK SALES AGREEMENT</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">February 8, 2018</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">H.C. Wainwright &amp; Co., LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">430 Park Avenue</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">New York, NY 10022</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ladies and Gentlemen:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Caladrius Biosciences, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), confirms its agreement (this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) with H.C. Wainwright &amp; Co., LLC (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">HCW</font><font style="font-family:inherit;font-size:12pt;">&#8221;), as follows:</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Issuance and Sale of Placement Shares</font><font style="font-family:inherit;font-size:12pt;">.  The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, and in its sole discretion, it may issue and sell through HCW, shares (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Placement Shares</font><font style="font-family:inherit;font-size:12pt;">&#8221;)</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:12pt;">of the Company&#8217;s common stock, $0.001 par value per share (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Common Stock</font><font style="font-family:inherit;font-size:12pt;">&#8221;); </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided however, </font><font style="font-family:inherit;font-size:12pt;">that in no event shall the Company issue or sell through HCW such number of Placement Shares that (a) exceeds the number of shares or dollar amount of Common Stock registered on the effective Registration Statement (as defined below) pursuant to which the offering is being made, (b) exceeds the number of shares or dollar amount registered on the Prospectus Supplement (as defined below), or (c) would cause the Company to exceed the share amount limitations set forth in General Instruction I.B.6 of Form S-3 (the lesser of (a), (b) or (c), the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Maximum Amount</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 1</font><font style="font-family:inherit;font-size:12pt;">&#32;on the number of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that HCW shall have no obligation in connection with such compliance.  The issuance and sale of Placement Shares through HCW will be effected pursuant to the Registration Statement (as defined below), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue any Placement Shares.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Securities Act</font><font style="font-family:inherit;font-size:12pt;">&#8221;), with the Securities and Exchange Commission (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Commission</font><font style="font-family:inherit;font-size:12pt;">&#8221;), a registration statement on Form S-3 (File No. 333-206175), including a base prospectus, relating to certain securities, including the Placement Shares to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Exchange Act</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  The Company has prepared a prospectus supplement to the base prospectus included as part of the registration statement, which prospectus supplement relates to the Placement Shares to be issued from time to time by the Company pursuant to this Agreement (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Prospectus Supplement</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  The Company will furnish to HCW, for use by HCW, copies of the base prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares to be issued from time to time by the Company.  The Company may file, if necessary, one or more additional registration statements from time to time that will contain a base prospectus and related </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">prospectus or prospectus supplement, if applicable (which shall be a Prospectus Supplement), with respect to the Placement Shares.  Except where the context otherwise requires, such registration statement(s) and any post-effective amendment thereto, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement(s) pursuant to Rule 430B of the Securities Act, is herein called the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Registration Statement</font><font style="font-family:inherit;font-size:12pt;">.&#8221;  The base prospectus or base prospectuses, including all documents incorporated or deemed incorporated therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus or prospectuses and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together with the then issued Issuer Free Writing Prospectus(es), is herein called the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Prospectus</font><font style="font-family:inherit;font-size:12pt;">.&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include any documents deemed incorporated by reference therein (pursuant to the Securities Act or the Exchange Act) (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Incorporated Documents</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and any reference herein to the terms &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any Incorporated Document.  For purposes of this Agreement, all references to the Registration Statement, to the Prospectus, to the Incorporated Documents or to any amendment or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">EDGAR</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Placements</font><font style="font-family:inherit;font-size:12pt;">.  Each time that the Company wishes to issue and sell Placement Shares hereunder (each, a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Placement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), it will notify HCW by email notice from a person identified on </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 2</font><font style="font-family:inherit;font-size:12pt;">&#32;(or other method mutually agreed to in writing by the parties) (a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Placement Notice</font><font style="font-family:inherit;font-size:12pt;">&#8221;) containing the parameters in accordance with which it desires the Placement Shares to be sold, which shall at a minimum include the number of Placement Shares to be issued, the time period during which sales are requested to be made, any limitation on the number of Placement Shares that may be sold in any one Trading Day (as defined in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 3</font><font style="font-family:inherit;font-size:12pt;">) and any minimum price below which sales may not be made, a form of which containing such minimum sales parameters necessary is attached hereto as </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 1</font><font style="font-family:inherit;font-size:12pt;">.  The Placement Notice shall originate from any of the individuals from the Company set forth on </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 2</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">(with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from HCW set forth on </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 2</font><font style="font-family:inherit;font-size:12pt;">, as such </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 2</font><font style="font-family:inherit;font-size:12pt;">&#32;may be amended from time to time.  The receipt of each Placement Notice shall promptly be acknowledged by HCW by providing email notice to the Company to a person designated on </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 2</font><font style="font-family:inherit;font-size:12pt;">.  The Placement Notice shall be effective upon receipt by HCW unless and until (i) in accordance with the notice requirements set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">, HCW declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares included in the Placement Notice have been sold thereunder, (iii) in accordance with the notice requirements set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">, the Company suspends or terminates the Placement Notice, (iv) the Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v) this Agreement has been terminated under the provisions of </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 11</font><font style="font-family:inherit;font-size:12pt;">.  The amount of any discount, commission or other compensation to be paid by the Company to HCW in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 3</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;It is expressly acknowledged and agreed that neither the Company nor HCW will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement Notice to HCW and HCW does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">terms specified therein and herein.  In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.</font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">3.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sale of Placement Shares by HCW</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Subject to the terms and conditions herein set forth, upon the Company&#8217;s delivery of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, HCW, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Nasdaq Capital Market (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Exchange</font><font style="font-family:inherit;font-size:12pt;">&#8221;) to sell such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice.  HCW will provide written confirmation to the Company (including by email correspondence to each of the individuals of the Company set forth on </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 2</font><font style="font-family:inherit;font-size:12pt;">, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation payable by the Company to HCW pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 2</font><font style="font-family:inherit;font-size:12pt;">&#32;with respect to such sales and the Net Proceeds (as defined below) payable to the Company. HCW may sell Placement Shares by any method permitted by law deemed to be an &#8220;at the market offering&#8221; as defined in Rule 415 of the Securities Act, including without limitation sales made through the Exchange, on any other existing trading market for the Common Stock or to or through a market maker.  If expressly authorized by the Company in a Placement Notice, HCW may also sell Placement Shares in negotiated transactions.  Notwithstanding the provisions of </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6(pp)</font><font style="font-family:inherit;font-size:12pt;">, HCW shall not purchase Placement Shares for its own account as principal unless expressly authorized to do so by the Company in a Placement Notice.  The Company acknowledges and agrees that (i) there can be no assurance that HCW will be successful in selling Placement Shares, and (ii) HCW will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by HCW to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares as required under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 3</font><font style="font-family:inherit;font-size:12pt;">.  For the purposes hereof, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Trading Day</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any day on which the Company&#8217;s Common Stock is purchased and sold on the principal market on which the Common Stock is listed or quoted.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Limitations on Offering Size</font><font style="font-family:inherit;font-size:12pt;">.  Under no circumstances shall the Company request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate number of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Placement Shares under this Agreement, the Maximum Amount, and (B) the amount authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to HCW in writing.  Under no circumstances shall the Company request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company&#8217;s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to HCW in writing. Further, under no circumstances shall the Company request the sale of Placement Shares pursuant to this Agreement in an aggregate offering amount that would exceed the Maximum Amount. </font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">4.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Suspension of Sales</font><font style="font-family:inherit;font-size:12pt;">.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Company or HCW may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 2</font><font style="font-family:inherit;font-size:12pt;">, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 2</font><font style="font-family:inherit;font-size:12pt;">), suspend any sale of Placement Shares; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however</font><font style="font-family:inherit;font-size:12pt;">, that such suspension shall not affect or impair either party&#8217;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice.  Each of the parties agrees that no such notice under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;shall be effective against the other unless it is made to one of </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">the individuals named on </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 2</font><font style="font-family:inherit;font-size:12pt;">&#32;hereto, as such schedule may be amended from time to time and in accordance with the notice delivery requirements of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">. While a suspension is in effect, any obligation under </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sections 7(m)</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">7(n)</font><font style="font-family:inherit;font-size:12pt;">, and </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">7(o)</font><font style="font-family:inherit;font-size:12pt;">&#32;with respect to the delivery of certificates, opinions, or comfort letters to HCW shall be deemed waived.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Notwithstanding any other provision of this Agreement, during any period in which the Company is in possession of material non-public information, the Company and HCW agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request the sale of any Placement Shares, and (iii) HCW shall not be obligated to sell or offer to sell any Placement Shares.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:48px;text-align:justify;text-indent:0px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">5.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Settlement</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Settlement of Placement Shares</font><font style="font-family:inherit;font-size:12pt;">.  Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the second (2</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">nd</sup></font><font style="font-family:inherit;font-size:12pt;">) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Settlement Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; and the first such settlement date, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">First Delivery Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Net Proceeds</font><font style="font-family:inherit;font-size:12pt;">&#8221;) will be equal to the aggregate sales price received by HCW at which such Placement Shares were sold, after deduction for (i)&#160;HCW&#8217;s commission, discount or other compensation for such sales set forth on </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Schedule 3</font><font style="font-family:inherit;font-size:12pt;">, (ii) any other amounts due and payable by the Company to HCW hereunder pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(g)</font><font style="font-family:inherit;font-size:12pt;">&#32;(Expenses) hereof, and (iii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Delivery of Placement Shares</font><font style="font-family:inherit;font-size:12pt;">.  On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting HCW&#8217;s or its designee&#8217;s account (provided HCW shall have given the Company written notice of such designee at least one Trading Day prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">DWAC</font><font style="font-family:inherit;font-size:12pt;">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form.  On each Settlement Date, HCW will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date.  The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Placement Shares on a Settlement Date through no fault of HCW, in addition to and in no way limiting the rights and obligations set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(a)</font><font style="font-family:inherit;font-size:12pt;">&#32;(Company Indemnification) hereto, it will (i) hold HCW harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection with such default by the Company, and (ii) pay to HCW any commission, discount or other compensation to which it would otherwise have been entitled absent such default.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">6.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Representations and Warranties of the Company</font><font style="font-family:inherit;font-size:12pt;">.  The Company represents and warrants to, and agrees with, HCW that, as of the effective date of the Registration Statement, each Representation Date (as defined in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(m)</font><font style="font-family:inherit;font-size:12pt;">), each date on which a Placement Notice is given, and any date on which Placement Shares are sold hereunder:</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Compliance with Registration Requirements</font><font style="font-family:inherit;font-size:12pt;">. The Registration Statement has been declared effective by the Commission under the Securities Act.  The Company has complied to the Commission&#8217;s satisfaction with all requests of the Commission for additional or supplemental information related to the Registration Statement or the Prospectus.  No stop order suspending the effectiveness of the Registration Statement or any Rule&#160;462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the best knowledge of the Company, are contemplated or threatened by the Commission.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Misstatement or Omission</font><font style="font-family:inherit;font-size:12pt;">.  The Prospectus when filed complied and, as amended or supplemented, if applicable, will comply in all material respects with the Securities Act.  Each of the </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">Registration Statement, any Rule&#160;462(b) Registration Statement, the Prospectus and any post-effective amendments or supplements thereto, at the time it became effective or its date, as applicable, and as of each of the Settlement Dates, if any, complied in all material respects with the Securities Act and did not and, as of each Settlement Date, if any, did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or with respect to the Prospectus, necessary to make the statements therein in the light of the circumstances under which they were made, not misleading.  The Prospectus, as amended or supplemented, as of its date, and as of each of the Settlement Dates, if any, will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement, any Rule&#160;462(b) Registration Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with information relating to HCW furnished to the Company in writing by HCW expressly for use therein.  There are no contracts or other documents required to be described in the Prospectus or to be filed as exhibits to the Registration Statement which have not been described or filed as required.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Not an Ineligible Issuer</font><font style="font-family:inherit;font-size:12pt;">. The Company currently is not an &#8220;ineligible issuer,&#8221; as defined in Rule 405 of the rules and regulation of the Commission.  The Company agrees to notify HCW promptly upon the Company becoming an &#8220;ineligible issuer.&#8221;</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Distribution of Offering Material by the Company</font><font style="font-family:inherit;font-size:12pt;">. The Company has not distributed and will not distribute, prior to the completion of HCW&#8217;s distribution of the Placement Shares, any offering material in connection with the offering and sale of the Placement Shares other than the Prospectus or the Registration Statement.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">The Sales Agreement</font><font style="font-family:inherit;font-size:12pt;">. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company, enforceable in accordance with its terms, except as rights to indemnification and contribution hereunder may be limited by applicable law and public policy considerations and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(f)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">S-3 Eligibility</font><font style="font-family:inherit;font-size:12pt;">.  (i) At the time of filing the Registration Statement and (ii) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), the Company met the then applicable requirements for use of Form S-3 under the Securities Act, including compliance with General Instruction I.B.6 of Form S-3.&#160;  As of the&#160;close of trading on the Exchange on January 26, 2018, a Trading Day within 60 days prior to the&#160;date of this Agreement, the aggregate market value&#160;of the outstanding voting and non-voting common equity (as defined in Rule 405) of the Company held by persons other than affiliates of the Company (pursuant to Rule 144 of the Securities Act, those that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the Company)&#160; (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Non-Affiliate Shares</font><font style="font-family:inherit;font-size:12pt;">&#8221;), was approximately $39.9 million (calculated by multiplying (x) the price at which the common equity of the Company was last sold on the Exchange on January 26, 2018, a Trading Day within 60 days prior to the date of this Agreement times (y) the number of Non-Affiliate Shares).&#160;  The Company is not a shell company (as defined in Rule 405) and has not been a shell company for at least 12 calendar months previously and if it has been a shell company at any time previously, has filed current Form 10 information (as defined in Instruction I.B.6 of Form S-3) with the Commission at least 12 calendar months previously reflecting its status as an entity that is not a shell company.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(g)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authorization of the Placement Shares</font><font style="font-family:inherit;font-size:12pt;">. The Placement Shares, when issued and delivered, will be duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company against payment therefor pursuant to this Agreement, will be validly issued, fully paid and nonassessable.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(h)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Applicable Registration or Other Similar Rights</font><font style="font-family:inherit;font-size:12pt;">. Except as otherwise disclosed in the Prospectus, there are no persons with registration or other similar rights to have any equity or debt securities registered for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been duly waived.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(i)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Material Adverse Change</font><font style="font-family:inherit;font-size:12pt;">.  Except as otherwise disclosed in the Prospectus, subsequent to the respective dates as of which information is given in the Prospectus: (i)&#160;there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, operations or prospects, whether or not arising from transactions in the ordinary course of business, of the Company and its subsidiaries, considered as one entity (any such change is called a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Material Adverse Change</font><font style="font-family:inherit;font-size:12pt;">&#8221;); (ii)&#160;the Company and its subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business: and (iii)&#160;there has been no dividend or distribution of any kind declared, paid or made by the Company or, except for regular quarterly dividends publicly announced by the Company or dividends paid to the Company or other subsidiaries, by any of its subsidiaries on any class of capital stock or repurchase or redemption by the Company or any of its subsidiaries of any class of capital stock.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(j)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Independent Accountants</font><font style="font-family:inherit;font-size:12pt;">.  Grant Thornton LLP, who has expressed its opinion with respect to the financial statements (which term as used in this Agreement includes the related notes thereto) and supporting schedules filed with the Commission or incorporated by reference as a part of the Registration Statement and included in the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Exchange Act.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(k)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Preparation of the Financial Statements</font><font style="font-family:inherit;font-size:12pt;">. The financial statements, together with related notes and schedules, filed with the Commission as a part of or incorporated by reference in the Registration Statement and included in the Prospectus present fairly, in all material respects, the consolidated financial position of the Company and its subsidiaries as of and at the dates indicated and the results of their operations and cash flows for the periods specified.  The supporting schedules included in or incorporated in the Registration Statement present fairly the information required to be stated therein.  Such financial statements and supporting schedules have been prepared in accordance with generally accepted accounting principles as applied in the United States (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">U.S. GAAP</font><font style="font-family:inherit;font-size:12pt;">&#8221;) applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto.  No other financial statements or supporting schedules are required to be included in or incorporated in the Registration Statement.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(l)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">XBRL</font><font style="font-family:inherit;font-size:12pt;">.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(m)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Incorporation and Good Standing of the Company and its Subsidiaries</font><font style="font-family:inherit;font-size:12pt;">.  The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus and to enter into and perform its obligations under this Agreement. Each subsidiary of the Company has been duly organized and is validly existing as a corporation in good standing under the laws of the jurisdiction of its organization and has the requisite power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus.  Each of the Company and the subsidiaries is duly qualified as a foreign corporation or foreign partnership to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except for such jurisdictions where the failure to so qualify or to be in good standing would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change.  Except as described in the Prospectus, all of the issued and outstanding capital stock or other equity interests of the subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company free and clear of any security interest, mortgage, pledge, lien, encumbrance or adverse claim.  The Company does not own or control, directly or </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit&#160;21.1 to the Company&#8217;s Annual Report on Form&#160;10-K for the most recently ended fiscal year and other than (i)&#160;those subsidiaries not required to be listed on Exhibit&#160;21.1 by Item&#160;601 of Regulation S-K under the Exchange Act and (ii)&#160;those subsidiaries formed or acquired since the last day of the most recently ended fiscal year.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(n)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Capital Stock Matters</font><font style="font-family:inherit;font-size:12pt;">.  Since the most recent date such information was included in the Prospectus, there has been no material change in the authorized, issued and outstanding capital stock of the Company (other than for subsequent issuances, if any, pursuant to employee benefit plans described in the Prospectus, upon the exercise of outstanding options or warrants described in the Prospectus, as a result of sales of Placement Shares hereunder or as otherwise described in any document incorporated by reference in the Prospectus).  The shares of the Common Stock conform in all material respects to the description thereof contained in the Prospectus.  All of the issued and outstanding shares of Common Stock have been duly authorized and validly issued, are fully paid and nonassessable and have been issued in compliance with federal and state securities laws.  None of the outstanding shares of Common Stock were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company.  There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company or any of its subsidiaries other than those accurately described in all material respects in the Prospectus.  The description of the Company&#8217;s stock option, stock bonus and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Prospectus accurately and fairly presents in all material respects the information required to be shown with respect to such plans, arrangements, options and rights under the Exchange Act or the Securities Act, as applicable.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(o)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required</font><font style="font-family:inherit;font-size:12pt;">.  Neither the Company nor any of its subsidiaries is in violation of its charter or by-laws or is in default (or, with the giving of notice or lapse of time, would be in default) (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Default</font><font style="font-family:inherit;font-size:12pt;">&#8221;) under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which the Company or any of its subsidiaries is a party or by which it or any of them may be bound, or to which any of the property or assets of the Company or any of its subsidiaries is subject (each, an &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Existing Instrument</font><font style="font-family:inherit;font-size:12pt;">&#8221;), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change.  The Company&#8217;s execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Prospectus (i)&#160;have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the charter or by-laws of the Company or any subsidiary, (ii)&#160;will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, or require the consent of any other party to, any Existing Instrument, except for such conflicts, breaches, Defaults, liens, charges or encumbrances as would not, individually or in the aggregate, result in a Material Adverse Change and (iii)&#160;will not result in any violation of any law, administrative regulation or administrative or court decree applicable to the Company or any subsidiary.  No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for the Company&#8217;s execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Prospectus, except such as have been obtained or made by the Company and are in full force and effect under the Securities Act, or that may be required under applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">FINRA</font><font style="font-family:inherit;font-size:12pt;">&#8221;) or the Exchange.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(p)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Material Actions or Proceedings</font><font style="font-family:inherit;font-size:12pt;">.  Except as disclosed in the Prospectus, there are no legal or governmental actions, suits or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened (i)&#160;against or affecting the Company or any of its subsidiaries, (ii)&#160;which has as the subject thereof any officer or director of, or property owned or leased by, the Company or any of its subsidiaries or (iii)&#160;relating to environmental or discrimination matters, where in any such case (A)&#160;there is a reasonable possibility that </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">such action, suit or proceeding might be determined adversely to the Company or such subsidiary and (B)&#160;any such action, suit or proceeding, if so determined adversely, would result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement.  No material labor dispute with the employees of the Company or any of its subsidiaries exists or, to the Company&#8217;s knowledge, is threatened or imminent.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(q)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">All Necessary Permits, etc</font><font style="font-family:inherit;font-size:12pt;">. The Company and each subsidiary possess such valid and current certificates, authorizations or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct their respective businesses as currently conducted and described in the Prospectus, other than those the failure to possess or own would not result in a Material Adverse Change, and neither the Company nor any subsidiary has received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could result in a Material Adverse Change.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(r)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Title to Properties</font><font style="font-family:inherit;font-size:12pt;">. The Company and the subsidiaries have good and marketable title to all of the real and personal property and other assets owned by them, in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, adverse claims and other defects, except such as are described in the Prospectus or as do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company or a subsidiary. To the Company&#8217;s knowledge, the real property, improvements, equipment and personal property held under lease by the Company or the subsidiaries are held under valid and enforceable leases, with such exceptions as are described in the Prospectus or are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company or the subsidiaries.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(s)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Tax Law Compliance</font><font style="font-family:inherit;font-size:12pt;">.  Subject to any permitted extensions, the Company and its consolidated subsidiaries have filed all necessary federal, state and foreign income, property and franchise tax returns (or have properly requested extensions thereof) and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate proceedings.  The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6(k)</font><font style="font-family:inherit;font-size:12pt;">&#32;above in respect of all federal, state and foreign income, property and franchise taxes for all periods as to which the tax liability of the Company or any of its consolidated subsidiaries has not been finally determined.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(t)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company Not an &#8220;Investment Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;. The Company has been advised of the rules and requirements under the Investment Company Act of 1940, as amended (the&#160;&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Investment Company Act</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  The Company is not, and after receipt of payment for the Placement Shares will not be, an &#8220;investment company&#8221; within the meaning of Investment Company Act and will conduct its business in a manner so that it will not become subject to the Investment Company Act. </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(u)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Insurance</font><font style="font-family:inherit;font-size:12pt;">.  Except as otherwise described in the Prospectus, each of the Company and its subsidiaries are insured by insurers of recognized financial responsibility with policies in such amounts and with such deductibles and covering such risks as are generally deemed prudent and customary for their respective businesses as currently conducted and described in the Prospectus.  The Company has no reason to believe that it or any subsidiary will not be able (i)&#160;to renew its existing insurance coverage as and when such policies expire or (ii)&#160;to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Change.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(v)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Price Stabilization or Manipulation</font><font style="font-family:inherit;font-size:12pt;">.  The Company has not taken and will not take, directly or indirectly, any action designed to or that might be reasonably expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.  </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(w)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Related Party Transactions</font><font style="font-family:inherit;font-size:12pt;">.  There are no business relationships or related-party transactions, as defined in Item 404 of Regulation S-K under the Exchange Act, involving the Company or any subsidiary or any other person required to be described in the Prospectus which have not been described as required.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(x)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exchange Act Compliance</font><font style="font-family:inherit;font-size:12pt;">.  The Incorporated Documents, at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the Exchange Act, and, when read together with the other information in the Prospectus, at the Settlement Dates, will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(y)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Unlawful Contributions or Other Payments</font><font style="font-family:inherit;font-size:12pt;">.  Neither the Company nor any of its subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or any subsidiary, has made any contribution or other payment to any official of, or candidate for, any federal, state or foreign office in violation of any law or of the character required to be disclosed in the Registration Statement and the Prospectus.  Neither the Company nor any of its subsidiaries nor, to the Company&#8217;s knowledge, any director, officer, employee or agent of the Company or any subsidiary acting on behalf of the Company or any of its subsidiaries has &#160;taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">FCPA</font><font style="font-family:inherit;font-size:12pt;">&#8221;), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &#8220;foreign official&#8221; (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company and, to the knowledge of the Company, its controlled affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(z)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Compliance with Money Laundering Laws</font><font style="font-family:inherit;font-size:12pt;">.  The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Money Laundering Laws</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, the knowledge of the Company, threatened.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(aa)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Compliance with OFAC</font><font style="font-family:inherit;font-size:12pt;">.  None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Office Control of the U.S. Department of the Treasury (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">OFAC</font><font style="font-family:inherit;font-size:12pt;">&#8221;); and the Company will not, directly or indirectly, use the proceeds of the offering of the Placement Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ab)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company&#8217;s Accounting System</font><font style="font-family:inherit;font-size:12pt;">.  The Company maintains a system of &#8220;internal control over financial reporting&#8221; (as such term is defined in Rule 13a-15(f) of the General Rules and Regulations under the Exchange Act (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Exchange Act Rules</font><font style="font-family:inherit;font-size:12pt;">&#8221;)) that complies with the requirements of the Exchange Act and has been designed by  its principal executive and principal financial officers, or under their supervision, to provide reasonable assurances that (i) transactions are executed in accordance with management&#8217;s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.  Except as described in the Prospectus, since the end of the Company&#8217;s most recent audited fiscal year, there has been (A) no material weakness in the Company&#8217;s internal control over financial reporting (whether or not remediated) and (B) no change in the Company&#8217;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ac)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Disclosure Controls</font><font style="font-family:inherit;font-size:12pt;">. The Company maintains disclosure controls and procedures (as such is defined in Rule 13a-15(e) of the Exchange Act Rules) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission&#8217;s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company&#8217;s management to allow timely decisions regarding disclosures.  To the extent required by the Exchange Act Rules, the Company has conducted evaluations of the effectiveness of its disclosure controls as required by Rule 13a-15 of the Exchange Act.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ad)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Compliance with Environmental Laws</font><font style="font-family:inherit;font-size:12pt;">. Except as otherwise described in the Prospectus, and except as would not, individually or in the aggregate, result in a Material Adverse Change (i)&#160;to the Company&#8217;s knowledge, neither the Company nor any of its subsidiaries is in violation of any federal, state, local or foreign law or regulation relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Materials of Environmental Concern</font><font style="font-family:inherit;font-size:12pt;">&#8221;), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Environmental Laws</font><font style="font-family:inherit;font-size:12pt;">&#8221;), which violation includes, but is not limited to, noncompliance with any permits or other governmental authorizations required for the operation of the business of the Company or its subsidiaries under applicable Environmental Laws, or noncompliance with the terms and conditions thereof, nor has the Company or any of its subsidiaries received any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Company or any of its subsidiaries is in violation of any Environmental Law; (ii)&#160;there is no claim, action or cause of action filed with a court or governmental authority, no investigation with respect to which the Company has received written notice, and no written notice by any person or entity alleging potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages, personal injuries, attorneys&#8217; fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Material of Environmental Concern at any location owned, leased or operated by the Company or any of its subsidiaries, now or in the past (collectively, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Environmental Claims</font><font style="font-family:inherit;font-size:12pt;">&#8221;), pending or, to the Company&#8217;s knowledge, threatened against the Company or any of its subsidiaries or any person or entity whose liability for any Environmental Claim the Company or any of its subsidiaries has retained or assumed either contractually or by operation of law; and (iii)&#160;to the best of the Company&#8217;s knowledge, there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission, discharge, presence or disposal of any Material of Environmental Concern, that reasonably could result in a violation of any Environmental Law or form the basis of a potential Environmental Claim against the Company or any of its subsidiaries or against any person or entity whose liability for any Environmental Claim the Company or any of its subsidiaries has retained or assumed either contractually or by operation of law.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ae)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Intellectual Property</font><font style="font-family:inherit;font-size:12pt;">.  Except as disclosed in the Registration Statement or the Prospectus, the Company and its subsidiaries own or possess the valid right to use all (i) valid and enforceable patents, patent applications, trademarks, trademark registrations, service marks, service mark registrations, Internet domain name registrations, copyrights, copyright registrations, licenses and trade secret rights </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">(&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Intellectual Property Rights</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and (ii) inventions, software, works of authorships, trademarks, service marks, trade names, databases, formulae, know how, Internet domain names and other intellectual property (including trade secrets and other unpatented and/or unpatentable proprietary confidential information, systems, or procedures) (collectively, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Intellectual Property Assets</font><font style="font-family:inherit;font-size:12pt;">&#8221;) necessary to conduct their respective businesses as currently conducted, except to the extent that the failure to own, possess, license or have other rights to use such Intellectual Property Rights or Intellectual Property Assets would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change.  The Company and its subsidiaries have not received any opinion from their legal counsel concluding that any activities of their respective businesses infringe, misappropriate, or otherwise violate, valid and enforceable Intellectual Property Rights of any other person, and have not received written notice of any challenge, which is to their knowledge still pending, by any other person to the rights of the Company and its subsidiaries with respect to any Intellectual Property Rights or Intellectual Property Assets owned or used by the Company or its subsidiaries.  To the knowledge of the Company, the Company and its subsidiaries&#8217; respective businesses as now conducted do not constitute infringement of, misappropriation of, or other violation of, any valid and enforceable Intellectual Property Rights of any other person.  All licenses for the use of the Intellectual Property Rights described in the Prospectus to which the Company is a party are, to the Company&#8217;s knowledge, valid, binding upon, and enforceable by or against the parties thereto in accordance with their terms.  The Company has complied in all material respects with, and is not in material breach nor has received any written notice of any asserted or threatened claim of breach of, any license agreement pursuant to which Intellectual Property Rights have been licensed to or by the Company (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Intellectual Property Licensed Agreements</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and the Company has no knowledge of any material breach by any other person to any Intellectual Property License Agreement.  Except as described in the Prospectus, no claim has been made in writing against the Company alleging the infringement by the Company of any patent, trademark, service mark, trade name, copyright, trade secret, license in or other intellectual property right or franchise right of any person.  The Company has taken all reasonable steps to protect, maintain and safeguard its Intellectual Property Rights, including the execution of appropriate nondisclosure and confidentiality agreements.  The consummation of the transactions contemplated by this Agreement will not result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other person in respect of, the Company's right to own, use, or hold for use any of the Intellectual Property Rights as owned, used or held by the Company for use in the conduct of the business as currently conducted.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(af)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Compliance with Applicable Laws</font><font style="font-family:inherit;font-size:12pt;">. The Company and the subsidiaries: (A) are and at all times have been in material compliance with all statutes, rules and regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product under development, manufactured or distributed by the Company or the subsidiaries (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Applicable Laws</font><font style="font-family:inherit;font-size:12pt;">&#8221;), (B) have not received any Form 483 from the United States Food and Drug Administration (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">FDA</font><font style="font-family:inherit;font-size:12pt;">&#8221;), notice of adverse finding, warning letter, or other written correspondence or notice from the FDA, European Medicines Agency (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">EMA</font><font style="font-family:inherit;font-size:12pt;">&#8221;), or any other federal, state, local or foreign governmental or regulatory authority alleging or asserting material noncompliance with any Applicable Laws or with any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Authorizations</font><font style="font-family:inherit;font-size:12pt;">&#8221;), which would, individually or in the aggregate, result in a Material Adverse Change; (C) possess all material Authorizations and such Authorizations are valid and in full force and effect and neither the Company nor the subsidiaries is in material violation of any term of any such Authorizations; (D) have not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA, the EMA, or any other federal, state, local or foreign governmental or regulatory authority or third party alleging that any Company product, operation or activity is in material violation of any Applicable Laws or Authorizations and have no knowledge that the FDA, the EMA, or any other any federal, state, local or foreign governmental or regulatory authority or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding against the Company; (E) have </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">not received notice that the FDA, the EMA, or any other federal, state, local or foreign governmental or regulatory authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any material Authorizations and have no knowledge that the FDA, the EMA, or any other federal, state, local or foreign governmental or regulatory authority is considering such action; and (F) have filed, obtained, maintained or submitted all reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations except where the failure to file such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments would not result in a Material Adverse Change, and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were materially complete and correct on the date filed (or were corrected or supplemented by a subsequent submission).</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ag)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Clinical Studies</font><font style="font-family:inherit;font-size:12pt;">. All animal and other preclinical studies and clinical trials conducted by the Company or on behalf of the Company were, and, if still pending are, to the Company&#8217;s knowledge, being conducted in all material respects in compliance with all Applicable Laws and in accordance with experimental protocols, procedures and controls generally used by qualified experts in the preclinical study and clinical trials of new drugs, biologics, medical devices and drug-device combination products as applied to comparable products to those being developed by the Company; the descriptions of the results of such preclinical studies and clinical trials contained in the Registration Statement and the Prospectus are accurate in all material respects, and, except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge of any other clinical trials or preclinical studies, the results of which reasonably call into question the clinical trial or preclinical study results described or referred to in the Registration Statement and the Prospectus when viewed in the context in which such results are described; and the Company has not received any written notices or correspondence from any domestic or foreign governmental agency requiring the termination or suspension of any preclinical studies or clinical trials conducted by or on behalf of the Company that are described in the Registration Statement and the Prospectus or the results of which are referred to in the Registration Statement and the Prospectus.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ah)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Compliance Programs</font><font style="font-family:inherit;font-size:12pt;">.  The Company has established and administers a compliance program applicable to the Company, to assist the Company and the officers and employees of the Company in complying with applicable regulatory guidelines (including, without limitation, those administered by the FDA, the EMA, and any other foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed by the FDA or EMA); except where such noncompliance would not reasonably be expected to result in a Material Adverse Change.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ai)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Statistical and Market-Related Data</font><font style="font-family:inherit;font-size:12pt;">.  The statistical, demographic and market-related data included in the Registration Statement and the Prospectus, as of the date or dates to which they speak, are based on or derived from sources that the Company believes to be reliable and accurate or represent the Company&#8217;s good faith estimates that are made on the basis of data derived from such sources.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(aj)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">ERISA Compliance</font><font style="font-family:inherit;font-size:12pt;">.  The Company and its subsidiaries and any &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">employee benefit plan</font><font style="font-family:inherit;font-size:12pt;">&#8221; (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">ERISA</font><font style="font-family:inherit;font-size:12pt;">&#8221;)) established or maintained by the Company, its subsidiaries or their &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ERISA Affiliates</font><font style="font-family:inherit;font-size:12pt;">&#8221; (as defined below) are, to their knowledge, in compliance in all material respects with ERISA. &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ERISA Affiliate</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, with respect to the Company or a subsidiary, any member of any group of organizations described in Sections 414(b), (c),(m) or (o) of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Code</font><font style="font-family:inherit;font-size:12pt;">&#8221;) of which the Company or such subsidiary is a member. Except as described in the Prospectus, no &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">reportable event</font><font style="font-family:inherit;font-size:12pt;">&#8221; (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">employee benefit plan</font><font style="font-family:inherit;font-size:12pt;">&#8221; established or maintained by the Company, its subsidiaries or any of their ERISA Affiliates. Except as described in the Prospectus, no &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">employee benefit plan</font><font style="font-family:inherit;font-size:12pt;">&#8221; established or maintained by the Company, its subsidiaries or any of their ERISA Affiliates, if such &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">employee benefit plan</font><font style="font-family:inherit;font-size:12pt;">&#8221; were terminated, would have any &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">amount of unfunded benefit liabilities</font><font style="font-family:inherit;font-size:12pt;">&#8221; (as defined under ERISA). </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">Except as described in the Prospectus, neither the Company, its subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">employee benefit plan</font><font style="font-family:inherit;font-size:12pt;">&#8221; or (ii) Sections 412, 4971, 4975 or 4980B of the Code. Each &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">employee benefit plan</font><font style="font-family:inherit;font-size:12pt;">&#8221; established or maintained by the Company, its subsidiaries or any of their ERISA Affiliates that is intended to be qualified under Section 401(a) of the Code is so qualified and, except as described in the Prospectus, nothing has occurred, whether by action or failure to act, which would reasonably be expected to result in the loss of such qualification.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ak)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Listing</font><font style="font-family:inherit;font-size:12pt;">.  The Company is subject to and in compliance in all material respects with the reporting requirements of Section 13 or Section 15(d) of the Exchange Act.  The Common Stock is registered pursuant to Section 12(b) or Section 12(g) of the Exchange Act and is listed on the Exchange, and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the Exchange, nor has the Company received any notification that the Commission or the Exchange is contemplating terminating such registration or listing.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(al)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Brokers</font><font style="font-family:inherit;font-size:12pt;">.  Except for HCW, there is no broker, finder or other party that is entitled to receive from the Company any brokerage or finder&#8217;s fee or other fee or commission as a result of any transactions contemplated by this Agreement.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(am)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Outstanding Loans or Other Indebtedness</font><font style="font-family:inherit;font-size:12pt;">.  Except as described in the Prospectus, there are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company to or for the benefit of any of the officers or directors of the Company or any of the immediate family members of any of them.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(an)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">FINRA Matters</font><font style="font-family:inherit;font-size:12pt;">.  All of the information provided to HCW or to counsel for HCW by the Company, its officers and, to the Company&#8217;s knowledge, directors and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rule 5110 is true, complete and correct in all material respects.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ao)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Reliance</font><font style="font-family:inherit;font-size:12pt;">.  The Company has not relied upon HCW or legal counsel for HCW for any legal, tax or accounting advice in connection with the offering and sale of the Placement Shares. </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ap)</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">HCW Purchases</font><font style="font-family:inherit;font-size:12pt;">.  The Company acknowledges and agrees that HCW has informed the Company that HCW may, to the extent permitted under the Securities Act, the Exchange Act and this Agreement, purchase and sell shares of Common Stock for its own account while this Agreement is in effect.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Any certificate signed by an authorized officer of the Company and required to be delivered to HCW or to counsel for HCW in connection with this Agreement shall be deemed to be a representation and warranty by the Company to HCW as to the matters set forth therein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company acknowledges that HCW and, for purposes of the opinions to be delivered pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof, counsel to the Company and counsel to HCW, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;text-indent:0px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">7.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Covenants of the Company</font><font style="font-family:inherit;font-size:12pt;">.  The Company covenants and agrees with HCW that:</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Registration Statement Amendments</font><font style="font-family:inherit;font-size:12pt;">. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Shares is required to be delivered by HCW under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company will notify HCW promptly of the time when any subsequent amendment to the Registration Statement, other than any Incorporated Documents or amendments not related to any Placement Shares, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus related to any Placement Shares or for additional information related to any Placement Shares, (ii) the Company will prepare and file with the Commission, </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">promptly upon HCW&#8217;s reasonable request, any amendments or supplements to the Registration Statement or Prospectus that, in HCW&#8217;s reasonable opinion and upon the advice of the Company&#8217;s legal counsel, may be necessary or advisable in connection with the distribution of the Placement Shares by HCW (</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however</font><font style="font-family:inherit;font-size:12pt;">, that the failure of HCW to make such request shall not relieve the Company of any obligation or liability hereunder, or affect HCW&#8217;s right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy HCW shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated by reference, relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted to HCW within a reasonable period of time before the filing and HCW has not reasonably objected thereto (</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however</font><font style="font-family:inherit;font-size:12pt;">, that (A) the failure of HCW to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect HCW&#8217;s right to rely on the representations and warranties made by the Company in this Agreement, (B) the Company has no obligation to provide HCW any advance copy of such filing or to provide HCW an opportunity to object to such filing if the filing does not name HCW or does not relate to the transaction herein provided, and (C) the only remedy HCW shall have with respect to the failure by the Company to provide HCW with such copy or the filing of such amendment or supplement despite HCW&#8217;s objection shall be to cease making sales under this Agreement) and the Company will furnish to HCW at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act. &#160;  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notice of Commission Stop Orders</font><font style="font-family:inherit;font-size:12pt;">.  The Company will advise HCW, promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of the Prospectus, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose or of any request by the Commission for the amending or supplementing of the Registration Statement or the Prospectus; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or of any order preventing or suspending the use of the Prospectus or suspending any such qualification, or, to obtain its withdrawal if such a stop order should be issued.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Delivery of Prospectus; Subsequent Changes</font><font style="font-family:inherit;font-size:12pt;">.  During any period in which a Prospectus relating to the Placement Shares is required to be delivered by HCW under the Securities Act with respect to a pending sale of the Placement Shares, (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to comply with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates (taking into account any extensions available under the Exchange Act) all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act.  If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify HCW to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Listing of Placement Shares</font><font style="font-family:inherit;font-size:12pt;">.  During any period in which the Prospectus relating to the Placement Shares is required to be delivered by HCW under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to cause the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions as HCW reasonably designates and to continue such qualifications in effect so long as required for the distribution of the Placement Shares; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however,</font><font style="font-family:inherit;font-size:12pt;">&#32;that the Company shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities or file a general consent to service of process in any jurisdiction.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Delivery of Registration Statement and Prospectus</font><font style="font-family:inherit;font-size:12pt;">.  The Company will furnish to HCW and its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all Incorporated Documents) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during any period in which a Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including all Incorporated Documents), in each case as soon as reasonably practicable and in such quantities as HCW may from time to time reasonably request and, at HCW&#8217;s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however,</font><font style="font-family:inherit;font-size:12pt;">&#32;that the Company shall not be required to furnish any document (other than the Prospectus) to HCW to the extent such document is available on EDGAR.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(f)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Earnings Statement</font><font style="font-family:inherit;font-size:12pt;">.  The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company&#8217;s current fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.  For the avoidance of doubt, the Company&#8217;s compliance with the reporting requirements of the Exchange Act shall be deemed to satisfy the requirements of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(f)</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(g)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Expenses</font><font style="font-family:inherit;font-size:12pt;">.  The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, in accordance with the provisions of </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 11</font><font style="font-family:inherit;font-size:12pt;">&#32;hereunder, will pay all of its own expenses incident to the performance of its obligations under this Agreement, including (i) the preparation, filing, including any fees required by the Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment and supplement thereto and each Free Writing Prospectus, in such number as HCW shall deem reasonably necessary, (ii) the printing and delivery to HCW of this Agreement and such other documents as may be required by HCW in connection with the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of the certificates, if any, for the Placement Shares to HCW, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to HCW, (iv) the fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the legal fees and disbursements of counsel to HCW reasonably incurred in connection with entering into the transactions contemplated by this Agreement up to $50,000, and the quarterly disbursements of counsel to HCW up to $2,500 per calendar quarter; (vi) the fees and expenses of the transfer agent and registrar for the Common Stock, (vii) the filing fees incident to any review by FINRA of the terms of the sale of the Placement Shares, (viii) the fees and expenses incurred in connection with the listing of the Placement Shares on the Exchange, and (ix) all trading, execution, settlement, or wiring fees incurred by HCW in connection with the sale of the Placement Shares.  </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(h)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Use of Proceeds</font><font style="font-family:inherit;font-size:12pt;">.  The Company will use the Net Proceeds as described in the Prospectus in the section entitled &#8220;Use of Proceeds.&#8221;</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(i)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notice of Other Sales</font><font style="font-family:inherit;font-size:12pt;">.  During the pendency of any Placement Notice given hereunder, and for 5 Trading Days following the termination of any Placement Notice given hereunder, the Company shall provide HCW notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any shares of Common Stock (other than Placement Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">Common Stock, warrants or any rights to purchase or acquire Common Stock; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, that such notice shall not be required in connection with (i) the issuance, grant or sale of Common Stock, options to purchase shares of Common Stock or any other equity awards, or Common Stock issuable upon the exercise of options or other equity awards pursuant to any stock option, stock bonus, employee stock purchase or other stock plan or arrangement described in the Prospectus, (ii) the issuance, grant or sale of Common Stock, or securities convertible into or exercisable for Common Stock, in connection with any joint venture, commercial, strategic or collaborative relationship, or the acquisition or license by the Company of the securities, businesses, property or other assets of another person or entity, (iii) the issuance or sale of Common Stock pursuant to any dividend reinvestment plan that the Company may adopt from time to time provided the implementation of such is disclosed to HCW in advance or (iv) any shares of Common Stock issuable upon the exchange, conversion or redemption of securities or the exercise or vesting of warrants, options or other rights in effect or outstanding.  Notwithstanding the foregoing provisions, nothing herein shall be construed to restrict the Company&#8217;s ability to file a registration statement under the Securities Act, including another prospectus supplement in connection with the Registration Statement for the issuance of shares other than the Placement Shares.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(j)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Change of Circumstances</font><font style="font-family:inherit;font-size:12pt;">.  The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice or sell Placement Shares, advise HCW promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document required to be provided to HCW pursuant to this Agreement.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(k)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Due Diligence Cooperation</font><font style="font-family:inherit;font-size:12pt;">.  During the term of this Agreement, the Company will cooperate with any reasonable due diligence review conducted by HCW or its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during regular business hours and at the Company&#8217;s principal offices, as HCW may reasonably request.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(l)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Required Filings Relating to Placement of Placement Shares</font><font style="font-family:inherit;font-size:12pt;">. To the extent that the filing of a prospectus supplement with the Commission with respect to a placement of Placement Shares is required under Rule 424(b) under the Securities Act, the Company agrees that on or before such dates as the Securities Act shall require, the Company will (i)&#160;file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act (each and every filing under Rule 424(b), a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Filing Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;), which prospectus supplement will set forth, to the extent required, within the relevant period, the amount of Placement Shares sold through HCW, the Net Proceeds to the Company and the compensation payable by the Company to HCW with respect to such Placement Shares (provided that the Company may satisfy its obligations under this Section 7(l)(i) by effecting a filing in accordance with the Exchange Act with respect to such information), and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(m)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Representation Dates; Certificate</font><font style="font-family:inherit;font-size:12pt;">.  On or prior to the First Delivery Date and each time the Company (i) amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares (other than a prospectus supplement filed in accordance with Section 7(l) of this Agreement) by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of document(s) by reference to the Registration Statement or the Prospectus relating to the Placement Shares; (ii) files an annual report on Form 10-K under the Exchange Act; (iii) files its quarterly reports on Form 10-Q under the Exchange Act; or (iv) files a current report on Form 8-K under the Exchange Act containing amended audited financial information (other than information &#8220;furnished&#8221; pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144 under the Exchange Act) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Representation Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;); the Company shall furnish HCW </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">with a certificate, in the form attached hereto as </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit 7(m)</font><font style="font-family:inherit;font-size:12pt;">&#32;within five (5) Trading Days of any Representation Date if requested by HCW.  The requirement to provide a certificate under this Section 7(m) shall be automatically waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date, including for purposes of Sections 7(n) and 7(o) hereof) and the next occurring Representation Date; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;">, that such waiver shall not apply for any Representation Date on which the Company files its annual report on Form 10-K.  Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide HCW with a certificate under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(m)</font><font style="font-family:inherit;font-size:12pt;">, then before the Company delivers the Placement Notice or HCW sells any Placement Shares, the Company shall provide HCW with a certificate, in the form attached hereto as </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit 7(m)</font><font style="font-family:inherit;font-size:12pt;">, dated the date of the Placement Notice.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(n)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Legal Opinion</font><font style="font-family:inherit;font-size:12pt;">.  (i)&#160;On or prior to the First Delivery Date, the Company shall cause to be furnished to HCW a written opinion and negative assurance letter of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., or other counsel reasonably satisfactory to HCW (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Company Counsel</font><font style="font-family:inherit;font-size:12pt;">&#8221;), in form and substance reasonably satisfactory to HCW and its counsel, dated the date that such opinion and negative assurance letter are required to be delivered and (ii)&#160; within the later of (A) five (5) Trading Days of each Representation Date following the First Delivery Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit 7(m)</font><font style="font-family:inherit;font-size:12pt;">&#32;and (B) the date a Placement Notice is first delivered by the Company following a Representation Date, but in any event not more than once per calendar quarter, the Company shall cause to be furnished to HCW a negative assurance letter of Company Counsel in form and substance reasonably satisfactory to HCW and its counsel, dated the date of delivery of such negative assurance letter (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Opinion Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;), respectively, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;">, that in lieu of such negative assurance letters for subsequent Representation Dates, counsel may furnish HCW with a letter (a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Reliance Letter</font><font style="font-family:inherit;font-size:12pt;">&#8221;) to the effect that HCW may rely on a prior negative assurance letter delivered under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(n)</font><font style="font-family:inherit;font-size:12pt;">&#32;to the same extent as if it were dated the date of such Reliance Letter (except that statements in such prior negative assurance letter shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(o)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Comfort Letter</font><font style="font-family:inherit;font-size:12pt;">.  On or prior to the later of (a) two Trading Days following the date that the Company files its Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and (b) the First Delivery Date and within five (5) Trading Days of each subsequent Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit 7(m)</font><font style="font-family:inherit;font-size:12pt;">, other than pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(m)(iii)</font><font style="font-family:inherit;font-size:12pt;">, the Company shall cause its independent accountants to furnish HCW letters (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Comfort Letters</font><font style="font-family:inherit;font-size:12pt;">&#8221;), dated the date the Comfort Letter is delivered, in form and substance reasonably satisfactory to HCW, (i) confirming that they are an independent registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants&#8217; &#8220;comfort letters&#8221; to underwriters in connection with registered public offerings (the first such letter, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Initial Comfort Letter</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(p)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Market Activities</font><font style="font-family:inherit;font-size:12pt;">.  The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares or (ii) sell, bid for, or purchase the Placement Shares to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Placement Shares other than HCW; provided, </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">however, that the Company may bid for and purchase shares of its Common Stock in accordance with Rule 10b-18 under the Exchange Act.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(q)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Insurance</font><font style="font-family:inherit;font-size:12pt;">.  The Company and its subsidiaries shall maintain, or cause to be maintained, insurance in such amounts and covering such risks as is reasonable and customary for the business for which it is engaged.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(r)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Compliance with Laws</font><font style="font-family:inherit;font-size:12pt;">.  The Company and each of its subsidiaries will use commercially reasonable efforts to maintain, or cause to be maintained, all material environmental permits, licenses and other authorizations required by federal, state and local law in order to conduct their businesses as described in the Prospectus, and the Company and each of its subsidiaries shall conduct their businesses, or cause their businesses to be conducted, in substantial compliance with such permits, licenses and authorizations and with applicable environmental laws, except where the failure to maintain or be in compliance with such permits, licenses and authorizations could not reasonably be expected to result in a Material Adverse Change.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(s)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Investment Company Act</font><font style="font-family:inherit;font-size:12pt;">.  The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor its subsidiaries will be or become, at any time prior to the termination of this Agreement, an &#8220;investment company,&#8221; as such term is defined in the Investment Company Act, assuming no change in the Commission&#8217;s current interpretation as to entities that are not considered an investment company.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(t)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Securities Act and Exchange Act</font><font style="font-family:inherit;font-size:12pt;">.  The Company will use its commercially reasonable efforts to comply with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Shares as contemplated by the provisions hereof and the Prospectus.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(u)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Offer to Sell</font><font style="font-family:inherit;font-size:12pt;">.  Other than any free writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance by the Company and HCW in its capacity as principal or agent hereunder, neither HCW nor the Company (including its agents and representatives, other than HCW in its capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(v)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sarbanes-Oxley Act</font><font style="font-family:inherit;font-size:12pt;">.  The Company and its subsidiaries will use their best efforts to comply with all effective provisions of the Sarbanes-Oxley Act applicable to the Company.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">8.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Conditions to HCW&#8217;s Obligations</font><font style="font-family:inherit;font-size:12pt;">. The obligations of HCW hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by HCW of a due diligence review satisfactory to HCW in its reasonable judgment, and to the continuing satisfaction (or waiver by HCW in its sole discretion) of the following additional conditions:</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Registration Statement Effective</font><font style="font-family:inherit;font-size:12pt;">.  The Registration Statement shall be effective and shall be available for (i) all sales of Placement Shares issued pursuant to all prior Placement Notices and (ii) the sale of all Placement Shares contemplated to be issued by any Placement Notice.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Material Notices</font><font style="font-family:inherit;font-size:12pt;">.  None of the following events shall have occurred and be continuing:  (i) receipt by the Company or any of its subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii)&#160;the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification from the Commission or any other federal or state governmental authority with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus or any Incorporated </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">Document untrue in any material respect or that requires the making of any changes in the Registration Statement, the related Prospectus or such documents so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Misstatement or Material Omission</font><font style="font-family:inherit;font-size:12pt;">.  HCW shall not have advised the Company that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in HCW&#8217;s reasonable opinion is material, or omits to state a fact that in HCW&#8217;s reasonable opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Material Changes</font><font style="font-family:inherit;font-size:12pt;">.  Except as contemplated in the Prospectus, or disclosed in the Company&#8217;s reports filed with the Commission, there shall not have been any Material Adverse Change or any development that could reasonably be expected to result in a Material Adverse Change.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company Counsel Legal Opinion</font><font style="font-family:inherit;font-size:12pt;">.  HCW shall have received the opinion and negative assurance letters or Reliance Letters of Company Counsel required to be delivered pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(n)</font><font style="font-family:inherit;font-size:12pt;">&#32;on or before the date on which such delivery of such opinion and negative assurance letter is required pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(n)</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(f)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">HCW Counsel Legal Opinion</font><font style="font-family:inherit;font-size:12pt;">.  HCW shall have received from HCW Counsel, such opinion or opinions, on or before the date on which the delivery of the Company Counsel legal opinion is required pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(n)</font><font style="font-family:inherit;font-size:12pt;">, with respect to such matters as HCW may reasonably require, and the Company shall have furnished to such counsel such documents as they request for enabling them to pass upon such matters.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(g)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Comfort Letter</font><font style="font-family:inherit;font-size:12pt;">.  HCW shall have received the Comfort Letter required to be delivered pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(o)</font><font style="font-family:inherit;font-size:12pt;">&#32;on or before the date on which such delivery of such Comfort Letter is required pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(o)</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(h)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Representation Certificate</font><font style="font-family:inherit;font-size:12pt;">.  HCW shall have received the certificate required to be delivered pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;7(m)</font><font style="font-family:inherit;font-size:12pt;">&#32;on or before the date on which delivery of such certificate is required pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(m)</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(i)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Secretary&#8217;s Certificate</font><font style="font-family:inherit;font-size:12pt;">.  On or prior to the First Delivery Date, HCW shall have received a certificate, signed on behalf of the Company by its corporate Secretary, in form and substance satisfactory to HCW and its counsel.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(j)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Suspension</font><font style="font-family:inherit;font-size:12pt;">.  Trading in the Common Stock shall not have been suspended on the Exchange.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(k)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Materials</font><font style="font-family:inherit;font-size:12pt;">.  On each date on which the Company is required to deliver a certificate pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(m)</font><font style="font-family:inherit;font-size:12pt;">, the Company shall have furnished to HCW such appropriate further information, certificates and documents as HCW may have reasonably requested in furtherance of the transactions contemplated hereby, in form and substance reasonably satisfactory to HCW and its counsel.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(l)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Securities Act Filings Made</font><font style="font-family:inherit;font-size:12pt;">.  All filings with the Commission required by Rule 424 under the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(m)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Approval for Listing</font><font style="font-family:inherit;font-size:12pt;">.  The Placement Shares shall either have been (i) approved for listing on the Exchange, subject only to notice of issuance, or (ii) the Company shall have filed a notification of listing of additional shares with respect to the Placement Shares on the Exchange at, or prior to, the issuance of any Placement Notice.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(n)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Termination Event</font><font style="font-family:inherit;font-size:12pt;">.  There shall not have occurred any event that would permit HCW to terminate this Agreement pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 11(a)</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">9.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification and Contribution</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company Indemnification</font><font style="font-family:inherit;font-size:12pt;">.  The Company agrees to indemnify and hold harmless HCW, the directors, officers, partners, employees and agents of HCW and each person, if any, who (i) controls HCW within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or (ii) is controlled by or is under common control with HCW (a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">HCW Affiliate</font><font style="font-family:inherit;font-size:12pt;">&#8221;) from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative, legal and other expenses  incurred in connection with, and any and all amounts paid in settlement (in accordance with </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(c)</font><font style="font-family:inherit;font-size:12pt;">) of, any action, suit or proceeding between any of the indemnified parties or between any indemnified party and any third party, or otherwise, or any claim asserted), as and when incurred, to which HCW, or any such person, may become subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus or any amendment or supplement to the Registration Statement or the Prospectus or in any free writing prospectus or based on written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Common Stock under the securities laws thereof or filed with the Commission, (y) the omission or alleged omission to state in any such document a material fact required to be stated in it or necessary to make the statements in it, not misleading; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;">, that this indemnity agreement shall not apply to the extent that such loss, claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and is caused directly or indirectly by an untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to HCW and furnished to the Company in writing by HCW expressly for use therein.  This indemnity agreement will be in addition to any liability that the Company might otherwise have.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">HCW Indemnification</font><font style="font-family:inherit;font-size:12pt;">. HCW agrees to indemnify and hold harmless the Company and its directors, officers, employees and agents and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or (ii) is controlled by or is under common control with the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(a)</font><font style="font-family:inherit;font-size:12pt;">, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information relating to HCW and furnished to the Company in writing by HCW expressly for use therein.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Procedure</font><font style="font-family:inherit;font-size:12pt;">.  Any party that proposes to assert the right to be indemnified under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">&#32;will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">&#32;and (ii) any liability that it may have to any indemnified party under the foregoing provision of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">&#32;unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party or to the extent the indemnifying party has been damaged or prejudiced thereby. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict of interest exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees and documented out-of-pocket disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such reasonable fees and documented out-of-pocket disbursements and other charges will be promptly reimbursed by the indemnifying party following the receipt of reasonably detailed documentation with respect to such fees, disbursements and other charges.  So long as the indemnifying party is conducting the defense of the claim for liability with this Section, the indemnified party will reasonably cooperate with the indemnifying party&#8217;s defense of such claim.  An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent.  No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">&#32;(whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising or that may arise out of such claim, action or proceeding and (ii) does not include any statement or admission as to fault, culpability or a failure to act on the part of any indemnified party. </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Contribution</font><font style="font-family:inherit;font-size:12pt;">.  In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">&#32;is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or HCW, the Company and HCW will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than HCW, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and HCW may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and HCW on the other hand. The relative benefits received by the Company on the one hand and HCW on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation received by HCW (before deducting expenses) from the sale of Placement Shares on behalf of the Company.  If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and HCW, on the other, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or HCW, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">The Company and HCW agree that it would not be just and equitable if contributions pursuant to this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(d)</font><font style="font-family:inherit;font-size:12pt;">&#32;were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(d)</font><font style="font-family:inherit;font-size:12pt;">&#32;shall be deemed to include, for the purpose of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(d)</font><font style="font-family:inherit;font-size:12pt;">, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(c)</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof.  Notwithstanding the foregoing provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(d)</font><font style="font-family:inherit;font-size:12pt;">, HCW shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(d)</font><font style="font-family:inherit;font-size:12pt;">, any person who controls a party to this Agreement within the meaning of the Securities Act, and any officers, directors, partners, employees or agents of HCW, will have the same rights to contribution as that party, and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(d)</font><font style="font-family:inherit;font-size:12pt;">, will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(d)</font><font style="font-family:inherit;font-size:12pt;">&#32;except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(c)</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9(c)</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">10.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Representations and Agreements to Survive Delivery</font><font style="font-family:inherit;font-size:12pt;">.  The indemnity and contribution agreements contained in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">&#32;of this Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of HCW, any controlling persons, or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">11.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Termination.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">HCW shall have the right by giving written notice as hereinafter specified at any time to terminate this Agreement if (i) since the date of this Agreement, any Material Adverse Change, or any development that would reasonably be expected to result in a Material Adverse Change has occurred that, in the reasonable judgment of HCW, may materially impair the ability of HCW to sell the Placement Shares hereunder, (ii) the Company shall have failed, refused or been unable to perform any agreement on its part to be performed hereunder (through no fault of HCW); </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however,</font><font style="font-family:inherit;font-size:12pt;">&#32;in the case of any failure of the Company to deliver (or cause another person to deliver) any certification, opinion, or letter required under </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sections</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">7(m)</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">7(n)</font><font style="font-family:inherit;font-size:12pt;">, or </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">7(o)</font><font style="font-family:inherit;font-size:12pt;">, HCW&#8217;s right to terminate shall not arise unless such failure to deliver (or cause to be delivered) continues for more than thirty (30) days from the date such delivery was required; (iii)&#160;any other condition of HCW&#8217;s obligations hereunder is not fulfilled; or (iv), any suspension of trading in the Common Stock shall have occurred.  Any such termination shall be without liability of any party to any other party except that the provisions of </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(g)</font><font style="font-family:inherit;font-size:12pt;">&#32;(Expenses), </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">&#32;(Indemnification and Contribution), </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 10</font><font style="font-family:inherit;font-size:12pt;">&#32;(Representations and Agreements to Survive Delivery), </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 16</font><font style="font-family:inherit;font-size:12pt;">&#32;(Applicable Law; Consent to Jurisdiction) and </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 17</font><font style="font-family:inherit;font-size:12pt;">&#32;(Waiver of Jury Trial) hereof shall remain in full force and effect notwithstanding such termination. If HCW elects to terminate this Agreement as provided in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 11(a)</font><font style="font-family:inherit;font-size:12pt;">, HCW shall provide the required written notice as specified in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 12</font><font style="font-family:inherit;font-size:12pt;">&#32;(Notices).</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Company shall have the right, by giving five (5) days&#8217; notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Any such termination shall be without liability of any party to any other party except that the provisions of Section </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">7(g), Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">HCW shall have the right, by giving ten (10) days&#8217; notice as hereinafter specified to terminate this Agreement in its sole discretion</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">at any time after the date of this Agreement</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g), Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Unless earlier terminated pursuant to this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 11</font><font style="font-family:inherit;font-size:12pt;">, this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Shares through HCW on the terms and subject to the conditions set forth herein; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">&#32;that the provisions of </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(g)</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 10</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 16</font><font style="font-family:inherit;font-size:12pt;">&#32;and </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 17</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof shall remain in full force and effect notwithstanding such termination.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">This Agreement shall remain in full force and effect unless terminated pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sections 11(a)</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">(b)</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">(c)</font><font style="font-family:inherit;font-size:12pt;">, or </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">(d)</font><font style="font-family:inherit;font-size:12pt;">&#32;above or otherwise by mutual agreement of the parties; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however, </font><font style="font-family:inherit;font-size:12pt;">that any such termination by mutual agreement shall in all cases be deemed to provide that </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(g)</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 10</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 16</font><font style="font-family:inherit;font-size:12pt;">&#32;and </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 17</font><font style="font-family:inherit;font-size:12pt;">&#32;shall remain in full force and effect. </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(f)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Any termination of this Agreement shall be effective on the date specified in such notice of termination; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however,</font><font style="font-family:inherit;font-size:12pt;">&#32;that such termination shall not be effective until the close of business on the date of receipt of such notice by HCW or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement. </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">12.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices</font><font style="font-family:inherit;font-size:12pt;">.  All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified in this Agreement, and if sent to HCW, shall be delivered to HCW at H.C. Wainwright &amp; Co., LLC, 430 Park Avenue, New York, NY 10022, email:  atm@hcwco.com,  Attention:  Head of Investment Banking with a copy to Duane Morris LLP, 1037 Raymond Boulevard, Newark, NJ 07102, attention: Dean M. Colucci, e-mail: </font><font style="font-family:inherit;font-size:12pt;color:#0000ff;text-decoration:underline;">dmcolucci@duanemorris.com</font><font style="font-family:inherit;font-size:12pt;">; or if sent to the Company, shall be delivered to Caladrius Biosciences, Inc., 110 Allen Road, 2</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">nd</sup></font><font style="font-family:inherit;font-size:12pt;">&#32;Floor, Basking Ridge, NJ 07920, attention: Todd Girolamo, e-mail: tgirolamo@caladrius.com, with a copy to Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Chrysler Center, 666 Third Avenue, New York, NY 10017, attention: Jeffrey P. Schultz, e-mail: jschultz@mintz.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.  Each such notice or other communication shall be deemed given (i) when delivered personally, by email or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day (as defined below), or, if such day is not a Business Day on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier, (iii) on the Business</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid) and (iv) if sent by e-mail, on the Business Day on which receipt is confirmed by the individual to whom the notice is sent, other than via auto-reply. For purposes of this Agreement, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Business Day</font><font style="font-family:inherit;font-size:12pt;">&#8221; shall mean any day on which the Exchange and commercial banks in the City of New York are open for business.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">An electronic communication (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Electronic Notice</font><font style="font-family:inherit;font-size:12pt;">&#8221;) shall be deemed written notice for purpose of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 12</font><font style="font-family:inherit;font-size:12pt;">&#32;if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed to be received at the time the party sending Electronic Notice receives confirmation of receipt by the receiving party. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a non-electronic form (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Non-electronic Notice</font><font style="font-family:inherit;font-size:12pt;">&#8221;) which shall be sent to the requesting party within ten (10) days of receipt of the written request for Non-electronic Notice. </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">13.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Successors and Assigns</font><font style="font-family:inherit;font-size:12pt;">.  This Agreement shall inure to the benefit of and be binding upon the Company and HCW and their respective successors and the affiliates, controlling persons, officers and directors referred to in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 9</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof. References to any of the parties contained in this Agreement shall </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">14.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Adjustments for Share Splits</font><font style="font-family:inherit;font-size:12pt;">.  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Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and HCW.  In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">16.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Applicable Law; Consent to Jurisdiction</font><font style="font-family:inherit;font-size:12pt;">. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof (certified or registered mail, return receipt requested) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">17.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Waiver of Jury Trial</font><font style="font-family:inherit;font-size:12pt;">.  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This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 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J Mazzo, Ph.D.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  David J. Mazzo, Ph.D.</font></div><div style="line-height:120%;text-align:left;padding-left:341px;text-indent:-55px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title:     President and Chief Executive Officer</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ACCEPTED as of the date</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">first-above written:</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">H.C. WAINWRIGHT &amp; CO., LLC</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;     </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Edward D. Silvera</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  Edward D. Silvera</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title:    Chief Operating Offier</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SCHEDULE 1</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">FORM OF PLACEMENT NOTICE</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">From:</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Caladrius Biosciences, Inc.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">To: </font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">H.C. Wainwright &amp; Co., LLC</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Subject: </font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">At the Market Offering-Placement Notice</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">_______________, 20___</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Gentlemen:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Pursuant to the terms and subject to the conditions contained in the Sales Agreement between Caladrius Biosciences, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and H.C. Wainwright &amp; Co., LLC (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">HCW</font><font style="font-family:inherit;font-size:12pt;">&#8221;) dated February 8, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), I hereby request on behalf of the Company that HCW sell up to [  ] shares of the Company&#8217;s common stock, par value $0.001 per share, at a minimum market price of $_______ per share.  Sales should begin on the date of this Notice and shall continue until [DATE] [all shares are sold][the aggregate sales price of the shares reaches $[  ]].</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SCHEDULE 2</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Notice Parties</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">The Company</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Todd Girolamo&#160;&#160;&#160;&#160;tgirolamo@caladrius.com</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Joseph Talamo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;jtalamo@caladrius.com</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">HCW</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Michael Vasinkevich </font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;color:#0000ff;text-decoration:underline;">mv@hcwco.com</font><font style="font-family:inherit;font-size:12pt;">&#32;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Peter Fry</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;color:#0000ff;text-decoration:underline;">pfry@hcwco.com</font><font style="font-family:inherit;font-size:12pt;">&#32;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Charles Worthman </font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;color:#0000ff;text-decoration:underline;">csworthman@hcwco.com</font><font style="font-family:inherit;font-size:12pt;">&#32;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">With a copy to </font><font style="font-family:inherit;font-size:12pt;color:#0000ff;text-decoration:underline;">atm@hcwco.com</font><font style="font-family:inherit;font-size:12pt;">&#32;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font 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style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Exhibit 7(m) </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">OFFICER CERTIFICATE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The undersigned, the duly qualified and elected _______________________, of Caladrius Biosciences, Inc. (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), a Delaware corporation, does hereby certify in such capacity and on behalf of the Company, pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7(m)</font><font style="font-family:inherit;font-size:12pt;">&#32;of the Sales Agreement dated February 8, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Sales Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) between the Company and H.C. Wainwright &amp; Co., LLC, that to the best of the knowledge of the undersigned:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(i)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The representations and warranties of the Company in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6</font><font style="font-family:inherit;font-size:12pt;">&#32;of the Sales Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse Change, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Sales Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CALADRIUS BIOSCIENCES, inc.</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:</font></div><div style="line-height:120%;text-align:left;padding-left:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
