<SEC-DOCUMENT>0001493152-21-001669.txt : 20210122
<SEC-HEADER>0001493152-21-001669.hdr.sgml : 20210122
<ACCEPTANCE-DATETIME>20210122171514
ACCESSION NUMBER:		0001493152-21-001669
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210119
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210122
DATE AS OF CHANGE:		20210122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOCUMENT SECURITY SYSTEMS INC
		CENTRAL INDEX KEY:			0000771999
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPERBOARD CONTAINERS & BOXES [2650]
		IRS NUMBER:				161229730
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32146
		FILM NUMBER:		21547065

	BUSINESS ADDRESS:	
		STREET 1:		200 CANAL VIEW BOULEVARD
		STREET 2:		SUITE 104
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14623
		BUSINESS PHONE:		585 232 1500

	MAIL ADDRESS:	
		STREET 1:		200 CANAL VIEW BOULEVARD
		STREET 2:		SUITE 104
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14623

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW SKY COMMUNICATIONS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THOROUGHBREDS USA INC
		DATE OF NAME CHANGE:	19861118
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #2E74B5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #2E74B5"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #2E74B5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #2E74B5"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
8-K</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (Date of earliest event reported): <B>January 19, 2021</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>DOCUMENT
SECURITY SYSTEMS, INC.</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
    York</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-32146</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16-1229730</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State
                                         or other jurisdiction</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of
        incorporation)</B></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Commission</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File
        Number)</B></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(IRS
                                         Employer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identification
        No.)</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 59%; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>200
                                         Canal View Boulevard</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Suite
        104</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rochester,
        NY </B></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 40%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14623</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address
    of principal executive offices)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Zip
    Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&rsquo;s
telephone number, including area code: <B>(585) 325-3610</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
Applicable</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Former
name or former address, if changed since last report.) </B></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker
    symbol(s)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock, $0.02 par value per share</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DSS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    NYSE American LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company [&nbsp;&nbsp;]</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [&nbsp;&nbsp;]</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; border-bottom: Black 4pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 19, 2021, Document Security Systems, Inc., a New York corporation (the &ldquo;Company&rdquo;), entered into an
underwriting agreement, as amended by Amendment No. 1 effective as of January 19, 2021 (the &ldquo;Underwriting
Agreement&rdquo;), with Aegis Capital Corp. (&ldquo;Aegis&rdquo;), as representative of the underwriters, which provided for
the issuance and sale by the Company and the purchase by the underwriters, in a firm commitment underwritten public offering
(the &ldquo;Offering&rdquo;), of 6,666,666 shares of the Company&rsquo;s common stock, $0.02 par value per share. Subject to
the terms and conditions contained in the Underwriting Agreement, the shares were offered in a public offering at a price of
$3.60 per share, less certain underwriting discounts and commissions. The Company also granted the underwriters a 45-day
option to purchase up to 1,000,000 additional shares of the Company&rsquo;s common stock on the same terms and conditions for
the purpose of covering any over-allotments in connection with the Offering. The net offering proceeds to the Company from
the Offering are approximately $21.7 million, after deducting estimated underwriting discounts and commissions and other
estimated offering expenses, and assuming no exercise of the over-allotment option. The Company intends to use the net
proceeds from this offering to fund the development and growth of new business lines, acquisition opportunities, and general
corporate and working capital needs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Offering closed on January 22, 2021 and was made pursuant to the Company&rsquo;s registration statement on Form S-1 (File No.
333- 249857), which was declared effective by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on January 19,
2021 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and the Company&rsquo;s Registration
Statement on Form S-1MEF (File No. 333- 252239). A final prospectus describing the terms of the Offering was filed with the
SEC on January 22, 2021 and is available on the SEC&rsquo;s website located at <U>http://www.sec.gov</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Underwriting Agreement contains customary representations, warranties and covenants of the Company, customary conditions to closing,
indemnification obligations of the Company and the Underwriter, including for liabilities under the Securities Act, and termination
and other provisions customary for transactions of this nature. The Company&rsquo;s executive officers
and directors have also agreed not to sell or transfer any securities of the Company held by them for a period of 90 days from
January 22, 2021, subject to limited exceptions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Current Report on Form 8-K contains forward-looking statements that involve risks and uncertainties, such as statements related
to the use of proceeds from the Offering, as well as other risks detailed from time to time in the Company&rsquo;s filings with
the SEC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing summary of the Underwriting Agreement and Amendment No. 1 to the Underwriting Agreement are qualified in their entirety
by reference to the full text of the Underwriting Agreement and Amendment No. 1 to the Underwriting Agreement, copies of which
are filed herewith as Exhibit 1.1 and 1.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
8.01 Other Information.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 19, 2021, the Company issued a press release announcing the pricing of the Offering. A copy of this press release is filed
as Exhibit 99.1 hereto, and incorporated herein by reference.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22, 2021, the Company closed its previously announced underwritten public offering of 6,666,666 shares of its common
stock. In connection with the closing, the Company issued a press release announcing the closing of the offering. A copy of
the press release is included as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<U>Exhibits</U>:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex1-1.htm">Underwriting Agreement, dated January 19, 2021, by and between Document Security Systems, Inc. and Aegis Capital Corp.</A></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">1.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><A HREF="ex1-2.htm">Amendment No.1 to Underwriting Agreement, dated January 19, 2021, by and between Document Security Systems, Inc. and Aegis Capital Corp.</A></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1
    </FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">Press Release issued January 19, 2021</A></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-2.htm">Press Release issued January 22, 2021</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to
be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DOCUMENT
    SECURITY SYSTEMS, INC.</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    January 22, 2021</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Frank D. Heuszel</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank
    D. Heuszel</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ex1-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 1.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDERWRITING
AGREEMENT</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DOCUMENT
SECURITY SYSTEMS, INC.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AEGIS
CAPITAL CORP.,</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>as
Representative of the Several Underwriters</B></FONT></P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DOCUMENT
SECURITY SYSTEMS, INC.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>UNDERWRITING
AGREEMENT</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36.4pt; text-align: right; text-indent: -24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
19, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 48pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aegis
Capital Corp.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
Representative of the several Underwriters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 20pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">named
on <U>Schedule 1</U> attached hereto</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">810
Seventh Avenue, 18<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10019</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned, Document Security Systems, Inc., a corporation formed under the laws of the State of New York (collectively with
its subsidiaries and affiliates, including, without limitation, all entities disclosed or described in the Registration Statement
(as hereinafter defined) as being subsidiaries or affiliates of Document Security Systems, Inc., the &ldquo;<B>Company</B>&rdquo;),
hereby confirms its agreement (this &ldquo;<B>Agreement</B>&rdquo;) with Aegis Capital Corp. (hereinafter referred to as &ldquo;you&rdquo;
(including its correlatives) or the &ldquo;<B>Representative</B>&rdquo;) and with the other underwriters named on <U>Schedule
1</U> hereto for which the Representative is acting as representative (the Representative and such other underwriters being collectively
called the &ldquo;<B>Underwriters</B>&rdquo; or, </FONT>individually, an &ldquo;<B>Underwriter</B>&rdquo;) as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<U>Purchase and Sale of Securities</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1
<U>Firm Shares</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.1
<U>Nature and Purchase of Firm Shares</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth,
the Company agrees to issue and sell to the several Underwriters, an aggregate of 6,666,666 (the &ldquo;<B>Firm Shares</B>&rdquo;)
of the Company&rsquo;s common stock, par value $0.02 per share (&ldquo; <B>Common Stock</B> &ldquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
The Underwriters, severally and not jointly, agree to purchase from the Company the number of Firm Shares set forth opposite their
respective names on <U>Schedule 1</U> attached hereto and made a part hereof at the purchase price of $3.312 per Firm Share (or
92% of the per Firm Share offering price). The Firm Shares are to be offered to the public at the offering price set forth on
the cover page of the Prospectus (as defined in Section 2.1 hereof).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 174.05pt; text-align: justify; text-indent: -36.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 174.05pt; text-align: justify; text-indent: -36.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1.2
<U>Firm Shares Payment and Delivery</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
Delivery and payment for the Firm Shares shall be made at 10:00 a.m., Eastern time, on the second (2<SUP>nd</SUP>) Business
Day following the date of this Agreement </FONT>or at such earlier time as shall be agreed upon by the Representative and the
Company, at the offices of Loeb &amp; Loeb LLP, 345 Park Avenue, New York, NY 10154 (&ldquo;<B>Representative
Counsel</B>&rdquo;), or at such other place (or remotely by facsimile or other electronic transmission) as shall be agreed
upon by the Representative and the Company. The hour and date of delivery and payment for the Firm Shares is called the
&ldquo;<B>Closing Date</B>.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2
<U>Over-allotment Option</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.1
<U>Additional Shares</U>. The Company hereby grants to the Representative an option (the &ldquo;<B>Over-allotment Option</B>&rdquo;)
to purchase up to an additional 1,000,000 shares of Common Stock, representing up to 15% of the Firm Shares sold in the Offering
(the &ldquo;<B>Additional Shares</B>&rdquo;) for the purpose of covering over-allotments of such securities, if any. The Firm
Shares and the Additional Shares are collectively referred to as the &ldquo;<B>Securities</B>.&rdquo; The Securities shall be
issued directly by the Company and shall have the rights and privileges described in the Registration Statement, the Pricing Disclosure
Package and the Prospectus referred to below. The offering and sale of the Securities is herein referred to as the &ldquo;<B>Offering</B>.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.2
<U>Exercise of Option</U>. The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative
as to all (at any time) or any part (from time to time) of the Additional Shares within 45 days after the date hereof. The purchase
price to be paid per Additional Share shall be equal to the price per Firm Share set forth in Section 1.1.1(ii) hereof. The Representative
shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment
Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative, which must be confirmed
in writing by overnight mail or facsimile or other electronic transmission, setting forth the number of Additional Shares to be
purchased and the date and time for delivery of and payment for the Additional Shares (the &ldquo;<B>Option Closing Date</B>&rdquo;),
which shall not be later than two (2) full Business Days after the date of the notice or such other time as shall be agreed upon
by the Company and the Representative, at the offices of Representative Counsel or at such other place (including remotely by
facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and
payment for the Additional Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice.
Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional Shares, subject to the terms and
conditions set forth herein, the Company shall become obligated to sell to the Representative, and the Representative shall purchase,
the number of Additional Shares specified in such notice.</FONT></P>

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


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.3
<U>Payment and Delivery</U>. Payment for the Additional Shares shall be made on the Option Closing Date by wire transfer in Federal
(same day) funds, payable to the order of the Company upon delivery to you of certificates (in form and substance satisfactory
to the Representative) representing the Additional Shares (or through the facilities of DTC) for the account of the Representative.
The Additional Shares shall be registered in such name or names and in such authorized denominations as the Representative may
request in writing at least one (1) full Business Day prior to the Option Closing Date. The Company shall not be obligated to
sell or deliver the Additional Shares except upon tender of payment by the Representative for applicable Additional Shares. The
Option Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date
are simultaneous with the Closing Date, the term &ldquo; <B>Closing Date </B>&ldquo; shall refer to the time and date of delivery
of the Firm Shares and Additional Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<U>Representations and Warranties of the Company</U>. The Company represents and warrants to the Underwriters as of the Applicable
Time (as defined below), as of the Closing Date and as of the Option Closing Date, if any, as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1
<U>Filing of Registration Statement</U>. The Company has filed with the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
a registration statement, and an amendment or amendments thereto, on Form S-1 (File No. 333-249857), including any related prospectus
or prospectuses, for the registration of the Securities under the Securities Act of 1933, as amended (the &ldquo;<B>Securities
Act</B>&rdquo;), which registration statement and amendment or amendments have been and will be prepared by the Company in all
material respects in conformity with the requirements of the Securities Act and the rules and regulations of the Commission under
the Securities Act (the &ldquo;<B>Securities Act Regulations</B>&rdquo;) and contain and will contain all material statements
that are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations. Except as the
context may otherwise require, such registration statement on file with the Commission at any given time, including any amendments
thereto, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and
all information deemed to be a part thereof or included therein pursuant to Rule 430A of the Securities Act Regulations (the &ldquo;<B>Rule
430A Information</B>&rdquo;) or otherwise pursuant to the Securities Act Regulations is referred to herein as the &ldquo;<B>Registration
Statement</B>.&rdquo; If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations,
then after such filing, the term &ldquo;<B>Registration Statement</B>&rdquo; shall include such registration statement filed pursuant
to Rule 462(b). The Registration Statement has been declared effective by the Commission on the date hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A
Information that was used after such effectiveness and prior to the execution and delivery of this Agreement, is herein
called a &ldquo;<B>Preliminary Prospectus</B>.&rdquo; The Preliminary Prospectus, subject to completion, dated January 13,
2021, that was included in the Registration Statement immediately prior to the Applicable Time is hereinafter called the
&ldquo;<B>Pricing Prospectus</B>.&rdquo; The final prospectus in the form first furnished to the Representative for use in
the Offering is hereinafter called the &ldquo;<B>Prospectus</B>.&rdquo; Any reference to the &ldquo;most recent Preliminary
Prospectus&rdquo; shall be deemed to refer to the latest Preliminary Prospectus included in the Registration
Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 66pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Applicable
Time</B>&rdquo; means 5:00 p.m., Eastern time, on the date of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Issuer
Free Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the Securities
Act Regulations (&ldquo;<B>Rule 433</B>&rdquo;), including without limitation any &ldquo;free writing prospectus&rdquo; (as defined
in Rule 405 of the Securities Act Regulations) relating to the Securities that is (i) required to be filed with the Commission
by the Company, (ii) a &ldquo;road show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i), whether
or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i)
because it contains a description of the Securities 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).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Issuer
General Use Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution
to prospective investors (other than a &ldquo;<I>bona fide </I>electronic road show,&rdquo; as defined in Rule 433 (the &ldquo;<B>Bona
Fide Electronic Road Show</B>&rdquo;)), as evidenced by its being specified in <U>Schedule 2-B</U> hereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Issuer
Limited Use Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free
Writing Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Pricing
Disclosure Package</B>&rdquo; means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time,
the Pricing Prospectus and the information included on <U>Schedule 2-A</U> hereto, all considered together.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2
<U>Pursuant to the Exchange Act</U>. The Common Stock is registered pursuant to Section 12(b) under the Securities Exchange Act
of 1934, as amended (the &ldquo;<B>Exchange Act</B>&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, nor has the Company received any notification
that the Commission is contemplating terminating such registration.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3
<U>Stock Exchange Listing</U>. The Common Stock is listed on the NYSE American LLC (the &ldquo;<B>NYSE American</B>&rdquo;), and
the Company has taken no action designed to, or likely to have the effect of, delisting the Common Stock from the NYSE American,
nor has the Company received any notification that the NYSE American is contemplating terminating such listing, except as described
in the Registration Statement, the Pricing Disclosure Package and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4
<U>No Stop Orders, etc.</U> Neither the Commission nor, to the Company&rsquo;s knowledge, any state regulatory authority has issued
any order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has
instituted or, to the Company&rsquo;s knowledge, threatened to institute, any proceedings with respect to such an order. The Company
has complied with each request (if any) from the Commission for additional information with respect to the Registration Statement,
any Preliminary Prospectus or the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5
<U>Disclosures in Registration Statement</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.1
<U>Compliance with Securities Act and 10b-5 Representation</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied and will
comply in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary
Prospectus, including the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment
or supplement thereto, and the Prospectus, at the time each was or will be filed with the Commission, complied and will comply
in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus
delivered to the Underwriters for use in connection with this Offering and the Prospectus was or will be identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
Neither the Registration Statement nor any amendment thereto, at its effective time, as of the Applicable Time, at the Closing
Date or at any Option Closing Date (if any), contained, contains or will contain an untrue statement of a material fact or omitted,
omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
The Pricing Disclosure Package, as of the Applicable Time, at the Closing Date or at any Option Closing Date (if any), did not,
does not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in light of the circumstances under which they were made, not misleading; and each Issuer Limited Use
Free Writing Prospectus hereto does not conflict with the information contained in the Registration Statement, any Preliminary
Prospectus, the Pricing Prospectus or the Prospectus, and each such Issuer Limited Use Free Writing Prospectus, as supplemented
by and taken together with the Pricing Prospectus as of the Applicable Time, did not include an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading; <I>provided</I>, <I>however</I>, that this representation and warranty shall not apply to statements
made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to
the Underwriters by the Representative expressly for use in the Registration Statement, the Pricing Disclosure Package or the
Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by
or on behalf of any Underwriter consists solely of the following disclosure contained in the &ldquo;Underwriting&rdquo; section
of the Prospectus: (a) the information set forth under the sub-captions &ldquo;Discretionary Accounts,&rdquo; &ldquo;Electronic
Offer, Sale and Distribution of Shares&rdquo;, &ldquo;Other Relationships&rdquo;, &ldquo;Stabilization,&rdquo; and &ldquo;Passive
Market Making&rdquo; and (b) the table showing the number of Securities to be purchased by each Underwriter (the &ldquo;<B>Underwriters&rsquo;
Information</B>&rdquo;).</FONT></P>

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


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
Neither the Prospectus nor any amendment or supplement thereto, as of its issue date, at the time of any filing with the Commission
pursuant to Rule 424(b), at the Closing Date or at any Option Closing Date, included, includes or will include an untrue statement
of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading; <I>provided</I>, <I>however</I>, that this representation
and warranty shall not apply to the Underwriters&rsquo; Information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.2
<U>Disclosure of Agreements</U>. The agreements and documents described in the Registration Statement, the Pricing Disclosure
Package and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements
or other documents required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement,
the Pricing Disclosure Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement,
that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the
Company or any of its direct or indirect subsidiaries, including each entity disclosed or described in the Registration Statement,
the Pricing Disclosure Package and the Prospectus as being a subsidiary of the Company (each, a &ldquo;<B>Subsidiary</B>&rdquo;
and, collectively, the &ldquo;<B>Subsidiaries</B>&rdquo;) is a party or by which it is or may be bound or affected and (i) that
is referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or (ii) is material to the business
of the Company or any Subsidiary, has been duly authorized and validly executed by the Company or any Subsidiary, is in full force
and effect in all material respects and is enforceable against the Company or any Subsidiary, and, to the Company&rsquo;s knowledge,
the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting creditors&rsquo; rights generally, (y) as enforceability of any indemnification or contribution
provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive
and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought. None of such agreements or instruments has been assigned by the Company or any Subsidiary,
and neither the Company, any Subsidiary nor, to the Company&rsquo;s knowledge, any other party is in default thereunder and, to
the Company&rsquo;s knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute
a default thereunder. To the best of the Company&rsquo;s knowledge, performance by the Company or any Subsidiary of the material
provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation,
judgment, order or decree of any governmental or regulatory agency, body or court, domestic or foreign, having jurisdiction over
the Company, any Subsidiary or any of their respective assets or businesses (each, a &ldquo;<B>Governmental Entity</B>&rdquo;),
including, without limitation, those relating to environmental laws and regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.3
<U>Prior Securities Transactions</U>. No securities of the Company have been sold by the Company or by or on behalf of, or for
the benefit of, any person or persons controlling, controlled by or under common control with the Company, except as disclosed
in the Registration Statement, the Pricing Disclosure Package and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.4
<U>Regulations</U>. The disclosures in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning
the effects of federal, state, local and all foreign laws, rules and regulations relating to (a) the Offering and (b) the respective
businesses of the Company and its Subsidiaries as currently conducted or contemplated are correct and complete in all material
respects and, to the Company&rsquo;s knowledge, no other such laws, rules or regulations are required to be disclosed in the Registration
Statement, the Pricing Disclosure Package and the Prospectus which are not so disclosed.</FONT></P>

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


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.5
<U>No Other Distribution of Offering Materials.</U> The Company has not, directly or indirectly, distributed and will not distribute
any offering material in connection with the Offering other than any Preliminary Prospectus, the Pricing Disclosure Package, the
Prospectus and other materials, if any, permitted under the Securities Act and consistent with Section 3.2 below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6
<U>Changes After Dates in Registration Statement</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6.1
<U>No Material Adverse Change</U>. Since the respective dates as of which information is given in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, except as otherwise specifically stated or incorporated by reference therein:
(i) there has been no material adverse change in the financial position or results of operations of the Company or any Subsidiary,
nor any change or development that, singularly or in the aggregate, would involve a material adverse change or a prospective material
adverse change, in or affecting the condition (financial or otherwise), results of operations, business, assets or prospects of
the Company or any Subsidiary (a &ldquo;<B>Material Adverse Change</B>&rdquo;); (ii) there have been no material transactions
entered into by the Company or any Subsidiary, other than as contemplated pursuant to this Agreement; and (iii) no officer or
director of the Company has resigned from any position with the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6.2
<U>Recent Securities Transactions, etc</U>. Subsequent to the respective dates as of which information is given in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein
or disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not: (i) issued
any securities, other than securities issued pursuant to the Company&rsquo;s existing equity incentive or stock option plans or
shares of Common Stock issuable upon the exercise of then outstanding options, warrants and convertible securities, or incurred
any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other
distribution on or in respect to its capital stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7
<U>Disclosures in Commission Filings</U>. Since January 1, 2019, (i) none of the Company&rsquo;s filings with the Commission contained
any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading; and the Company has made all filings with the Commission
required under the Exchange Act and the rules and regulations of the Commission promulgated thereunder (the &ldquo;<B>Exchange
Act Regulations</B>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8
<U>Independent Accountants</U>. To the knowledge of the Company, Freed Maxick CPAs, P.C. (the &ldquo;<B>Auditor</B>&rdquo;), whose
report is filed with the Commission and incorporated in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
is an independent registered public accounting firm as required by the Securities Act and the Securities Act Regulations and the
Public Company Accounting Oversight Board. The Auditor has not, during the periods covered by the financial statements included
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, provided to the Company any non-audit services,
as such term is used in Section 10A(g) of the Exchange Act.</FONT></P>

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


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9
<U>Financial Statements, etc</U>. The financial statements, including the notes thereto and supporting schedules included or incorporated
by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus, fairly present the financial position
and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements
have been prepared in conformity with U.S. generally accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;), consistently
applied throughout the periods involved (provided that unaudited interim financial statements are subject to year-end audit adjustments
that are not expected to be material in the aggregate and do not contain all footnotes required by GAAP); and the supporting schedules
included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus present
fairly the information required to be stated therein. Except as included or incorporated by reference therein, no historical or
pro forma financial statements are required to be included or incorporated by reference in the Registration Statement, the Pricing
Disclosure Package or the Prospectus under the Securities Act or the Securities Act Regulations. The pro forma and pro forma as
adjusted financial information and the related notes, if any, included or incorporated by reference in the Registration Statement,
the Pricing Disclosure Package and the Prospectus have been properly compiled and prepared in accordance with the applicable requirements
of the Securities Act and the Securities Act Regulations and present fairly the information shown therein, and the assumptions
used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions
and circumstances referred to therein. All disclosures contained or incorporated by reference in the Registration Statement, the
Pricing Disclosure Package or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the
rules and regulations of the Commission), if any, comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K of
the Securities Act, to the extent applicable. Each of the Registration Statement, the Pricing Disclosure Package and the Prospectus
discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other
relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on
the Company&rsquo;s financial condition, changes in financial condition, results of operations, liquidity, capital expenditures,
capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement, the Pricing
Disclosure Package and the Prospectus, (a) neither the Company nor any of its Subsidiaries, including each entity disclosed or
described in the Registration Statement, the Pricing Disclosure Package and the Prospectus as being a Subsidiary of the Company,
has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than
in the ordinary course of business, (b) neither the Company nor any of its Subsidiaries has declared or paid any dividends or
made any distribution of any kind with respect to its capital stock, (c) there has not been any change in the capital stock of
the Company or any of its Subsidiaries, (d) other than in the ordinary course of business and consistent with the Company&rsquo;s
prior policies, the Company has not made any grants under any stock compensation plan, and (e) there has not been any material
adverse change in the long-term or short-term debt of the Company or any of its Subsidiaries.</FONT></P>

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


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10
<U>Authorized Capital; Options, etc</U>. The Company had, at the date or dates indicated in the Registration Statement, the Pricing
Disclosure Package and the Prospectus, the duly authorized, issued and outstanding capitalization as set forth therein. Based
on the assumptions stated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company will have
on the Closing Date the adjusted stock capitalization set forth therein. Except as set forth in, or contemplated by, the Registration
Statement, the Pricing Disclosure Package and the Prospectus, as of the Applicable Time and on the Closing Date and any Option
Closing Date, there will be no stock options, warrants, or other rights to purchase or otherwise acquire any authorized but unissued
shares of Common Stock of the Company or equity securities of any Subsidiary or any security convertible or exercisable into shares
of Common Stock of the Company or equity securities of any Subsidiary, or any contracts or commitments to issue or sell shares
of Common Stock of the Company or equity securities of any Subsidiary or any such options, warrants, rights or convertible securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11
<U>Valid Issuance of Securities, etc.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11.1
<U>Outstanding Securities</U>. All issued and outstanding securities of the Company issued prior to the transactions contemplated
by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; except as set forth in the
Registration Statement, the Pricing Disclosure Package and the Prospectus, the holders thereof have no rights of rescission or
the ability to force the Company to repurchase such securities with respect thereto, and are not subject to personal liability
by reason of being such holders; and none of such securities were issued in violation of the preemptive rights, rights of first
refusal or rights of participation of any holders of any security of the Company or similar contractual rights granted by the
Company. The authorized shares of Common Stock conform in all material respects to all statements relating thereto contained in
the Registration Statement, the Pricing Disclosure Package and the Prospectus. The offers and sales of the outstanding shares
of Common Stock, options, warrants and other rights to purchase or exchange such securities for shares of Common Stock were at
all relevant times either registered under the Securities Act and the applicable state securities or &ldquo;blue sky&rdquo; laws
or, based in part on the representations and warranties of the purchasers of such securities, exempt from such registration requirements.
The description of the Company&rsquo;s stock option, stock bonus and other stock plans or arrangements, and the options or other
rights granted thereunder, as described in the Registration Statement, Pricing Disclosure Package and the Prospectus, accurately
and fairly present, in all material respects, the information required to be shown with respect to such plans, arrangements, options
and rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11.2
<U>Securities Sold Pursuant to this Agreement</U>. The Securities have been duly authorized for issuance and sale and, when issued
and paid for, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal
liability by reason of being such holders; the Securities are not and will not be subject to the preemptive rights of any holders
of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken
for the authorization, issuance and sale of the Securities has been duly and validly taken. The Securities conform in all material
respects to all statements with respect thereto contained in the Registration Statement, the Pricing Disclosure Package and the
Prospectus.</FONT></P>

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


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.12
<U>Registration Rights of Third Parties</U>. Except as set forth in the Registration Statement, the Pricing Disclosure Package
and the Prospectus, no holders of any securities of the Company or any options, warrants, rights or other securities exercisable
for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities
of the Company under the Securities Act or to include any such securities in the Registration Statement or any other registration
statement to be filed by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.13
<U>Validity and Binding Effect of Agreements</U>. The execution, delivery and performance of this Agreement has been duly and
validly authorized by the Company, and this Agreement, when executed and delivered, will constitute, the valid and binding agreement
of the Company, enforceable against the Company in accordance with its terms, except: (i) as such enforceability may be limited
by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally; (ii) as enforceability
of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the
remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and
to the discretion of the court before which any proceeding therefor may be brought.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.14
<U>No Conflicts, etc</U>. The execution, delivery and performance by the Company of this Agreement and all ancillary documents,
the consummation by the Company of the transactions herein contemplated and the compliance by the Company with the terms hereof
and thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i)&#9;result in a breach
of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification,
termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its Subsidiaries
pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement or any other agreement or instrument to which
the Company or any of its Subsidiaries is a party or as to which any property of the Company or any of its Subsidiaries is bound;
(ii) result in any violation of the provisions of the Company&rsquo;s Certificate of Incorporation (as the same have been amended
or restated from time to time, the &ldquo;<B>Charter</B>&rdquo;), the Company&rsquo;s By-Laws (as the same have been amended or
restated from time to time, the &ldquo;<B>Bylaws</B>&rdquo;), the certificate of incorporation of any Subsidiary or the bylaws
of any Subsidiary (as applicable); or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of
any Governmental Entity as of the date hereof, except in the cases of clauses (i) and (iii) for such breaches, conflicts or violations
which would not reasonably be expected to have a Material Adverse Change.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.15
<U>No Defaults; Violations</U>. No material default exists in the due performance and observance of any term, covenant or condition
of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement
or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company
or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries may be bound or to which any of the properties
or assets of the Company or any of its Subsidiaries is subject. Neither the Company nor any of its Subsidiaries is (i) in violation
of any term or provision of its charter or bylaws, or (ii) in violation of any franchise, license, permit, applicable law, rule,
regulation, judgment or decree of any Governmental Entity, except in the cases of clause (ii) for such violations which would
not reasonably be expected to result in a Material Adverse Change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 138pt; text-align: justify; text-indent: -36.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.16
<U>Corporate Power; Licenses; Consents</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.16.1
<U>Conduct of Business</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
each of the Company and its Subsidiaries has all requisite corporate power and authority, and has all necessary consents, authorizations,
approvals, orders, licenses, certificates, qualifications, registrations and permits (collectively, the &ldquo;<B>Authorizations</B>&rdquo;)
of and from all Governmental Entities that it needs as of the date hereof to conduct its respective business as described in the
Registration Statement, the Pricing Disclosure Package and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.16.2
<U>Transactions Contemplated Herein</U>. The Company has all corporate power and authority to enter into this Agreement and to
carry out the provisions and conditions hereof, and all Authorizations required in connection therewith have been obtained. Except
for the filing of an Additional Listing Application with the NYSE American with respect to the sale of the Securities, no Authorization
of, and no filing with, any court or Governmental Entity is required for the valid issuance, sale and delivery of the Securities
and the consummation of the transactions and agreements contemplated by this Agreement and as contemplated by the Registration
Statement, the Pricing Disclosure Package and the Prospectus, except with respect to applicable federal and state securities laws
and the rules and regulations of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.17
<U>D&amp;O Questionnaires</U>. To the Company&rsquo;s knowledge, all information contained in the questionnaires (the &ldquo;<B>Questionnaires</B>&rdquo;)
completed by each of the Company&rsquo;s directors, officers and beneficial holders of 5% or more of the Company&rsquo;s Common
Stock immediately prior to the Offering (the &ldquo;<B>Insiders</B>&rdquo;) as supplemented by all information concerning the
Company&rsquo;s directors, officers and principal shareholders as described in the Registration Statement, the Pricing Disclosure
Package and the Prospectus, as well as in the Lock-Up Agreements (as defined in Section 2.27 below), provided to the Underwriters
is true and correct in all material respects and the Company has not become aware of any information which would cause the information
disclosed in the Questionnaires to become inaccurate and incorrect in any material respect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.18
<U>Litigation; Governmental Proceedings</U>. There is no material action, suit, proceeding, inquiry, arbitration, investigation,
litigation or governmental proceeding pending or, to the Company&rsquo;s knowledge, threatened against, or involving the Company,
any of its Subsidiaries or, to the Company&rsquo;s knowledge, any executive officer or director which has not been disclosed in
the Registration Statement, the Pricing Disclosure Package and the Prospectus which is required to be disclosed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.19
<U>Good Standing</U>. Each of the Company and its Subsidiaries has been duly organized and is validly existing as a corporation
or limited liability company, as applicable, and is in good standing under the laws of its jurisdiction of incorporation or formation
as of the date hereof, and is duly qualified to do business and is in good standing in each other jurisdiction in which its ownership
or lease of property or the conduct of business requires such qualification, except where the failure to qualify, singularly or
in the aggregate, would not have or reasonably be expected to result in a Material Adverse Change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 30pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.20
<U>Insurance</U>. The Company and each of its Subsidiaries carries or is entitled to the benefits of insurance (including, without
limitation, as to directors and officers insurance coverage), with reputable insurers, in such amounts and covering such risks
which the Company believes are adequate, and all such insurance is in full force and effect. The Company has no reason to believe
that it or any of its Subsidiaries will not be able (i) to renew its existing insurance coverage as and when such policies expire
or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as
now conducted and at a cost that would not result in a Material Adverse Change.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.21
<U>Transactions Affecting Disclosure to FINRA</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.21.1
<U>Finder&rsquo;s Fees</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder&rsquo;s, consulting
or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder or any other arrangements,
agreements or understandings of the Company or, to the Company&rsquo;s knowledge, any of its shareholders that may affect the
Underwriters&rsquo; compensation, as determined by FINRA. Other than the Underwriters, no person has the right to act as an underwriter
or as a financial advisor to the Company in connection with the transactions contemplated hereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.21.2
<U>Payments Within Six (6) Months</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the
Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as
a finder&rsquo;s fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing
to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that
has any direct or indirect affiliation or association with any FINRA member, within the six (6) months prior to the initial filing
of the Registration Statement, other than the payment to the Underwriters as provided hereunder in connection with the Offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.21.3
<U>Use of Proceeds</U>. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member
or its affiliates, except as specifically authorized herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.21.4
<U>FINRA Affiliation</U>. There is no (i) officer or director of the Company, (ii) to the Company&rsquo;s knowledge, any beneficial
owner of 5% or more of any class of the Company&rsquo;s securities or (iii) to the Company&rsquo;s knowledge, any beneficial owner
of the Company&rsquo;s unregistered equity securities which were acquired during the 180-day period immediately preceding the
filing of the Registration Statement that is an affiliate or associated person of a FINRA member participating in the Offering
(as determined in accordance with the rules and regulations of FINRA).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.21.5
<U>Information</U>. All information provided by the Company in its FINRA questionnaire to Representative Counsel specifically
for use by Representative Counsel in connection with its Public Offering System filings (and related disclosure) with FINRA is
true, correct and complete in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.22
<U>Foreign Corrupt Practices Act</U>. Neither the Company or any of its Subsidiaries nor, to the Company&rsquo;s knowledge, any
director, officer, agent, employee or affiliate of the Company or any of its Subsidiaries nor, to the Company&rsquo;s knowledge,
any other person acting on behalf of the Company or any of its Subsidiaries, has, directly or indirectly, given or agreed to give
any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any
customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality
of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who
was, is, or may be in a position to help or hinder the business of the Company or any of its Subsidiaries (or assist it in connection
with any actual or proposed transaction) that (i) might subject the Company or any of its Subsidiaries to any material damage
or penalty in any civil, criminal or governmental litigation or proceeding, (ii) if not given in the past, might have had a Material
Adverse Change or (iii) if not continued in the future, might adversely affect the assets, business, operations or prospects of
the Company or any of its Subsidiaries. The Company and each of its Subsidiaries has taken reasonable steps to ensure that its
accounting controls and procedures are sufficient to cause the Company to comply in all material respects with the Foreign Corrupt
Practices Act of 1977, as amended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.23
<U>Compliance with OFAC</U>. Neither the Company or any of its Subsidiaries nor, to the Company&rsquo;s knowledge, any director,
officer, agent, employee or affiliate of the Company or any of its Subsidiaries nor, to the Company&rsquo;s knowledge, any other
person acting on behalf of the Company or any of its Subsidiaries, is currently subject to any U.S. sanctions administered by
the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;), and the Company will
not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any
person currently subject to any U.S. sanctions administered by OFAC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.24
<U>Money Laundering Laws</U>. The operations of the Company and each of its Subsidiaries are and have been conducted at all times
in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the &ldquo;<B>Money
Laundering Laws</B>&rdquo;); and no action, suit or proceeding by or before any Governmental Entity involving the Company or any
of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.25
<U>Forward-Looking Statements</U>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act) contained in either the Registration Statement, Pricing Disclosure Package or the Prospectus has been
made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.26
<U>Officers&rsquo; Certificate</U>. Any certificate signed by any duly authorized officer of the Company and delivered to you
or to Representative Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters
covered thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 30pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.27
<U>Lock-Up Agreements</U>. <U>Schedule 3</U> hereto contains a complete and accurate list of the Company&rsquo;s officers, directors
and, to the Company&rsquo;s knowledge, holders of 5% or more of the Company&rsquo;s outstanding shares of Common Stock (or securities
convertible or exercisable into shares of Common Stock) (collectively, the &ldquo;<B>Lock-Up Parties</B>&rdquo;). The Company
has caused each of the Lock-Up Parties to deliver to the Representative an executed Lock-Up Agreement, in the form attached hereto
as <U>Exhibit A</U> <B>(</B>the &ldquo;<B>Lock-Up Agreement</B>&rdquo;), prior to the execution of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.28
<U>Subsidiaries</U>. All direct and indirect Subsidiaries of the Company are duly organized and in good standing under the laws
of the place of organization or incorporation, and each Subsidiary is in good standing in each jurisdiction in which its ownership
or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have
a material adverse effect on the assets, business or operations of the Company taken as a whole. The Company&rsquo;s ownership
and control of each Subsidiary is as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.
No Subsidiary of the Company is prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from
making any other distributions 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, except as set forth or contemplated in the Registration Statement, the Pricing Disclosure Package
and the Prospectus. As of the date of this Agreement, the Company&rsquo;s sole Subsidiaries are: Premier Packaging Corporation,
a New York corporation; DSS Digital Inc., a New York corporation; DSS Technology Management Inc., a Delaware corporation; DSS
Blockchain Security, Inc., a Nevada corporation; Decentralize Sharing Systems, Inc., a Nevada corporation; DSS Securities, Inc.,
a Nevada corporation; DSS BioHealth Security, Inc., a Nevada corporation; DSS Secure Living, Inc., a Nevada corporation; DSS Administrative
Group, Inc., a New York corporation; Secuprint Inc., a New York corporation; DSS International Inc., a Nevada corporation; Alset,
Inc., a Texas corporation; Alset Innovations, Inc., a Texas corporation; DSS Asia Limited, a Hong Kong company; and DSS Cyber
Security Pte Ltd., a Singapore company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.29
<U>Related Party Transactions</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.29.1
<U>Business Relationships</U>. There are no business relationships or related party transactions involving the Company or any
other person required to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have
not been described as required.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.29.2
<U>No Relationships with Customers and Suppliers</U>. No relationship, direct or indirect, exists between or among the Company
on the one hand, and the directors, officers, 5% or greater stockholders, customers or suppliers of the Company or any of the
Company&rsquo;s affiliates on the other hand, which is required to be described in the Pricing Disclosure Package and the Prospectus
or a document incorporated by reference therein and which is not so described.</FONT></P>

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


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.29.3
<U>No Unconsolidated Entities</U>. There are no transactions, arrangements or other relationships between and/or among the Company,
any of its affiliates (as such term is defined in Rule 405 of the Securities Act) and any unconsolidated entity, including, but
not limited to, any structure finance, special purpose or limited purpose entity that could reasonably be expected to materially
affect the Company&rsquo;s liquidity or the availability of or requirements for its capital resources required to be described
in the Pricing Disclosure Package and the Prospectus or a document incorporated by reference therein which have not been described
as required.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.29.4
<U>No Loans or Advances to Affiliates</U>. There are no outstanding loans, advances (except normal advances for business expenses
in the ordinary course of business) or guarantees or indebtedness by the Company to or for the benefit of any of the officers
or directors of the Company or any of their respective family members, except as disclosed in the Registration Statement, the
Pricing Disclosure Package and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.30
<U>Board of Directors</U>. The qualifications of the persons serving as members of the Company&rsquo;s Board of Directors and
the overall composition of the Board comply with the Exchange Act, the Exchange Act Regulations, the Sarbanes-Oxley Act of 2002
and the rules promulgated thereunder (the <B>&ldquo;Sarbanes-Oxley Act</B>&rdquo;) applicable to the Company and the listing rules
of the NYSE American. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an &ldquo;audit
committee financial expert,&rdquo; as such term is defined under Regulation S-K and the listing rules of the NYSE American. In
addition, at least a majority of the persons serving on the Board of Directors qualify as &ldquo;independent,&rdquo; as defined
under the listing rules of the NYSE American.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.31
<U>Sarbanes-Oxley Compliance</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.31.1
<U>Disclosure Controls</U>. Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the
Company has developed and currently maintains disclosure controls and procedures that comply with Rule 13a-15 or 15d-15 under
the Exchange Act Regulations, and such controls and procedures are effective to the extent or except as otherwise disclosed in
the Registration Statement, the Disclosure Package and the Prospectus to ensure that all material information concerning the Company
will be made known on a timely basis to the individuals responsible for the preparation of the Company&rsquo;s Exchange Act filings
and other public disclosure documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.31.2
<U>Compliance</U>. The Company is, or at the Applicable Time and on the Closing Date will be, in material compliance with the
provisions of the Sarbanes-Oxley Act applicable to it, and has implemented or will implement such programs and taken reasonable
steps to ensure the Company&rsquo;s future compliance (not later than the relevant statutory and regulatory deadlines therefor)
with all of the material provisions of the Sarbanes-Oxley Act.</FONT></P>

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


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.32
<U>Accounting Controls</U>. Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the
Company and each of its Subsidiaries maintains systems of &ldquo;internal control over financial reporting&rdquo; (as defined
under Rules 13a-15 and 15d-15 under the Exchange Act Regulations) that comply in all material respects with the requirements of
the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial
officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, 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 GAAP 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. Except as disclosed in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, the Company is not aware of any material weaknesses in its internal controls.
The Company&rsquo;s auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant
deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are known
to the Company&rsquo;s management and that have adversely affected or are reasonably likely to adversely affect the Company&rsquo;
ability to record, process, summarize and report financial information; and (ii) any fraud known to the Company&rsquo;s management,
whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s internal
controls over financial reporting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.33
<U>No Investment Company Status</U>. The Company is not and, after giving effect to the Offering and the application of the proceeds
thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to
register as an &ldquo;investment company,&rdquo; as defined in the Investment Company Act of 1940, as amended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.34
<U>No Labor Disputes</U>. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge
of the Company, is imminent. The Company is not aware that any key employee or significant group of employees of the Company or
any Subsidiary plans to terminate employment with the Company or such Subsidiary.</FONT></P>

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


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.35
<U>Intellectual Property Rights</U>. The Company and each of its Subsidiaries owns or possesses or has valid rights to use all
patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights,
licenses, inventions, trade secrets software, databases, know-how, internet domain names, other unpatented and/or un-patentable
proprietary confidential information systems, processes or procedures and similar rights (&ldquo;<B>Intellectual Property Rights</B>&rdquo;)
necessary for the conduct of the business of the Company and its Subsidiaries as currently carried on and as described in the
Registration Statement, the Pricing Disclosure Package and the Prospectus. The Intellectual Property licenses described in the
Registration Statement, Pricing Disclosure Package and the Prospectus are validly executed by, binding upon and enforceable against
the Company in accordance with their respective terms. To the knowledge of the Company, no action or use by the Company or any
of its Subsidiaries necessary for the conduct of their respective businesses as currently carried on and as described in the Registration
Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual
Property Rights of others. Neither the Company nor any of its Subsidiaries has received any notice alleging any such infringement,
fee or conflict with asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually
or in the aggregate, in a Material Adverse Change or as otherwise as disclosed in the Registration Statement, the Pricing Disclosure
Package and the Prospectus, (A) to the knowledge of the Company, there is no infringement, misappropriation or violation by third
parties of any of the Intellectual Property Rights owned by the Company or any of its Subsidiaries; (B) there is no pending or,
to the knowledge of the Company, threatened action, suit, governmental review, proceeding or claim by others challenging the rights
of the Company or any of its Subsidiaries in or to any such Intellectual Property Rights, and the Company is unaware of any facts
which would form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other
claims in this Section 2.35, reasonably be expected to result in a Material Adverse Change; (C) the Intellectual Property Rights
owned by the Company or any of its Subsidiaries and, to the knowledge of the Company, the Intellectual Property Rights licensed
to the Company or any of its Subsidiaries have not been adjudged by a court of competent jurisdiction invalid or unenforceable,
in whole or in part, and there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, governmental review,
proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and the Company is unaware
of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with
any other claims in this Section 2.35, reasonably be expected to result in a Material Adverse Change; (D) there is no pending
or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others that the Company or any of its Subsidiaries
infringes, misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, neither
the Company nor any of its Subsidiaries has received any written notice of such claim and the Company is unaware of any other
facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other
claims in this Section 2.35, reasonably be expected to result in a Material Adverse Change; and (E) to the Company&rsquo;s knowledge,
no employee of the Company or any of its Subsidiaries is in or has ever been in violation in any material respect of any term
of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non- solicitation
agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation
relates to such employee&rsquo;s employment with the Company or any of its Subsidiaries, or actions undertaken by the employee
while employed with the Company or any of its Subsidiaries and could reasonably be expected to result, individually or in the
aggregate, in a Material Adverse Change. To the Company&rsquo;s knowledge, all material technical information developed by and
belonging to the Company or any of its Subsidiaries which has not been patented has been kept confidential. Neither the Company
nor any of its Subsidiaries is a party to or bound by any options, licenses or agreements with respect to the Intellectual Property
Rights owned by any other person or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure
Package and the Prospectus and are not described therein. The Registration Statement, the Pricing Disclosure Package and the Prospectus
contain in all material respects the same description of the matters set forth in the preceding sentence. None of the technology
employed by the Company or any of its Subsidiaries has been obtained or is being used by the Company or any of its Subsidiaries
in violation of any contractual obligation binding on the Company or any of its Subsidiaries or, to the Company&rsquo;s knowledge,
any of its officers, directors or employees, or otherwise in violation of the rights of any persons.</FONT></P>

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


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.36
<U>Taxes</U>. Each of the Company and its Subsidiaries has filed all returns (as hereinafter defined) required to be filed with
taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company
and its Subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all
taxes imposed on or assessed against the Company or such respective Subsidiary. The provisions for taxes payable, if any, shown
on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes,
whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. Except as disclosed
in writing to the Underwriters, (i) no issues have been raised (and are currently pending) by any taxing authority in connection
with any of the returns or taxes asserted as due from the Company or its Subsidiaries, and (ii) no waivers of statutes of limitation
with respect to the returns or collection of taxes have been given by or requested from the Company or its Subsidiaries. The term
&ldquo;<B>taxes</B>&rdquo; mean all federal, state, local, foreign and other net income, gross income, gross receipts, sales,
use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise,
severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments or charges
of any kind whatever, together with any interest and any penalties, additions to tax or additional amounts with respect thereto.
The term &ldquo;<B>returns</B>&rdquo; means all returns, declarations, reports, statements and other documents required to be
filed in respect to taxes</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.37
<U>Compliance with Environmental Laws</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and
the Prospectus, (i) neither the Company nor any of its Subsidiaries is in material violation of any federal, state, local or foreign
statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation
thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human
health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata)
or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, &ldquo;<B>Hazardous
Materials</B>&rdquo;) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling
of Hazardous Materials (collectively, &ldquo;<B>Environmental Laws </B>), (ii) the Company and each of its Subsidiaries has all
material permits, authorizations and approvals required under any applicable Environmental Laws and is in compliance with their
requirements, (iii) there are no pending or, to the Company&rsquo;s knowledge, threatened administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating
to any Environmental Law against the Company or any of its Subsidiaries and (iv) to the Company&rsquo;s knowledge, there are no
events or circumstances that might reasonably be expected to form the basis of an order for clean-up or remediation, or an action,
suit or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its Subsidiaries
relating to Hazardous Materials or any Environmental Laws.</FONT></P>

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


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.38
<U>ERISA Compliance</U>. The Company and any &ldquo;employee benefit plan&rdquo; (as defined under the Employee Retirement Income
Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, &ldquo;<B>ERISA</B>&rdquo;))
established or maintained by the Company or its &ldquo;ERISA Affiliates&rdquo; (as defined below) are in compliance in all material
respects with ERISA. &ldquo;<B>ERISA Affiliate</B>&rdquo; means, with respect to the Company, any member of any group of organizations
described in Sections 414(b),(c),(m) or (o) of the Internal Revenue Code of 1986, as amended, and the regulations and published
interpretations thereunder (the &ldquo;<B>Code</B>&rdquo;) of which the Company is a member. No &ldquo;reportable event&rdquo;
(as defined under ERISA) has occurred or is reasonably expected to occur with respect to any &ldquo;employee benefit plan&rdquo;
established or maintained by the Company or any of its ERISA Affiliates. No &ldquo;employee benefit plan&rdquo; established or
maintained by the Company or any of its ERISA Affiliates, if such &ldquo;employee benefit plan&rdquo; were terminated, would have
any &ldquo;amount of unfunded benefit liabilities&rdquo; (as defined under ERISA). Neither the Company nor any of its ERISA Affiliates
has incurred or reasonably expects to incur any material liability under (i) Title IV of ERISA with respect to termination of,
or withdrawal from, any &ldquo;employee benefit plan&rdquo; or (ii) Sections 412, 4971, 4975 or 4980B of the Code. Each &ldquo;employee
benefit plan&rdquo; established or maintained by the Company or any of its ERISA Affiliates that is intended to be qualified under
Section 401(a) of the Code is so qualified and, to the knowledge of the Company, nothing has occurred, whether by action or failure
to act, which would cause the loss of such qualification. The execution of this Agreement, or consummation of the Offering does
not constitute a triggering event under any employee benefit plan or any other employment contract, whether or not legally enforceable,
which (either alone or upon the occurrence of any additional or subsequent event) will or may result in any payment (of severance
pay or otherwise), acceleration, increase in vesting, or increase in benefits to any current or former participant, employee or
director of the Company other than an event that is not material to the financial condition or business of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.39
<U>Compliance with Laws</U>. The Company and each of its Subsidiaries: (A) is and at all times has been in compliance with all
statutes, rules, or regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution,
marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product manufactured or distributed
by the Company (&ldquo;<B>Applicable Laws</B>&rdquo;), except as could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Change; (B) possesses all material Authorizations and such Authorizations are valid and in full force
and effect and are not in material violation of any term of any such Authorizations; (C) has not received notice of any claim,
action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Entity or third
party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge
that any such governmental authority or third party is considering any such claim, litigation, arbitration, action, suit, investigation
or proceeding; (D) has not received notice that any Governmental Entity has taken, is taking or intends to take action to limit,
suspend, modify or revoke any Authorizations and has no knowledge that any such governmental authority is considering such action;
and (E) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims,
submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents,
forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct on the date
filed (or were corrected or supplemented by a subsequent submission).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.40
<U>Smaller Reporting Company</U>. As of the time of filing of the Registration Statement and as of its effective time, the Company
was a &ldquo;smaller reporting company,&rdquo; as defined in Rule 12b-2 of the Exchange Act Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.41
<U>Industry Data</U>. The statistical and market-related data included in each of the Registration Statement, the Pricing Disclosure
Package and the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable
and accurate or represent the Company&rsquo;s good faith estimates that are made on the basis of data derived from such sources,
and the Company has obtained the written consent to use such data from such sources, to the extent required.</FONT></P>

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


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.42
<U>Margin Securities</U>. The Company does not own any &ldquo;margin securities&rdquo; as that term is defined in Regulation U
of the Board of Governors of the Federal Reserve System (the &ldquo;<B>Federal Reserve Board</B>&rdquo;), and none of the proceeds
of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose
of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other
purpose which might cause any of the shares of Common Stock to be considered a &ldquo;purpose credit&rdquo; within the meanings
of Regulation T, U or X of the Federal Reserve Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.43
<U>Integration</U>. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require
the registration of any such securities under the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.44
<U>Title</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company
and each of its Subsidiaries has good and marketable title in fee simple to, or has valid rights to lease or otherwise use, all
items of real or personal property that are material to its respective business, free and clear of all liens, encumbrances, security
interests, claims and defects that do not, singularly or in the aggregate, materially affect the business of the Company or its
Subsidiaries and do not interfere with the use made of such property by the Company or its Subsidiaries; and all of the leases
and subleases material to the business of the Company and each of its Subsidiaries, and under which the Company or any of its
Subsidiaries holds properties described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, are,
to the Company&rsquo;s knowledge in full force and effect, and neither the Company nor any of its Subsidiaries has received any
notice of any material claim of any sort that have been asserted by anyone adverse to the rights of the Company or such Subsidiaries
under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such Subsidiaries
to the continued possession of the leased or subleased premises under any such lease or sublease, which would result in a Material
Adverse Change.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.45
<U>Confidentiality and Non-Competition</U>. To the Company&rsquo;s knowledge, no director, officer, key employee or consultant
of the Company is subject to any confidentiality, non-disclosure, non-competition or non-solicitation agreement with any employer
or prior employer that could materially affect his or her ability to be and act in his or her respective capacity with the Company
or be expected to result in a Material Adverse Change.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<U>Covenants of the Company</U>. The Company covenants and agrees as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1
<U>Amendments to Registration Statement</U>. The Company shall deliver to the Representative, prior to filing, any amendment or
supplement to the Registration Statement or the Prospectus proposed to be filed and shall not file any such amendment or supplement
to which the Representative shall reasonably object in writing.</FONT></P>

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


<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2
<U>Federal Securities Laws</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.1
<U>Compliance</U>. The Company, subject to Section 3.2.2, shall comply with the requirements of Rule 424(b) and Rule 430A of the
Securities Act Regulations, and will notify the Representative promptly, and confirm the notice in writing, (i) when any post-effective
amendment to the Registration Statement or any amendment or supplement to the Prospectus shall have been filed and when any post-effective
amendment to the Registration Statement shall become effective; (ii) of the receipt of any comments from the Commission; (iii)
of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus
or for additional information; (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or any post-effective amendment or of any order preventing or suspending the use of any Preliminary Prospectus or the
Prospectus, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation
or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the Securities
Act concerning the Registration Statement; and (v) if the Company becomes the subject of a proceeding under Section 8A of the
Securities Act in connection with the Offering of the Securities. The Company shall effect all filings required under Rule 424(b)
of the Securities Act Regulations, in the manner and within the time period required by Rule 424(b) (without reliance on Rule
424(b)(8)), and shall take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for
filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such
prospectus. The Company shall use its best efforts to prevent the issuance of any stop order, prevention or suspension and, if
any such order is issued, to obtain the lifting thereof at the earliest possible moment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.2
<U>Continued Compliance</U>. The Company shall comply with the Securities Act, the Securities Act Regulations, the Exchange Act
and the Exchange Act Regulations so as to permit the completion of the distribution of the Securities as contemplated in this
Agreement and in the Registration Statement, the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus
relating to the Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations (&ldquo;<B>Rule
172</B>&rdquo;), would be) required by the Securities Act to be delivered in connection with sales of the Securities, any event
shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for
the Company, to (i) amend the Registration Statement in order that the Registration Statement will not include 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; (ii) amend or supplement the Pricing Disclosure Package or the Prospectus in order that the Pricing Disclosure
Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein not misleading in light of the circumstances existing at the time it is
delivered to a purchaser; or (iii) amend the Registration Statement or amend or supplement the Pricing Disclosure Package or the
Prospectus, as the case may be, in order to comply with the requirements of the Securities Act or the Securities Act Regulations,
the Company will promptly (A) give the Representative notice of such event; (B) prepare any amendment or supplement as may be
necessary to correct such statement or omission or to make the Registration Statement, the Pricing Disclosure Package or the Prospectus
comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Representative
with copies of any such amendment or supplement and (C) file with the Commission any such amendment or supplement; provided that
the Company shall not file or use any such amendment or supplement to which the Representative or counsel for the Underwriters
shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as
the Underwriters may reasonably request. The Company has given the Representative notice of any filings made pursuant to the Exchange
Act or the Exchange Act Regulations within 48 hours prior to the Applicable Time. The Company shall give the Representative notice
of its intention to make any such filing from the Applicable Time until the later of the Closing Date and the exercise in full
or expiration of the Over-allotment Option specified in Section 1.2 hereof and will furnish the Representative with copies of
the related document(s) a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use
any such document to which the Representative or counsel for the Underwriters shall reasonably object.</FONT></P>

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


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.3
<U>Exchange Act Registration</U>. For a period of three (3) years after the date of this Agreement, the Company shall use its
reasonable best efforts to maintain the registration of the Common Stock under the Exchange Act, provided that such provision
shall not prevent a sale, merger or similar transaction involving the Company. The Company shall not, for a period of three (3)
years after the date of this Agreement, deregister the Common Stock under the Exchange Act without the prior written consent of
the Representative, which consent shall not be unreasonably withheld.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.4
<U>Free Writing Prospectuses.</U> The Company agrees that, unless it obtains the prior written consent of the Representative,
it shall not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise
constitute a &ldquo;free writing prospectus,&rdquo; or a portion thereof, required to be filed by the Company with the Commission
or retained by the Company under Rule 433; provided that the Representative shall be deemed to have consented to each Issuer General
Use Free Writing Prospectus hereto and any &ldquo;road show that is a written communication&rdquo; within the meaning of Rule
433(d)(8)(i) that has been reviewed by the Representative. The Company represents that it has treated or agrees that it will treat
each such free writing prospectus consented to, or deemed consented to, by the Underwriters as an &ldquo;issuer free writing prospectus,&rdquo;
as defined in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto,
including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of
an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing
Prospectus conflicted or would conflict with the information contained in the Registration Statement or included or would include
an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the
Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct
such conflict, untrue statement or omission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 55.25pt 0 30pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3
<U>Delivery to the Underwriters of Registration Statements</U>. The Company has delivered or made available or shall deliver or
make available to the Representative and counsel for the Representative without charge, signed copies of the Registration Statement
as originally filed and each amendment thereto (including exhibits filed therewith) and signed copies of all consents and certificates
of experts, and will also deliver to the Underwriters, without charge, a conformed copy of the Registration Statement as originally
filed and each amendment thereto (without exhibits) for each of the Underwriters. The copies of the Registration Statement and
each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed
with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4
<U>Delivery to the Underwriters of Prospectuses</U>. The Company has delivered or made available or will deliver or make available
to each Underwriter, without charge, as many copies of each Preliminary Prospectus, Pricing Disclosure Package and Prospectus
as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by
the Securities Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating
to the Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations, would be) required to
be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter
may reasonably request. The Preliminary Prospectus, the Pricing Disclosure Package and the Prospectus and any amendments or supplements
thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission
pursuant to EDGAR, except to the extent permitted by Regulation S- T.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5
<U>Effectiveness and Events Requiring Notice to the Representative</U>. The Company shall use its best efforts to cause the Registration
Statement to remain effective with a current prospectus for at least nine (9) months after the Applicable Time, and shall notify
the Representative immediately and confirm the notice in writing: (i) of the effectiveness of the Registration Statement and any
amendment thereto; (ii) of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding
for that purpose; (iii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification
of the Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that
purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement
or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the
happening of any event during the period described in this Section 3.5 that, in the judgment of the Company, makes any statement
of a material fact made in the Registration Statement, the Pricing Disclosure Package or the Prospectus untrue or that requires
the making of any changes in (a) the Registration Statement in order to make the statements therein not misleading, or (b) in
the Pricing Disclosure Package or the Prospectus in order to make the statements therein not misleading. If the Commission or
any state securities commission shall enter a stop order or suspend such qualification at any time, the Company shall make every
reasonable effort to obtain promptly the lifting of such order.</FONT></P>

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


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6
<U>Listing</U>. The Company shall use its best efforts to maintain the listing of the Common Stock (including the Securities)
on the NYSE American for at least three (3) years from the date of this Agreement; provided that such provision shall not prevent
a sale, merger or similar transaction involving the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7
<U>Payment of Expenses</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7.1
<U>General Expenses Related to the Offering</U>. The Company hereby agrees to pay on each of the Closing Date and the Option Closing
Date, if any, to the extent not paid at the Closing Date, all expenses incident to the performance of the obligations of the Company
under this Agreement, including, but not limited to: (a) all filing fees and communication expenses relating to the registration
of the Securities to be issued and sold in the Offering with the Commission; (b) all filing fees associated with the review of
the Offering by FINRA; (c) all fees and expenses relating to the listing of the Securities on the NYSE American; (d) all fees,
expenses and disbursements relating to the registration or qualification of the Securities under the &ldquo;blue sky&rdquo; securities
laws of such states and other jurisdictions as the Representative may reasonably designate (including, without limitation, all
filing and registration fees, and the reasonable fees and disbursements of &ldquo;blue sky&rdquo; counsel which will be the Representative
Counsel); (e) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Securities
under the securities laws of such foreign jurisdictions as the Representative may reasonably designate; (f) the costs of all mailing
and printing of the underwriting documents (including, without limitation, the Underwriting Agreement, any Blue Sky Surveys and,
if appropriate, any Agreement Among Underwriters, Selected Dealers&rsquo; Agreement, Underwriters&rsquo; Questionnaire and Power
of Attorney), Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary
and final Prospectuses as the Representative may reasonably deem necessary; (g) the costs of preparing, printing and delivering
certificates representing the Securities; (h) fees and expenses of the Company&rsquo;s transfer agent; (j) stock transfer and/or
stamp taxes, if any, payable upon the transfer of securities from the Company to the Underwriters; (k) the fees and expenses of
the Company&rsquo;s accountants; (l) the fees and expenses of the Company&rsquo;s legal counsel and other agents and representatives;
and (m) a maximum of $75,000 for the actual fees and expenses incurred by the Representative in connection with the Offering including
the legal fees and expenses of the Representative Counsel in the event that the Offering is consummated or $25,000 if the Offering
is not consummated. The Company and the Representative acknowledge that the Company has previously paid to the Representative
an advance in an amount of $25,000 (the &ldquo;<B>Advance</B>&rdquo;) against the Representative&rsquo;s fees and expenses under
clause (m) above. The Representative may deduct from the net proceeds of the Offering payable to the Company on the Closing Date,
or the Option Closing Date, if any, the fees and expenses set forth herein to be paid by the Company to the Underwriters.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7.2
<U>Non-Accountable Expenses</U>. The Company further agrees that, in addition to the expenses payable pursuant to Section 3.7.1,
on the Closing Date it shall pay to the Representative, by deduction from the net proceeds of the Offering on the Closing Date
contemplated herein, a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by the Company
from the sale of the Firm Shares; <I>provided</I>, <I>however</I>, that in the event that the Offering is terminated, the Company
agrees to reimburse the Underwriters pursuant to Section 8.3 hereof.</FONT></P>

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


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8
<U>Application of Net Proceeds</U>. The Company shall apply the net proceeds from the Offering received by it in a manner consistent
with the application thereof described under the caption &ldquo;Use of Proceeds&rdquo; in the Registration Statement, the Pricing
Disclosure Package and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9
<U>Stabilization</U>. Neither the Company nor, to its knowledge, any of its employees, directors or shareholders (without the
consent of the Representative) has taken or shall take, directly or indirectly, any action designed to or that has constituted
or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10
<U>Internal Controls</U>. The Company shall maintain and shall cause each of its Subsidiaries to maintain a system of internal
accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management&rsquo;s
general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements
in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with
management&rsquo;s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing
assets at reasonable intervals and appropriate action is taken with respect to any differences.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11
<U>Accountants</U>. As of the date of this Agreement, the Company shall retain an independent registered public accounting firm,
as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board, reasonably
acceptable to the Representative, and the Company shall continue to retain a nationally recognized independent registered public
accounting firm for a period of at least three (3) years after the date of this Agreement. The Representative acknowledges that
the Auditor is acceptable to the Representative.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.12 <U>FINRA</U>.
For a period of 90 days from the later of the Closing Date or the Option Closing Date (if any), the Company shall advise the
Representative (who shall make an appropriate filing with FINRA) if it is or becomes aware that (i) any officer or director
of the Company, (ii) any beneficial owner of 5% or more of any class of the Company&rsquo;s securities or </FONT>(iii) any
beneficial owner of the Company&rsquo;s unregistered equity securities which were acquired during the 180 days immediately
preceding the filing of the Registration Statement is or becomes an affiliate or associated person of a FINRA member
participating in the Offering (as determined in accordance with the rules and regulations of FINRA).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.13
<U>No Fiduciary Duties</U>. The Company acknowledges and agrees that the Underwriters&rsquo; responsibility to the Company is
solely contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be
acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with
the Offering and the other transactions contemplated by this Agreement.</FONT></P>

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


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.14
<U>Company Lock-Up Agreements</U>. The Company, on behalf of itself and any successor entity, agrees that, without the prior written
consent of the Representative, it will not, for a period of ninety (90) days from the Closing Date (the &ldquo;<B>Lock-Up Period</B>&rdquo;),
(i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital
stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company;
or (ii) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of capital
stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company
other than a registration statement on Form S-8 or a registration relating solely to a Securities Act Rule 145 transaction or
a registration on Form S-4 in connection with a merger, acquisition, divestiture, reorganization or similar event, whether any
such transaction described in clause (i) or (ii) above is to be settled by delivery of shares of capital stock of the Company
or such other securities, in cash or otherwise. The restrictions contained in this Section 3.14 shall not apply to (i) the Securities
to be sold hereunder, (ii) the issuance by the Company of shares of Common Stock upon the exercise of a stock option or warrant
or the conversion of a security outstanding on the date hereof, which has been disclosed in the Registration Statement, the Pricing
Disclosure Package and the Prospectus, or (iii) the issuance by the Company of stock options or shares of capital stock of the
Company under any equity compensation plan or arrangement of the Company which has been disclosed in the Registration Statement,
the Pricing Disclosure Package and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.15
<U>Release of D&amp;O Lock-up Period</U>. If the Representative, in its sole discretion, agrees to release or waive the restrictions
set forth in the Lock-Up Agreements described in Section 2.27 hereof for an officer, director or shareholder of the Company, the
Representative shall provide the Company with notice of the impending release or waiver at least three (3) Business Days before
the effective date of the release or waiver, the Company agrees if required by applicable law to announce the impending release
or waiver by a press release substantially in the form of <U>Exhibit B</U> hereto through a major news service at least two (2)
Business Days before the effective date of the release or waiver.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.16
<U>Blue Sky Qualifications</U>. The Company shall use its best efforts, in cooperation with the Underwriters, if necessary, to
qualify the Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic
or foreign) as the Representative may designate and to maintain such qualifications in effect so long as required to complete
the distribution of the Securities; <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 or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise
so subject.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.17
<U>Reporting Requirements</U>. The Company, during the period when a prospectus relating to the Securities is (or, but for the
exception afforded by Rule 172, would be) required to be delivered under the Securities Act, will file all documents required
to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and Exchange
Act Regulations.</FONT></P>

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


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.18
<U>Press Releases</U>. Prior to the Closing Date and any Option Closing Date, the Company shall not issue any press release or
other communication directly or indirectly or hold any press conference with respect to the Company, its condition, financial
or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in the ordinary
course of business and consistent with the past practices of the Company and of which the Representative is notified), without
the prior written consent of the Representative, which consent shall not be unreasonably withheld, unless in the judgment of the
Company and its counsel, and after notification to the Representative, such press release or communication is required by law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.19
<U>Sarbanes-Oxley</U>. The Company shall at all times comply with all applicable provisions of the Sarbanes-Oxley Act in effect
from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
<U>Conditions of Underwriters&rsquo; Obligations</U>. The obligations of the Underwriters to purchase and pay for the Securities,
as provided herein, shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of
the date hereof and as of each of the Closing Date and the Option Closing Date, if any; (ii) the accuracy of the statements of
officers of the Company made pursuant to the provisions hereof; (iii) the performance by the Company of its obligations hereunder;
and (iv) the following conditions:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1
<U>Regulatory Matters</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.1
<U>Absence of Certain Commission Actions; Required Filings</U>. At each of the Closing Date and any Option Closing Date, no stop
order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued or shall
have been issued under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus
has been issued or shall have been issued and no proceedings for any of those purposes have been instituted or are pending or,
to the Company&rsquo;s knowledge, contemplated by the Commission. The Company has complied with each request (if any) from the
Commission for additional information. A prospectus containing the Rule 430A Information shall have been filed with the Commission
in the manner and within the time frame required by Rule 424(b) under the Securities Act Regulations (without reliance on Rule
424(b)(8)) or a post-effective amendment providing such information shall have been filed with, and declared effective by, the
Commission in accordance with the requirements of Rule 430B under the Securities Act Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.2
<U>FINRA Clearance</U>. On or before the date of this Agreement, the Representative shall have received clearance from FINRA as
to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.3
<U>NYSE American Stock Market Clearance</U>. On or before the Closing Date, the Firm Shares, and on or before the Option Closing
Date, the Additional Shares, shall have been approved for listing on the NYSE American.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2
<U>Company Counsel Matters</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.1 <U>Closing
Date Opinion of Counsel to the Company</U>. On the Closing Date, the Representative shall have received the favorable opinion
of Sichenzia Ross Ference </FONT>LLP, and a written statement providing certain &ldquo;10b-5&rdquo; negative assurances,
dated the Closing Date and addressed to the Representative, substantially in the form attached hereto as <U>Exhibit
C</U>.</P>

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


<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.2
<U>Option Closing Date Opinion of Counsel</U>. On the Option Closing Date, if any, the Representative shall have received the
favorable opinion of counsel listed in Section 4.2.1, dated the Option Closing Date, addressed to the Representative and in form
and substance reasonably satisfactory to the Representative, confirming as of the Option Closing Date, the statements made by
such counsel in its opinion delivered on the Closing Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.3
<U>Reliance</U>. In rendering such opinions, such counsel may rely: (i) as to matters involving the application of laws other
than the laws of the United States and jurisdictions in which they are admitted, to the extent such counsel deems proper and to
the extent specified in such opinion, if at all, upon an opinion or opinions (in form and substance reasonably satisfactory to
the Representative) of other counsel reasonably acceptable to the Representative, familiar with the applicable laws; and (ii)
as to matters of fact, to the extent they deem proper, on certificates or other written statements of officers of the Company
and officers of departments of various jurisdictions having custody of documents respecting the corporate existence or good standing
of the Company, provided that copies of any such statements or certificates shall be delivered to Representative Counsel if requested.
The opinion referred to in Sections 4.2.1 above and any related Option Closing Date opinion shall include a statement to the effect
that it may be relied upon by Representative Counsel in its written statement providing certain &ldquo;10b-5&rdquo; negative assurances
delivered to the Underwriters.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3
<U>Comfort Letters</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.1
<U>Cold Comfort Letter</U>. At the time this Agreement is executed you shall have received a cold comfort letter containing statements
and information of the type customarily included in accountants&rsquo; comfort letters with respect to the financial statements
and certain financial information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
addressed to the Representative and in form and substance satisfactory in all respects to you and to Representative Counsel from
the Auditor, dated as of the date of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.2
<U>Bring-down Comfort Letter</U>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have
received from the Auditor a letter, dated as of the Closing Date or the Option Closing Date, as applicable, to the effect that
the Auditor reaffirms the statements made in the letter furnished pursuant to Section 4.3.1, except that the specified date referred
to shall be a date not more than one (1) business day prior to the Closing Date or the Option Closing Date, as applicable.</FONT></P>

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


<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4
<U>Officers&rsquo; Certificates</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4.1
<U>Officers&rsquo; Certificate</U>. The Company shall have furnished to the Representative a certificate, dated the Closing Date
and any Option Closing Date (if such date is other than the Closing Date), of its Chief Executive Officer and its Chief Financial
Officer stating that (i) such officers have carefully examined the Registration Statement, the Pricing Disclosure Package, any
Issuer Free Writing Prospectus and the Prospectus and, in their opinion, the Registration Statement and each amendment thereto,
as of the Applicable Time, as of the date of this Agreement and as of the Closing Date (or any Option Closing Date if such date
is other than the Closing Date) did not include any untrue statement of a material fact and did not omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, and the Pricing Disclosure Package,
as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date),
any Issuer Free Writing Prospectus as of its date and as of the Closing Date (or any Option Closing Date if such date is other
than the Closing Date), the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the
Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances in which they were made, not misleading, (ii) since the effective
date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment to the
Registration Statement, the Pricing Disclosure Package or the Prospectus, (iii) to the best of their knowledge after reasonable
investigation, as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the representations
and warranties of the Company in this Agreement are true and correct in all material respects (except for those representations
and warranties qualified as to materiality, which shall be true and correct in all respects) and the Company has complied with
all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date
(or any Option Closing Date if such date is other than the Closing Date), and (iv) there has not been, subsequent to the date
of the most recent audited financial statements included or incorporated by reference in the Pricing Disclosure Package, any Material
Adverse Change in the financial position or results of operations of the Company, or any change or development that, singularly
or in the aggregate, would involve a Material Adverse Change or a prospective Material Adverse Change, in or affecting the condition
(financial or otherwise), results of operations, business, assets or prospects of the Company, except as set forth in the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4.2
<U>Secretary&rsquo;s Certificate</U>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall
have received a certificate of the Company signed by the Secretary of the Company, dated the Closing Date or the Option Date,
as the case may be, respectively, certifying: (i) that each of the Charter and Bylaws is true and complete, has not been modified
and is in full force and effect; (ii) that the resolutions of the Company&rsquo;s Board of Directors and the Pricing Committee
of the Board of Directors relating to the Offering are in full force and effect and have not been modified; (iii) as to the accuracy
and completeness of all correspondence between the Company or its counsel and the Commission; and (iv) as to the incumbency of
the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.</FONT></P>

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


<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5
<U>No Material Changes</U>. Prior to and on each of the Closing Date and each Option Closing Date, if any: (i) there shall have
been no Material Adverse Change or development involving a prospective Material Adverse Change in the condition or prospects or
the business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth
in the Registration Statement and no material change in the capital stock or debt of the Company, the Pricing Disclosure Package
and the Prospectus; (ii) no action, suit or proceeding, at law or in equity, shall have been pending or threatened against the
Company or, to the Company&rsquo;s knowledge, any Insider before or by any court or federal or state commission, board or other
administrative agency wherein an unfavorable decision, ruling or finding may materially adversely affect the business, operations,
prospects or financial condition or income of the Company, except as set forth in the Registration Statement, the Pricing Disclosure
Package and the Prospectus; (iii) no stop order shall have been issued under the Securities Act and no proceedings therefor shall
have been initiated or threatened by the Commission; (iv) no action shall have been taken and no law, statute, rule, regulation
or order shall have been enacted, adopted or issued by any Governmental Entity which would prevent the issuance or sale of the
Securities or materially and adversely affect or potentially materially and adversely affect the business or operations of the
Company; (v) no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction
shall have been issued which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially
materially and adversely affect the business or operations of the Company; and (vi) the Registration Statement, the Pricing Disclosure
Package and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required
to be stated therein in accordance with the Securities Act and the Securities Act Regulations and shall conform in all material
respects to the requirements of the Securities Act and the Securities Act Regulations, and none of the Registration Statement,
the Pricing Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus or any amendment or supplement thereto shall
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6
<U>No Material Misstatement or Omission</U>. The Underwriters shall not have discovered and disclosed to the Company on or prior
to the Closing Date and any Option Closing Date that the Registration Statement or any amendment or supplement thereto contains
an untrue statement of a fact which, in the opinion of counsel for the Underwriters, is material or omits to state any fact which,
in the opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein
not misleading, or that the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus or the
Prospectus or any amendment or supplement thereto contains an untrue statement of fact which, in the opinion of such counsel,
is material or omits to state any fact which, in the opinion of such counsel, is material and is necessary in order to make the
statements, in light of the circumstances under which they were made, not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7
<U>Corporate Proceedings</U>. All corporate proceedings and other legal matters incident to the authorization, form and validity
of each of this Agreement, the Securities, the Registration Statement, the Pricing Disclosure Package, each Issuer Free Writing
Prospectus, if any, and the Prospectus and all other legal matters relating to this Agreement and the transactions contemplated
hereby and thereby shall be reasonably satisfactory in all material respects to counsel for the Underwriters, and the Company
shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon
such matters.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8
<U>Delivery of Lock-Up Agreements</U>. On or before the date of this Agreement, the Company shall have delivered to the Representative
executed copies of the Lock-Up Agreements from each of the persons listed in <U>Schedule 3</U> hereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9
<U>Good Standing Certificates</U>. On the Closing Date and the Option Closing Date, if any, the Company shall have delivered to
the Representative a certificate of good standing from the State of New York for the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 46.6pt 0 30pt; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10
<U>Additional Documents</U>. At the Closing Date and at each Option Closing Date (if any), Representative Counsel shall have been
furnished with such documents and opinions as they may require for the purpose of enabling Representative Counsel to deliver an
opinion to the Underwriters, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment
of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale
of the Securities as herein contemplated shall be satisfactory in form and substance to the Representative and Representative
Counsel.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
<U>Indemnification</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1
<U>Indemnification by the Company</U>. The Company shall indemnify and hold harmless each Underwriter, its affiliates and each
of its and their respective directors, officers, members, employees, representatives and agents and each person, if any, who controls
any Underwriter within the meaning of Section 15 of the Securities Act of or Section 20 of the Exchange Act (collectively the
&ldquo;<B>Underwriter Indemnified Parties</B>,&rdquo; and each a &ldquo;<B>Underwriter Indemnified Party</B>&rdquo;) against any
loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), to which
such Underwriter Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage,
expense, liability, action, investigation or proceeding arises out of or is based upon (A) any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement, Preliminary Prospectus, Pricing Disclosure Package, Issuer
Free Writing Prospectus, any &ldquo;<B>issuer information</B>&rdquo; filed or required to be filed pursuant to Rule 433(d) of
the Securities Act Regulations, or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference
therein, or (B) the omission or alleged omission to state in any Registration Statement, Preliminary Prospectus, Pricing Disclosure
Package, Issuer Free Writing Prospectus, any &ldquo;<B>issuer information</B>&rdquo; filed or required to be filed pursuant to
Rule 433(d) of the Securities Act Regulations, or the Prospectus, or in any amendment or supplement thereto or document incorporated
by reference therein, a material fact required to be stated therein or necessary to make the statements therein not misleading,
and shall reimburse the Underwriter Indemnified Party promptly upon demand for any legal fees or other expenses reasonably incurred
by that Underwriter Indemnified Party in connection with investigating, or preparing to defend, or defending against, or appearing
as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability,
action, investigation or proceeding, as such fees and expenses are incurred; <I>provided</I>, <I>however</I>, that the Company
shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is
based upon an untrue statement in, or omission from any Registration Statement, Preliminary Prospectus, Pricing Disclosure Package,
Issuer Free Writing Prospectus or the Prospectus, or any such amendment or supplement thereto, or made in reliance upon and in
conformity with written information furnished to the Company through the Representative by or on behalf of any Underwriter specifically
for use therein, which information the parties hereto agree is limited to the Underwriters&rsquo; Information. This indemnity
agreement is not exclusive and will be in addition to any liability, which the Company might otherwise have and shall not limit
any rights or remedies which may otherwise be available at law or in equity to each Underwriter Indemnified Party.</FONT></P>

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


<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2
<U>Indemnification by the Underwriters</U>. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless
the Company, its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the &ldquo;<B>Company Indemnified
Parties</B>&rdquo; and each a &ldquo;<B>Company Indemnified Party</B>&rdquo;) against any loss, claim, damage, expense or liability
whatsoever (or any action, investigation or proceeding in respect thereof), to which such Company Indemnified Party may become
subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation
or proceeding arises out of or is based upon (i) any untrue statement of a material fact contained in any Registration Statement,
Preliminary Prospectus, Pricing Disclosure Package, Issuer Free Writing Prospectus, any &ldquo;<B>issuer information</B>&rdquo;
filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, or the Prospectus, or in any amendment
or supplement thereto, or (ii) the omission to state in any Registration Statement, Preliminary Prospectus, Pricing Disclosure
Package, Issuer Free Writing Prospectus, any &ldquo;<B>issuer information</B>&rdquo; filed or required to be filed pursuant to
Rule 433(d) of the Securities Act Regulations, or the Prospectus, or in any amendment or supplement thereto, a material fact required
to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that the
untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company through
the Representative by or on behalf of any Underwriter specifically for use therein, which information the parties hereto agree
is limited to the Underwriters&rsquo; Information and shall reimburse the Company for any legal or other expenses reasonably incurred
by such party in connection with investigating or preparing to defend or defending against or appearing as third party witness
in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are
incurred. Notwithstanding the provisions of this Section 5.2, in no event shall any indemnity by an Underwriter under this Section
5.2 exceed the total discount and commission received by such Underwriter in connection with the Offering.</FONT></P>

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


<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3 <U>Procedure</U>.
Promptly after receipt by an indemnified party under this Section 5 of notice of the commencement of any action, the
indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 5,
notify such indemnifying party in writing of the commencement of that action; <I>provided</I>, <I>however</I>, that the
failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 5
except to the extent it has been materially adversely prejudiced by such failure; and, <I>provided</I>, <I>further</I>, that
the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party
otherwise than under this Section 5. If any such action shall be brought against an indemnified party, and it shall notify
the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it
wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel
reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified
party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its
election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the
indemnified party under Section 5 for any legal or other expenses subsequently incurred by the indemnified party in
connection with the defense of such action other than reasonable costs of investigation; <I>provided</I>, <I>however</I>,
that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the
defense of such action but the fees and expenses of such counsel (other than reasonable costs of investigation) shall be at
the expense of such indemnified party unless (i) the employment thereof has been specifically authorized in writing by the
Company in the case of a claim for indemnification under 5.1 or the Representative in the case of a claim for indemnification
under Section 5.2, (ii) such indemnified party shall have been advised by its counsel that there may be one or more legal
defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the
indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the
indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party
does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the
indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the
indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the
action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the
indemnifying party shall be responsible for legal or other expenses subsequently incurred by such indemnified party in
connection with the defense of such action; <I>provided</I>, <I>however</I>, that the indemnifying party shall not, in
connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys at any time any such indemnified party (in addition to any local counsel), which firm shall be
designated in writing by the Representative if the indemnified party under this Section 5 is an Underwriter Indemnified Party
or by the Company if an indemnified party under this Section 5 is a Company Indemnified Party. Subject to this Section 5.3,
the amount payable by an indemnifying party under Section 5 shall include, but not be limited to, (x) reasonable legal fees
and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending
against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any action,
investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party
shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment
with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution
could be sought under this Section 5 (whether or not the indemnified parties are actual or potential parties thereto), unless
such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance
reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) 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.
Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or
threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be
unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or
delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold
harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition,
if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees
and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated
herein effected without its written consent if (i) such settlement is entered into more than forty-five (45) days after
receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have received notice
of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such
settlement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4
<U>Contribution</U>. If the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an
indemnified party under Section 5.1 or Section 5.2, then each indemnifying party shall, in lieu of indemnifying such indemnified
party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim,
damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion
as shall be appropriate to reflect the relative benefits received by the Company on the one hand and each of the Underwriters
on the other hand from the Offering, or (ii) if the allocation provided by clause (i) of this Section 5.4 is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of this
Section 5.4 but also the relative fault of the Company on the one hand and the Underwriters on the other with respect to the statements,
omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation
or proceeding in respect thereof) as well as any other relevant equitable considerations. The relative benefits received by the
Company on the one hand and the Underwriters on the other with respect to the Offering shall be deemed to be in the same proportion
as the total proceeds from the Offering purchased under this Agreement (before deducting expenses) received by the Company bear
to the total underwriting discount and commissions received by the Underwriters in connection with the Offering, in each case
as set forth in the table on the cover page of the Prospectus. The relative fault of the Company on the one hand and the Underwriters
on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand
or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity
to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the
written information furnished to the Company through the Representative by or on behalf of any Underwriter for use in any Preliminary
Prospectus, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters&rsquo;
Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this
Section 5.4 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, damage,
expense, liability, action, investigation or proceeding referred to above in this Section 5.4 shall be deemed to include, for
purposes of this Section 5.4, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating,
preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection
with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of
this Section 5.4, no Underwriter shall be required to contribute any amount in excess of the total discount and commission received
by such Underwriter in connection with the Offering less the amount of any damages which such Underwriter has otherwise paid or
become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or
failure to act or alleged failure to act. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
The Underwriters&rsquo; obligation to contribute as provided in this Section 5.4 are several and in proportion to their respective
underwriting obligation, and not joint</FONT></P>

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


<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
<U>Default by an Underwriter</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1
<U>Default Not Exceeding 10% of Firm Shares or Additional Shares</U>. If any Underwriter or Underwriters shall default in its
or their obligations to purchase the Firm Shares or the Additional Shares, if the Over-allotment Option is exercised hereunder,
and if the number of the Firm Shares or Additional Shares with respect to which such default relates does not exceed in the aggregate
10% of the number of Firm Shares or Additional Shares that all Underwriters have agreed to purchase hereunder, then such Firm
Shares or Additional Shares to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to
their respective commitments hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2
<U>Default Exceeding 10% of Firm Shares or Additional Shares</U>. In the event that the default addressed in Section 6.1 relates
to more than 10% of the Firm Shares or Additional Shares, you may in your discretion arrange for yourself or for another party
or parties to purchase such Firm Shares or Additional Shares to which such default relates on the terms contained herein. If,
within one (1) Business Day after such default relating to more than 10% of the Firm Shares or Additional Shares, you do not arrange
for the purchase of such Firm Shares or Additional Shares, then the Company shall be entitled to a further period of one (1) Business
Day within which to procure another party or parties satisfactory to you to purchase said Firm Shares or Additional Shares on
such terms. In the event that neither you nor the Company arrange for the purchase of the Firm Shares or Additional Shares to
which a default relates as provided in this Section 6, this Agreement will automatically be terminated by you or the Company without
liability on the part of the Company (except as provided in Sections 3.7 and 5 hereof) or the several Underwriters (except as
provided in Section 5 hereof); <I>provided</I>, <I>however</I>, that if such default occurs with respect to the Additional Shares,
this Agreement will not terminate as to the Firm Shares; and <I>provided</I>, <I>further</I>, that nothing herein shall relieve
a defaulting Underwriter of its liability, if any, to the other Underwriters and to the Company for damages occasioned by its
default hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3 <U>Postponement
of Closing Date</U>. In the event that the Firm Shares or Additional Shares to which the default relates are to be purchased
by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, you or the Company shall
have the right to postpone the Closing Date or Option Closing Date for a reasonable period, but not in any event exceeding
five (5) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement, the
Pricing Disclosure Package or the Prospectus or in any other documents and arrangements, and the Company agrees to file
promptly any amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus that in the opinion of
counsel for the Underwriter may thereby be made necessary. The term &ldquo;<B>Underwriter</B>&rdquo; as used in this
Agreement shall include </FONT>any party substituted under this Section 6 with like effect as if it had originally been a
party to this Agreement with respect to such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 42.3pt 0 30pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
<U>Right of First Refusal</U>. Provided that the Firm Shares are sold in accordance with the terms of this Agreement, the Representative
shall have an irrevocable right of first refusal (the &ldquo;<B>Right of First Refusal</B>&rdquo;), for a period of twelve (12)
months after the date the Offering to act as lead managing underwriter and book runner and/or lead placement agent for each and
every future public equity or equity convertible offering of the Company (each, a &ldquo;<B>Subject Transaction</B>&rdquo;). The
Company shall notify the Representative of its intention to pursue a Subject Transaction, including the material terms thereof,
by providing written notice thereof to the Representative. If the Representative fails to exercise its Right of First Refusal
with respect to any Subject Transaction within ten (10) Business Days after the receipt of such written notice, then the Representative
shall have no further claim or right with respect to such Subject Transaction. If, thereafter, such proposal is modified in any
material respect, the Company will adopt the same procedure as with respect to the original Subject Transaction and the Representative
shall have the right of first refusal with respect to such revised proposal. The Representative may elect, in its sole and absolute
discretion, not to exercise its Right of First Refusal with respect to any Subject Transaction; provided that any such election
by the Representative shall not adversely affect the Representative&rsquo;s Right of First Refusal with respect to any other Subject
Transaction. The Representative shall not have more than one opportunity to waive or terminate the right of first refusal in consideration
of any Subject Transaction. The terms and conditions of any such engagements shall be set forth in separate agreements and may
be subject to, among other things, satisfactory completion of due diligence by the Representative, market conditions, the absence
of a material adverse change to the Company&rsquo;s business, financial condition and prospects, approval of the Representative&rsquo;s
internal committee and any other conditions that the Representative may deem appropriate for transactions of such nature.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
<U>Effective Date of this Agreement and Termination Thereof</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1
<U>Effective Date</U>. This Agreement shall become effective when both the Company and the Representative have executed the same
and delivered counterparts of such signatures to the other party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2
<U>Termination</U>. The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date,
(i) if any domestic or international event or act or occurrence has materially disrupted, or in your opinion will in the immediate
future materially disrupt, general securities markets in the United States; or (ii) if trading on the New York Stock Exchange
or the Nasdaq Stock Market LLC shall have been suspended or materially limited, or minimum or maximum prices for trading shall
have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or
any other government authority having jurisdiction; or (iii) if the United States shall have become involved in a new war or an
increase in major hostilities; or (iv) if a banking moratorium has been declared by a New York State or federal authority; or
(v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities
markets; or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage
or other calamity or malicious act which, whether or not such loss shall have been insured, will, in your opinion, make it inadvisable
to proceed with the delivery of the Firm Shares or Additional Shares; or (vii) if the Company is in material breach of any of
its representations, warranties or covenants hereunder; or (viii) if any condition set forth in Section 4 hereof is not satisfied
on or prior to any Closing Date; or (ix) if the Representative shall have become aware after the date hereof of such a Material
Adverse Change in the conditions or prospects of the Company, or such adverse material change in general market conditions as
in the Representative&rsquo;s judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Securities
or to enforce contracts made by the Underwriters for the sale of the Securities.</FONT></P>

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


<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3
<U>Expenses Upon Termination.</U> Notwithstanding anything to the contrary in this Agreement, except in the case of a default
by the Underwriters, pursuant to Section 6.2 above, in the event that this Agreement shall not be carried out for any reason whatsoever,
within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall be obligated to pay
to the Representative its actual and accountable out-of-pocket expenses related to the transactions contemplated herein then due
and payable (including the fees and disbursements of Representative Counsel) up to $25,000, less the Advance previously paid to
the Representative, and upon demand the Company shall pay the full amount thereof to the Representative; <I>provided</I>, <I>however</I>,
that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement. Notwithstanding
the foregoing, the Advance received by the Representative will be reimbursed to the Company to the extent not actually incurred
in compliance with FINRA Rule 5110(f)(2)(C).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4
<U>Survival of Indemnification</U>. Notwithstanding any contrary provision contained in this Agreement, any election hereunder
or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5
shall remain in full force and effect and shall not be in any way affected by, such election or termination or failure to carry
out the terms of this Agreement or any part hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5
<U>Representations, Warranties, Agreements to Survive</U>. All representations, warranties and agreements contained in this Agreement
or in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless
of (i) any investigation made by or on behalf of any Underwriter or its Affiliates or selling agents, any person controlling any
Underwriter, its officers or directors or any person controlling the Company or (ii) delivery of and payment for the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
<U>Miscellaneous</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1
<U>Notices</U>. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail if
sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days
after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit
with an internationally recognized overnight courier, specifying next day delivery, with written verification of receipt. Notices
shall be addressed to the respective parties as follows, or to such other address as a party shall specify to the others in accordance
with these notice provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 102pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aegis
Capital Corp.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">810
Seventh Avenue, 18<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York, New York 10019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Victor Halpert, Managing Director</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Email: VHalpert@aegiscap.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy (which shall not constitute notice) to:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loeb
&amp; Loeb LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">345 Park Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10154</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Mitchell Nussbaum, Esq.; David J. Levine, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Email: mnussbaum@loeb.com; dlevine@loeb.com</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Document
Security Systems, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200
Canal View Boulevard, Suite 300 Rochester, New York 14623</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Frank D. Heuszel, Chief Executive Officer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Email: fheuszel@dsssecure.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy (which shall not constitute notice) to:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sichenzia
Ross Ference LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1185
Avenue of the Americas, 37<SUP>th</SUP> Floor New York, NY 10036</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Gregory Sichenzia, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Email: GSichenzia@SRF.law</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2
<U>Headings</U>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way
limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3
<U>Absence of Fiduciary Relationship</U>. The Company acknowledges and </FONT>agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
each Underwriter&rsquo;s responsibility to the Company is solely </FONT>contractual in nature, each Underwriter has been
retained solely to act as an underwriter in connection with the Offering and no fiduciary, advisory or agency relationship
between the Company and the Underwriters has been created in respect of any of the transactions contemplated by this
Agreement, irrespective of whether the Representative has advised or is advising the Company on other matters;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the price of the Securities set forth in this Agreement was established by the Company following discussions and arms-length negotiations
with the Representative, and the Company is capable of evaluating and understanding, and understands and accepts, the terms, risks
and conditions of the transactions contemplated by this Agreement;</FONT></P>

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


<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 107.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
it has been advised that the Representative and their respective affiliates are engaged in a broad range of transactions which
may involve interests that differ from those of the Company and that the Underwriters have no obligation to disclose such interests
and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4
<U>Research Analyst Independence</U>. The Company acknowledges that each Underwriter&rsquo;s research analysts and research departments
are required to be independent from its investment banking division and are subject to certain regulations and internal policies,
and that such Underwriter&rsquo;s research analysts may hold views and make statements or investment recommendations and/or publish
research reports with respect to the Company and/or the offering that differ from the views of their investment banking division.
The Company acknowledges that each Underwriter is a full service securities firm and as such from time to time, subject to applicable
securities laws, rules and regulations, may effect transactions for its own account or the account of its customers and hold long
or short positions in debt or equity securities of the Company; <I>provided</I>, <I>however</I>, that nothing in this Section
9.4 shall relieve the Underwriter of any responsibility or liability it may otherwise bear in connection with activities in violation
of applicable securities laws, rules or regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5
<U>Amendment</U>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.6
<U>Entire Agreement</U>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection
with this Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof,
and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.7
<U>Binding Effect</U>. This Agreement shall inure solely to the benefit of and shall be binding upon the Representative, the Underwriters,
the Company and the controlling persons, directors and officers referred to in Section 5 hereof, and their respective successors,
legal representatives, heirs and assigns, and no other person shall have or be construed to have any legal or equitable right,
remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term &ldquo;successors
and assigns&rdquo; shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.8
<U>Governing Law; Consent to Jurisdiction; Trial by Jury</U>. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby
agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought
and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to
be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 9.1 hereof. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim. The Company agrees that the prevailing party(ies)
in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys&rsquo; fees and expenses
relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf
and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and each of the Underwriters 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.9
<U>Execution in Counterparts</U>. This Agreement may be executed in one or more counterparts, and by the different parties hereto
in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one
and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto
and delivered to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf
transmission shall constitute valid and sufficient delivery thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.10
<U>Waiver, etc</U>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall
not be deemed or construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any
provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No
waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and
no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent
breach, non-compliance or non-fulfillment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 156.7pt 0 144.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>[Signature
Page Follows]</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 156.7pt 0 144.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>


<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENT
    SECURITY SYSTEMS, INC.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank
    D. Heuszel</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confirmed
as of the date first written</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">above,
on behalf of itself and as</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative
of the several Underwriters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">named
on <U>Schedule 1</U> hereto:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AEGIS
    CAPITAL CORP.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert
    J. Eide</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 156.65pt 0 144.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SCHEDULE
1</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriter</B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Total Number of Firm Shares</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">to be Purchased</P></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.85pt 0 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Additional Shares to be Purchased if Over-Allotment Option</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.85pt 0 2.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>is Fully Exercised</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 32%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Aegis Capital Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,666,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 42; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SCHEDULE
2-A</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pricing
Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 223.4pt 0 11.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Firm Shares: 6,666,666</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Additional Shares: 1,000,000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 310pt 0 30pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
Offering Price per Share: $3.60</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 310pt 0 30pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
Discount per Share: $0.288</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 310pt 0 30pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
to Company per Share (before expenses): $3.312</FONT></P>

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


<!-- Field: Page; Sequence: 43; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">S-2A</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SCHEDULE
2-B</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer
General Use Free Writing Prospectuses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 156.9pt 0 144.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 44; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">S-2<!-- Field: Sequence; Type: UpperLetter; Name: PageNo -->B<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SCHEDULE
3</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>List
of Lock-Up Parties</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank
Heuszel</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Todd D. Macko</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heng
Fai Ambrose Chan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tung Moe Chan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jos&eacute;
Escudero</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wah
Wai Lowell Lo</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wai
Leung William Wu</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Global BioMedical Pte Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 377pt 0 30pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 45; Options: NewSection; Value: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Lock-Up Agreement</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____________,
2021</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aegis
Capital Corp.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">810
Seventh Avenue, 18 <SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York, New York 10019</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned understands that Aegis Capital Corp. (the &ldquo;<B>Representative</B>&rdquo;) proposes to enter into an Underwriting
Agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) with Document Security Systems Inc., a New York corporation (the &ldquo;<B>Company</B>&rdquo;),
providing for the public offering (the &ldquo;<B>Public Offering</B>&rdquo;) of shares of common stock, par value $0.02 per share
(&ldquo;<B>Common Stock</B>&rdquo;), of the Company (the &ldquo;<B>Shares</B>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
induce the Representative to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that,
without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date
of the Underwriting Agreement and ending ninety (90) days after the Closing Date (as defined in te Underwriting Agreement)
(the &ldquo;<B>Lock-Up Period</B>&rdquo;), (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or
dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or
exchangeable for Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned
has or hereafter acquires the power of disposition (collectively, the &ldquo;<B>Lock-Up Securities</B>&rdquo;); (2) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by
delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to the
registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer, sale, pledge or
disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities.
Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without
the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired
in open market transactions after the completion of the Public Offering; <U>provided</U> that no filing under Section 16(a)
of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), shall be required or shall be
voluntarily made in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b)
transfers of Lock-Up Securities as a <I>bona fide </I>gift, by will or intestacy or to a family member or trust for the
benefit of a family member (for purposes of this lock-up agreement, &ldquo;family member&rdquo; means any relationship by
blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or
educational institution; or (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited
liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or
owner of similar equity interests in, the undersigned, as the case may be; <U>provided</U> that in the case of any transfer
pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each
transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up
agreement and (iii) no filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made. The
undersigned also agrees and consents to the entry of stop transfer instructions with the Company&rsquo;s transfer agent and
registrar against the transfer of the undersigned&rsquo;s Lock-Up Securities except in compliance with this lock-up
agreement.</FONT></P>

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


<!-- Field: Page; Sequence: 46; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be
equally applicable to any Shares that the undersigned may purchase in the Public Offering; (ii) the Representative agrees that,
at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection
with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver; and (iii)
the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major
news service at least two (2) business days before the effective date of the release or waiver. Any release or waiver granted
by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the publication
date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to
permit a transfer of Lock-Up Securities not for consideration and (b) the transferee has agreed in writing to be bound by the
same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time
of such transfer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of
any securities exercisable or exchangeable for or convertible into Shares, as applicable; <U>provided</U> that the undersigned
does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless otherwise permitted
pursuant to the terms of this agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into
or modification of a so-called &ldquo;10b5-1&rdquo; plan at any time (other than the entry into or modification of such a plan
in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period) or a sale of 100% of the Company&rsquo;s
outstanding Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation
of the Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon
the undersigned&rsquo;s heirs, legal representatives, successors and assigns.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned understands that, if the Underwriting Agreement is not executed by</FONT> __________, 2021, or if the Underwriting
Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for
and delivery of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 40.7pt 0 30pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will
only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the
Representative.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
- Please Print)</FONT>&nbsp;</P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Signature)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
    of Signatory, in the case of entities - Please Print)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
    of Signatory, in the case of entities - Please Print)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:
</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXHIBIT
B</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Press Release</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 218.15pt 0 8.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document
Security Systems Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Date]
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 218.15pt 0 8.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Document
Security Systems, Inc. (the &ldquo;<B>Company</B>&rdquo;) announced today that Aegis Capital Corp., acting as representative for
the underwriters in the Company&rsquo;s recent public offering of the Company&rsquo;s common stock, is [waiving] [releasing] a
lock-up restriction with respect to shares of the Company&rsquo;s common stock held by [certain officers or directors] [an officer
or director] of the Company. The [waiver] [release] will take effect on , 20 , and the shares may be sold on or after such date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or
sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from
registration under the Securities Act of 1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 41.45pt 0 30pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 156.6pt 0 144.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXHIBIT
C</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 156.7pt 0 144.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Opinion of Company Counsel</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
The Company has been duly organized and is validly existing as a corporation and is in good standing under the laws of the State
of New York with the requisite corporate power and authority to own or lease, as the case may be, and operate its properties,
and to conduct its business, as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus and
to enter into and perform its obligations under the Underwriting Agreement. The Company is duly qualified as a foreign corporation
to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of
the ownership or leasing of property or the conduct of business, except where the failure to so qualify or to be in good standing
would not result in a Material Adverse Change.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
All issued and outstanding securities of the Company have been duly authorized and validly issued and are fully paid and
non-assessable and none of such securities were issued in violation of the preemptive rights of any stockholder of the
Company arising by operation of </FONT>law or under the Charter, the Bylaws or, to such counsel&rsquo;s knowledge, the
Material Contracts (as defined below). The offers and sales of the outstanding securities were at all relevant times either
registered under the Securities Act or exempt from such registration requirements. The authorized and outstanding shares of
capital stock of the Company is as set forth in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
The Firm/Additional Shares have been duly authorized for issuance and sale to the Underwriters pursuant to the Underwriting Agreement
and, when issued and paid for pursuant to the terms of the Underwriting Agreement, will be validly issued and fully paid and non-assessable;
the holders thereof are not and will not be subject to personal liability solely by reason of being such holders. The issuance
of the Firm/Additional Shares is not and will not be subject to the preemptive or similar rights of any holders of any security
of the Company arising by operation of law or under the Charter, Bylaws or the Material Contracts.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
The Underwriting Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes the valid
and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except (a) as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally,
(b) as enforceability of any indemnification or contribution provisions may be limited under the Federal and state securities
laws, and (c) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the
equitable defenses and to the discretion of the court before which any proceeding therefore may be brought.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
The execution, delivery and performance of the Underwriting Agreement and compliance by the Company with the terms and provisions
thereof and the consummation of the transactions contemplated thereby, and the issuance and sale of the Securities, do not and
will not, whether with or without the giving of notice or the lapse of time or both, (a) violate, conflict with, or result in
a breach of, any of the terms or provisions of, or constitute a default under, or result in the creation or modification of any
lien, security interest, charge or encumbrance upon any of the properties or assets of the Company pursuant to the terms of, any
mortgage, deed of trust, note, indenture, loan, contract, commitment or other agreement or instrument filed or incorporated by
reference as an exhibit to the Registration Statement (collectively, the &ldquo;Material Contracts&rdquo;), (b) result in any
violation of the provisions of the Charter, the Bylaws or any other governing documents of the Company, or (c) violate any law,
statute or any judgment, order or decree, rule or regulation applicable to the Company of any Governmental Entity.</FONT></P>

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


<!-- Field: Page; Sequence: 50; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)
The shares of Common Stock offered pursuant to the Prospectus conform in all material respects to the description thereof contained
in the Registration Statement, the Pricing Disclosure Package and the Prospectus. No United States or state statute or regulation
required to be described in the Prospectus is not described as required (except as to the &ldquo;blue sky&rdquo; laws of the various
states, as to which such counsel expresses no opinions), nor to such counsel&rsquo;s knowledge are any contracts or documents
of a character required to be described in the Registration Statement, Pricing Disclosure Package or the Prospectus or to be filed
or incorporated by reference as exhibits to the Registration Statement not so described or filed as required.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)
The statements in the Registration Statement, Pricing Disclosure Package and the Prospectus under the heading &ldquo;Description
of Securities,&rdquo; insofar as such statements purport to summarize legal matters, legal conclusions, the Charter, the Bylaws,
or other agreements or documents discussed therein, are correct in all material respects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)
The Registration Statement has been declared effective by the Commission under the Securities Act and the Securities Act Regulations.
No stop order suspending the effectiveness of the Registration Statement has been issued under the Securities Act or any order
preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus has been
issued, and no proceedings for any such purpose have been instituted or, to such counsel&rsquo;s knowledge, are pending by the
Commission or any other Governmental Entity. Any required filing of the Prospectus, and any required supplement thereto, pursuant
to Rule 424(b) under the Securities Act Regulations, has been made in the manner and within the time period required by Rule 424(b)
(without reference to Rule 424(b)(8)).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)
The Company is not required and, after giving effect to the Offering and sale of the Firm/Additional Shares and the application
of the proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not
be required, to register as an &ldquo;investment company,&rdquo; under the Investment Company Act of 1940, as amended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)
No filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any Governmental
Entity (other than under the Securities Act and the Securities Act Regulations or with NYSE American, which have been obtained,
or as may be required under the securities or blue sky laws of the various states, as to which we need express no opinion) is
necessary or required for the performance by the Company of its obligations under the Underwriting Agreement, in connection with
the offering, issuance or sale of the Firm/Additional Shares thereunder or the consummation of the transactions contemplated thereby,
except such as have been already made or obtained or as may be required under the rules of the Exchange, state securities laws
or the rules of FINRA.</FONT></P>

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


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)
The Securities have been approved for listing on the Exchange upon official notice of issuance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)
To such counsel&rsquo;s knowledge, there are no persons with registration rights or other similar rights to have any securities
registered pursuant to the Registrant Statement or otherwise registered for sale by the Company under the Securities Act, except
as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)
To such counsel&rsquo;s knowledge, there are not (1) any pending legal proceedings to which the Company or any of its Subsidiaries
is a party or of which the property of the Company or any of its Subsidiaries is the subject, or (2) any proceedings contemplated
by any Governmental Authority, in each case, which are required to be disclosed in the Registration Statement, Pricing Disclosure
Package and the Prospectus and are not so disclosed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)
To such counsel&rsquo;s knowledge, neither the Company, nor any of its affiliates, nor any person acting on its behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act, which would
require the registration of the sales of any such securities under the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)
Each of (1) the Registration Statement, as of the time it became effective, (2) the Pricing Disclosure Package, as of the Applicable
Time, and (3) the Prospectus, as of its date (in each case other than the financial statements and supporting schedules included
therein, as to which no opinion need be rendered), complied as to form in all material respects with the requirements of the Securities
Act and Securities Act Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
opinion shall further include the following:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
has come to such counsel&rsquo;s attention that caused such counsel to believe that (1) the Registration Statement, as of the
time it became effective, contained any untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein not misleading; (2) the Pricing Disclosure Package, as of the Applicable
Time, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading; or (3) the Prospectus, as of its date and as
of the Closing Date or Option Closing Date, as applicable, contained or contains an untrue statement of a material fact or omitted
or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading (except that, in each case, such counsel need express no view, and make no statement, with respect
to the financial statements and schedules and notes thereto and other financial data derived therefrom that are contained in or
omitted from the Registration Statement, the Pricing Disclosure Package or the Prospectus).</FONT></P>

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


<!-- Field: Page; Sequence: 52; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>ex1-2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 80pt 0 78.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
1.2</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 80pt 0 78.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 80pt 0 78.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENT
NO. 1 TO UNDERWRITING AGREEMENT</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
AMENDMENT NO. 1 (this &ldquo;<B>Amendment</B>&rdquo;) to that certain Underwriting Agreement, dated January 19, 2021 (the &ldquo;<B>Underwriting
Agreement</B>&rdquo;), by and between Document Security Systems, Inc., a New York corporation (the &ldquo;<B>Company</B>&rdquo;),
and Aegis Capital Corp. (the &ldquo;<B>Representative</B>&rdquo;), as representative of the several underwriters named on Schedule
1 thereto, is entered into effective as of January 19, 2021. Capitalized terms contained herein and not specifically defined in
this Amendment shall have the respective meanings ascribed to them in the Underwriting Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the parties desire to amend the Underwriting Agreement to amend the date of delivery and payment of the Firm Shares and to amend
the terms of the general expenses related to the Offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, for and in consideration of the premises and agreements hereinafter set forth, and pursuant to Section 9.5 of the Underwriting
Agreement, the Company and the Representative hereby agree to amend the Underwriting Agreement as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Section 1.1.2(i) of the Underwriting Agreement is hereby amended by deleting the existing section in its entirety and replacing
it with the following:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
Delivery and payment for the Firm Shares shall be made at 10:00 a.m., Eastern time, on the second (2<SUP>nd</SUP>) (or if the
Firm Shares are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m., Eastern time, the third (3<SUP>rd</SUP>))
Business Day following the date of this Agreement or at such earlier time as shall be agreed upon by the Representative and the
Company, at the offices of Loeb &amp; Loeb LLP, 345 Park Avenue, New York, NY 10154 (&ldquo;<B>Representative Counsel</B>&rdquo;),
or at such other place (or remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative
and the Company. The hour and date of delivery and payment for the Firm Shares is called the &ldquo;<B>Closing Date</B>.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Section 3.7.1 of the Underwriting Agreement is hereby amended by replacing &ldquo;$75,000&rdquo; in clause (m) with &ldquo;$24,000.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
The Company and the Representative acknowledge and agree that the execution by them of this Amendment shall be without prejudice
to any contractual, legal or equitable rights of, respectively, the Company and the Representative and their respective officers,
directors, employees and control persons, and all of such rights are expressly reserved.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Except as expressly amended by this Amendment, the Underwriting Agreement remains in full force and effect, and any and all other
contingent compensation that may become due to the Underwriters shall remain due and payable pursuant to the terms of the Underwriting
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 5pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
This Amendment may be signed in counterparts, which may be delivered by facsimile or other electronic transmission (which
delivery shall not affect the validity of such counterparts).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 79.6pt 0 78.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>signature
page follows</I>]</FONT></P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR STYLE="clear: both">
    DOCUMENT SECURITY SYSTEMS, INC.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Accepted
    by the Representative, on behalf of itself and as Representative of the several Underwriters</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AEGIS
    CAPITAL CORP.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2; Options: NewSection Last; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 189.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>ex99-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document
Security Systems, Inc. Prices $24.0 Million Upsized Public Offering of Common Stock</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Document
Security Systems, Inc. (NYSE American: DSS) (the &ldquo;Company&rdquo;), a multinational company operating businesses focusing
on brand protection technology, blockchain security, direct marketing, healthcare, real estate, and securitized digital assets,
today announced the pricing of an upsized underwritten public offering with gross proceeds to the Company expected to be approximately
$24.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
public offering equates to 6,666,666 shares of the Company&rsquo;s common stock at a price of $3.60 per share. The Company intends
to use the net proceeds from this offering, together with their existing cash, to fund the development and growth of new business
lines, acquisition opportunities, and general corporate and working capital needs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has also granted the underwriters a 45-day option to purchase up to an additional 15% of shares of common stock offered
in the public offering to cover over-allotments, if any, which would increase the total gross proceeds of the offering to approximately
$27.6 million, if exercised in full.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aegis
Capital Corp. is acting as sole bookrunner for the offering.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
registration statement relating to the shares of common stock being sold in this offering was declared effective by the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) on January 19, 2021. The offering is being made only by means of a prospectus.
Copies of the final prospectus may be obtained, when available, on the SEC&rsquo;s website, www.sec.gov, or by contacting Aegis
Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by email at syndicate@aegiscap.com,
or by telephone at (212) 813-1010.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be
any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
Document Security Systems, Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DSS
is a multinational company operating businesses focused on brand protection technology, blockchain security, direct marketing,
healthcare, real estate, and securitized digital assets. Its business model is based on a distribution sharing system in which
shareholders will receive shares in its subsidiaries as DSS strategically spins them out into IPOs. Its historic business revolves
around counterfeit deterrent and authentication technologies, smart packaging, and consumer product engagement. DSS is led by
its Chairman and largest shareholder, Mr. Fai Chan, a highly successful global business veteran of more than 40 years specializing
in corporate transformation while managing risk. He has successfully restructured more than 35 corporations with a combined value
of $25 billion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investor
Contact:</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dave
Gentry, CEO<BR>
RedChip Companies Inc.<BR>
407-491-4498<BR>
<U>Dave@redchip.com</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Safe
Harbor Disclosure</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking
statements include, but are not limited to, statements related to the Company&rsquo;s ability to complete the financing, its intended
use of proceeds and other statements that are not historical facts. Forward-looking statements are based on management&rsquo;s
current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from
those projected. These risks and uncertainties, many of which are beyond our control, include: the risk that the public offering
of common stock may not close; risks relating to our growth strategy; our ability to obtain, perform under and maintain financing
and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate
and retain key personnel; our need for substantial additional funds; patent and intellectual property matters; competition; as
well as other risks described in the section entitled &ldquo;Risk Factors&rdquo; in the prospectus and in our other filings with
the SEC, including, without limitation, our reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at
www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date
on which they are made and reflect management&rsquo;s current estimates, projections, expectations and beliefs. We expressly disclaim
any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein
to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is
based, except as required by law.</FONT></P>

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>ex99-2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document
Security Systems, Inc. Closes $24.0 Million Upsized Public Offering of Common Stock</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Document
Security Systems, Inc. (NYSE American: DSS) (the &ldquo;Company&rdquo;), a multinational company operating businesses focusing
on brand protection technology, blockchain security, direct marketing, healthcare, real estate, and securitized digital assets,
today announced the closing of an upsized underwritten public offering with gross proceeds to the Company of approximately $24.0
million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued 6,666,666 shares of common stock at a price of $3.60 per share. The Company intends to use the net proceeds from
this offering, together with existing cash, to fund the development and growth of new business lines, acquisition opportunities,
and general corporate and working capital needs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has also granted the underwriters a 45-day option to purchase up to an additional 15% of shares of common stock offered
in the public offering to cover over-allotments, if any, which would increase the total gross proceeds of the offering to approximately
$27.6 million, if exercised in full.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aegis
Capital Corp. acted as sole bookrunner for the offering.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
registration statement relating to the shares of common stock being sold in this offering was declared effective by the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) on January 19, 2021. The offering was made only by means of a prospectus. Copies
of the final prospectus may be obtained on the SEC&rsquo;s website, www.sec.gov, or by contacting Aegis Capital Corp., Attention:
Syndicate Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212)
813-1010.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be
any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
Document Security Systems, Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DSS
is a multinational company operating businesses focused on brand protection technology, blockchain security, direct marketing,
healthcare, real estate, and securitized digital assets. Its business model is based on a distribution sharing system in which
shareholders will receive shares in its subsidiaries as DSS strategically spins them out into IPOs. Its historic business revolves
around counterfeit deterrent and authentication technologies, smart packaging, and consumer product engagement. DSS is led by
its Chairman and largest shareholder, Mr. Fai Chan, a highly successful global business veteran of more than 40 years specializing
in corporate transformation while managing risk. He has successfully restructured more than 35 corporations with a combined value
of $25 billion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investor
Contact:</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dave
Gentry, CEO<BR>
RedChip Companies Inc.<BR>
407-491-4498<BR>
<U>Dave@redchip.com</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Safe
Harbor Disclosure</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking
statements include, but are not limited to, statements related to the Company&rsquo;s ability to complete the financing, its intended
use of proceeds and other statements that are not historical facts. Forward-looking statements are based on management&rsquo;s
current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from
those projected. These risks and uncertainties, many of which are beyond our control, include: the risk that the public offering
of common stock may not close; risks relating to our growth strategy; our ability to obtain, perform under and maintain financing
and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate
and retain key personnel; our need for substantial additional funds; patent and intellectual property matters; competition; as
well as other risks described in the section entitled &ldquo;Risk Factors&rdquo; in the prospectus and in our other filings with
the SEC, including, without limitation, our reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at
www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date
on which they are made and reflect management&rsquo;s current estimates, projections, expectations and beliefs. We expressly disclaim
any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein
to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is
based, except as required by law.</FONT></P>

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
