<SEC-DOCUMENT>0001571049-16-016223.txt : 20160623
<SEC-HEADER>0001571049-16-016223.hdr.sgml : 20160623
<ACCEPTANCE-DATETIME>20160623163807
ACCESSION NUMBER:		0001571049-16-016223
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160623
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160623
DATE AS OF CHANGE:		20160623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cyclacel Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001130166
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				911766850
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50626
		FILM NUMBER:		161728996

	BUSINESS ADDRESS:	
		STREET 1:		200 CONNELL DRIVE
		STREET 2:		SUITE 1500
		CITY:			BERKELEY HEIGHTS
		STATE:			NJ
		ZIP:			07922
		BUSINESS PHONE:		908-517-7330

	MAIL ADDRESS:	
		STREET 1:		200 CONNELL DRIVE
		STREET 2:		SUITE 1500
		CITY:			BERKELEY HEIGHTS
		STATE:			NJ
		ZIP:			07922

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XCYTE THERAPIES INC
		DATE OF NAME CHANGE:	20001218
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>t1601627_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="margin: 0"><B>&nbsp;&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>of the
Securities Exchange Act of 1934</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Date of
Report (Date of earliest event reported): June 23, 2016</B></FONT></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>CYCLACEL
PHARMACEUTICALS, INC.</B></FONT></P>

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

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

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    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B>0-50626</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>91-1707622</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>(State or other jurisdiction</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>(Commission File Number)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>(IRS Employer</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>of incorporation)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>Identification No.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>200 Connell Drive, Suite 1500</B><BR>
<B>Berkeley Heights, NJ 07922 </B><BR>
<FONT STYLE="font-size: 8pt"><B>(Address of principal executive offices and zip code)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant&rsquo;s telephone number,
including area code: (908) 517-7330</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Former
Name or Former Address, if Changed Since Last Report)</B></FONT></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>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
(<I>see </I>General Instruction A.2. below): </B></P>

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

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    <TD STYLE="width: 97%"><FONT STYLE="font-size: 10pt"><B>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>Item 1.01.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Entry Into a Material Definitive Agreement.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On June 23, 2016, Cyclacel Pharmaceuticals,
Inc. (the &ldquo;Company&rdquo;) entered into an&nbsp;At Market&nbsp;Issuance Sales Agreement (the &ldquo;Sales Agreement&rdquo;),
with&nbsp;FBR Capital Markets &amp; Co. (&ldquo;FBR&rdquo;) pursuant to which the Company may issue and sell shares of its common
stock, par value $0.001 per share (the &ldquo;common stock&rdquo;) having an aggregate offering price of up to $4,000,000 through
FBR. Any sales of shares of the common stock pursuant to the Sales Agreement will be made under the Company&rsquo;s effective &ldquo;shelf&rdquo;
registration statement (the &ldquo;Registration Statement&rdquo;) on Form S-3 (File No. 333-211046) which became effective on June
8, 2016 and the related prospectus supplement and the accompanying prospectus, June 23, 2016, as will be filed with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;FBR&nbsp;may sell the shares of common
stock by any method that is deemed to be an &ldquo;at the market&nbsp;offering&rdquo; as defined in Rule&nbsp;415 promulgated under
the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), including sales made directly on or through the NASDAQ
Capital Market, the existing trading market for our common stock, sales made to or through a market maker other than on an exchange
or otherwise, in negotiated transactions at market prices, and/or any other method permitted by law. Subject to the terms and conditions
of the Sales Agreement,&nbsp;FBR&nbsp;will use its commercially reasonable efforts consistent with its normal trading and sales
practices and applicable laws, rules&nbsp;and regulations to sell the shares of the Company&rsquo;s common stock from time to time,
based upon the Company&rsquo;s instructions (including any price, time or size limits or other parameters or conditions the Company
may impose). The Company will pay&nbsp;FBR&nbsp;a commission of 3.0% of the gross proceeds of the sale of any shares of common
stock sold through&nbsp;FBR under the Sales Agreement and up to $35,000 in expense reimbursement, including reasonable legal fees
incurred by FBR. The Company has also provided&nbsp;FBR with customary indemnification rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;The Company is not obligated to make
any sales of common stock under the Sales Agreement and no assurance can be given that the Company will sell any shares under the
Sales Agreement, or, if it does, as to the price or amount of shares that it will sell, or the dates on which any such sales will
take place. The Sales Agreement will terminate upon the earlier of the sale of all common stock subject to the Sales Agreement
or termination of the Sales Agreement by the Company or&nbsp;FBR as permitted therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;The foregoing description of the
Sales Agreement is not complete and is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of
which is filed as Exhibit&nbsp;1.1 to this Current Report on Form&nbsp;8-K and is incorporated herein by reference. The Sales Agreement
is also incorporated by reference into the Registration Statement. A copy of the opinion of Mintz, Levin, Cohn, Ferris, Glovsky
and Popeo, P.C., relating to the legality of the shares of common stock issuable under the Sales Agreement, is filed as Exhibit&nbsp;5.1
to this Current Report on Form&nbsp;8-K and is also incorporated by reference into the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The above disclosure shall not constitute
an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor shall there be any offer, solicitation,
or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>Item 1.02.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Termination of a Material Definitive Agreement.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Effective as of June&nbsp;17, 2016, and
prior to entering into the transactions described above under Item 1.01 of this Current Report on Form&nbsp;8-K, the Company and
Cantor Fitzgerald &amp; Co., or Cantor, agreed to terminate the Controlled Equity Offering<SUP>SM</SUP>&nbsp;sales agreement, dated
July 10, 2015, by and among the Company and Cantor. As previously reported, pursuant to the terms of the Cantor&rsquo;s sales agreement,
the Company could offer and sell shares of its common stock having an aggregate offering price of up to $8.35 million from time
to time through Cantor. The Company sold an aggregate of 1,368,933 shares pursuant to the Cantor&rsquo;s sales agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Company cautions you that statements
included in this report that are not a description of historical facts are forward-looking statements. These forward-looking statements
include statements regarding the ability to sell shares and raise additional funds 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 results will be achieved.
Actual results may differ from those set forth in this report due to the risks and uncertainties associated with market conditions
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the satisfaction of pre-sale conditions under the Sales Agreement,
as well as risks and uncertainties inherent in the Company&rsquo;s business, including those described in the Company&rsquo;s periodic
filings with the SEC. 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.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>Item 9.01.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(d) Exhibits.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 10%; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Exhibit</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>No.</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 89%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Exhibit</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">At Market Issuance Sales Agreement, dated as of June 23, 2016, between the Company and FBR Capital Markets &amp; Co.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Consent of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (included in the opinion filed as Exhibit 5.1).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The representations, warranties and covenants contained in the
Sales Agreement were made solely for the benefit of the parties to the Sales Agreement. In addition, such representations, warranties
and covenants (i)&nbsp;are intended as a way of allocating the risk between the parties to the Sales Agreement and not as statements
of fact, and (ii)&nbsp;may apply standards of materiality in a way that is different from what may be viewed as material by stockholders
of, or other investors in, the Company. Accordingly, the Sales Agreement is included with this filing only to provide investors
with information regarding the terms of transaction, and not to provide investors with any other factual information regarding
the Company. Stockholders should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations
of the actual state of facts or condition of the Company or any of its subsidiaries or affiliates. Moreover, information concerning
the subject matter of the representations and warranties may change after the date of the Sales Agreement, which subsequent information
may or may not be fully reflected in public disclosures.</P>

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>CYCLACEL PHARMACEUTICALS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%; font-size: 10pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Paul McBarron</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Paul McBarron</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Executive Vice President&mdash;Finance, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer and Chief Operating Officer</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: June 23, 2016</P>

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


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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>t1601627_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit 1.1</U></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXECUTION COPY</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cyclacel Pharmaceuticals, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(par value $0.001 per share)</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">At Market Issuance Sales Agreement</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">June 23, 2016</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">FBR Capital Markets &amp; Co.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">1300 North 17<SUP>th</SUP> Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 1400</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Arlington, VA 22209</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cyclacel Pharmaceuticals,
Inc., a Delaware corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), confirms its agreement (this &ldquo;<B><U>Agreement</U></B>&rdquo;)
with FBR Capital Markets &amp; Co. (the &ldquo;<B><U>Agent</U></B>&rdquo;), as follows:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Issuance
and Sale of Shares</U>. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject
to the conditions set forth herein, it may issue and sell through the Agent, shares of common stock (the shares to be offered and
sold hereunder being referred to as the &ldquo;<B><U>Placement Shares</U></B>&rdquo;) of the Company, par value $0.001 per share
(the &ldquo;<B><U>Common Stock</U></B>&rdquo;); <I>provided</I>, <I>however</I>, that in no event shall the Company issue or sell
through the Agent such number or dollar amount of Placement Shares that would (a) exceed the number or dollar amount of shares
of Common Stock registered on the effective Registration Statement (as defined below) pursuant to which the offering is being made,
(b) exceed the number of authorized but unissued shares of Common Stock, (c) exceed the number or dollar amount of shares of Common
Stock permitted to be sold under Form S-3 (including General Instruction I.B.6 thereof, if applicable) or (d) exceed the number
or dollar amount of Common Stock for which the Company has filed a Prospectus Supplement (as defined below) (the lesser of (a),
(b), (c) and (d), the &ldquo;<B><U>Maximum Amount</U></B>&rdquo;). Notwithstanding anything to the contrary contained herein, the
parties hereto agree that compliance with the limitations set forth in this Section 1 on the number or the dollar amount of Placement
Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that Agent shall have no obligation
in connection with such compliance. The issuance and sale of Placement Shares through Agent will be effected pursuant to the Registration
Statement (as defined below) filed by the Company and declared effective by the Securities and Exchange Commission (the &ldquo;<B><U>Commission</U></B>&rdquo;)
on June 8, 2016, although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement
to issue the Placement Shares.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed,
in accordance with the provisions of the Securities Act of 1933, as amended and the rules and regulations thereunder (the &ldquo;<B><U>Securities
Act</U></B>&rdquo;), with the Commission a registration statement on Form S-3 (File No. 333-211046), including a base prospectus,
relating to certain securities, including the Placement Shares to be issued from time to time</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">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 (the &ldquo;<B><U>Exchange Act</U></B>&rdquo;), and the rules and regulations thereunder. 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 &ldquo;<B><U>Prospectus
Supplement</U></B>&rdquo;). The Company will furnish to the Agent, for use by the Agent, copies of the base prospectus included
as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the 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 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),
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 &ldquo;<B><U>Registration
Statement</U></B>.&rdquo; 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) (defined below),
is herein called the &ldquo;<B><U>Prospectus</U></B>.&rdquo;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any reference herein
to the Registration Statement, any Prospectus Supplement, Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer
to and include the documents, if any, incorporated by reference therein (the &ldquo;<B><U>Incorporated Documents</U></B>&rdquo;),
including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any
reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration
Statement, any Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer to and include
the filing of any document under the Exchange Act on or after the most-recent effective date of the Registration Statement, or
the date of the Prospectus Supplement, Prospectus or such Issuer Free Writing Prospectus, as the case may be, and incorporated
therein by reference. For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment
or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data
Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Application system when used by the
Commission (collectively, &ldquo;<B><U>EDGAR</U></B>&rdquo;).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Placements</U>.
Each time that the Company wishes to issue and sell Placement Shares hereunder (each, a &ldquo;<B><U>Placement</U></B>&rdquo;),
it will notify the Agent by email notice (or other method mutually agreed to in writing by the parties) of the number of Placement
Shares 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 day and any minimum price below which sales may not be made (a &ldquo;<B><U>Placement Notice</U></B>&rdquo;),
the form of which is attached hereto as Schedule 1. The receipt of each such Placement Notice shall be promptly acknowledged by
the</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Agent by email confirmation
to the Company. The Placement Notice shall originate from any of the individuals from the Company set forth on Schedule 3 (with
a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals
from the Agent set forth on Schedule 3, as such Schedule 3 may be amended from time to time. The Placement Notice shall be effective
immediately upon receipt by the Agent unless and until (i) the Agent declines in writing to accept the terms contained therein
for any reason, in its sole discretion, within two (2) Business Days (as defined below) of receipt, (ii) the entire amount of
the Placement Shares thereunder has been sold, (iii) the Company, in its sole discretion, suspends or terminates the Placement
Notice or (iv) this Agreement has been terminated under the provisions of <U>Section 12</U>. The amount of any discount, commission
or other compensation to be paid by the Company to Agent in connection with the sale of the Placement Shares shall be calculated
in accordance with the terms set forth in Schedule 2. It is expressly acknowledged and agreed that neither the Company nor the
Agent will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers
a Placement Notice to the Agent and the Agent does not decline such Placement Notice pursuant to the terms set forth above, and
then only upon the terms specified therein and herein. In the event of a conflict between the terms of <U>Sections 2</U> or <U>3</U>&nbsp;of
this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sale
of Placement Shares by Agent</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Agent, for the period specified in a 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 &ldquo;<B>Exchange</B>&rdquo;), to sell the Placement Shares up to the amount specified in, and otherwise in accordance with
the terms of, such Placement Notice. The Agent will provide written confirmation to the Company no later than the opening of the
Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting
forth the number of Placement Shares sold on such day, the compensation payable by the Company to the Agent pursuant to Section
2 with respect to such sales, and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions
made by the Agent (as set forth in <U>Section 5(b)</U>) from the gross proceeds that it receives from such sales. Subject to the
terms of a Placement Notice, the Agent agrees that all sales of the Placement Shares by the Agent will be made only by methods
permitted by law and deemed to be an &ldquo;at the market&rdquo; offering as defined in Rule 415 of the Securities Act, including
without limitation sales made directly on the Exchange, on any other existing trading market for the Common Stock or to or through
a market maker. Subject to the terms of a Placement Notice, the Agent may also sell Placement Shares by any other method permitted
by law, including, but not limited to, in privately negotiated transactions. Notwithstanding the foregoing, no sale may be made
in a privately negotiated transaction without the prior written consent of the Company. &ldquo;<B>Trading Day</B>&rdquo; means
any day on which Common Stock is traded on the Exchange.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>During
the term of this Agreement, neither the Agent nor any of its respective affiliates or subsidiaries shall engage either directly
or indirectly in (i) any short sale of any security of the Company, (ii) any sale of any security of the Company that the Agent
does not own or any sale which is consummated by the delivery of a security of the Company borrowed by, or for the account of,
the Agent, (iii) any proprietary trading or trading for the</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Agent&rsquo;s (or either
of its respective affiliates&rsquo; or subsidiaries&rsquo;) own account, or (vi) any market making, bidding, purchasing, stabilization
or other trading activity with regard to the Common Stock or related derivative securities, or attempting to induce another person
to do any of the foregoing, if such activity would be prohibited under Regulation M or other anti-manipulation rules under the
Securities Act.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Suspension
of Sales</U>. The Company or the Agent may, upon notice to the other party in writing (including by email correspondence to each
of the individuals of the other party set forth on Schedule 3, 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 Schedule 3), suspend
any sale of Placement Shares (a &ldquo;<B><U>Suspension</U></B>&rdquo;); provided, however, that such suspension shall not affect
or impair any party&rsquo;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice.
While a Suspension is in effect, any obligation under <U>Sections 7(l)</U>, <U>7(m)</U>, and <U>7(n)</U> with respect to the delivery
of certificates, opinions, or comfort letters to the Agent, shall be waived, provided, however, that such waiver shall not apply
for the Representation Date (defined below) occurring on the date that the Company files its annual report on Form 10-K. Each
of the parties agrees that no such notice under this <U>Section 4</U> shall be effective against any other party unless it is
made to one of the individuals named on Schedule 3 hereto, as such Schedule may be amended from time to time.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sale
and Delivery to the Agent; Settlement</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sale
of Placement Shares</U>.&nbsp;&nbsp;On the basis of the representations and warranties herein contained and subject to the terms
and conditions herein set forth, upon the Agent&rsquo;s acceptance of the terms of a Placement Notice, and unless the sale of the
Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement,
the Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal
trading and sales practices and applicable law and regulations to sell such Placement Shares up to the amount specified in, and
otherwise in accordance with the terms of, such Placement Notice. The Company acknowledges and agrees that (i) there can be no
assurance that the Agent will be successful in selling Placement Shares, (ii) the Agent will incur no liability or obligation to
the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by the Agent
to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations
to sell such Placement Shares as required under this Agreement and (iii) the Agent shall be under no obligation to purchase Placement
Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Settlement
of Placement Shares</U>.&nbsp;&nbsp;&nbsp;Unless otherwise specified in the applicable Placement Notice, settlement for sales
of Placement Shares will occur on the third (3<SUP>rd</SUP>) Trading Day (or such earlier day as is industry practice for regular-way
trading) following the date on which such sales are made (each, a &ldquo;<B><U>Settlement Date</U></B>&rdquo;). The Agent shall
notify the Company of each sale of Placement Shares on the date of such sale. The amount of proceeds to be delivered to the Company
on a Settlement Date against receipt of the Placement Shares sold</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(the &ldquo;<B><U>Net
Proceeds</U></B>&rdquo;) will be equal to the aggregate sales price received by the Agent, after deduction for (i) the Agent&rsquo;s
commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, and (ii) any transaction
fees imposed by any governmental or self-regulatory organization in respect of such sales.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Delivery
of Placement Shares</U>. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Placement Shares being sold by crediting the Agent&rsquo;s or its designee&rsquo;s account (provided the Agent shall
have given the Company written notice of such designee and such designee&rsquo;s account information at least two Trading Days
prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&ldquo;<B><U>DWAC</U></B>&rdquo;)
or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable,
transferable, registered shares in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds
in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Agent will be responsible for
providing DWAC instructions or instructions for delivery by other means with respect to the transfer of the Placement Shares being
sold. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement
Shares on a Settlement Date through no fault of the Agent, then the Company agrees that in addition to and in no way limiting the
rights and obligations set forth in <U>Section 10(a)</U> hereto, it will (i) hold the Agent harmless against any loss, claim, damage,
or reasonable documented actual expense (including reasonable and documented legal fees and expenses), arising out of or in connection
with such default by the Company or its transfer agent (if applicable) and (ii) pay to the Agent any commission, discount, or other
compensation to which it would otherwise have been entitled absent such default.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Denominations;
Registration</U>.&nbsp;&nbsp;&nbsp;Certificates for the Placement Shares, if any, shall be in such denominations and registered
in such names as the Agent may request in writing at least one full Business Day (as defined below) before the Settlement Date.
The certificates for the Placement Shares, if any, will be made available by the Company for examination and packaging by the Agent
in The City of New York not later than noon (New York time) on the Business Day prior to the Settlement Date.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Limitations
on Offering Size</U>.&nbsp;&nbsp;&nbsp;Under no circumstances shall the Company cause or request the offer or sale of any Placement
Shares if, after giving effect to the sale of such Placement Shares, the aggregate gross sales proceeds of Placement Shares sold
pursuant to this Agreement would exceed the lesser of (A) together with all sales of Placement Shares under this Agreement, the
Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration Statement and (C) the amount
authorized from time to time to be issued and sold under this Agreement by the Company&rsquo;s board of directors, a duly authorized
committee thereof or a duly authorized executive committee, and notified to the Agent in writing. Under no circumstances shall
the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the minimum
price authorized from time to time by the Company&rsquo;s board of directors, a duly authorized committee thereof or a duly authorized
executive committee, and notified to the Agent in writing. Further, under no circumstances shall the Company cause or permit the
aggregate offering amount of Placement Shares sold pursuant to this Agreement to exceed the Maximum Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Warranties of the Company</U>.&nbsp;&nbsp;&nbsp;The Company represents and warrants to, and agrees with Agent that as of the
date of this Agreement and as of each Applicable Time (as defined below), except as set forth below:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registration
Statement and Prospectus</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Company and the transactions contemplated by this Agreement meet the requirements
for and comply with the applicable conditions set forth in Form S-3 (including General Instruction I.A and I.B.6) under the Securities
Act. The Registration Statement has been filed with the Commission and has been declared effective by the Commission under the
Securities Act prior to the issuance of any Placement Notices by the Company. The Prospectus Supplement will name the Agent as
the agent in the section entitled &ldquo;Plan of Distribution.&rdquo; The Company has not received, and has no notice of, any order
of the Commission preventing or suspending the use of the Registration Statement, or threatening or instituting proceedings for
that purpose. The Registration Statement and the offer and sale of Placement Shares as contemplated hereby meet the requirements
of Rule 415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or
other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to
the Registration Statement have been or will be so described or filed. Copies of the Registration Statement, the Prospectus, and
any amendments or supplements thereto and all Incorporated Documents that were filed with the Commission on, prior to or after
the date of this Agreement have been made available, or are available through EDGAR, to the Agent and its counsel. The Company
has not distributed and, prior to the later to occur of each Settlement Date and completion of the distribution of the Placement
Shares, will not distribute any offering material in connection with the offering or sale of the Placement Shares other than the
Registration Statement and the Prospectus and any Issuer Free Writing Prospectus (as defined below) to which the Agent has consented
(such consent not to be unreasonably withheld or delayed). The Common Stock is registered pursuant to Section 12(b) of the Exchange
Act and is currently listed on the Exchange under the trading symbol &ldquo;CYCC.&rdquo; The Company has taken no action designed
to, or likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common
Stock from the Exchange, nor has the Company received any notification that the Commission or the Exchange is contemplating terminating
such registration or listing (except as set forth in the Registration Statement and the Prospectus). Except as set forth in the
Registration Statement and the Prospectus, to the Company&rsquo;s knowledge, it is in material compliance with all applicable listing
requirements of the Exchange. The Company has no reason to believe that it will not in the foreseeable future continue to be in
material compliance with all such listing and maintenance requirements, subject to changes in the market price of the Common Stock,
which may from time to time be lower than the minimum allowed under the rules of the Exchange, subject to appropriate corrective
action to be taken by the Company.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Misstatement or Omission</U>.&nbsp;&nbsp;&nbsp;The Registration Statement, when it became effective, did not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading. The Prospectus and any amendment and supplement thereto, on the date thereof and at each Applicable Time
(defined below), did not or will not include an untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading. The Incorporated Documents
did not, and any further Incorporated Documents filed after the date of this Agreement will not,</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">when filed with the Commission,
contain an untrue statement of a material fact or omit to state a material fact required to be stated in such document or necessary
to make the statements in such document, in light of the circumstances under which they were made, not misleading. The foregoing
shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information
furnished to the Company by Agent specifically for use in the preparation thereof.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conformity
with Securities Act and Exchange Act</U>.&nbsp;&nbsp;&nbsp;The Registration Statement, the Prospectus, any Issuer Free Writing
Prospectus or any amendment or supplement thereto, and the Incorporated Documents, when such documents were or are filed with the
Commission under the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may
be, conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.
At each Settlement Date, the Registration Statement and the Prospectus, as of such date, will conform in all material respects
with the requirements of the Securities Act.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Financial
Information</U>.&nbsp;&nbsp;&nbsp;The consolidated financial statements of the Company included or incorporated by reference in
the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, together with the related notes and
schedules, comply in all material respects with the requirements of the Securities Act and the Exchange Act and present fairly,
in all material respects, the consolidated financial position of the Company and its Subsidiaries (as defined below) as of the
dates indicated and the consolidated statements of operations, statements of changes in stockholders&rsquo; equity, and statements
of cash flows of the Company for the periods specified (subject to normal year end audit adjustments for interim financial statements)
and have been prepared in conformity with GAAP (as defined below) applied on a consistent basis during the periods involved (except
as otherwise noted therein); the summary and selected financial data with respect to the Company and the Subsidiaries (as defined
below) contained or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses,
if any, fairly present in all material respects the information presented therein as at the respective dates and for the respective
periods specified and are derived from the consolidated financial statements and the books and records of the Company. There are
no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration
Statement, or the Prospectus that are not included or incorporated by reference as required. The Company and the Subsidiaries (as
defined below) do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations),
that are required to be described in the Registration Statement (excluding the exhibits thereto) and the Prospectus; and all disclosures
contained or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses,
if any, regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations of the Commission)
comply, in all material respects, with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act,
to the extent applicable.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conformity
with EDGAR Filing</U>.&nbsp;&nbsp;&nbsp;The Prospectus delivered to the Agent for use in connection with the sale of the Placement
Shares pursuant to this Agreement will be identical to the versions of the Prospectus created to be transmitted to the Commission
for filing via EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Organization</U>.&nbsp;&nbsp;The Company and each of its Subsidiaries (as
defined below) has been duly organized and is validly existing as a corporation or other entity in good standing under the
laws of their respective jurisdictions of organization, with corporate power and authority to own its properties and conduct
its business as currently being conducted and as described in the Registration Statement and the Prospectus, and is duly
qualified as a foreign corporation or other entity for the transaction of business and is in good standing under the laws of
each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification,
except where the failure to be so qualified in any such jurisdiction would not reasonably be expected to, individually or in
the aggregate, have a material adverse effect on the assets, business, operations, financial condition,
stockholders&rsquo; equity or results of operations of the Company and the Subsidiaries (as defined below) taken as a whole
(a &ldquo;<B><U>Material Adverse Effect</U></B>&rdquo;).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Subsidiaries</U>.&nbsp;&nbsp;The
subsidiaries set forth on <U>Schedule 4</U> (collectively, the &ldquo;<B><U>Subsidiaries</U></B>&rdquo;) are the Company&rsquo;s
only significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the Commission). Except as
set forth in the Registration Statement and in the Prospectus, the Company does not own, directly or indirectly, any shares of
stock or any other equity or long-term debt securities of any other corporation or have any equity interest in any other corporation,
partnership, joint venture, association, trust or other entity. No Subsidiary is currently prohibited, directly or indirectly,
from paying any dividends to the Company, from making any other distribution on such Subsidiary&rsquo;s capital stock, from repaying
to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary&rsquo;s property
or assets to the Company or any other Subsidiary of the Company that would, individually or in the aggregate, have a Material Adverse
Effect.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Violation or Default</U>.&nbsp;&nbsp;Neither the Company nor any of its Subsidiaries is (i) in violation of its charter or by-laws
or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would
constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party
or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company or any of
its Subsidiaries are subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court
or arbitrator or governmental or regulatory authority having jurisdiction over the Company, except, in the case of each of clauses
(ii) and (iii) above, for any such violation or default that would not, individually or in the aggregate, be reasonably expected
to have a Material Adverse Effect. To the Company&rsquo;s knowledge, no other party under any material contract or other agreement
to which it or any of its Subsidiaries is a party is in default in any respect thereunder where such default would have a Material
Adverse Effect.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Material Adverse Change</U>.&nbsp;&nbsp;Since the date of the most recent financial statements of the Company included or incorporated
by reference in the Registration Statement and the Prospectus (including any Incorporated Document), there has not been (i) any
Material Adverse Effect, (ii) other than as contemplated by this Agreement, any transaction which is material to the Company and
the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations),
incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries taken as a whole and</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">would be required to
be described in the Registration Statement and the Prospectus, (iv) any material change in the capital stock (other than as a result
of the sale of Placement Shares) or outstanding long-term indebtedness of the Company or any of its Subsidiaries or (v) any dividend
or distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than in each case
above in the ordinary course of business or as otherwise disclosed in the Registration Statement or Prospectus (including any Incorporated
Document).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Capitalization</U>.&nbsp;&nbsp;The
issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and nonassessable and, other
than as disclosed in the Registration Statement or the Prospectus, are not subject to any preemptive rights, rights of first refusal
or similar rights pursuant to the Company&rsquo;s charter, bylaws or any agreement or other instrument to which the Company is
a party or by which the Company is bound. The Company has an authorized, issued and outstanding capitalization as set forth in
the Registration Statement and the Prospectus as of the dates referred to therein (other than (i) the grant of additional options
or other equity awards under the Company&rsquo;s existing stock option plans, (ii) changes in the number of outstanding shares
of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for, or
convertible into, Common Stock outstanding on the date hereof, or (iii) issuance of the Placement Shares) and such authorized capital
stock conforms in all material respects to the description thereof set forth in the Registration Statement and the Prospectus.
The description of the securities of the Company in the Registration Statement and the Prospectus is complete and accurate in all
material respects. Except as disclosed in the Registration Statement or the Prospectus, as of the date referred to therein, the
Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations
convertible into, or exchangeable for, any contracts or commitments to issue or sell, any shares of capital stock or other securities.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Authorization;
Enforceability</U>.&nbsp;&nbsp;The Company has full corporate power and authority to enter into this Agreement and perform the
transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal,
valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as rights to indemnification
or contribution hereunder may be limited by federal or state securities laws or public policy considerations and except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo;
rights generally and by general equitable principles.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Authorization
of Placement Shares</U>.&nbsp;&nbsp;&nbsp;The Placement Shares, when issued and delivered pursuant to the terms approved by the
board of directors of the Company or a duly authorized committee thereof, or a duly authorized executive committee, against payment
therefor as provided herein, will be duly authorized and validly issued and fully paid and nonassessable and free and clear of
any pledge, lien, encumbrance, security interest or other claim, including any statutory or contractual preemptive rights, resale
rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The
Placement Shares, when issued, will conform in all material respects to the description thereof set forth in or incorporated into
the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Consents Required</U>.&nbsp;&nbsp;No consent, approval, authorization, order, registration or qualification of or with any court
or arbitrator or governmental or regulatory authority having jurisdiction over the Company is required for the execution, delivery
and performance by the Company of this Agreement or the issuance and sale by the Company of the Placement Shares, except for (i)
the registration of the Placement Shares under the Securities Act; (ii) application(s) to the Exchange for the listing of the Placement
Shares for trading thereon in the time and manner required thereby; and (iii) such consents, approvals, authorizations, orders
and registrations or qualifications as may be required under applicable state and federal securities laws or by the by-laws and
rules of the Financial Industry Regulatory Authority (&ldquo;<B><U>FINRA</U></B>&rdquo;) or the Exchange in connection with the
sale of the Placement Shares by the Agent or as have been previously obtained by the Company.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Preferential Rights</U>.&nbsp;&nbsp;Except as set forth in the Registration Statement and the Prospectus, (i) no person, as such
term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a &ldquo;<B><U>Person</U></B>&rdquo;),
has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Stock or shares of any
other capital stock or other securities of the Company (other than upon the exercise of options or warrants to purchase Common
Stock or upon the exercise of options or vesting of restricted stock units or other awards that may be granted from time to time
under the Company&rsquo;s equity incentive plans), (ii) no Person has any preemptive rights, resale rights, rights of first refusal,
or any other rights (whether pursuant to a &ldquo;poison pill&rdquo; provision or otherwise) to purchase any Common Stock or shares
of any other capital stock or other securities of the Company, (iii) no Person has the right to act as an underwriter or as a financial
advisor to the Company in connection with the offer and sale of the Placement Shares, and (iv) no Person has the right, contractual
or otherwise, to require the Company to register under the Securities Act any Common Stock or shares of any other capital stock
or other securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering
contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Placement
Shares as contemplated thereby or otherwise.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Independent
Public Accounting Firm</U>.&nbsp;&nbsp;RSM US LLP (the &ldquo;<B><U>Accountant</U></B>&rdquo;), whose report on the consolidated
financial statements of the Company is filed with the Commission as part of the Company&rsquo;s most recent Annual Report on Form
10-K filed with the Commission and incorporated by reference into the Registration Statement and the Prospectus, are and, during
the periods covered by their report, were an independent registered public accounting firm within the meaning of the Securities
Act and the Public Company Accounting Oversight Board (United States). To the Company&rsquo;s knowledge, the Accountant is not
in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the &ldquo;<B><U>Sarbanes-Oxley Act</U></B>&rdquo;)
with respect to the Company.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Enforceability
of Agreements</U>.&nbsp;&nbsp;&nbsp;To the Company&rsquo;s knowledge, all agreements between the Company and third parties expressly
referenced in the Prospectus are, except as would not have a Material Adverse Effect, legal, valid and binding obligations of the
Company enforceable in accordance with their respective terms, except to the extent that (i) enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally and by general equitable principles
and (ii) the</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">indemnification provisions
of certain agreements may be limited by federal or state securities laws or public policy considerations in respect thereof.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Litigation</U>.&nbsp;&nbsp;Except as set forth in the Registration Statement or the Prospectus, there are no legal, governmental
or regulatory actions, suits or proceedings pending, nor, to the Company&rsquo;s knowledge, any legal, governmental or regulatory
audits or investigations, to which the Company or a Subsidiary is a party or to which any property of the Company or any of its
Subsidiaries is the subject that, individually or in the aggregate, if determined adversely to the Company or any of its Subsidiaries,
would reasonably be expected to have a Material Adverse Effect or materially and adversely affect the ability of the Company to
perform its obligations under this Agreement; to the Company&rsquo;s knowledge, no such actions, suits or proceedings are threatened
or contemplated by any governmental or regulatory authority or threatened by others; and (i) there are no current or pending legal,
governmental or regulatory audits or investigations, actions, suits or proceedings that are required under the Securities Act to
be described in the Prospectus that are not so described; and (ii) there are no contracts or other documents that are required
under the Securities Act to be filed as exhibits to the Registration Statement that are not so filed.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Consents
and Permits</U>.&nbsp;&nbsp;Except as disclosed in the Registration Statement and the Prospectus, the Company and its Subsidiaries
have made all filings, applications and submissions required by, possesses and is operating in compliance with, all approvals,
licenses, certificates, certifications, clearances, consents, grants, exemptions, marks, notifications, orders, permits and other
authorizations issued by, the appropriate federal, state or foreign governmental or regulatory authorities (including, without
limitation, the United States Food and Drug Administration (the &ldquo;<B><U>FDA</U></B>&rdquo;), the United States Drug Enforcement
Administration or any other foreign, federal, state, provincial, court or local government or regulatory authorities engaged in
the regulation of clinical trials, pharmaceuticals, biologics or biohazardous substances or materials) necessary for the ownership
or lease of their respective properties or to conduct its businesses as described in the Registration Statement and the Prospectus
(collectively, &ldquo;<B><U>Permits</U></B>&rdquo;), except for such Permits the failure of which to possess, obtain or make the
same would not reasonably be expected to have a Material Adverse Effect; the Company and its Subsidiaries are in compliance with
the terms and conditions of all such Permits, except where the failure to be in compliance would not reasonably be expected to
have a Material Adverse Effect; all of the Permits are valid and in full force and effect, except where any invalidity, individually
or in the aggregate, would not be reasonably expected to have a Material Adverse Effect; and neither the Company nor any of its
Subsidiaries has received any written notice of proceedings relating to the limitation, revocation, cancellation, suspension, modification
or non-renewal of any such Permit which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or
finding, would be reasonably expected to have a Material Adverse Effect, or has any reason to believe that any such license, certificate,
permit or authorization will not be renewed in the ordinary course to the extent required. To the extent required by applicable
laws and regulations of the FDA, the Company or the applicable Subsidiary has submitted to the FDA an Investigational New Drug
Application or amendment or supplement thereto for each clinical trial it has conducted or sponsored or is conducting or sponsoring;
to the Company&rsquo;s knowledge, all such submissions were in material compliance with applicable laws and rules and regulations
when submitted and no material deficiencies have been asserted by the FDA with respect to any such submissions. To the Company&rsquo;s
knowledge,</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">the preclinical studies
and clinical trials conducted or sponsored by the Company and described in the Prospectus were, and, if still pending, are being,
conducted in all material respects in accordance with the experimental protocols, procedures and controls pursuant to, where applicable,
accepted professional and scientific standards for products or product candidates comparable to those being developed by the Company;
the descriptions of such studies and trials, and the results thereof, contained in the Prospectus are accurate and complete in
all material respects; the Company is not aware of any studies or trials not described in the Prospectus, the results of which
reasonably call into question the results of the studies and trials described in the Prospectus; and the Company has not received
any written notice or correspondence from the FDA or any foreign, state or local governmental body exercising comparable authority
requiring the termination, suspension, clinical hold or material modification of any studies or trials.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Regulatory
Filings</U>.&nbsp;&nbsp;Except as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of its
Subsidiaries has failed to file with the applicable regulatory authorities (including, without limitation, the FDA, or any foreign,
federal, state, provincial or local governmental or regulatory authority performing functions similar to those performed by the
FDA) any required filing, declaration, listing, registration, report or submission, except for such failures that, individually
or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; except as disclosed in the Registration
Statement and the Prospectus, all such filings, declarations, listings, registrations, reports or submissions were in compliance
with applicable laws when filed and no deficiencies have been asserted by any applicable regulatory authority with respect to any
such filings, declarations, listings, registrations, reports or submissions, except for any deficiencies that, individually or
in the aggregate, would not reasonably be expected to have a Material Adverse Effect. The Company has operated and currently is,
in all material respects, in compliance with the United States Federal Food, Drug, and Cosmetic Act, all applicable rules and regulations
of the FDA and other federal, state, local and foreign governmental bodies exercising comparable authority. The Company has not
received any FDA Form 483, notice of adverse finding, warning letter, or other correspondence or notice from the FDA or any other
governmental authority alleging or asserting noncompliance with any applicable laws or any licenses, certificates, approvals, clearances,
authorizations, permits and supplements or amendments thereto required by any such applicable laws, except for such failure of
which to possess, obtain or make the same would not reasonably be expected to have a Material Adverse Effect. Additionally, neither
the Company nor any of its Subsidiaries, nor, to the knowledge of the Company, any of their respective employees, officers, directors,
agents or contractors has been excluded, suspended or debarred from participation in any federal health care program or, to the
knowledge of Company and its Subsidiaries, is subject to an inquiry, investigation, proceeding, or other similar matter that could
subject the Company, any of its Subsidiaries, or any of their respective employees, officers, directors, agents or contractors
to exclusion, suspension or debarment.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Intellectual
Property</U>.&nbsp;&nbsp;Except as disclosed in the Registration Statement and the Prospectus, the Company and its Subsidiaries
own, possess, license or have other rights to use all foreign and domestic patents, patent applications, trade and service marks,
trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, Internet domain
names, know-how and other intellectual property (collectively, the &ldquo;<B><U>Intellectual Property</U></B>&rdquo;), necessary
for the conduct of their respective businesses as now conducted except to the extent that the failure to own, possess, license
or otherwise hold</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">adequate rights to use
such Intellectual Property would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Except as disclosed in the Registration Statement and the Prospectus (i) there are no rights of third parties to any such Intellectual
Property owned by the Company and its Subsidiaries; (ii) to the Company&rsquo;s knowledge, there is no infringement by third parties
of any such Intellectual Property; (iii) there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding
or claim by others challenging the Company&rsquo;s and its Subsidiaries&rsquo; rights in or to any such Intellectual Property,
and the Company is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (iv)
there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others challenging the
validity or scope of any such Intellectual Property; (v) there is no pending or, to the Company&rsquo;s knowledge, threatened action,
suit, proceeding or claim by others that the Company and its Subsidiaries infringe or otherwise violate any patent, trademark,
copyright, trade secret or other proprietary rights of others; (vi) to the Company&rsquo;s knowledge, there is no third-party U.S.
patent or published U.S. patent application which contains claims for which an Interference Proceeding (as defined in 35 U.S.C.
&sect; 135) has been commenced against any patent or patent application described in the Prospectus as being owned by or licensed
to the Company; and (vii) the Company and its Subsidiaries have complied with the terms of each agreement pursuant to which Intellectual
Property has been licensed to the Company or such Subsidiary, and all such agreements are in full force and effect, except, in
the case of any of clauses (i)-(vii) above, for any such infringement by third parties or any such pending or threatened suit,
action, proceeding or claim as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect, and (y) in the case of clause (vii) above, for any non-compliance as would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Reserved</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Market
Capitalization</U>.&nbsp;&nbsp;At the time the Registration Statement was or will be declared effective, and at the time the Company&rsquo;s
most recent Annual Report on Form 10-K was filed with the Commission, the Company met or will meet the then applicable requirements
for the use of Form S-3 under the Securities Act, including, but not limited to, General Instruction I.B.6 of Form S-3. The aggregate
market value of the outstanding voting and non-voting common equity (as defined in Securities Act Rule 405) of the Company held
by persons other than affiliates of the Company (pursuant to Securities Act Rule 144, those that directly, or indirectly through
one or more intermediaries, control, or are controlled by, or are under common control with, the Company) (the &ldquo;Non-Affiliate
Shares&rdquo;), was greater than $16,076,501 million (calculated by multiplying (x) the highest price at which the common equity
of the Company closed on the Exchange within 60 days of the date of this Agreement times (y) the number of Non-Affiliate Shares).
The Company is not a shell company (as defined in Rule 405 under the Securities Act) 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 General 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.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Material Defaults</U>.&nbsp;&nbsp;Neither the Company nor any of the Subsidiaries is in default on any installment on indebtedness
for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably
be</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">expected to have a Material
Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its
last Annual Report on Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred
stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases,
which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Certain
Market Activities</U>.&nbsp;&nbsp;&nbsp;Neither the Company, nor any of the Subsidiaries, nor, to the Company&rsquo;s knowledge,
any of their respective directors, officers or controlling persons has taken, directly or indirectly, any unlawful action designed,
or that has constituted or might reasonably be expected to cause or result in, under the Exchange Act or otherwise, the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Broker/Dealer
Relationships</U>.&nbsp;&nbsp;&nbsp;Neither the Company nor any of the Subsidiaries or any related entities (i) is required to
register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with the provisions of the Exchange Act or (ii) directly
or indirectly through one or more intermediaries, controls or is a &ldquo;person associated with a member&rdquo; or &ldquo;associated
person of a member&rdquo; (within the meaning set forth in the FINRA Manual).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Reliance</U>.&nbsp;&nbsp;The Company has not relied upon the Agent or legal counsel for the Agent for any legal, tax or accounting
advice in connection with the offering and sale of the Placement Shares.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Taxes</U>.&nbsp;&nbsp;The
Company and each of its Subsidiaries have filed all federal, state, local and foreign income and franchise tax returns and other
material tax returns which have been required to be filed by the Company or a Subsidiary, or have properly requested extensions
thereof, and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become due and are not being
contested in good faith, except where the failure to so file or pay would not reasonably be expected to have a Material Adverse
Effect. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus, no tax deficiency has
been determined adversely to the Company or any of its Subsidiaries which has had, or would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency,
penalty or assessment which has been asserted or threatened against it which would not reasonably be expected to have a Material
Adverse Effect.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Title
to Real and Personal Property</U>.&nbsp;&nbsp;Except as set forth in the Registration Statement or the Prospectus, the Company
and its Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title
in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free
and clear of all liens, except for (i) liens as do not materially affect the value of such property and do not materially interfere
with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) liens for the payment of
federal, state or other taxes, for which appropriate reserves have been made in accordance with GAAP and, the payment of which
is neither delinquent nor subject to penalties. Any real property and facilities</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">held under lease by the
Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries
are in compliance.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Environmental
Laws</U>.&nbsp;&nbsp;Except as set forth in the Registration Statement or the Prospectus, to the Company&rsquo;s knowledge the
Company and its Subsidiaries (i) are in compliance with all applicable federal, state, local and foreign laws, rules, regulations,
and orders relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants
or contaminants (collectively, &ldquo;<B><U>Environmental Laws</U></B>&rdquo;); (ii) have received and are in compliance with all
permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses
as described in the Registration Statement and the Prospectus; and (iii) have not received notice of any actual or potential liability
for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants,
except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits,
licenses, other approvals or liability as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. The representations and warranties made in this Section 6(cc) are the only representations and warranties made
by the Company under this Agreement with respect to Environmental Laws.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Disclosure
Controls</U>.&nbsp;&nbsp;The Company and each of its Subsidiaries maintain systems of internal accounting controls sufficient to
provide reasonable assurance that (i) transactions are executed in accordance with management&rsquo;s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted
accounting principles (&ldquo;<B><U>GAAP</U></B>&rdquo;) and to maintain asset accountability; (iii) access to assets is permitted
only in accordance with management&rsquo;s general or specific authorization; and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The
Company&rsquo;s internal control over financial reporting is effective and the Company is not aware of any material weaknesses
in its internal control over financial reporting (other than as set forth in the Prospectus). Since the date of the latest audited
financial statements of the Company included in the Prospectus, there has been no change in the Company&rsquo;s internal control
over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal
control over financial reporting (other than as set forth in the Prospectus). The Company has established disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such disclosure controls and procedures
to ensure that material information relating to the Company and each of its Subsidiaries is made known to the certifying officers
by others within those entities, including during the period in which the Company&rsquo;s Annual Report on Form 10-K or Quarterly
Report on Form 10-Q, as the case may be, is being prepared. The Company&rsquo;s certifying officers have evaluated the effectiveness
of the Company&rsquo;s disclosure controls and procedures as of a date within 90 days prior to the filing date of the Form 10-K
for the fiscal year most recently ended (such date, the &ldquo;<B><U>Evaluation Date</U></B>&rdquo;). The Company presented in
its Form 10-K for the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the
disclosure controls and procedures based on their evaluations as of the Evaluation Date and the disclosure controls and procedures
were effective. Since the Evaluation Date, there have been no significant changes in the Company&rsquo;s internal controls (as
such term is</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">defined in Item 307(b)
of Regulation S-K under the Securities Act) or, to the Company&rsquo;s knowledge, in other factors that could significantly affect
the Company&rsquo;s internal controls.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sarbanes-Oxley</U>.&nbsp;&nbsp;There
is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company&rsquo;s directors
or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley
Act and the rules and regulations promulgated thereunder. Each of the principal executive officer and the principal financial officer
of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company
as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports,
schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission. For purposes
of the preceding sentence, &ldquo;principal executive officer&rdquo; and &ldquo;principal financial officer&rdquo; shall have the
meanings given to such terms in the Sarbanes-Oxley Act.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Finder&rsquo;s
Fees</U>.&nbsp;&nbsp;Neither the Company nor any of the Subsidiaries has incurred any liability for any finder&rsquo;s fees, brokerage
commissions or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect
to Agent pursuant to this Agreement.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Labor
Disputes</U>.&nbsp;&nbsp;No labor disturbance by or dispute with employees of the Company or any of its Subsidiaries exists or,
to the knowledge of the Company, is threatened which would reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Investment
Company Act</U>.&nbsp;&nbsp;Neither the Company nor any of the Subsidiaries is or, after giving effect to the offering and sale
of the Placement Shares, will be an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment
company,&rdquo; as such terms are defined in the Investment Company Act of 1940, as amended (the &ldquo;<B><U>Investment Company
Act</U></B>&rdquo;).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Operations</U>.&nbsp;&nbsp;The
operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial
record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions to which the Company or its Subsidiaries are subject, the rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency having
jurisdiction over the Company (collectively, the &ldquo;<B><U>Money Laundering Laws</U></B>&rdquo;), except as would not reasonably
be expected to result in a Material Adverse Effect; and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws
is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Off-Balance
Sheet Arrangements</U>.&nbsp;&nbsp;There are no transactions, arrangements and other relationships between and/or among the Company,
and/or, to the knowledge of the Company, any of its affiliates and any unconsolidated entity, including, but not limited to, any
structured finance, special purpose or limited purpose entity (each, an &ldquo;<B><U>Off Balance Sheet Transaction</U></B>&rdquo;)
that would reasonably be expected to affect materially the</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Company&rsquo;s liquidity
or the availability of or requirements for its capital resources, including those Off Balance Sheet Transactions described in the
Commission&rsquo;s Statement about Management&rsquo;s Discussion and Analysis of Financial Conditions and Results of Operations
(Release Nos. 33-8056; 34-45321; FR-61), required to be described in the Prospectus which have not been described as required.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Underwriter
Agreements</U>.&nbsp;&nbsp;Except as previously disclosed to the Agent, the Company is not a party to any agreement with an agent
or underwriter for any other &ldquo;at-the-market&rdquo; or continuous equity transaction.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>ERISA</U>.&nbsp;&nbsp;To
the knowledge of the Company, each material employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (&ldquo;<B><U>ERISA</U></B>&rdquo;), that is maintained, administered or contributed to
by the Company or any of its affiliates for employees or former employees of the Company and any of its Subsidiaries has been maintained
in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including,
but not limited to, ERISA and the Internal Revenue Code of 1986, as amended (the &ldquo;<B><U>Code</U></B>&rdquo;); no prohibited
transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material
liability to the Company with respect to any such plan excluding transactions effected pursuant to a statutory or administrative
exemption; and for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no &ldquo;accumulated
funding deficiency&rdquo; as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value
of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all
benefits accrued under such plan determined using reasonable actuarial assumptions.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Forward
Looking Statements</U>.&nbsp;&nbsp;No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act) (a &ldquo;<B><U>Forward Looking Statement</U></B>&rdquo;) contained in the Registration Statement and
the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Margin
Rules</U>.&nbsp;&nbsp;Neither the issuance, sale and delivery of the Placement Shares nor the application of the proceeds thereof
by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of
Governors of the Federal Reserve System or any other regulation of such Board of Governors.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Insurance</U>.&nbsp;&nbsp;The
Company and each of its Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the Company
and each of its Subsidiaries reasonably believe are adequate for the conduct of their properties and as is customary for companies
engaged in similar businesses of comparable size in similar industries.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Improper Practices</U>.&nbsp;&nbsp;(i) Neither the Company nor, to the Company&rsquo;s knowledge, the Subsidiaries, nor to the
Company&rsquo;s knowledge, any of their respective executive officers has, in the past five years, made any unlawful contributions
to any candidate for any political office (or failed fully to disclose any contribution in violation of law) or made any contribution
or other payment to any official of, or candidate for, any federal, state, municipal, or</P>

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

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

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Status
Under the Securities Act</U>.&nbsp;&nbsp;The Company was not and is not an ineligible issuer as defined in Rule 405 under the Securities
Act at the times specified in Rules 164 and 433 under the Securities Act in connection with the offering of the Placement Shares.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Misstatement or Omission in an Issuer Free Writing Prospectus</U>.&nbsp;&nbsp;Each Issuer Free Writing Prospectus, as of its issue
date and as of each Applicable Time (as defined in Section 24 below), did not, does not and will not include any information that
conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including
any Incorporated Document that has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions
from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agent
specifically for use therein.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Conflicts</U>.&nbsp;&nbsp;Neither the execution of this Agreement, nor the issuance, offering or sale of the Placement Shares,
nor the consummation of any of the transactions contemplated herein, nor the compliance by the Company with the terms and provisions
hereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted or will constitute
a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property
or assets of the Company pursuant to the terms of any contract or other agreement to which the Company is bound or to which any
of the property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may have been waived and
(ii) such conflicts, breaches and defaults that would not</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">reasonably be expected
to have a Material Adverse Effect; nor will such action result (x) in any violation of the provisions of the organizational or
governing documents of the Company, or (y) to the Company&rsquo;s knowledge, in any material violation of the provisions of any
statute or any order, rule or regulation applicable to the Company or of any court or of any federal, state or other regulatory
authority or other government body having jurisdiction over the Company, other than, with respect to clause (y) only, any violation
that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sanctions</U>.&nbsp;&nbsp;The
Company represents that neither the Company nor any of its Subsidiaries (collectively, the &ldquo;<B><U>Entity</U></B>&rdquo;)
or any director, officer, employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in
this paragraph (uu), &ldquo;<B><U>Person</U></B>&rdquo;) that is, or is owned or controlled by a Person that is:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
subject of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s Office of Foreign Assets Control,
the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
&ldquo;<B><U>Sanctions</U></B>&rdquo;), nor</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>located,
organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar,
Cuba, Iran, North Korea, Sudan and Syria).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Entity represents and covenants that it will not, directly or indirectly, use the proceeds of the offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding
or facilitation, is the subject of Sanctions; or</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering,
whether as underwriter, advisor, investor or otherwise).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Entity represents and covenants that, except as detailed in the Registration Statement and the Prospectus, for the past 5 years,
it has not knowingly engaged in, is not now knowingly engaged in, and will not engage in, any dealings or transactions with any
Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Stock
Transfer Taxes</U>.&nbsp;&nbsp;On each Settlement Date, all stock transfer or similar transfer taxes (other than income taxes)
which are required to be paid in connection with the sale and transfer of the Placement Shares to be sold hereunder will be, or
will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been fully complied
with, except in each case for any taxes or compliance that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Reserved</U>.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any certificate signed
by an officer of the Company and delivered to the Agent or to counsel for the Agent pursuant to or in connection with this Agreement
shall be deemed to be a representation and warranty by the Company, as applicable, to the Agent as to the matters set forth therein.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Covenants
of the Company</U>.&nbsp;&nbsp;The Company covenants and agrees with Agent that:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registration
Statement Amendments</U>.&nbsp;&nbsp;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 Agent 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 the Agent promptly of the time when
any subsequent amendment to the Registration Statement, other than documents incorporated by reference, 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 or for additional information, (ii) the
Company will prepare and file with the Commission, promptly upon the Agent&rsquo;s request, any amendments or supplements to the
Registration Statement or Prospectus that, in such Agent&rsquo;s reasonable opinion, may be necessary or advisable in connection
with the distribution of the Placement Shares by the Agent (provided, however, that the failure of the Agent to make such request
shall not relieve the Company of any obligation or liability hereunder, or affect the Agent&rsquo;s right to rely on the representations
and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent shall have with respect
to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed);
(iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus disclosing a material change
in the terms of the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted
to Agent within a reasonable period of time before the filing and the Agent has not reasonably objected in writing thereto within
two (2) Business Days (provided, however, that the failure of the Agent to make such objection shall not relieve the Company of
any obligation or liability hereunder, or affect the Agent&rsquo;s right to rely on the representations and warranties made by
the Company in this Agreement and the Company has no obligation to provide the Agent any advance copy of such filing or to provide
the Agent any opportunity to object to such filing if such filing does not name the Agent and does not relate to the transactions
contemplated by this Agreement, and provided, further, that the only remedy Agent shall have with respect to the failure by the
Company to seek such consent shall be to cease making sales under this Agreement) and the Company will furnish to the Agent at
the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration
Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement
to the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities
Act or, in the case of any document to be incorporated therein by reference, to be filed with the Commission as required pursuant
to the Exchange Act, within the time period prescribed (the determination to file or not file any amendment or supplement with
the Commission under this Section 7(a), based on the Company&rsquo;s reasonable opinion or reasonable objections, shall be made
exclusively by the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notice
of Commission Stop Orders</U>.&nbsp;&nbsp;The Company will advise the Agent, promptly after it receives notice or obtains knowledge
thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation
or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent
the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued. The Company will advise the Agent
promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements
to the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of the Placement
Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Delivery
of Prospectus; Subsequent Changes</U>.&nbsp;&nbsp;During any period in which a Prospectus relating to the Placement Shares is required
to be delivered by the Agent under the Securities Act with respect to the offer and 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 reasonable
best efforts to comply in all material respects with all requirements imposed upon it by the Securities Act, as from time to time
in force, and to file on or before their respective due dates all reports and any definitive proxy or information statements required
to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under
the Exchange Act. If the Company has omitted any information from the Registration Statement pursuant to Rule 430B under the Securities
Act, it will use its commercially reasonable efforts to comply with the provisions of and make all requisite filings with the Commission
pursuant to said Rule 430B and to notify the Agent promptly of all such filings if not available on EDGAR. 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 Agent to suspend the offering of the 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; provided, however, that the Company may delay any such amendment
or supplement if, in the reasonable judgment of the Company, it is in the best interests of the Company to do so.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Listing
of Placement Shares</U>.&nbsp;&nbsp;During any period in which the Prospectus relating to the Placement Shares is required to be
delivered by the Agent under the Securities Act with respect to the offer and sale of the Placement Shares, the Company will use
its commercially reasonable efforts to cause the Placement Shares to be listed on the Exchange.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Delivery
of Registration Statement and Prospectus</U>.&nbsp;&nbsp;The Company will furnish to the Agent 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</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">delivered under the Securities
Act (including all Incorporated Documents filed with the Commission during such period), in each case as soon as reasonably practicable
and in such quantities as the Agent may from time to time reasonably request and, at the Agent&rsquo;s request, will also furnish
copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; provided, however, that
the Company shall not be required to furnish any document (other than the Prospectus) to the Agent to the extent such document
is available on EDGAR.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Earnings
Statement</U>.&nbsp;&nbsp;The Company will make generally available to its security holders as soon as practicable, but in any
event not later than 15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement covering a 12-month
period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Use
of Proceeds</U>.&nbsp;&nbsp;The Company will use the Net Proceeds as described in the Prospectus in the section entitled &ldquo;Use
of Proceeds.&rdquo;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notice
of Other Sales</U>.&nbsp;&nbsp;Without the prior written consent of Agent, which such consent shall not be unreasonably withheld,
the Company will not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose
of any Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable
for Common Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the date on which
any Placement Notice is delivered to Agent hereunder and ending on the third (3rd) Trading Day immediately following the final
Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated
or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination);
provided, however, that such restrictions will not apply in connection with the Company&rsquo;s issuance or sale of (i) Common
Stock, options to purchase Common Stock or restricted stock units or other equity awards or Common Stock issuable upon the exercise
of options, pursuant to any employee, consultant or director stock option or benefits plan, stock ownership plan or dividend reinvestment
plan (but not Common Stock subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether
now in effect or hereafter implemented, (ii) Common Stock issuable upon conversion of securities or the exercise of warrants, options
or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing to
the Agent, (iii) Common Stock or securities convertible into, exercisable or exchangeable for shares of Common Stock, offered and
sold in a privately negotiated transaction to vendors, customers, strategic partners or potential strategic partners or other investors
conducted in a manner so as not to be integrated with the offering of Common Stock hereby, (iv) Common Stock or securities convertible
into, exercisable or exchangeable for shares of Common Stock, offered and sold privately to investors in so called PIPE transactions
and (v) Common Stock issued in connection with any acquisition, strategic investment or other similar transaction (including any
joint venture, strategic alliance or partnership) and or as consideration for mergers, acquisitions, other business combinations
or strategic alliances occurring after the date of this Agreement which are not issued for capital raising purposes.</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Change
of Circumstances</U>.&nbsp;&nbsp;The Company will, at any time during the pendency of a Placement Notice, advise the Agent promptly
after it shall have received notice or obtained knowledge thereof, of any information or fact that would adversely affect in any
material respect any opinion, certificate, letter or other document required to be provided to the Agent pursuant to this Agreement.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Due
Diligence Cooperation</U>.&nbsp;&nbsp;During the term of this Agreement, the Company will cooperate with any reasonable due diligence
review conducted by the Agent or its representatives in connection with the transactions contemplated hereby, including, without
limitation, providing information and making available documents and senior corporate officers, during regular business hours and
at the Company&rsquo;s principal offices, as the Agent may reasonably request.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Required
Filings Relating to Placement of Placement Shares</U>.&nbsp;&nbsp;The Company agrees that on such dates as the Securities Act shall
require the filing of a prospectus supplement with respect to the sale of Placement Shares hereunder, the Company will (i) file
a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act (each and every
filing date under Rule 424(b), a &ldquo;<B><U>Filing Date</U></B>&rdquo;), which prospectus supplement will set forth, within the
relevant period, the amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable
by the Company to the Agent with respect to such Placement Shares, and (ii) deliver such number of copies of each such prospectus
supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such
exchange or market.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representation
Dates; Certificate</U>.&nbsp;&nbsp;(1) On or prior to the date of the first Placement Notice and (2) following the delivery of
the first Placement Notice each time during the term of this Agreement that the Company:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>files
the Prospectus relating to the Placement Shares or amends or supplements (other than a prospectus supplement relating solely to
an offering of securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement
Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference
into the Registration Statement or the Prospectus relating to the Placement Shares;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>files
an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended audited financial information
or a material amendment to the previously filed Form 10-K);</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>files
its quarterly reports on Form 10-Q under the Exchange Act; or</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>files
a current report on Form 8-K containing amended financial information (other than information &ldquo;furnished&rdquo; pursuant
to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification of
certain properties as discontinued operations in accordance with Statement of Financial Accounting</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Standards No. 144) 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 &ldquo;<B><U>Representation
Date</U></B>&rdquo;);</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">the Company shall furnish
the Agent (but in the case of clause (iv) above only if the Agent reasonably determines that the information contained in such
Form 8-K is material) with a certificate dated the Representation Date, in the form and substance satisfactory to the Agent and
its counsel, substantially similar to the form previously provided to the Agent and its counsel, modified, as necessary, to relate
to the Registration Statement and the Prospectus as amended or supplemented. The requirement to provide a certificate under this
Section 7(l) shall be waived for any Representation Date occurring at a time in which no Placement Notice is pending (including
as a result of a Suspension being in effect), which waiver shall continue until the earlier to occur of the date the Company delivers
instructions for the sale of Placement Shares hereunder (which for such calendar quarter shall be considered a Representation Date)
and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement
Shares following a Representation Date when such waiver applied and did not provide the Agent with a certificate under this Section
7(l), then before the Company delivers the instructions for the sale of Placement Shares or the Agent sells any Placement Shares
pursuant to such instructions, the Company shall provide the Agent with a certificate in conformity with this Section 7(l) dated
as of the date that the instructions for the sale of Placement Shares are issued.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Legal
Opinions</U>.&nbsp;&nbsp;(1) On or prior to the date of the first Placement Notice and (2) unless a Suspension is in effect, within
five (5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant
to Section 7(l) for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause to be furnished
to the Agent a written opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (&ldquo;<B><U>Company Counsel</U></B>&rdquo;),
or other counsel satisfactory to the Agent, in a form and substance reasonably satisfactory to Agent and its counsel, substantially
similar to the form previously provided to the Agent and its counsel, respectively, modified, as necessary, to relate to the Registration
Statement and the Prospectus as then amended or supplemented; provided, however, the Company shall be required to furnish to Agent
no more than one opinion from Company Counsel hereunder per calendar quarter and the Company shall not be required to furnish any
such letter if the Company does not intend to deliver a Placement Notice in such calendar quarter until such time as the Company
delivers its next Placement Notice; provided, further, that in lieu of such opinions for subsequent periodic filings under the
Exchange Act, counsel may furnish the Agent with a letter (a &ldquo;<B><U>Reliance Letter</U></B>&rdquo;) to the effect that the
Agent may rely on a prior opinion delivered under this Section 7(m) to the same extent as if it were dated the date of such letter
(except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended
or supplemented as of the date of the Reliance Letter).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Comfort
Letter</U>.&nbsp;&nbsp;(1) On or prior to the date of the first Placement Notice and (2) unless a Suspension is in effect, within
five (5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant
to Section 7(l), other than pursuant to Section 7(l)(iii), for which no waiver is applicable and excluding the date of this Agreement,
the Company shall cause its independent registered public accounting firm to furnish the Agent letters (the &ldquo;<B><U>Comfort
Letters</U></B>&rdquo;), dated the date the Comfort Letter is</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">delivered, which shall
meet the requirements set forth in this Section 7(n); provided, that if requested by the Agent, the Company shall cause a Comfort
Letter to be furnished to the Agent within ten (10) Trading Days of the date of occurrence of any material transaction or event,
including the restatement of the Company&rsquo;s financial statements. The Comfort Letter from the Company&rsquo;s independent
registered public accounting firm shall be in a form and substance reasonably satisfactory to the Agent, (i) confirming that they
are an independent registered public accounting firm within the meaning of the Securities Act and the PCAOB, (ii) stating, as of
such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered
by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters in connection with registered public offerings (the first such
letter, the &ldquo;<B><U>Initial Comfort Letter</U></B>&rdquo;) and (iii) updating the Initial Comfort Letter with any information
that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate
to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Market
Activities</U>.&nbsp;&nbsp;The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or
that constitutes or would reasonably be expected to constitute, the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of Common Stock or (ii) sell, bid for, or purchase the Placement Shares in violation
of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the Agent.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Investment
Company Act</U>.&nbsp;&nbsp;The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor
any of its Subsidiaries will be or become, at any time prior to the termination of this Agreement, required to register as an &ldquo;investment
company,&rdquo; as such term is defined in the Investment Company Act.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Offer to Sell</U>.&nbsp;&nbsp;Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agent in
its capacity as agent hereunder, neither the Agent nor the Company (including its agents and representatives, other than the Agent
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.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Blue
Sky and Other Qualifications</U>.&nbsp;&nbsp;The Company will use its commercially reasonable efforts, in cooperation with the
Agent, to qualify the Placement Shares for offering and sale, or to obtain an exemption for the Placement Shares to be offered
and sold, under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Agent may reasonably
designate and to maintain such qualifications and exemptions in effect for so long as required for the distribution of the Placement
Shares (but in no event for less than one year from the date of this Agreement); <I>provided</I>, <I>however</I>, that the Company
shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer
in securities in any jurisdiction in which it is not so qualified to subject itself to taxation in respect of doing business in
any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Placement Shares have been so qualified
or exempt, the Company will file such statements and reports as may be required by the laws of such jurisdiction to continue such
qualification or exemption, as the case may be, in effect for so long as required for</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">the distribution of the
Placement Shares (but in no event for less than one year from the date of this Agreement) so long as the Company has approved in
advance the sale of Placement Shares in such jurisdiction.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sarbanes-Oxley
Act</U>.&nbsp;&nbsp;The Company and the Subsidiaries will maintain and keep accurate books and records reflecting their assets
and maintain internal accounting controls in a manner designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with GAAP and including those policies
and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions
and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to
permit the preparation of the Company&rsquo;s consolidated financial statements in accordance with GAAP, (iii) that receipts and
expenditures of the Company are being made only in accordance with management&rsquo;s and the Company&rsquo;s directors&rsquo;
authorization, and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use
or disposition of the Company&rsquo;s assets that could have a material effect on its financial statements. The Company and the
Subsidiaries will maintain such controls and other procedures, including, without limitation, those required by Sections 302 and
906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to ensure that information required
to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission&rsquo;s rules and forms, including, without limitation, controls
and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits
under the Exchange Act is accumulated and communicated to the Company&rsquo;s management, including its principal executive officer
and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure and to ensure that material information relating to the Company or the Subsidiaries is made known to them by others
within those entities, particularly during the period in which such periodic reports are being prepared.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Secretary&rsquo;s
Certificate; Further Documentation</U>.&nbsp;&nbsp;On or prior to the date of the first Placement Notice, the Company shall deliver
to the Agent a certificate of the Secretary of the Company and attested to by an executive officer of the Company, dated as of
such date, certifying as to (i) the Amended and Restated Certificate of Incorporation of the Company, (ii) the Amended and Restated
Bylaws of the Company, (iii) the resolutions of the Board of Directors of the Company, or a duly authorized committee of the Board
of Directors, authorizing the execution, delivery and performance of this Agreement and the issuance of the Placement Shares and
(iv) the incumbency of the officers duly authorized to execute this Agreement and the other documents contemplated by this Agreement.
Unless a Suspension is in effect, within five (5) Trading Days of each Representation Date, the Company shall have furnished to
the Agent such further information, certificates and documents as the Agent may reasonably request.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payment
of Expenses</U>.&nbsp;&nbsp;The Company will pay all expenses incident to the performance of its obligations under this Agreement,
including (i) the preparation and filing of the Registration Statement, including any fees required by the Commission, and the
printing or electronic delivery of the Prospectus as originally filed and of each amendment and supplement thereto, in such number
as the Agent shall deem reasonably necessary, (ii) the printing and</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">delivery to the Agent
of this Agreement and such other documents as may be reasonably required in connection with the offering, purchase, sale, issuance
or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of the certificates, if any, for the Placement
Shares to the Agent, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes
payable upon the sale, issuance or delivery of the Placement Shares to the Agent, (iv) the fees and disbursements of the counsel,
accountants and other advisors to the Company, (v) the reasonable and documented out-of-pocket fees and disbursements of the counsel
to the Agent, payable upon the execution of this Agreement, in an amount not to exceed $35,000, (vi) the qualification or exemption
of the Placement Shares under state securities laws in accordance with the provisions of Section 7(r) hereof, including filing
fees, but excluding fees of the Agent&rsquo;s counsel, (vii) the printing and delivery to the Agent of copies of any Permitted
Issuer Free Writing Prospectus and the Prospectus and any amendments or supplements thereto in such number as the Agent shall reasonably
deem necessary, (viii) the preparation, printing and delivery to the Agent of copies of the blue sky survey, if applicable, (ix)
the fees and expenses of the transfer agent and registrar for the Common Stock, (x) the filing and other fees incident to any review
by FINRA of the terms of the sale of the Placement Shares including the fees of the Agent&rsquo;s counsel (subject to the cap,
set forth in clause (v) above), and (xi) the fees and expenses incurred in connection with the listing of the Placement Shares
on the Exchange.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Covenants of Agent</U>.&nbsp;&nbsp;Agent represents and warrants that it is duly registered as a broker-dealer under FINRA,
the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold,
except such states in which Agent is exempt from registration or such registration is not otherwise required. Agent shall continue,
for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes
and regulations of each state in which the Placement Shares will be offered and sold, except such states in which Agent is exempt
from registration or such registration is not otherwise required, during the term of this Agreement. Agent will comply with all
applicable law and regulations in connection with the Placement Shares, including, but not limited to, Regulation M.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conditions
to Agent&rsquo;s Obligations</U>.&nbsp;&nbsp;The obligations of the Agent hereunder with respect to a Placement will be subject
to the continuing accuracy and completeness of the representations and warranties made by the Company herein (other than those
representations and warranties made as of a specified date or time), to the due performance in all material respects by the Company
of its obligations hereunder, to the completion by the Agent of a due diligence review satisfactory to it in its reasonable judgment,
and to the continuing reasonable satisfaction (or waiver by the Agent in its sole discretion) of the following additional conditions
as of each Representation Date.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registration
Statement Effective</U>.&nbsp;&nbsp;The Registration Statement shall have become effective and shall be available for the (i) resale
of all Placement Shares issued to the Agent and not yet sold by the Agent and (ii) sale of all Placement Shares contemplated to
be issued by any Placement Notice.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Material Notices</U>.&nbsp;&nbsp;None of the following events shall have occurred and be continuing: (i) receipt by the Company
of any request for additional information from the</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">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 (other than immaterial
amendments or supplements to documents incorporated by reference therein) if such post effective amendments or supplements have
not been made and become effective; (ii) the issuance by the Commission or any other federal or state governmental authority of
any stop order suspending the effectiveness of the Registration Statement or receipt by the Company of notification of the initiation
of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or receipt by the Company of notification
of the initiation or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any material
statement made in the Registration Statement or the Prospectus or any material Incorporated Document by reference untrue in any
material respect or that requires the making of any changes in the Registration Statement, the Prospectus or material Incorporated
Document 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 so 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.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Misstatement or Material Omission</U>.&nbsp;&nbsp;The Agent shall not have advised the Company that the Registration Statement
or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&rsquo;s reasonable
opinion is material, or omits to state a fact that in the Agent&rsquo;s reasonable opinion is material and is required to be stated
therein or is necessary to make the statements therein not misleading.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Material
Changes</U>.&nbsp;&nbsp;Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission,
there shall not have been any material adverse change in the authorized capital stock of the Company or any Material Adverse Effect
or any development that would reasonably be expected to cause a Material Adverse Effect, or a downgrading in or withdrawal of the
rating assigned to any of the Company&rsquo;s securities (other than asset backed securities) by any rating organization or a public
announcement by any rating organization that it has under surveillance or review its rating of any of the Company&rsquo;s securities
(other than asset backed securities), the effect of which, in the case of any such action by a rating organization described above,
in the reasonable judgment of the Agent (without relieving the Company of any obligation or liability it may otherwise have), is
so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in
the manner contemplated in the Prospectus.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Legal
Opinions</U>.&nbsp;&nbsp;The Agent shall have received the opinions of Company Counsel required to be delivered pursuant to Section
7(m) on or before the date on which such delivery of such opinion is required pursuant to Section 7(m).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Comfort
Letter</U>.&nbsp;&nbsp;The Agent shall have received the Comfort Letter required to be delivered pursuant to Section 7(n) on or
before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(n).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representation
Certificate</U>.&nbsp;&nbsp;The Agent shall have received the certificate required to be delivered pursuant to Section 7(l) on
or before the date on which delivery of such certificate is required pursuant to Section 7(l).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Suspension</U>.&nbsp;&nbsp;Trading in the Common Stock shall not have been suspended on the Exchange and the Common Stock shall
not have been delisted from the Exchange.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Other
Materials</U>. On each date on which the Company is required to deliver a certificate pursuant to Section 7(l), the Company shall
have furnished the Agent such appropriate further information, opinions, certificates, letters and other documents as the Agent
may reasonably request. All such opinions, certificates, letters and other documents will be in compliance with the provisions
hereof.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Securities
Act Filings Made</U>.&nbsp;&nbsp;All filings with the Commission with respect to the Placement Shares 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.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Approval
for Listing</U>.&nbsp;&nbsp;The Placement Shares shall either have been approved for listing on the Exchange, subject only to notice
of issuance, or the Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to,
the issuance of any Placement Notice.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>FINRA</U>.&nbsp;&nbsp;FINRA
shall have raised no objection to the terms of this offering and the amount of compensation allowable or payable to the Agent as
described in the Prospectus.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Termination Event</U>.&nbsp;&nbsp;There shall not have occurred any event that would permit the Agent to terminate this Agreement
pursuant to Section 13(a).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification
and Contribution</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Company
Indemnification</U>.&nbsp;&nbsp;The Company agrees to indemnify and hold harmless the Agent, its partners, members, directors,
officers, employees and agents and each person, if any, who controls the Agent within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act as follows:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto),
or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any related
Issuer Free</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Writing Prospectus or
the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission; provided that (subject to Section 11(d) below) any such settlement is effected with the written consent of the Company,
which consent shall not unreasonably be delayed or withheld; and</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all expense whatsoever, as incurred (including the reasonable and documented out-of-pocket fees and disbursements of counsel),
reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above,</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>provided</U>, <U>however</U>,
that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any
untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written
information furnished to the Company by the Agent expressly for use in the Registration Statement (or any amendment thereto), or
in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Agent
Indemnification</U>.&nbsp;&nbsp;Agent agrees to indemnify and hold harmless the Company and its directors and each officer and
director of the Company who signed the Registration Statement, and each person, if any, who (i) controls the Company within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control
with the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section
11(a), 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) or any Issuer
Free Writing Prospectus in reliance upon and in conformity with information furnished to the Company in writing by the Agent expressly
for use therein. The Company hereby acknowledges that the only information that the Agent has furnished to the Company expressly
for use in the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus (or any amendment or supplement thereto)
are the statements set forth in the seventh and eighth paragraphs under the caption &ldquo;Plan of Distribution&rdquo; in the Prospectus.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Procedure</U>.&nbsp;&nbsp;Any
party that proposes to assert the right to be indemnified under this Section 11 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
Section 11, 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</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">party will not relieve
the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this Section 11
and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 11 unless, and only
to the extent that, such omission results in the forfeiture or material impairment of substantive rights or defenses by the indemnifying
party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement,
the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the
indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any
other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified
party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying
party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable
costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will
have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at
the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing
by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal
defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying
party, (3) a conflict or potential conflict 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 and documented out-of-pocket fees, disbursements and other charges of counsel will be at the expense of the indemnifying
party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the reasonable and documented out-of-pocket 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 and documented out-of-pocket fees, disbursements and other charges will be reimbursed by the indemnifying party
promptly and after the indemnifying party receives a written notice relating to the fees, disbursements and other charges in reasonable
detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its
written consent if such consent is required by this Section 11(c). 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 Section 11 (whether or not any indemnified party is a party thereto),
unless such settlement, compromise or consent (1) includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (2) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Contribution</U>.&nbsp;&nbsp;In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this Section 11 is applicable in accordance with its terms but for any reason is held to be unavailable</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">from the Company or the
Agent, the Company and the Agent will contribute to the total losses, claims, liabilities, expenses and damages (including any
investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than
the Agent, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed
the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and the
Agent may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the
one hand and the Agent on the other hand. The relative benefits received by the Company on the one hand and the Agent on the other
hand shall be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting
expenses) received by the Company bear to the total compensation received by the Agent (before deducting expenses) from the sale
of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted
by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative
benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Agent, on the
other hand, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action
in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by the Company or the Agent, the intent of the parties
and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company
and the Agent agree that it would not be just and equitable if contributions pursuant to this Section 11(e) 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 Section 11(e) shall be deemed to include, for the purpose of this Section
11(e), 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 Section 11(c) hereof. Notwithstanding the foregoing provisions of this Section
11(e), the Agent shall not be required to contribute any amount in excess of the commissions received by it under this Agreement
and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section
11(e), 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 the Agent, will have the same rights to contribution as that party, and each officer and director
of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each
case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action
against such party in respect of which a claim for contribution may be made under this Section 11(e), 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 Section 11(e) except to the extent that the
failure to so notify such other party materially prejudiced the substantive rights or</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">defenses of the party
from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of Section 11(c) 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 Section 11(c) hereof.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Agreements to Survive Delivery</U>.&nbsp;&nbsp;The indemnity and contribution agreements contained in Section 11 of this Agreement
and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of
their respective dates, regardless of (i) any investigation made by or on behalf of the Agent, any controlling persons, or the
Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement
Shares and payment therefor or (iii) any termination of this Agreement.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (1) if there has been, since
the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any change, or any
development or event involving a prospective change, in the condition, financial or otherwise, or in the business, properties,
earnings, results of operations or prospects of the Company and its Subsidiaries considered as one enterprise, whether or not arising
in the ordinary course of business, which individually or in the aggregate, in the sole judgment of the Agent is material and adverse
and makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares,
(2) if there has occurred any material adverse change in the financial markets in the United States or the international financial
markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a
prospective change in national or international political, financial or economic conditions, in each case the effect of which is
such as to make it, in the judgment of the Agent, impracticable or inadvisable to market the Placement Shares or to enforce contracts
for the sale of the Placement Shares, (3) if trading in the Common Stock has been suspended or limited by the Commission or the
Exchange, or if trading generally on the Exchange has been suspended or limited, or minimum prices for trading have been fixed
on the Exchange, (4) if any suspension of trading of any securities of the Company on any exchange or in the over-the-counter market
shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services in the United
States shall have occurred and be continuing, or (6) if a banking moratorium has been declared by either U.S. Federal or New York
authorities. Any such termination shall be without liability of any party to any other party except that the provisions of Section
8 (Payment of Expenses), Section 11 (Indemnification and Contribution), Section 12 (Representations and Agreements to Survive Delivery),
Section 18 (Governing Law and Time; Waiver of Jury Trial) and Section 19 (Consent to Jurisdiction) hereof shall remain in full
force and effect notwithstanding such termination. If the Agent elects to terminate this Agreement as provided in this Section
13(a), the Agent shall provide the required notice as specified in Section 14 (Notices).</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall have the right, by giving five (5) days&rsquo; written notice as hereinafter specified to terminate this Agreement
in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party
to any other</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">party except that the
provisions of Section 8, Section 11, Section 12, Section 18 and Section 19 hereof shall remain in full force and effect notwithstanding
such termination.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Agent shall have the right, by giving ten (10) days&rsquo; notice as hereinafter specified to terminate this Agreement in its sole
discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other
party except that the provisions of Section 8, Section 11, Section 12, Section 18 and Section 19 hereof shall remain in full force
and effect notwithstanding such termination.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement shall remain in full force and effect unless terminated pursuant to Sections 13(a), (b), or (c) above or otherwise by
mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all cases be deemed
to provide that Section 8, Section 11, Section 12, Section 18 and Section 19 shall remain in full force and effect.<FONT STYLE="font-family: Times New Roman, Times, Serif; color: red">
</FONT>Upon termination of this Agreement, the Company shall not have any liability to an Agent for any discount, commission or
other compensation with respect to any Placement Shares not otherwise sold by an Agent under this Agreement.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Any
termination of this Agreement shall be effective on the date specified in such notice of termination; provided, however, that such
termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company,
as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement
Shares shall settle in accordance with the provisions of this Agreement.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U>.&nbsp;&nbsp;All
notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this
Agreement shall be in writing, unless otherwise specified, and if sent to the Agent, shall be delivered to:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">FBR Capital Markets &amp; Co.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">1300 North 17<SUP>th</SUP> Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Suite 1400</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Arlington, VA 22209</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Legal Department</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Facsimile:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">and with a copy to:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Duane Morris LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">One Riverfront Plaza</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">1037 Raymond Boulevard, Suite 1800</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Newark, NJ 07102</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Dean M. Colucci</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Facsimile: (973) 556-1406</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">and if to the Company, shall be delivered to:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Cyclacel Pharmaceuticals, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">200 Connell Drive</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Suite 1500</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Berkeley Heights, New Jersey 07922<BR>
Attention: Chief Executive Officer<BR>
Facsimile: (866) 271-3466</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy (which shall not constitute notice) to:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">666 Third Avenue</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Joel I. Papernik, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Facsimile: (212) 983-3115</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Cyclacel Limited</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">1 James Lindsay Place</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Dundee DD1 5JJ</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">UK</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: COO</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Facsimile: +44 1382 206067</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party to this
Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such
purpose. Each such notice or other communication shall be deemed given (i) when delivered personally, by email, or by verifiable
facsimile transmission on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on
the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier
and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested,
postage prepaid). For purposes of this Agreement, &ldquo;<B><U>Business Day</U></B>&rdquo; shall mean any day on which the Exchange
and commercial banks in the City of New York are open for business.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An electronic communication
(&ldquo;<B><U>Electronic Notice</U></B>&rdquo;) shall be deemed written notice for purposes of this Section 14 if sent to the electronic
mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the
party sending Electronic Notice receives verification of receipt by the receiving party. Any party receiving Electronic Notice
may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&ldquo;<B><U>Nonelectronic Notice</U></B>&rdquo;)
which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Successors
and Assigns</U>.&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the Company and the Agent and their
respective successors and the affiliates, controlling persons, officers and directors referred to in Section 11 hereof. References
to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party.
Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and permitted assigns any</P>

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


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

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

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Adjustments
for Stock Splits</U>.&nbsp;&nbsp;The parties acknowledge and agree that all share-related numbers contained in this Agreement shall
be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Placement Shares.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Entire
Agreement; Amendment; Severability</U>.&nbsp;&nbsp;This Agreement (including all schedules and exhibits attached hereto and Placement
Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements
and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement
nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agent. In the event
that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the
fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be
construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that
giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of
the parties as reflected in this Agreement.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>GOVERNING
LAW AND TIME; WAIVER OF JURY TRIAL</U>.&nbsp;&nbsp;&nbsp;THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY
TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</B></P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>CONSENT
TO JURISDICTION</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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</B></P>

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


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

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

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Use
of Information</U>.&nbsp;&nbsp;The Agent may not use any information gained in connection with this Agreement and the transactions
contemplated by this Agreement, including due diligence, to any third party other than its legal counsel advising it on this Agreement
unless expressly approved by the Company in writing.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Counterparts</U>.&nbsp;&nbsp;This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile or
electronic transmission.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effect
of Headings</U>.&nbsp;&nbsp;The section and exhibit headings herein are for convenience only and shall not affect the construction
hereof.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Permitted
Free Writing Prospectuses</U>.&nbsp;&nbsp;The Company represents, warrants and agrees that, unless it obtains the prior consent
of the Agent, which consent shall not be unreasonably withheld, conditioned or delayed, and the Agent represents, warrants and
agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any offer relating to the Placement
Shares that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo;
as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Agent or
by the Company, as the case may be, is hereinafter referred to as a &ldquo;Permitted Free Writing Prospectus.&rdquo; The Company
represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer
free writing prospectus,&rdquo; as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable
to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping.
For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <U>Exhibit 23</U>
hereto are Permitted Free Writing Prospectuses.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Fiduciary Relationship</U>.&nbsp;&nbsp;The Company acknowledges and agrees that:</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction
contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between
the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party,
on the one hand, and the Agent, on the other hand, has been or will be created in respect of any of the transactions contemplated
by this Agreement, irrespective of whether or not the Agent has advised or is advising the Company on other matters, and the Agent
has no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly
set forth in this Agreement;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010000">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>neither
the Agent nor its affiliates have provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated
by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>it
is aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ
from those of the Company and the Agent and its affiliates have no obligation to disclose such interests and transactions to the
Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>it
waives, to the fullest extent permitted by law, any claims it may have against the Agent or its affiliates for breach of fiduciary
duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the
Agent and its affiliates shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect
of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company,
employees or creditors of Company, other than in respect of the Agent&rsquo;s obligations under this Agreement and to keep information
provided by the Company to the Agent and the Agent&rsquo;s counsel confidential to the extent not otherwise publicly-available.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definitions</U>.&nbsp;&nbsp;As
used in this Agreement, the following terms have the respective meanings set forth below:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Applicable
Time</U></B>&rdquo; means (i) each Representation Date and (ii) the time of each sale of any Placement Shares pursuant to this
Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Issuer
Free Writing Prospectus</U></B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, relating
to the Placement Shares that (1) is required to be filed with the Commission by the Company, (2) is a &ldquo;road show&rdquo; that
is a &ldquo;written communication&rdquo; within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission,
or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the
offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or,
if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule 433(g) under the Securities Act.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Rule 164</U></B>,&rdquo;
&ldquo;<B><U>Rule 172</U></B>,&rdquo; &ldquo;<B><U>Rule 405</U></B>,&rdquo; &ldquo;<B><U>Rule 415</U></B>,&rdquo; &ldquo;<B><U>Rule
424</U></B>,&rdquo; &ldquo;<B><U>Rule 424(b)</U></B>,&rdquo; &ldquo;<B><U>Rule 430B</U></B>,&rdquo; and &ldquo;<B><U>Rule 433</U></B>&rdquo;
refer to such rules under the Securities Act.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or
&ldquo;stated&rdquo; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed
to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus
(other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">required to be filed
with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references
in this Agreement to &ldquo;supplements&rdquo; to the Prospectus shall include, without limitation, any supplements, &ldquo;wrappers&rdquo;
or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agent outside
of the United States.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<B><I>Signature Page Follows</I></B>]</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing correctly
sets forth the understanding between the Company and the Agent, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement between the Company and the Agent.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="text-transform: uppercase"><B>CYCLACEL PHARMACEUTICALS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Paul McBarron</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 9%">Name:</TD>
    <TD STYLE="width: 35%">Paul McBarron</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Executive Vice President &ndash; Finance, Chief Financial Officer and Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">ACCEPTED as of the date first-above written:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>FBR CAPITAL MARKETS &amp; CO.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Patrice McNicoll</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Patrice McNicoll</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Co-Head of Capital Markets</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cyclacel Pharmaceuticals, Inc. &ndash;
Sales Agreement&nbsp;</P>

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


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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 1</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Placement Notice</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">From:</TD>
    <TD STYLE="width: 85%">Cyclacel Pharmaceuticals, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>To:</TD>
    <TD>FBR Capital Markets &amp; Co.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Attention:&nbsp;&nbsp;[&bull;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Subject:</TD>
    <TD>Placement Notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD>[&bull;], 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the terms
and subject to the conditions contained in the At Market Issuance Sales Agreement between Cyclacel Pharmaceuticals, Inc., a Delaware
corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), and FBR Capital Markets &amp; Co. (&ldquo;<B><U>Agent</U></B>&rdquo;), dated
June 23, 2016, the Company hereby requests that the Agent sell up to [&bull;] of the Company&rsquo;s common stock, par value $0.001
per share, at a minimum market price of $[&bull;] per share, during the time period beginning [month, day, time] and ending [month,
day, time].</P>

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 2</P>

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall pay
to the Agent in cash, upon each sale of Placement Shares pursuant to this Agreement, an amount equal to 3.0% of the aggregate gross
proceeds from each sale of Placement Shares.</P>

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 3</P>

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

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Notice Parties</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 4</P>

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

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Subsidiaries</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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


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

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit 23</U></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Permitted Free Writing Prospectus</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>

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



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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>t1601627_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 65%; text-align: left; font-size: 10pt"><IMG SRC="logoex5-1.jpg" ALT=""></td>
    <td style="width: 35%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Chrysler Center</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">666 Third Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">New York, NY 10017</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">212-935-3000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">212-983-3115 fax</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">www.mintz.com</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2016</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 Connell Drive, Suite 1500&nbsp;<BR>
Berkeley Heights, NJ 07922</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion is furnished to you in connection
with the filing of a prospectus supplement, dated June 23, 2016 (the &ldquo;Prospectus Supplement&rdquo;), to a Registration Statement
on Form S-3, Registration No. 333-211046 (the &ldquo;Registration Statement&rdquo;) to be filed by Cyclacel Pharmaceuticals, Inc.,
a Delaware corporation (the &ldquo;Company&rdquo;), with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), with respect to the sale of shares (the &ldquo;Shares&rdquo;)
of the Company&rsquo;s common stock, par value $0.001 per share, up to an aggregate offering amount of $4,000,000, pursuant to
the At Market Issuance Sales Agreement (the &ldquo;Sales Agreement&rdquo;), dated June 23, 2016 by and between the Company, FBR
Capital Markets &amp; Co. The Shares are to be sold pursuant to the Prospectus Supplement and the base prospectus included in the
Registration Statement, dated June 23, 2016 (together with the Prospectus Supplement, the &ldquo;Prospectus&rdquo;). The Sales
Agreement is being filed as an exhibit to a Current Report on Form 8-K and will be incorporated by reference into the Registration
Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this opinion, we have
examined the Company&rsquo;s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, both as amended
to date and as currently in effect; the minutes of all pertinent meetings of the board of directors of the Company relating to
the Registration Statement, the Prospectus and the transactions contemplated thereby; such other records of the corporate proceedings
of the Company and certificates of the Company&rsquo;s officers as we deemed necessary for the purposes of rendering the opinions
in this letter; the Registration Statement and the exhibits thereto filed with the Commission; the Prospectus and the Sales Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon the foregoing, and subject to
the limitations set forth below, we are of the opinion that the Shares, when issued by the Company and delivered by the Company
against payment therefor as contemplated by the Sales Agreement and a Placement Notice (as defined in the Sales Agreement), will
be duly and validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mintz, Levin, Cohn, Ferris, Glovsky and
Popeo, P.C.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Boston
| London | Los Angeles | New York | San Diego | San Francisco | Stamford | Washington</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: normal"><B>Mintz, Levin,
Cohn, Ferris, Glovsky and Popeo, P.C.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2016</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our opinion is limited to the General Corporation
Law of the State of Delaware, 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 Shares under the securities or blue sky laws of any state or any foreign jurisdiction.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion with the Commission as an exhibit to a Current Report on Form 8-K (and its incorporation by reference into the Registration
Statement) in accordance with the requirements of Item&nbsp;601(b)(5) of Regulation&nbsp;S-K promulgated under the Securities Act
and to the use of this Firm&rsquo;s name therein and in the Prospectus under the caption &ldquo;Legal Matters.&rdquo; In giving
such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the
Securities Act or the rules and regulations of the Commission.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%">&nbsp;</td>
    <td style="width: 50%">Very truly yours, </td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>/s/ Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
