<SEC-DOCUMENT>0001753926-22-000016.txt : 20220104
<SEC-HEADER>0001753926-22-000016.hdr.sgml : 20220104
<ACCEPTANCE-DATETIME>20220104085954
ACCESSION NUMBER:		0001753926-22-000016
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20220104
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220104
DATE AS OF CHANGE:		20220104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLEARONE INC
		CENTRAL INDEX KEY:			0000840715
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		IRS NUMBER:				870398877
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33660
		FILM NUMBER:		22504209

	BUSINESS ADDRESS:	
		STREET 1:		5225 WILEY POST WAY
		STREET 2:		SUITE 500
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84116
		BUSINESS PHONE:		8019757200

	MAIL ADDRESS:	
		STREET 1:		5225 WILEY POST WAY
		STREET 2:		SUITE 500
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEARONE COMMUNICATIONS INC
		DATE OF NAME CHANGE:	20020204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENTNER COMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENTNER ELECTRONICS CORP
		DATE OF NAME CHANGE:	19910808
</SEC-HEADER>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES</span><span style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Washington, D.C. 20549</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Exact name of registrant as specified in its charter)</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Registrant&#8217;s telephone number, including area code)</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">Not applicable</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Former name or former address, if changed since last report)</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; 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:</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'MS Mincho'; font-size: 10pt;"><span style="-sec-ix-hidden:Tag13">&#9744;</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p>
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<td style="vertical-align: top; width: 96.1%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </span></p>
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<td style="vertical-align: top; width: 3.8%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'MS Mincho'; font-size: 10pt;"><span style="-sec-ix-hidden:Tag19">&#9744;</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p>
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<td style="vertical-align: top; width: 96.1%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'MS Mincho'; font-size: 10pt;"><span style="-sec-ix-hidden:Tag20">&#9744;</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p>
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<td style="vertical-align: top; width: 96.1%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </span></p>
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<tr>
<td style="vertical-align: top; width: 3.8%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'MS Mincho'; font-size: 10pt;"><span style="-sec-ix-hidden:Tag21">&#9744;</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p>
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<td style="vertical-align: top; width: 96.1%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communication pursuant to Rule 13e-4</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#169;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> under the Exchange Act (17 CFR 240.13e-4</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#169;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">) </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Emerging growth company </span><span style="font-family: 'MS Mincho'; font-size: 10pt;"><span style="-sec-ix-hidden:Tag14">&#9744;</span></span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; 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. </span><span style="font-family: 'MS Mincho'; font-size: 10pt;">&#9744;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Securities Registered Pursuant to Section 12(b) of the Act:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<td style="vertical-align: top; width: 33.64%;">
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">.01 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Entry into a Material Definitive Agreement</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-indent: 36pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">O</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">n </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">January 4</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">ClearOne</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, Inc., a Delaware corporation (the &#8220;Company&#8221;), entered into a Securities Purchase Agreement (</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">the &#8220;Purchase Agreement&#8221;) with Edward D. Bagley</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, pursuant to which the Company agreed to issue and sell, in a</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> private placement</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">1,538,461</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> shares (the &#8220;Shares&#8221;) of the Company&#8217;s common stock, par value $0.0</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">0</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">1 per share (the &#8220;Common Stock&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, at a</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> purchase price </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">of $1.30 per share of Common Stock (the &#8220;Offering&#8221;). The consideration for the Shares is the cancellation and termination of Mr. Bagley&#8217;s outstanding bridge loan to the Company in the principal amount of $2,000,000 originally issued </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">on July 2, 2021 and amended and restated on September 11, 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Mr. Bagley is an affiliate of the Company and </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">the Company&#8217;s single largest stockholder</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">.&#160;</span></p>
<p style="margin: 5pt 0pt; text-indent: 36pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Shares</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> are not being registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and were offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act, and Rule 506(b) promulgated thereunder.</span></p>
<p style="margin: 5pt 0pt; text-indent: 36pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the terms of a registration rights agreement dated </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">January 4, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> by and among the Company and </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Mr. Bagley</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> (the &#8220;Registration Rights Agreement&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, the Company agreed to use best efforts to cause a registration statement on Form S-</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">3</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> providing for the resale by</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Mr. Bagley of the Shares </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">to become effective </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">40 days following the date that the Company files</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> with the SEC</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> all of the information in its annual report on Form 10-K for the year ended December 31, 2021, including all of the information required by Part III of Form 10-K.</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">.</span></p>
<p style="margin: 5pt 0pt; text-indent: 36pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The Purchase Agreement contains customary representations and warranties and agreements of the Company and Mr. Bagley and customary indemnification rights and obligations of the parties. Pursuant to the terms of the Purchase Agreement, the Company has agreed to certain restrictions on the issuance and sale of its Common Stock or Common Stock Equivalents (as defined in the Purchase Agreement) </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">until 45 days after the registration statement covering the shares has been declared effective by the SEC</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">.</span></p>
<p style="margin: 5pt 0pt; text-indent: 36pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The Offering is</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> expected to close on or about </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">January 4</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, subject to customary closing conditions.</span></p>
<p style="margin: 5pt 0pt; text-indent: 36pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The foregoing summa</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">ries of the Purchase Agreement</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> and</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Registration Rights Agreement</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">do not purport to be complete and are subject to, and qualified in their entirety by, such documents attached as Exhibits 10.1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">10.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference.</span></p>
<p style="margin: 5pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 3.02</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Unregistered Sale of Equity Securities</span></p>
<p style="margin: 5pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The disclosure of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Offering</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> under Item 1.01 above is incorporate herein by reference.</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 9.01</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Financial Statements and Exhibits</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(d)</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Exhibits</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">10.1</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<p style="margin: 0pt; text-align: justify;"><a href="ex101_1.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Securities Purchase Agreement.</span></a></p>
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<p style="margin: 0pt; text-align: justify;"><a href="ex102_2.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Registration Rights Agreement.</span></a></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURES</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">CLEARONE, INC. </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Date: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">January 4</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">By: </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">/s/ Zeynep Hakimoglu </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Zeynep Hakimoglu </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p>
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<p style="margin: 0pt 0pt 0pt 1.5pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Chief Executive Officer (Principal Executive Officer) </span></p>
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    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" xlink:title="Presentation : dei_CoverAbstract to dei_EntityRegistrantName" use="optional" priority="0" order="4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:title="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityCentralIndexKey" xlink:title="Presentation : dei_CoverAbstract to dei_EntityCentralIndexKey" use="optional" priority="0" order="5" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xlink:title="dei_TradingSymbol" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_TradingSymbol" xlink:title="Presentation : dei_CoverAbstract to dei_TradingSymbol" use="optional" priority="0" order="6" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xlink:title="dei_SecurityExchangeName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_SecurityExchangeName" xlink:title="Presentation : dei_CoverAbstract to dei_SecurityExchangeName" use="optional" priority="0" order="7" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" xlink:title="dei_Security12gTitle" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_Security12gTitle" xlink:title="Presentation : dei_CoverAbstract to dei_Security12gTitle" use="optional" priority="0" order="8" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xlink:title="dei_EntityEmergingGrowthCompany" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityEmergingGrowthCompany" xlink:title="Presentation : dei_CoverAbstract to dei_EntityEmergingGrowthCompany" use="optional" priority="0" order="9" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xlink:title="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" xlink:title="Presentation : dei_CoverAbstract to dei_CityAreaCode" use="optional" priority="0" order="10" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xlink:title="dei_LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_LocalPhoneNumber" xlink:title="Presentation : dei_CoverAbstract to dei_LocalPhoneNumber" use="optional" priority="0" order="11" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xlink:title="dei_EntityFileNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityFileNumber" xlink:title="Presentation : dei_CoverAbstract to dei_EntityFileNumber" use="optional" priority="0" order="12" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xlink:title="dei_EntityAddressAddressLine1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressAddressLine1" xlink:title="Presentation : dei_CoverAbstract to dei_EntityAddressAddressLine1" use="optional" priority="0" order="13" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" xlink:title="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" xlink:title="Presentation : dei_CoverAbstract to dei_EntityAddressCityOrTown" use="optional" priority="0" order="14" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" xlink:title="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" xlink:title="Presentation : dei_CoverAbstract to dei_EntityAddressStateOrProvince" use="optional" priority="0" order="15" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xlink:title="dei_EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressPostalZipCode" xlink:title="Presentation : dei_CoverAbstract to dei_EntityAddressPostalZipCode" use="optional" priority="0" order="16" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" xlink:title="dei_EntityTaxIdentificationNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityTaxIdentificationNumber" xlink:title="Presentation : dei_CoverAbstract to dei_EntityTaxIdentificationNumber" use="optional" priority="0" order="17" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" xlink:title="dei_WrittenCommunications" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_WrittenCommunications" xlink:title="Presentation : dei_CoverAbstract to dei_WrittenCommunications" use="optional" priority="0" order="18" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" xlink:title="dei_SolicitingMaterial" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_SolicitingMaterial" xlink:title="Presentation : dei_CoverAbstract to dei_SolicitingMaterial" use="optional" priority="0" order="19" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" xlink:title="dei_PreCommencementTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementTenderOffer" xlink:title="Presentation : dei_CoverAbstract to dei_PreCommencementTenderOffer" use="optional" priority="0" order="20" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:title="dei_PreCommencementIssuerTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementIssuerTenderOffer" xlink:title="Presentation : dei_CoverAbstract to dei_PreCommencementIssuerTenderOffer" use="optional" priority="0" order="21" />
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>4
<FILENAME>clro-20220104_cal.xml
<DESCRIPTION>CALCULATION
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 61d451ac39fddb0fec7cf3b8, Generated At Tue, 04 Jan 2022 13:55:02 GMT-->
<link:linkbase xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.clearone.com/role/DEIDocument" xlink:type="simple" xlink:href="clro-20220104.xsd#DEIDocument" />
  <link:calculationLink xlink:type="extended" xlink:role="http://www.clearone.com/role/DEIDocument" />
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>clro-20220104_lab.xml
<DESCRIPTION>LABEL
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 61d451ac39fddb0fec7cf3b8, Generated At Tue, 04 Jan 2022 13:55:02 GMT-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CoverAbstract" xlink:label="CoverAbstract" xlink:title="CoverAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CoverAbstract" xml:lang="en-US" id="label_CoverAbstract">Cover [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoverAbstract" xlink:to="label_CoverAbstract" xlink:title="Label : CoverAbstract to label_CoverAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentType" xml:lang="en-US" id="label_DocumentType">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="label_DocumentType" xlink:title="Label : DocumentType to label_DocumentType" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="label_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentPeriodEndDate" xml:lang="en-US" id="label_DocumentPeriodEndDate">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="label_DocumentPeriodEndDate" xlink:title="Label : DocumentPeriodEndDate to label_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="label_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentFlag" xml:lang="en-US" id="label_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="label_AmendmentFlag" xlink:title="Label : AmendmentFlag to label_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityIncorporationStateCountryCode" xml:lang="en-US" id="label_EntityIncorporationStateCountryCode">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="label_EntityIncorporationStateCountryCode" xlink:title="Label : EntityIncorporationStateCountryCode to label_EntityIncorporationStateCountryCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityRegistrantName" xml:lang="en-US" id="label_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="label_EntityRegistrantName" xlink:title="Label : EntityRegistrantName to label_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCentralIndexKey" xml:lang="en-US" id="label_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey" xlink:title="Label : EntityCentralIndexKey to label_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="label_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingSymbol" xml:lang="en-US" id="label_TradingSymbol">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="label_TradingSymbol" xlink:title="Label : TradingSymbol to label_TradingSymbol" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
    <link:label xlink:type="resource" xlink:label="label_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecurityExchangeName" xml:lang="en-US" id="label_SecurityExchangeName">Security Exchange Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityExchangeName" xlink:to="label_SecurityExchangeName" xlink:title="Label : SecurityExchangeName to label_SecurityExchangeName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12gTitle" xlink:label="Security12gTitle" xlink:title="Security12gTitle" />
    <link:label xlink:type="resource" xlink:label="label_Security12gTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Security12gTitle" xml:lang="en-US" id="label_Security12gTitle">Title of 12(g) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12gTitle" xlink:to="label_Security12gTitle" xlink:title="Label : Security12gTitle to label_Security12gTitle" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityEmergingGrowthCompany" xml:lang="en-US" id="label_EntityEmergingGrowthCompany">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="label_EntityEmergingGrowthCompany" xlink:title="Label : EntityEmergingGrowthCompany to label_EntityEmergingGrowthCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="label_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CityAreaCode" xml:lang="en-US" id="label_CityAreaCode">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="label_CityAreaCode" xlink:title="Label : CityAreaCode to label_CityAreaCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="label_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LocalPhoneNumber" xml:lang="en-US" id="label_LocalPhoneNumber">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="label_LocalPhoneNumber" xlink:title="Label : LocalPhoneNumber to label_LocalPhoneNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="label_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFileNumber" xml:lang="en-US" id="label_EntityFileNumber">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="label_EntityFileNumber" xlink:title="Label : EntityFileNumber to label_EntityFileNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressAddressLine1" xml:lang="en-US" id="label_EntityAddressAddressLine1">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="label_EntityAddressAddressLine1" xlink:title="Label : EntityAddressAddressLine1 to label_EntityAddressAddressLine1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressCityOrTown" xml:lang="en-US" id="label_EntityAddressCityOrTown">Entity Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="label_EntityAddressCityOrTown" xlink:title="Label : EntityAddressCityOrTown to label_EntityAddressCityOrTown" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
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<DESCRIPTION>SCHEMA
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<DESCRIPTION>EXHIBIT 10.1
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<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.3;">
<p style="margin: 0pt 0pt 12pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: right; text-indent: -36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">Exhibit 10.1</font></p>
<p style="margin: 0pt 0pt 12pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: center; text-indent: -36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">SECURITIES PURCHASE AGREEMENT</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">This Securities Purchase Agreement (this </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Agreement</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">) is dated as of </font><font style="font-family: 'Times New Roman';">January 4</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">202</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">between</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">ClearOne, Inc.</font><font style="font-family: 'Times New Roman';">, a </font><font style="font-family: 'Times New Roman';">Delaware</font><font style="font-family: 'Times New Roman';"> corporation (the </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Company</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">), and </font><font style="font-family: 'Times New Roman';">Edward D. Bagley</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Purchaser</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to </font><font style="font-family: 'Times New Roman';">Section 4</font><font style="font-family: 'Times New Roman';">(a)</font><font style="font-family: 'Times New Roman';">(2) of the </font><font style="font-family: 'Times New Roman';">Securities Act (as defined below)</font><font style="font-family: 'Times New Roman';">, and Rule 506 promulgated thereunder</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the Company desires to issue and sell to </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';">, and </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> desires to purchase from the Company, securities of the Company as more fully described in this Agreement</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the C</font><font style="font-family: 'Times New Roman';">ompany and </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> agree</font><font style="font-family: 'Times New Roman';"> as follows:</font></font></p>
<h1 style="font-weight: normal; margin: 0pt 0pt 12pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; text-indent: 0pt; widows: 0;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline;">ARTICLE I.</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">DEFINITIONS</font></h1>
<h2 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">1.1</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;"> </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Definitions</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings </font><font style="font-family: 'Times New Roman'; text-decoration: none;">set forth</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> in this Section 1.1:</font></font></h2>
<h2 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #ff0000; font-family: 'Times New Roman'; text-decoration: none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #ff0000; font-family: 'Times New Roman'; text-decoration: none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Acquiring Person</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8221; shall have the meaning ascribed to such </font><font style="font-family: 'Times New Roman'; text-decoration: none;">term </font><font style="font-family: 'Times New Roman'; text-decoration: none;">in Section 4.5.</font></font></h2>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Action</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> shall have the meaning ascribed to such term in Section 3.1(j).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Affiliate</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule </font><font style="font-family: 'Times New Roman';">405</font><font style="font-family: 'Times New Roman';"> under the Securities Act</font><font style="font-family: 'Times New Roman';">.&nbsp; </font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Board of Directors</font><font style="font-family: 'Times New Roman';">&#8221; means the board of directors of the Company.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Business Day</font><font style="font-family: 'Times New Roman';">&#8221; </font><font style="font-family: 'Times New Roman';">means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">provided</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">however</font><font style="font-family: 'Times New Roman';">, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;, &#8220;shelter-in-pl</font><font style="font-family: 'Times New Roman';">ace&#8221;, &#8220;non-essential employee&#8221;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally</font><font style="font-family: 'Times New Roman';"> are</font><font style="font-family: 'Times New Roman';"> open for use by customers on such day</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Closing</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means the closing of the purchase and sale of the </font><font style="font-family: 'Times New Roman';">Securities </font><font style="font-family: 'Times New Roman';">pursuant to Section 2.1.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Closing Date</font><font style="font-family: 'Times New Roman';">&#8221; means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions</font><font style="font-family: 'Times New Roman';"> precedent to (i) the Purchaser</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> obligations to pay the </font><font style="font-family: 'Times New Roman';">aggregate purchase price for the Shares; </font><font style="font-family: 'Times New Roman';">and (ii) the Company&#8217;s obligations to deliver the Securities, in each case, have been satisfied or waived.</font></font></p>
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<table style="width: 100%;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>1</font></font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Commission</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means the</font><font style="font-family: 'Times New Roman';"> United States</font><font style="font-family: 'Times New Roman';"> Securities and Exchange Commission.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Common Stock</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means the common stock of the Company, par value $</font><font style="font-family: 'Times New Roman';">0.001</font><font style="font-family: 'Times New Roman';"> per share, and </font><font style="font-family: 'Times New Roman';">any other class of securities into which such se</font><font style="font-family: 'Times New Roman';">curities may hereafter be</font><font style="font-family: 'Times New Roman';"> reclassified or changed</font><font style="font-family: 'Times New Roman';">. </font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Common Stock Equivalents</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into </font><font style="font-family: 'Times New Roman';">or exercisable </font><font style="font-family: 'Times New Roman';">or exchangeable for, or otherwise entitles the </font><font style="font-family: 'Times New Roman';">holder thereof to receive, Common Stock.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Company Counsel</font><font style="font-family: 'Times New Roman';">&#8221; means </font><font style="font-family: 'Times New Roman';">Seyfarth Shaw LLP</font><font style="font-family: 'Times New Roman';">, with offices located at </font><font style="font-family: 'Times New Roman';">700 Milam Street, Suite 1400, Houston, Texas 77002</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Disclosure Schedules</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means the Disclosure Schedules of the Company d</font><font style="font-family: 'Times New Roman';">elivered concurrently herewith.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Disclosure Time</font><font style="font-family: 'Times New Roman';">&#8221; </font><font style="font-family: 'Times New Roman';">means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediat</font><font style="font-family: 'Times New Roman';">ely following the date hereof, </font><font style="font-family: 'Times New Roman';">unless otherwise instructed as to an earlier time by </font><font style="font-family: 'Times New Roman';">Company Counsel</font><font style="font-family: 'Times New Roman';">, and</font><font style="font-family: 'Times New Roman';"> (ii) if this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New Yor</font><font style="font-family: 'Times New Roman';">k City time) on the date hereof</font><font style="font-family: 'Times New Roman';">, unless otherwise instructed as to an earlier time by </font><font style="font-family: 'Times New Roman';">Company Counsel</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Effective Date</font><font style="font-family: 'Times New Roman';">&#8221; means the earliest of the date that (a) the initial Registration Statement has been declared effective by the Commission, (b) all of the Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions,&nbsp; (c) following the one year anniversary of the Closing Date provided that a holder of</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> is not an Affiliate of the Company, or (d) all of the</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions and Company Counsel has delivered to such holders a standing written unqualified opinion that resales may then be made by such holders of the</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> pursuant to such exemption which opinion shall be in form and substance reasonably acceptable to such holders.</font></font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Evaluation Date</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning ascrib</font><font style="font-family: 'Times New Roman';">ed to such term in Section 3.1(s</font><font style="font-family: 'Times New Roman';">). </font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Exchange Act</font><font style="font-family: 'Times New Roman';">&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Exempt Issuance</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company pursuant to any stock or option plan</font><font style="font-family: 'Times New Roman';"> or employee stock purchase plan</font><font style="font-family: 'Times New Roman';"> duly adopted</font><font style="font-family: 'Times New Roman';"> for such purpose</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established</font><font style="font-family: 'Times New Roman';"> for such purpose</font><font style="font-family: 'Times New Roman';"> for services rendered to the Company</font><font style="font-family: 'Times New Roman';">, (b) securities upon the ex</font><font style="font-family: 'Times New Roman';">ercise </font><font style="font-family: 'Times New Roman';">or exchange </font><font style="font-family: 'Times New Roman';">of or conversion of any S</font><font style="font-family: 'Times New Roman';">ecurities issued hereunder</font><font style="font-family: 'Times New Roman';"> and/or </font><font style="font-family: 'Times New Roman';">other </font><font style="font-family: 'Times New Roman';">securities exercisable or exchangeable for or </font><font style="font-family: 'Times New Roman';">convertible </font><font style="font-family: 'Times New Roman';">into shares of Common Stock </font><font style="font-family: 'Times New Roman';">issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">or to decrease the exercise</font><font style="font-family: 'Times New Roman';"> price</font><font style="font-family: 'Times New Roman';">, exchange</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">price </font><font style="font-family: 'Times New Roman';">or conversion price of such securities</font><font style="font-family: 'Times New Roman';"> (other than in connection with stock splits or combinations) or to extend the term of such securities</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">(c)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors</font><font style="font-family: 'Times New Roman';"> of the Company</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">provided that such securities are issued as &#8220;restricted securities&#8221; (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith </font><font style="font-family: 'Times New Roman';">during the prohibition period in Section 4.12(a) herein</font><font style="font-family: 'Times New Roman';">, and </font><font style="font-family: 'Times New Roman';">provided that any such issuance shall only be to a Person </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">or to the equityholders of a Person</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> which is, itself or through its subsidiaries, an operating company </font><font style="font-family: 'Times New Roman';">or an </font><font style="font-family: 'Times New Roman';">owner of an </font><font style="font-family: 'Times New Roman';">asset </font><font style="font-family: 'Times New Roman';">in a business synergistic with the business of the Co</font><font style="font-family: 'Times New Roman';">mpany</font><font style="font-family: 'Times New Roman';"> and shall provide to the Co</font><font style="font-family: 'Times New Roman';">mpany</font><font style="font-family: 'Times New Roman';"> additional benefits in addition to the investment of funds, but shall not include a transaction in which the Co</font><font style="font-family: 'Times New Roman';">mpany </font><font style="font-family: 'Times New Roman';">is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">FCPA</font><font style="font-family: 'Times New Roman';">&#8221; means the Foreign Corrupt Practices Act of 1977, as amended.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">GAAP</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning ascribed to such term in Section 3.1(h).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Indebtedness</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning ascribe</font><font style="font-family: 'Times New Roman';">d to such </font><font style="font-family: 'Times New Roman';">term in Section 3.1(</font><font style="font-family: 'Times New Roman';">bb</font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Intellectual Property Rights</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> shall have the meaning ascrib</font><font style="font-family: 'Times New Roman';">ed to such term in Section 3.1(p</font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Legend Removal Date</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning ascribed to such term in Section 4.1(c).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Liens</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means a lien, charge, </font><font style="font-family: 'Times New Roman';">pledge, </font><font style="font-family: 'Times New Roman';">security interest, encumbrance, right of first refusal, preemptive right or other restriction.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Material Adverse Effect</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> shall have the meaning </font><font style="font-family: 'Times New Roman';">assigned</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to such term in Section 3.1(b).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Material Permits</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> shall have the meaning ascrib</font><font style="font-family: 'Times New Roman';">ed to such term in Section 3.1(n</font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Person</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Proceeding</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means an action, claim, suit, investigation or proceeding (including, without limitation, an </font><font style="font-family: 'Times New Roman';">informal </font><font style="font-family: 'Times New Roman';">investigation or partial proceeding, such as a deposition), whether commenced or threatened.</font></font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Public Information Failure</font><font style="font-family: 'Times New Roman';">&#8221; </font><font style="font-family: 'Times New Roman';">shall have the meaning ascribed to such term in Section 4.</font><font style="font-family: 'Times New Roman';">2(b).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Public Information Failure Payments</font><font style="font-family: 'Times New Roman';">&#8221; </font><font style="font-family: 'Times New Roman';">shall have the meaning ascribed to such term in Section 4.</font><font style="font-family: 'Times New Roman';">2(b).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Purchaser Party</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning ascri</font><font style="font-family: 'Times New Roman';">bed to such term in Secti</font><font style="font-family: 'Times New Roman';">on 4.8</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registration Rights Agreement</font><font style="font-family: 'Times New Roman';">&#8221; means the Registration Rights Agreement, dated </font><font style="font-family: 'Times New Roman';">on or about </font><font style="font-family: 'Times New Roman';">the date hereof, among the Company and the Purchaser, in the form of </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Exhibit A</font><font style="font-family: 'Times New Roman';"> attached hereto.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registration Statement</font><font style="font-family: 'Times New Roman';">&#8221; means a registration statement meeting the requirements set forth in the Registration Rights Agreement and cover</font><font style="font-family: 'Times New Roman';">ing the resale by the Purchaser</font><font style="font-family: 'Times New Roman';"> of the Shares</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Required Approvals</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> shall have the meaning ascribed to such term in Section 3.1(e).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Rule 144</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended </font><font style="font-family: 'Times New Roman';">or interpreted </font><font style="font-family: 'Times New Roman';">from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same </font><font style="font-family: 'Times New Roman';">purpose and </font><font style="font-family: 'Times New Roman';">effect as such Rule. </font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Rule 424</font><font style="font-family: 'Times New Roman';">&#8221; means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">SEC Reports</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> shall have the meaning ascribed to such term in Section 3.1(h).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Securities</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means the Shares.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Securities Act</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means the Securities Act of 1933, as amended</font><font style="font-family: 'Times New Roman';">, and the rules and regulations promulgated thereunder</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Shares</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means the shares of Common Stock issued or issuable to </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> pursuant to this Agreement.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Short Sales</font><font style="font-family: 'Times New Roman';">&#8221; </font><font style="font-family: 'Times New Roman';">means</font><font style="font-family: 'Times New Roman';"> all &#8220;short sales&#8221; as defined in Rule 200 of Regulation SHO under the Exchange Act</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(but shall not </font><font style="font-family: 'Times New Roman';">be deemed to include </font><font style="font-family: 'Times New Roman';">locating and/or borrowing</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">shares of Common Stock)</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Subsidiary</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">means any subsidiary of the Company as set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(a)</font><font style="font-family: 'Times New Roman';">, and shall, where applicable, </font><font style="font-family: 'Times New Roman';">also </font><font style="font-family: 'Times New Roman';">include any </font><font style="font-family: 'Times New Roman';">direct or indirect </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ubsidiary </font><font style="font-family: 'Times New Roman';">of the Company </font><font style="font-family: 'Times New Roman';">formed </font><font style="font-family: 'Times New Roman';">or acquired </font><font style="font-family: 'Times New Roman';">after the date hereof.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Trading Day</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> means a day on which </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">principal Trading Market </font><font style="font-family: 'Times New Roman';">is open for trading.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Trading Market</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE </font><font style="font-family: 'Times New Roman';">American</font><font style="font-family: 'Times New Roman';">, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Mar</font><font style="font-family: 'Times New Roman';">ket or the New York Stock Exchange</font><font style="font-family: 'Times New Roman';"> (or any successors to any of the foregoing)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Transaction Documents</font><font style="font-family: 'Times New Roman';">&#8221; mean</font><font style="font-family: 'Times New Roman';">s this Agreement,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Registration Rights Agreement,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">all exhibits and schedules thereto and hereto</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and any other documents or agreements executed in connection with the transactions contemplated hereunder.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Transfer Agent</font><font style="font-family: 'Times New Roman';">&#8221; </font><font style="font-family: 'Times New Roman';">means Colonial Stock Transfer, the current transfer agent of the Company, with offices located at </font><font style="font-family: 'Times New Roman';">66 Exchange Place, Ste 100, Salt Lake City, UT 84111</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">and any successor transfer agent of the Company</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Variable Rate Transaction</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning ascri</font><font style="font-family: 'Times New Roman';">bed to such term in Section 4.12</font><font style="font-family: 'Times New Roman';">(b).</font></font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">VWAP</font><font style="font-family: 'Times New Roman';">&#8221; </font><font style="font-family: 'Times New Roman';">means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported </font><font style="font-family: 'Times New Roman';">on</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">he Pink Open Market </font><font style="font-family: 'Times New Roman';">(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchaser and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</font></font></p>
<h1 style="font-weight: normal; margin: 0pt 0pt 12pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; text-indent: 0pt; widows: 0;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline;">ARTICLE II.</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">PURCHASE AND SALE</font></h1>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">2.1</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Closing</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">On the Closing Date, upon the terms and subject to the conditions set forth herein, </font><font style="font-family: 'Times New Roman'; text-decoration: none;">substantially </font><font style="font-family: 'Times New Roman'; text-decoration: none;">concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> agree</font><font style="font-family: 'Times New Roman'; text-decoration: none;">s</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> to purchase</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, </font><font style="font-family: 'Times New Roman'; text-decoration: none;">1,538,461</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Shares for $</font><font style="font-family: 'Times New Roman'; text-decoration: none;">1.30 </font><font style="font-family: 'Times New Roman'; text-decoration: none;">per Share and an aggregate of $</font><font style="font-family: 'Times New Roman'; text-decoration: none;">1,999,999.30</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Purchase Price</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8221;)</font><font style="font-family: 'Times New Roman'; text-decoration: none;">. </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchase Price shall be paid in full upon the concurrent termination on the Closing Date of that certain Amended and Restate Promissory Note of the C</font><font style="font-family: 'Times New Roman'; text-decoration: none;">ompany dated September 11, 2021 and originally issued on July 2, 2021 in the principal amount of $2,000,000</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.00</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">in favor of the Purchaser </font><font style="font-family: 'Times New Roman'; text-decoration: none;">(the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Subject Note</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8221;) </font><font style="font-family: 'Times New Roman'; text-decoration: none;">and the cancellation of the principal and accrued interest of all amounts payable to the Purchaser pursuant to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Subject Note</font><font style="font-family: 'Times New Roman'; text-decoration: none;">. </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Company </font><font style="font-family: 'Times New Roman'; text-decoration: none;">and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> shall deliver</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the other items set forth in Section 2.2 </font><font style="font-family: 'Times New Roman'; text-decoration: none;">deliverable</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> at the Closing.&nbsp; Upon satisfaction of the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">covenants and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Company Counsel</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> or such other location</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">(including remotely by facsimile or other electronic transmission)</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> as the parties shall mutually agree</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp; </font></font></p>
<h2 style="font-weight: normal; margin: 0pt 0pt 12pt; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">2.2</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Deliveries</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h2>
<h2 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">On </font><font style="font-family: 'Times New Roman'; text-decoration: none;">or prior to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Closing Date, the Company shall deliver or cause to be delivered to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the following:</font></font></h2>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(i)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">this Agreement duly executed by the Company;</font></font></h4>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(ii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">a legal opinion of Company Counsel, </font><font style="font-family: 'Times New Roman';">substantially </font><font style="font-family: 'Times New Roman';">in the form of </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Exhibit B</font><font style="font-family: 'Times New Roman';"> attached hereto; </font></font></h4>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(iii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">a copy of the irrevocable instructions to the </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">ransfer </font><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';">gent instructing the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">ransfer </font><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';">gent to deliver </font><font style="font-family: 'Times New Roman';">on an expedited basis </font><font style="font-family: 'Times New Roman';">a certificate evidencing </font><font style="font-family: 'Times New Roman';">ownership of </font><font style="font-family: 'Times New Roman';">1,538,461</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Shares</font><font style="font-family: 'Times New Roman';"> registered in the name of </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Purchaser</font><font style="font-family: 'Times New Roman';">, or, at the election of </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Purchaser, evidence of the issuance of </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Purchaser&#8217;s Shares hereunder as held in DRS book-entry form by the Transfer Agent and registered in the name of </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Purchaser, which evidence shall be reasonably satisfactory to </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Purchaser</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font></font></h4>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(iv)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Registration Rights Agreement duly executed by the Company</font><font style="font-family: 'Times New Roman';">.</font></font></h4>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(b)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">On </font><font style="font-family: 'Times New Roman';">or prior to </font><font style="font-family: 'Times New Roman';">the Closing Date, </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> shall deliver or cause</font><font style="font-family: 'Times New Roman';"> to be delivered to the Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the following:</font></font></h3>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(i)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">this Agreement duly executed by </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font></font></h4>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(ii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">the Registration Rights Agreement duly executed by </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';">.</font></font></h4>
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<h2 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">2.3</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Closing Conditions</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: underline;"> </font></font></h2>
<h2 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: none;">(a)</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:</font></font></h2>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(i)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">the accuracy in all material respects </font><font style="font-family: 'Times New Roman';">(or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) </font><font style="font-family: 'Times New Roman';">on the Closing Date of the representations and warranties of the Purchaser contained herein</font><font style="font-family: 'Times New Roman';"> (unless as of a specific date therein</font><font style="font-family: 'Times New Roman';"> in which case they shall be accurate as of such date</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">; </font></font></h4>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(ii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">all obligations, covenants and agreements of </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> required to be performed at or prior to the Closing Date shall have been performed;</font><font style="font-family: 'Times New Roman';"> and</font></font></h4>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(iii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">the delivery by </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> of the items set forth in Section 2.2(b) of this Agreement.</font></font></h4>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(b)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">The respective obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:</font></font></h3>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(i)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">the accuracy in all material respects </font><font style="font-family: 'Times New Roman';">(or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) </font><font style="font-family: 'Times New Roman';">when made and </font><font style="font-family: 'Times New Roman';">on the Closing Date of the representations and warranties of the Company contained herein</font><font style="font-family: 'Times New Roman';"> (unless as of a specific date therein</font><font style="font-family: 'Times New Roman';"> in which case they shall be accurate as of such date</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">;</font></font></h4>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(ii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed; </font></font></h4>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(iii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement; </font></font></h4>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(iv)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and</font></font></h4>
<h4 style="font-weight: normal; margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(v)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">rom the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission </font><font style="font-family: 'Times New Roman';">or the Company&#8217;s principal Trading Market</font><font style="font-family: 'Times New Roman';">, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg </font><font style="font-family: 'Times New Roman';">L.P.</font><font style="font-family: 'Times New Roman';"> shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonab</font><font style="font-family: 'Times New Roman';">le judgment of </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Purchaser, makes it impracticable or inadvisable to purchase the </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';"> at the Closing.</font></font></h4>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">2.4</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Waiver of Default</font><font style="font-family: 'Times New Roman'; text-decoration: none;">. Effective as of the maturity date of the Subject Note and for a period continuing through and including the anticipated termination and cancellation of the Subject Note on the Closing Date, Purchaser hereby waives any event of default that may be deemed to exist under the Subject Note and any enforcement of remedies in connection with any such event of default.</font></font></p>
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<h1 style="font-weight: normal; margin: 0pt 0pt 12pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; text-indent: 0pt; widows: 0;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline;">ARTICLE III.</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">REPRESENTATIONS AND WARRANTIES</font></h1>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">3.1</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Representations and Warranties of the Company</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; Except as set forth </font><font style="font-family: 'Times New Roman'; text-decoration: none;">in</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the Disclosure Schedules</font><font style="font-family: 'Times New Roman'; text-decoration: none;">,</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> which Disclosure Schedules shall be deemed a part hereof</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">shall</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> qualify any representation or otherwise made herein to the extent of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> disclosure</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> contained in the corresponding section of the Disclosure Schedules</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, the Company hereby makes the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> following</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> representation</font><font style="font-family: 'Times New Roman'; text-decoration: none;">s and warranties</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">:</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Subsidiaries</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; All of the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">material </font><font style="font-family: 'Times New Roman'; text-decoration: none;">direct and indirect subsidiaries of the Company are set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(a)</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all </font><font style="font-family: 'Times New Roman'; text-decoration: none;">of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. </font></font></p>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(b)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Organization and Qualification</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he Company and</font><font style="font-family: 'Times New Roman';"> each of</font><font style="font-family: 'Times New Roman';"> the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in</font><font style="font-family: 'Times New Roman';"> a Material Adverse Effect </font><font style="font-family: 'Times New Roman';">and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification</font><font style="font-family: 'Times New Roman';">.&nbsp; Neither the Company nor any Subsidiary is in violation </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.&nbsp; Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"> (i) a material adverse effect on the legality, validity or enforceability of any Transaction </font><font style="font-family: 'Times New Roman';">Document</font><font style="font-family: 'Times New Roman';">, (ii) a material adverse effect on the results of operations, assets, business, prospects or </font><font style="font-family: 'Times New Roman';">condition (financial or otherwise) </font><font style="font-family: 'Times New Roman';">of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s ability to perform in any material respect on a timely basis its obligations under any Transaction </font><font style="font-family: 'Times New Roman';">Document</font><font style="font-family: 'Times New Roman';"> (any of (i), (ii) or (iii), a </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Material Adverse Effect</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(c)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Authorization; Enforcement</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by </font><font style="font-family: 'Times New Roman';">this Agreement and </font><font style="font-family: 'Times New Roman';">each of the </font><font style="font-family: 'Times New Roman';">other </font><font style="font-family: 'Times New Roman';">Transaction Documents and otherwise to carry out its obligations </font><font style="font-family: 'Times New Roman';">hereunder and </font><font style="font-family: 'Times New Roman';">thereunder.&nbsp; The execution and delivery of </font><font style="font-family: 'Times New Roman';">this Agreement</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">each of the </font><font style="font-family: 'Times New Roman';">other </font><font style="font-family: 'Times New Roman';">Transaction Documents by the Company and the consummation by it of the transactions contemplated </font><font style="font-family: 'Times New Roman';">hereby and </font><font style="font-family: 'Times New Roman';">thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company</font><font style="font-family: 'Times New Roman';">, the Board of D</font><font style="font-family: 'Times New Roman';">irectors or </font><font style="font-family: 'Times New Roman';">the Company&#8217;s</font><font style="font-family: 'Times New Roman';"> stockholders</font><font style="font-family: 'Times New Roman';"> in connection </font><font style="font-family: 'Times New Roman';">herewith or </font><font style="font-family: 'Times New Roman';">therewith other than in connection with the Required Approvals.&nbsp; </font><font style="font-family: 'Times New Roman';">This Agreement and each other </font><font style="font-family: 'Times New Roman';">Transaction </font><font style="font-family: 'Times New Roman';">Document</font><font style="font-family: 'Times New Roman';"> to which it is a party</font><font style="font-family: 'Times New Roman';"> has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof</font><font style="font-family: 'Times New Roman';"> and thereof</font><font style="font-family: 'Times New Roman';">, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> except (i) as limited by </font><font style="font-family: 'Times New Roman';">general equitable principles and </font><font style="font-family: 'Times New Roman';">applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';"> rights generally, </font><font style="font-family: 'Times New Roman';">(ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies</font><font style="font-family: 'Times New Roman';"> and (iii) insofar as indemnification and contribution provisions may be limited by applicable law</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font></h3>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(d)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">No Conflicts</font><font style="font-family: 'Times New Roman';">.&nbsp; The execution, delivery and performance </font><font style="font-family: 'Times New Roman';">by the Company </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">this Agreement and </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">other </font><font style="font-family: 'Times New Roman';">Transaction Documents</font><font style="font-family: 'Times New Roman';"> to which it is a party</font><font style="font-family: 'Times New Roman';">, the issuance and sale of the </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';"> and the consummation by </font><font style="font-family: 'Times New Roman';">it of</font><font style="font-family: 'Times New Roman';"> the transactions contemplated </font><font style="font-family: 'Times New Roman';">hereby and </font><font style="font-family: 'Times New Roman';">thereby do not and will not (i) conflict with or violate any provision of the Company</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s or any Subsidiary</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment,</font><font style="font-family: 'Times New Roman';"> anti-dilution or similar adjustments,</font><font style="font-family: 'Times New Roman';"> acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not</font><font style="font-family: 'Times New Roman';">, individually or in the aggregate,</font><font style="font-family: 'Times New Roman';"> have or reasonably be expected to result in a Material Adverse Effect.&nbsp;</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(e)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Filings, Consents and Approvals</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"> (i) </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission </font><font style="font-family: 'Times New Roman';">pursuant to the Registration Rights Agreement,</font><font style="font-family: 'Times New Roman';"> (iii) application(s) to each applicable Trading Market for the listing of the</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> for trading thereon in the time and manner required thereby</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">(iv) </font><font style="font-family: 'Times New Roman';">the filing of Form D with the Commission </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">such filings as are required to be made under applicable state securities laws (collectively, the </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Required Approvals</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">).</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(f)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Issuance of the Securities</font><font style="font-family: 'Times New Roman';">.&nbsp; The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company</font><font style="font-family: 'Times New Roman';"> other than restrictions on transfer provided for in the Transaction Documents</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(g)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Capitalization</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">The capitalization of the Company </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">September 30, 2021 is</font><font style="font-family: 'Times New Roman';"> as set forth </font><font style="font-family: 'Times New Roman';">in the SEC Reports. </font><font style="font-family: 'Times New Roman';">The Company has not issued any capital stock since its </font><font style="font-family: 'Times New Roman';">most recently filed periodic report under the Exchange Act, </font><font style="font-family: 'Times New Roman';">other than pursuant to the exercise of employee stock options under the Company&#8217;s stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company&#8217;s employee stock purchase plan</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> and pursuant to the conversion </font><font style="font-family: 'Times New Roman';">and/</font><font style="font-family: 'Times New Roman';">or exerci</font><font style="font-family: 'Times New Roman';">se of </font><font style="font-family: 'Times New Roman';">Common Stock Equivalents</font><font style="font-family: 'Times New Roman';"> outstanding as of the date of the most recently filed periodic report under the Exchange Act</font><font style="font-family: 'Times New Roman';">.&nbsp; No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents.&nbsp; Except as a result of the purchase and sale of the </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';"> and as </font><font style="font-family: 'Times New Roman';">disclosed in the SEC Reports</font><font style="font-family: 'Times New Roman';">, there are no outst</font><font style="font-family: 'Times New Roman';">anding options, warrants, scrip</font><font style="font-family: 'Times New Roman';"> rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or </font><font style="font-family: 'Times New Roman';">exercisable or </font><font style="font-family: 'Times New Roman';">exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock</font><font style="font-family: 'Times New Roman';"> or the capital stock of any Subsidiary</font><font style="font-family: 'Times New Roman';">, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents</font><font style="font-family: 'Times New Roman';"> or capital stock of any Subsidiary</font><font style="font-family: 'Times New Roman';">.&nbsp; The issuance and sale of the Securities will not obligate the Company</font><font style="font-family: 'Times New Roman';"> or any Subsidiary</font><font style="font-family: 'Times New Roman';"> to issue shares of Common Stock or other securities to any P</font><font style="font-family: 'Times New Roman';">erson (other than the Purchaser</font><font style="font-family: 'Times New Roman';">). </font><font style="font-family: 'Times New Roman';">There are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary.&nbsp; There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or &#8220;phantom stock&#8221; plans or agreements or any similar plan or agreement. </font><font style="font-family: 'Times New Roman';">All of the outstanding shares of capital stock of the Company are </font><font style="font-family: 'Times New Roman';">duly authorized, </font><font style="font-family: 'Times New Roman';">validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities.&nbsp; No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';">.&nbsp; There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company&#8217;s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company&#8217;s stockholders.</font></font></h3>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(h)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">SEC Reports; Financial Statements</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company has filed all reports</font><font style="font-family: 'Times New Roman';">, schedules, forms, statements and other documents</font><font style="font-family: 'Times New Roman';"> required to be filed by </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';"> under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law </font><font style="font-family: 'Times New Roman';">or regulation </font><font style="font-family: 'Times New Roman';">to file such material) (the foregoing materials, including the exhibits thereto</font><font style="font-family: 'Times New Roman';"> and documents incorporated by reference therein</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">being collectively referred to herein as the </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">SEC Reports</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension.&nbsp; As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, </font><font style="font-family: 'Times New Roman';">as applicable, </font><font style="font-family: 'Times New Roman';">and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">light of the circumstances under which they were made, not misleading. </font><font style="font-family: 'Times New Roman';">The Company has never been an issuer subject to Rule 144(i) under the Securities Act.</font><font style="font-family: 'Times New Roman';"> The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing.&nbsp; Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">GAAP</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of th</font><font style="font-family: 'Times New Roman';">e Company and its consolidated S</font><font style="font-family: 'Times New Roman';">ubsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(i)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Material Changes</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">; Undisclosed Events, Liabilities or Developments</font><font style="font-family: 'Times New Roman';">.&nbsp; Since the date of the latest audited financial statements included within the SEC Reports, except </font><font style="font-family: 'Times New Roman';">as </font><font style="font-family: 'Times New Roman';">set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(i)</font><font style="font-family: 'Times New Roman';">, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans.&nbsp; The Company does not have pending before the Commission any request for confidential treatment of information.</font><font style="font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman';">Except for the issuance of the Securities contemplated by this Agreement or as set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(i)</font><font style="font-family: 'Times New Roman';">, n</font><font style="font-family: 'Times New Roman';">o event, liability</font><font style="font-family: 'Times New Roman';">, fact, circumstance, occurrence</font><font style="font-family: 'Times New Roman';"> or development has occurred or exists</font><font style="font-family: 'Times New Roman';"> or is reasonably expected to oc</font><font style="font-family: 'Times New Roman';">cur or exist</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">with respect to the Company or its Subsidiaries or their respective business</font><font style="font-family: 'Times New Roman';">es</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">prospects, </font><font style="font-family: 'Times New Roman';">properties, operations</font><font style="font-family: 'Times New Roman';">, assets or </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">condition</font><font style="font-family: 'Times New Roman';"> that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made </font><font style="font-family: 'Times New Roman';">that has not bee</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> publicly disclosed at least 1</font><font style="font-family: 'Times New Roman';"> Trading Day prior to the date that this representation is made.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(j)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Litigation</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">Except as set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(j)</font><font style="font-family: 'Times New Roman';">, there</font><font style="font-family: 'Times New Roman';"> is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Action</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">Except as set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(j)</font><font style="font-family: 'Times New Roman';">, n</font><font style="font-family: 'Times New Roman';">one of the Actions set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(j)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result </font><font style="font-family: 'Times New Roman';">in a Material Adverse Effect.&nbsp; </font><font style="font-family: 'Times New Roman';">N</font><font style="font-family: 'Times New Roman';">either the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty</font><font style="font-family: 'Times New Roman';"> since January 1, 2015</font><font style="font-family: 'Times New Roman';">.&nbsp; There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.&nbsp; The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font></h3>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>9</font></font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(k)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Labor Relations</font><font style="font-family: 'Times New Roman';">.&nbsp; No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> which could reasonably be expected to result in a Material Adverse Effect.</font><font style="font-family: 'Times New Roman';">&nbsp; None of the Company&#8217;s or its Subsidiaries&#8217; employees is a member of a union that relates to such employee&#8217;s relationship with the Company</font><font style="font-family: 'Times New Roman';"> or such Subsidiary</font><font style="font-family: 'Times New Roman';">, and neither the Company </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">or any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good.&nbsp; </font><font style="font-family: 'Times New Roman';">To the knowledge of the Company, n</font><font style="font-family: 'Times New Roman';">o executive officer</font><font style="font-family: 'Times New Roman';"> of the Company or any Subsidiary</font><font style="font-family: 'Times New Roman';">, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant</font><font style="font-family: 'Times New Roman';"> in favor of any third party</font><font style="font-family: 'Times New Roman';">, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters.&nbsp; The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.&nbsp;</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(l)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Compliance</font><font style="font-family: 'Times New Roman';">.&nbsp; Neither the Company nor any Subsidiary</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"> (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any </font><font style="font-family: 'Times New Roman';">judgment, decree or </font><font style="font-family: 'Times New Roman';">order of any court, arbitrator or </font><font style="font-family: 'Times New Roman';">other </font><font style="font-family: 'Times New Roman';">governmental </font><font style="font-family: 'Times New Roman';">authority</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">or (iii) is or has be</font><font style="font-family: 'Times New Roman';">en in violation of any statute</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">rule</font><font style="font-family: 'Times New Roman';">, ordinance</font><font style="font-family: 'Times New Roman';"> or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws </font><font style="font-family: 'Times New Roman';">relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">except in each case as could not have </font><font style="font-family: 'Times New Roman';">or reasonably be expected</font><font style="font-family: 'Times New Roman';">, individually or in the aggregate,</font><font style="font-family: 'Times New Roman';"> to result in </font><font style="font-family: 'Times New Roman';">a Material Adverse Effect.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(m)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Environmental Laws</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Hazardous Materials</font><font style="font-family: 'Times New Roman';">&#8221;) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Environmental Laws</font><font style="font-family: 'Times New Roman';">&#8221;); (ii) have received all permits licenses or other approvals required of them under applicable Environmen</font><font style="font-family: 'Times New Roman';">tal Laws to co</font><font style="font-family: 'Times New Roman';">nduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(n)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Regulatory Permits</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Material Permits</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">), and </font><font style="font-family: 'Times New Roman';">to the best of the Company&#8217;s knowledge, </font><font style="font-family: 'Times New Roman';">neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.</font></font></h3>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(o)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Title to Assets</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nd good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for </font><font style="font-family: 'Times New Roman';">(i) </font><font style="font-family: 'Times New Roman';">Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and </font><font style="font-family: 'Times New Roman';">(ii) </font><font style="font-family: 'Times New Roman';">Liens for the payment of federal, state or other taxes</font><font style="font-family: 'Times New Roman';">, for which appropriate r</font><font style="font-family: 'Times New Roman';">eserves have been made </font><font style="font-family: 'Times New Roman';">therefor </font><font style="font-family: 'Times New Roman';">in accordance with GAAP and</font><font style="font-family: 'Times New Roman';">, the payment of which is neither delinquent nor subject to penalties.&nbsp; Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases </font><font style="font-family: 'Times New Roman';">with</font><font style="font-family: 'Times New Roman';"> which the Company and the Subsidiaries are in compliance.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(p)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Intellectual Property</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company and the Subsidiaries have, or have rights to use,</font><font style="font-family: 'Times New Roman';"> or can acquire on reasonable terms,</font><font style="font-family: 'Times New Roman';"> all patents, patent applications, trademarks, trademark applications, service marks, trade names, </font><font style="font-family: 'Times New Roman';">trade secrets, inventions, </font><font style="font-family: 'Times New Roman';">copyri</font><font style="font-family: 'Times New Roman';">ghts, licenses and other</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">intellectual property </font><font style="font-family: 'Times New Roman';">rights </font><font style="font-family: 'Times New Roman';">and similar rights </font><font style="font-family: 'Times New Roman';">necessary or </font><font style="font-family: 'Times New Roman';">required</font><font style="font-family: 'Times New Roman';"> for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Intellectual Property Rights</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">).&nbsp; </font><font style="font-family: 'Times New Roman';">Except as disclosed in the SEC Reports, n</font><font style="font-family: 'Times New Roman';">one of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement</font><font style="font-family: 'Times New Roman';">, except where such expiration, termination or abandonment could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect</font><font style="font-family: 'Times New Roman';">.&nbsp; To the best of the Company&#8217;</font><font style="font-family: 'Times New Roman';">s knowledge, n</font><font style="font-family: 'Times New Roman';">either the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as </font><font style="font-family: 'Times New Roman';">could not have or reasonably be expected to</font><font style="font-family: 'Times New Roman';"> not have a Material Adverse Effect.</font><font style="font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman';">Except as </font><font style="font-family: 'Times New Roman';">disclosed in the SEC Reports</font><font style="font-family: 'Times New Roman';">, t</font><font style="font-family: 'Times New Roman';">o the knowledge of the Company, all such Intellectual Property Rights are enforceable and the</font><font style="font-family: 'Times New Roman';"> Company has not asserted any </font><font style="font-family: 'Times New Roman';">infringement by another Person of any of the Intellectual Property Rights.&nbsp; The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their </font><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">ntellectual </font><font style="font-family: 'Times New Roman';">P</font><font style="font-family: 'Times New Roman';">ropert</font><font style="font-family: 'Times New Roman';">y Rights</font><font style="font-family: 'Times New Roman';">, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(q)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Insurance</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are </font><font style="font-family: 'Times New Roman';">engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.&nbsp;</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(r)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Transactions With Affiliates and Employees</font><font style="font-family: 'Times New Roman';">.&nbsp; Except as set forth </font><font style="font-family: 'Times New Roman';">on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(r)</font><font style="font-family: 'Times New Roman';">, none of the officers or directors of the Company </font><font style="font-family: 'Times New Roman';">or any Subsidiary </font><font style="font-family: 'Times New Roman';">and, to the knowledge of the Company, none of the employees of the Company </font><font style="font-family: 'Times New Roman';">or any Subsidiary </font><font style="font-family: 'Times New Roman';">is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, </font><font style="font-family: 'Times New Roman';">providing for the borrowing of money from or lending of money to </font><font style="font-family: 'Times New Roman';">or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee</font><font style="font-family: 'Times New Roman';">, stockholder, member</font><font style="font-family: 'Times New Roman';"> or partner, in each case in excess of $</font><font style="font-family: 'Times New Roman';">12</font><font style="font-family: 'Times New Roman';">0,000 other than </font><font style="font-family: 'Times New Roman';">for </font><font style="font-family: 'Times New Roman';">(i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.</font></font></h3>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(s)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Sarbanes-Oxley; Internal Accounting Controls</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">The Company</font><font style="font-family: 'Times New Roman';"> and the Subsidiaries </font><font style="font-family: 'Times New Roman';">are</font><font style="font-family: 'Times New Roman';"> in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date.</font><font style="font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman';">The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"> (i) transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company </font><font style="font-family: 'Times New Roman';">and the Subsidiaries have</font><font style="font-family: 'Times New Roman';"> established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company</font><font style="font-family: 'Times New Roman';"> and the Subsidiaries</font><font style="font-family: 'Times New Roman';"> and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission&#8217;s rules and forms.&nbsp; The Company&#8217;s certifying officers have evaluated the effectiveness of the disclosure controls and procedures </font><font style="font-family: 'Times New Roman';">of the Company and the Subsidiaries </font><font style="font-family: 'Times New Roman';">as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Evaluation Date</font><font style="font-family: 'Times New Roman';">&#8221;).&nbsp; The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date.&nbsp; Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defin</font><font style="font-family: 'Times New Roman';">ed in the Exchange Act) </font><font style="font-family: 'Times New Roman';">of the Company and its Subsidiaries </font><font style="font-family: 'Times New Roman';">that have</font><font style="font-family: 'Times New Roman';"> materially affected, or is reasonably likely to materially affect, the internal control over financial reporting</font><font style="font-family: 'Times New Roman';"> of the Company and its Subsidiaries</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(t)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Certain Fees</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">Except as set forth</font><font style="font-family: 'Times New Roman';"> on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(t)</font><font style="font-family: 'Times New Roman';">, n</font><font style="font-family: 'Times New Roman';">o brokerage or finder</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s fees or commissions are or will be payable by the Company </font><font style="font-family: 'Times New Roman';">or any Subsidiary </font><font style="font-family: 'Times New Roman';">to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by </font><font style="font-family: 'Times New Roman';">the Transaction Documents</font><font style="font-family: 'Times New Roman';">.&nbsp; The Purchaser</font><font style="font-family: 'Times New Roman';"> shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by </font><font style="font-family: 'Times New Roman';">the Transaction Documents</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(u)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Private Placement</font><font style="font-family: 'Times New Roman';">. Assuming the accuracy of the Purchaser</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s representations and warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities </font><font style="font-family: 'Times New Roman';">by the Company to the Purchaser</font><font style="font-family: 'Times New Roman';"> as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Trading Market</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(v)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Investment Company</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';">, will not be or be an Affiliate of, an </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">investment company</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> within the meaning of the Investment Company Act of 1940, as amended.&nbsp; The Company shall conduct its business in a manner so that it will not become </font><font style="font-family: 'Times New Roman';">an &#8220;investment company&#8221; </font><font style="font-family: 'Times New Roman';">subject to </font><font style="font-family: 'Times New Roman';">registration under </font><font style="font-family: 'Times New Roman';">the Investment Company Act</font><font style="font-family: 'Times New Roman';"> of 1940, as amended</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(w)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registration Rights</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">O</font><font style="font-family: 'Times New Roman';">ther than the Purchaser</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> as set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">w</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">)</font><font style="font-family: 'Times New Roman';">, n</font><font style="font-family: 'Times New Roman';">o Person has any right to cause the Company </font><font style="font-family: 'Times New Roman';">or any Subsidiary </font><font style="font-family: 'Times New Roman';">to effect the registration under the Securities Act of any securities of the Company</font><font style="font-family: 'Times New Roman';"> or any Subsidiary</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(x)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Listing and Maintenance Requirements</font><font style="font-family: 'Times New Roman';">.&nbsp; The </font><font style="font-family: 'Times New Roman';">Common Stock is </font><font style="font-family: 'Times New Roman';">registered pursuant to Section 12(b) or </font><font style="font-family: 'Times New Roman';">12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is 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.&nbsp; The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The Common Stock is currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.</font></font></h3>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(y)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Application of Takeover Protections</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company and </font><font style="font-family: 'Times New Roman';">the B</font><font style="font-family: 'Times New Roman';">oard of </font><font style="font-family: 'Times New Roman';">D</font><font style="font-family: 'Times New Roman';">irectors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">takeover provision under the Company</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s </font><font style="font-family: 'Times New Roman';">certificate of i</font><font style="font-family: 'Times New Roman';">ncorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the </font><font style="font-family: 'Times New Roman';">Purchaser</font><font style="font-family: 'Times New Roman';"> as a result of the Purchaser and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation</font><font style="font-family: 'Times New Roman';"> as a result of</font><font style="font-family: 'Times New Roman';"> the Company</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s issuance of t</font><font style="font-family: 'Times New Roman';">he Securities and the Purchaser</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> ownership of the Securities.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(z)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">[Intentionally omitted]</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(aa)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">No Integrated Offering</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> Assumin</font><font style="font-family: 'Times New Roman';">g the accuracy of the Purchaser</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> representations and warranties set forth in Section 3.2, neith</font><font style="font-family: 'Times New Roman';">er the Company, nor any of its A</font><font style="font-family: 'Times New Roman';">ffiliates, 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 this offering of the Securities to be integrated with prior offerings by the Company for purposes of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(i) the Securities Act which would require the registration of </font><font style="font-family: 'Times New Roman';">any such securities</font><font style="font-family: 'Times New Roman';"> under the Securities Act, or (ii)</font><font style="font-family: 'Times New Roman';"> any applicable share</font><font style="font-family: 'Times New Roman';">holder approval provisions </font><font style="font-family: 'Times New Roman';">of any </font><font style="font-family: 'Times New Roman';">Trading Market</font><font style="font-family: 'Times New Roman';"> on which any of the securities of the Company are listed or designated.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(bb)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Solvency</font><font style="font-family: 'Times New Roman';">.&nbsp; Based on the </font><font style="font-family: 'Times New Roman';">consolidated </font><font style="font-family: 'Times New Roman';">financial condition of the Company as of the Closing Date</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i)</font><font style="font-family: 'Times New Roman';"> the fair saleable value of the Company&#8217;s</font><font style="font-family: 'Times New Roman';"> assets exceeds the amount that will be required to be paid on or in respect of the Company</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s existing debts and other liabilities (including known conting</font><font style="font-family: 'Times New Roman';">ent liabilities) as they mature,</font><font style="font-family: 'Times New Roman';"> (ii) the Company</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, </font><font style="font-family: 'Times New Roman';">consolidated </font><font style="font-family: 'Times New Roman';">and projected capital requirements a</font><font style="font-family: 'Times New Roman';">nd capital availability thereof,</font><font style="font-family: 'Times New Roman';"> and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its </font><font style="font-family: 'Times New Roman';">liabilities</font><font style="font-family: 'Times New Roman';"> when such amounts are required to be paid.&nbsp; The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).</font><font style="font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman';">The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1(</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">bb</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">)</font><font style="font-family: 'Times New Roman';"> set</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> forth as of the date </font><font style="font-family: 'Times New Roman';">hereof </font><font style="font-family: 'Times New Roman';">all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments.&nbsp; For the purposes of this Agreement, </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Indebtedness</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> mean</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">x</font><font style="font-family: 'Times New Roman';">) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (</font><font style="font-family: 'Times New Roman';">y</font><font style="font-family: 'Times New Roman';">) all guaranties, endorsements and other contin</font><font style="font-family: 'Times New Roman';">gent obligations in respect of i</font><font style="font-family: 'Times New Roman';">ndebtedness of others, whether or not the same are or should be reflected in the Company</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s </font><font style="font-family: 'Times New Roman';">consolidated </font><font style="font-family: 'Times New Roman';">balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (</font><font style="font-family: 'Times New Roman';">z</font><font style="font-family: 'Times New Roman';">) the present value of any lease </font><font style="font-family: 'Times New Roman';">payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP.&nbsp; </font><font style="font-family: 'Times New Roman';">Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(cc)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Tax Status</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">he Company and </font><font style="font-family: 'Times New Roman';">its Subsidiaries each</font><font style="font-family: 'Times New Roman';"> (i) has made or filed all United States federal</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> state</font><font style="font-family: 'Times New Roman';"> and local</font><font style="font-family: 'Times New Roman';"> income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply.&nbsp; There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(dd)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">No General Solicitation</font><font style="font-family: 'Times New Roman';">.&nbsp; Neither the Company</font><font style="font-family: 'Times New Roman';"> nor any P</font><font style="font-family: 'Times New Roman';">erson acting on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising.&nbsp; The Company has offered the Securities for sale only to the Purchaser</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(ee)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Foreign Corrupt Practices</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp; Neither the Company</font><font style="font-family: 'Times New Roman';"> nor any Subsidiary</font><font style="font-family: 'Times New Roman';">, nor to the knowledge of the Company</font><font style="font-family: 'Times New Roman';"> or any Subsidiary</font><font style="font-family: 'Times New Roman';">, any agent or other person acting on behalf of the Company</font><font style="font-family: 'Times New Roman';"> or any Subsidiary</font><font style="font-family: 'Times New Roman';">, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company </font><font style="font-family: 'Times New Roman';">or any Subsidiary </font><font style="font-family: 'Times New Roman';">(or made by any person acting on its behalf of which </font><font style="font-family: 'Times New Roman';">the Company is aware) which is </font><font style="font-family: 'Times New Roman';">in violation of law, or (iv) violated in any material respect any pr</font><font style="font-family: 'Times New Roman';">ovision of FCPA</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>13</font></font></td>
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<h3 style="font-weight: normal; margin: 0pt 0pt 7pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(ff)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Accountants</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company&#8217;s accounting firm is set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 3.1</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">(ff</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">)</font><font style="font-family: 'Times New Roman';"> of the Disclosure Schedule</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">.&nbsp; To the knowledge and belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company&#8217;s Annual Report </font><font style="font-family: 'Times New Roman';">for the</font><font style="font-family: 'Times New Roman';"> fiscal</font><font style="font-family: 'Times New Roman';"> year ending</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December 31, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 8pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(gg)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">No Disagreements with Accountants and Lawyers.</font><font style="font-family: 'Times New Roman';">&nbsp; &nbsp;</font><font style="font-family: 'Times New Roman';">There </font><font style="font-family: 'Times New Roman';">are no disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company</font><font style="font-family: 'Times New Roman';"> and the</font><font style="font-family: 'Times New Roman';"> accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company&#8217;s ability to perform any of its obligations under any of the Transaction Document</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(hh)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Acknowledgment Regarding Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">&#8217;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">s Purchase of </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Securities</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company acknowledges and agrees that</font><font style="font-family: 'Times New Roman';"> the Purchaser</font><font style="font-family: 'Times New Roman';"> is acting solely in the capacity of an arm</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s length purchaser with respect to the Transaction Documents and the transactions contemplated </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">hereby.&nbsp; The Compa</font><font style="font-family: 'Times New Roman';">ny further acknowledges that </font><font style="font-family: 'Times New Roman';">Purchaser is</font><font style="font-family: 'Times New Roman';"> not</font><font style="font-family: 'Times New Roman';"> acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to </font><font style="font-family: 'Times New Roman';">the Transaction Documents</font><font style="font-family: 'Times New Roman';"> and the transactions contemplated </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">hereby and any advice given by </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> or any of </font><font style="font-family: 'Times New Roman';">his</font><font style="font-family: 'Times New Roman';"> representatives or agents in connection with </font><font style="font-family: 'Times New Roman';">the Transaction Documents </font><font style="font-family: 'Times New Roman';">and the transactions contemplated </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">hereby is mer</font><font style="font-family: 'Times New Roman';">ely incidental to the Purchaser&#8217;</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> purchase of the </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company further represents to </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> that the Company</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s decision to enter into this Agreement </font><font style="font-family: 'Times New Roman';">and the other Transaction Documents </font><font style="font-family: 'Times New Roman';">has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(ii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Regulation M Compliance</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii</font><font style="font-family: 'Times New Roman';">) paid or agreed to pay to any P</font><font style="font-family: 'Times New Roman';">erson any compensation for soliciting another to purchase any other securities of the Company</font><font style="font-family: 'Times New Roman';">, other than, in the case of clauses (ii) and (iii), compensation paid to the Company&#8217;s placement agent in connection with the placement of the Securities</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(jj)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Form S-3 Eligibility</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company is eligible to register the resale of the Securities for resale by the Purchaser on Form S-3 promulgated under the Securities Act</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 7pt 36pt; orphans: 0; text-align: justify; text-indent: 36pt; widows: 0;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(kk)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Stock Option Plans</font><font style="font-family: 'Times New Roman';">. Each stock option granted by the Company under the Company&#8217;s stock option </font><font style="font-family: 'Times New Roman';">plan was granted </font><font style="font-family: 'Times New Roman';">(i) in accordance with the terms of </font><font style="font-family: 'Times New Roman';">the Company&#8217;s stock option plan</font><font style="font-family: 'Times New Roman';"> and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such </font><font style="font-family: 'Times New Roman';">stock </font><font style="font-family: 'Times New Roman';">option would be considered granted under </font><font style="font-family: 'Times New Roman';">GAAP and applicable law. No stock </font><font style="font-family: 'Times New Roman';">option </font><font style="font-family: 'Times New Roman';">granted under the Company&#8217;s stock option plan </font><font style="font-family: 'Times New Roman';">has been backdated.&nbsp; The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(ll)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Cybersecurity</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> (i)(x) </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">here has been no security breach or other compromise of or relating to any of the Company&#8217;s or any Subsidiary&#8217;s information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">IT Systems and Data</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';">, in a manner which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,</font><font style="font-family: 'Times New Roman';"> and (y) the Company and the Subsidiaries have not been notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data; (ii) the Company and the Subsidiaries are presently in </font><font style="font-family: 'Times New Roman';">material </font><font style="font-family: 'Times New Roman';">compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the Company and the Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data</font><font style="font-family: 'Times New Roman';"> consistent in all material respects with applicable regulatory standards, customary industry practices, internal policies and contractual obligations</font><font style="font-family: 'Times New Roman';">; and (iv) the Company and the Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp; For purposes of clarity, the Company makes no representation in this Section 3.1(mm) regarding the IT Systems and Data used by the Company&#8217;s third-party vendors, suppliers, or other service providers.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(mm)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">Office of Foreign Assets Control</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">.&nbsp; Neither the Company</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;"> </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">nor</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;"> any Subsidiary</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;"> nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;"> or any Subsidiary </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#8220;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">OFAC</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8221;).</font></font></h3>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(nn)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">U.S. Real Property Holding Corporation</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">.&nbsp; The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser&#8217;s request.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(oo)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">Bank Holding Company Act</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">.&nbsp; Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the &#8220;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">BHCA</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8221;) and to regulation by the Board of Governors of the Federal Reserve System (the &#8220;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">Federal Reserve</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8221;).&nbsp; Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.&nbsp; Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(pp)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">Money Laundering</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">.&nbsp; The operations of the Company </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">and its Subsidiaries </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the &#8220;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">Money Laundering Laws</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8221;), and no </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">Action</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;"> or P</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">roceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">or any Subsidiary </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">with respect to the Money Laundering Laws is pending or, to the knowledge of the Company</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;"> or any Subsidiary</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">, threatened.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(qq)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">No Disqualification Events</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">.&nbsp; With respect to the </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">Securities</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;"> to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company&#8217;s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8220;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">Issuer Covered Person</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8221;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;"> and, together, &#8220;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">Issuer Covered Persons</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8221;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">) is subject to any of the </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8220;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">Bad Actor</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8221;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;"> disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8220;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">Disqualification Event</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">&#8221;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Purchaser a copy of any disclosures provided thereunder.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(rr)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">Other Covered Persons</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">.&nbsp; </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">T</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">he Company is not aware of any person (other than any Issuer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(ss)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt; text-decoration: underline;">Notice of Disqualification Events</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.15pt;">.&nbsp; The Company will notify the Purchaser in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, reasonably be expected to become a Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">3.2</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Representations and Warra</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">nties of the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">hereby </font><font style="font-family: 'Times New Roman'; text-decoration: none;">represents and warrants as of the date hereof and as of the Closing Date to the Company as follows</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">(unless as of a specific date therein</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, in which case they shall be accurate as of such date</font><font style="font-family: 'Times New Roman'; text-decoration: none;">)</font><font style="font-family: 'Times New Roman'; text-decoration: none;">:</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 21pt; text-align: justify; text-indent: 51pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Organization; Authority</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> is </font><font style="font-family: 'Times New Roman'; text-decoration: none;">either an individual or an</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> entity duly </font><font style="font-family: 'Times New Roman'; text-decoration: none;">incorporat</font><font style="font-family: 'Times New Roman'; text-decoration: none;">ed</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> or form</font><font style="font-family: 'Times New Roman'; text-decoration: none;">ed</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, validly existing and in good standing under the laws of the jurisdiction of its </font><font style="font-family: 'Times New Roman'; text-decoration: none;">incorporation or formation</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> with full right, corporate</font><font style="font-family: 'Times New Roman'; text-decoration: none;">,</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> partnership</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, limited liability company or similar</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> power and authority to enter into and to consummate the t</font><font style="font-family: 'Times New Roman'; text-decoration: none;">ransactions contemplated by </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Transaction Documents</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">and otherwise to carry out its obligations </font><font style="font-family: 'Times New Roman'; text-decoration: none;">hereunder and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">thereunder. The execution and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">delivery</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Transaction Documents</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">and performance by </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> of the transactions contemplated by </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Transaction Documents</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">have been duly authorized by all necessary corporate</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, partnership, limited liability company</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> or similar action</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, as applicable,</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> on the part of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; Each Transaction </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Document</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> to which it is a party has been duly executed by </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, and when delivered by </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> in accordance with the terms hereof, will constitute the valid and legally binding obligation of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, enforceable against it in accordance with its terms, except</font><font style="font-family: 'Times New Roman'; text-decoration: none;">:</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8217;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.</font></font></h3>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 21pt; text-align: justify; text-indent: 51pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Own Account</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> understands that the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> are &#8220;restricted securities&#8221; and have not been registered under the Securities Act or any applicable state securities law and is acquiring such Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8217;s right to sell such Securities pursuant to</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the R</font><font style="font-family: 'Times New Roman'; text-decoration: none;">egistration </font><font style="font-family: 'Times New Roman'; text-decoration: none;">S</font><font style="font-family: 'Times New Roman'; text-decoration: none;">tatement or otherwise in compliance with applicable federal and state securities laws).</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> is acquiring the Securities hereunder in the ordinary course of its business.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 21pt; text-align: justify; text-indent: 51pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(c)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Purchaser Status</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; At the time </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> was offered the Securities, it was, and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">as of</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the date hereof it is</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> (i) an </font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: none;">accredited investor</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8221;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> as defined in Rule 501(a)</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> under the Securities Act</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 21pt; text-align: justify; text-indent: 51pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(d)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Experience of </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 21pt; text-align: justify; text-indent: 51pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(e)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Access to Information</font><font style="font-family: 'Times New Roman'; text-decoration: none;">. </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, </font><font style="font-family: 'Times New Roman'; text-decoration: none;">(i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the of</font><font style="font-family: 'Times New Roman'; text-decoration: none;">fering of the Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> and the merits and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">risks of investing in the Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;">; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 21pt; text-align: justify; text-indent: 51pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(f)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Certain Transactions </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">and Confidentiality</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; Other than </font><font style="font-family: 'Times New Roman'; text-decoration: none;">consummating </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the transaction</font><font style="font-family: 'Times New Roman'; text-decoration: none;">s</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> contemplated hereunder, </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, </font><font style="font-family: 'Times New Roman'; text-decoration: none;">directly or indirectly </font><font style="font-family: 'Times New Roman'; text-decoration: none;">executed any </font><font style="font-family: 'Times New Roman'; text-decoration: none;">purchases or sales</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, including Short Sales,</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;">of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the securities of the Company </font><font style="font-family: 'Times New Roman'; text-decoration: none;">during the period commencing </font><font style="font-family: 'Times New Roman'; text-decoration: none;">as of</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">time that </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> first received a term sheet </font><font style="font-family: 'Times New Roman'; text-decoration: none;">(written or oral) </font><font style="font-family: 'Times New Roman'; text-decoration: none;">from</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the Company or any other Person </font><font style="font-family: 'Times New Roman'; text-decoration: none;">representing the Company </font><font style="font-family: 'Times New Roman'; text-decoration: none;">setting forth the material</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">terms of the transactions contemplated hereunder</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">ending immediately </font><font style="font-family: 'Times New Roman'; text-decoration: none;">prior to the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">execution </font><font style="font-family: 'Times New Roman'; text-decoration: none;">hereof</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 21pt; text-align: justify; text-indent: 51pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(g)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">General Solicitation</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, to the knowledge of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">,</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> any other general solicitation or general advertisement.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company acknowledges and agrees that the repre</font><font style="font-family: 'Times New Roman';">sentations contained in </font><font style="font-family: 'Times New Roman';">this </font><font style="font-family: 'Times New Roman';">Section 3.2</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">shall not modify, amend or affect </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';">&#8217;s right to rely on the Company&#8217;s representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> contemplated hereby.</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;</font></font></h3>
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<h1 style="font-weight: normal; margin: 0pt 0pt 7pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; text-indent: 0pt; widows: 0;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline;">ARTICLE IV.</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">OTHER AGREEMENTS OF THE PARTIES</font></h1>
<p style="margin: 0pt; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">4.1</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Transfer Restrictions</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman';font-size: 7pt;">&nbsp;</font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt 45pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: 36pt; widows: 0;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(a)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';"> may only be disposed of in compliance with state and federal securities laws.&nbsp; In connection with any transfer of </font><font style="font-family: 'Times New Roman';">the Securities</font><font style="font-family: 'Times New Roman';"> other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred </font><font style="font-family: 'Times New Roman';">Securities </font><font style="font-family: 'Times New Roman';">under the Securities Act. </font><font style="font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman';">As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and the Registration Rights Agreement and shall have the rights</font><font style="font-family: 'Times New Roman';"> and obligations</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> under this Agreement and the Registration Rights Agreement</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<h3 style="font-weight: normal;margin: 0pt 0pt 7pt 45pt;orphans: 0;text-align: justify;text-indent: 36pt;widows: 0;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(b)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';"> The Purchaser agree</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> to the imprinting, so long as is required by this Section 4.1, of a legend on any of the </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';"> in the following form:</font></font></h3>
<p style="margin: 0pt 0pt 6pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN &#8220;ACCREDITED INVESTOR&#8221; AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company acknowledges and agrees that </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';"> to a financial institution that is an &#8220;accredited investor&#8221; as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> may transfer pledged or secured </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';"> to the pledgees or secured parties.&nbsp; Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith.&nbsp; Further, no notice shall be required of such pledge.&nbsp; At the appropriate Purchaser&#8217;s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of</font><font style="font-family: 'Times New Roman';"> Securities</font><font style="font-family: 'Times New Roman';"> may reasonably request in connection with a pledge or transfer of the </font><font style="font-family: 'Times New Roman';">Securities, </font><font style="font-family: 'Times New Roman';">including, if the Securities are subject to registration pursuant to the Registration Rights Agreement, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of Selling Stockholders </font><font style="font-family: 'Times New Roman';">(as defined in the Registration Rights Agreement) </font><font style="font-family: 'Times New Roman';">thereunder</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font></p>
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<p style="font-weight: normal; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(c)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Certificates evidencing the</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> shall not contain any legend (including the legend set forth in Section 4.1(b) hereof): (i) while a registration statement </font><font style="font-family: 'Times New Roman';">(including the Registration Statement) </font><font style="font-family: 'Times New Roman';">covering the resale of such security is effective under the Securities Act,</font><font style="font-family: 'Times New Roman';"> or</font><font style="font-family: 'Times New Roman';"> (ii) following any sale of such</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> pursuant to Rule 144, </font><font style="font-family: 'Times New Roman';">or </font><font style="font-family: 'Times New Roman';">(iii) if such</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> are eligible for sale under Rule 144</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and the Company is then in compliance with the current public information required under Rule 144</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(iv) if the</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> may be sold under Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">or (v) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent </font><font style="font-family: 'Times New Roman';">or the Purchaser </font><font style="font-family: 'Times New Roman';">promptly if required by the Transfer Agent to effect the removal of the legend hereunder</font><font style="font-family: 'Times New Roman';">, or if requested by </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';">, respectively.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The Company agrees that following such time as such legend is no longer requir</font><font style="font-family: 'Times New Roman';">ed under this Section 4.1(c), the Company</font><font style="font-family: 'Times New Roman';"> will, no later than </font><font style="font-family: 'Times New Roman';">the earlier of (i) </font><font style="font-family: 'Times New Roman';">two (2)</font><font style="font-family: 'Times New Roman';"> Trading Days </font><font style="font-family: 'Times New Roman';">and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) </font><font style="font-family: 'Times New Roman';">following the delivery by </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> to the Company or the Transfer Agent of a certificate representing</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';">, as applicable, issued with a restrictive legend (such </font><font style="font-family: 'Times New Roman';">date</font><font style="font-family: 'Times New Roman';">, the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Legend Removal Date</font><font style="font-family: 'Times New Roman';">&#8221;), deliver or cause to be delivered to </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> a certificate representing such shares that is free from all restrictive and other legends.&nbsp; The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in th</font><font style="font-family: 'Times New Roman';">is Section 4. </font><font style="font-family: 'Times New Roman';"> Certificates for Securities</font><font style="font-family: 'Times New Roman';"> subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser&#8217;s prime broker with the Depository Trust Company System as directed by </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman';">As used herein, &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Standard Settlement Period</font><font style="font-family: 'Times New Roman';">&#8221; means the standard settlement period, expressed in a number of Trading Days, on the Company&#8217;s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of a certificate representing</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';">, as the case may be,</font><font style="font-family: 'Times New Roman';"> issued with a restrictive legend</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font></p>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(d)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">In addition to </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';">&#8217;s other available remedies, the Company shall pay to </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';">, in cash, (i) as partial liquidated damages and not as a penalty, for each $1,000 of</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> (based on the VWAP of the Common Stock on the date such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(c), $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date until such certificate is delivered without a legend and (ii) i</font><font style="font-family: 'Times New Roman';">f the Company fails to </font><font style="font-family: 'Times New Roman';">(a) issue and deliver (or cause to be delivered) to </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> by the </font><font style="font-family: 'Times New Roman';">Legend Removal</font><font style="font-family: 'Times New Roman';"> Date </font><font style="font-family: 'Times New Roman';">a certificate representing the Securities so delivered to the Company by </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> that is free from all restrictive and other legends </font><font style="font-family: 'Times New Roman';">and (b)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">if after the Legend Removal Date</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common Stock</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> that </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> anticipated receiving from the Company witho</font><font style="font-family: 'Times New Roman';">ut any restrictive legend, then</font><font style="font-family: 'Times New Roman';"> an amount equal to the excess of </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';">&#8217;s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (</font><font style="font-family: 'Times New Roman';">including brokerage commissions and other out-of-pocket expenses, if any) (</font><font style="font-family: 'Times New Roman';">the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: normal; text-decoration: underline;">Buy-In Price</font><font style="font-family: 'Times New Roman';">&#8221;) over the product of (A) such number of</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">that the Company was required to deliver to </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> by the Legend Removal Date multiplied by (B) </font><font style="font-family: 'Times New Roman';">the lowest closing sale price of the Common Stock on any Trading Day during the period commencing on the date of the delivery by </font><font style="font-family: 'Times New Roman';">the Purchaser</font><font style="font-family: 'Times New Roman';"> to the Company of the applicable</font><font style="font-family: 'Times New Roman';"> Shares</font><font style="font-family: 'Times New Roman';"> (as the case may be) and ending on the date of such delivery a</font><font style="font-family: 'Times New Roman';">nd payment under this</font><font style="font-family: 'Times New Roman';"> Section 4(d)</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp; </font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(e)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">The Purchaser</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">agrees </font><font style="font-family: 'Times New Roman';">with the Company </font><font style="font-family: 'Times New Roman';">that </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Purchaser will sell any Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a Registration Statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities as set forth in this Section 4.1 is predicated upon the Company&#8217;s reliance upon this understanding</font><font style="font-family: 'Times New Roman';">.</font></font></h3>
<h2 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.2</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Furnishing of Information</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">; Public Information</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font></font></h2>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: none;">(a)</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Until the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Purchaser ceases to own any of the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Securities, the Company covenants to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: none;">(b)</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">At any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all of the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the current public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Public Information Failure</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8221;) then, in addition to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8217;s other available remedies, the Company shall pay to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, an amount in cash equal to</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> one</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">and one-half </font><font style="font-family: 'Times New Roman'; text-decoration: none;">percent (</font><font style="font-family: 'Times New Roman'; text-decoration: none;">1</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">5</font><font style="font-family: 'Times New Roman'; text-decoration: none;">%) of the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Subscription Amount</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8217;s </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> on the day of a Public Information Failure and on every thirtieth (30</font><font style="font-family: 'Times New Roman'; text-decoration: none; vertical-align: super;">th</font><font style="font-family: 'Times New Roman'; text-decoration: none;">) day (pro rated for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> for the Purchaser to transfer the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Shares</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> pursuant to Rule 144.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> The payments to which </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser shall be entitled pursuant to this Section 4.2(b) are referred to herein as &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Public Information Failure Payments</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&#8221;</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Public Information Failure</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Payments are incurred and (ii) the third (3</font><font style="font-family: 'Times New Roman'; text-decoration: none; vertical-align: super;">rd</font><font style="font-family: 'Times New Roman'; text-decoration: none;">) Business Day after the event or failure giving rise to the Public Information Failure</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Payments is cured.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> In the event the Company fails to make Public Information Failure</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Payments in a timely manner, such Public Information Failure</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8217;s right to pursue actual damages for the Public Information Failure, and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>18</font></font></td>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.3</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Integration</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that </font><font style="font-family: 'Times New Roman'; text-decoration: none;">would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Ac</font><font style="font-family: 'Times New Roman'; text-decoration: none;">t of the sale of the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> or that </font><font style="font-family: 'Times New Roman'; text-decoration: none;">would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.4</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Securities Laws Disclosure</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; The Company shall (a) </font><font style="font-family: 'Times New Roman'; text-decoration: none;">by </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Disclosure Time</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, issue a </font><font style="font-family: 'Times New Roman'; text-decoration: none;">press release</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> disclosing the material terms of the transactions contemplated hereby,</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> and</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">(b) </font><font style="font-family: 'Times New Roman'; text-decoration: none;">file</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> a </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Current Report on Form 8-K</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, including the Transaction Documents as exhibits thereto</font><font style="font-family: 'Times New Roman'; text-decoration: none;">,</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">with the Commission </font><font style="font-family: 'Times New Roman'; text-decoration: none;">within the time required by the Exchange Act</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp; </font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.5</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Shareholder Rights Plan</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> is an &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Acquiring Person</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8221; under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement betwee</font><font style="font-family: 'Times New Roman'; text-decoration: none;">n the Company and the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
<h2 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.6</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">[Intentionally Omitted]</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font></font></h2>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.7</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Use of Proceeds</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">T</font><font style="font-family: 'Times New Roman'; text-decoration: none;">he Company shall use the net proceeds from the sale of the Securities hereund</font><font style="font-family: 'Times New Roman'; text-decoration: none;">er for </font><font style="font-family: 'Times New Roman'; text-decoration: none;">general corporate purposes and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">working capital</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.8</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Indemnification of Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp;&nbsp; Subject to th</font><font style="font-family: 'Times New Roman'; text-decoration: none;">e provisions of this Section 4.8</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, the Com</font><font style="font-family: 'Times New Roman'; text-decoration: none;">pany will indemnify and hold </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8217;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> fees and costs of investigation that</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any actio</font><font style="font-family: 'Times New Roman'; text-decoration: none;">n instituted against </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Purchase</font><font style="font-family: 'Times New Roman'; text-decoration: none;">r</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">in any capacity</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Purchaser, with respect to any of the transactions contemplated by the Transaction Documents </font><font style="font-family: 'Times New Roman'; text-decoration: none;">(unless such action is solely based upon a material breach of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser&#8217;s</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> representations, warranties or covenants under the Transaction Documents or any agreements or understandings </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser may have with any such st</font><font style="font-family: 'Times New Roman'; text-decoration: none;">ockholder or any violations by the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Purchaser of state or federal securities laws or any conduct by</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser which is finally judicially determined to constitute fraud, gross negligence or willful misconduct)</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; If any action shall be brought against </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> in respect of which indemnity may be sought pursuant to this Agreement, </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> reasonably acceptable to the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Purchaser </font><font style="font-family: 'Times New Roman'; text-decoration: none;">except to the extent that (x</font><font style="font-family: 'Times New Roman'; text-decoration: none;">) the employment thereof has been specifically authorize</font><font style="font-family: 'Times New Roman'; text-decoration: none;">d by the Company in writing, (y</font><font style="font-family: 'Times New Roman'; text-decoration: none;">) the Company has failed after a reasonable period of time to assume such defen</font><font style="font-family: 'Times New Roman'; text-decoration: none;">se and to employ counsel or (z</font><font style="font-family: 'Times New Roman'; text-decoration: none;">) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; The Company will not be liable to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> under this Agreement (</font><font style="font-family: 'Times New Roman'; text-decoration: none;">1</font><font style="font-family: 'Times New Roman'; text-decoration: none;">) fo</font><font style="font-family: 'Times New Roman'; text-decoration: none;">r any settlement by</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> effected without the Company</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8217;</font><font style="font-family: 'Times New Roman'; text-decoration: none;">s prior written consent, which shall not be unreasonably withheld or delayed; or (</font><font style="font-family: 'Times New Roman'; text-decoration: none;">2</font><font style="font-family: 'Times New Roman'; text-decoration: none;">) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8217;</font><font style="font-family: 'Times New Roman'; text-decoration: none;">s breach of any of the representations, warranties, cov</font><font style="font-family: 'Times New Roman'; text-decoration: none;">enants or agreements made by </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Purchaser </font><font style="font-family: 'Times New Roman'; text-decoration: none;">in this Agreement or in the other Transaction Documents.</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained </font><font style="font-family: 'Times New Roman'; text-decoration: none;">herein shall be in addition to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">any cause of action or similar right of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">against the Company or others and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">any liabilities the Company may be subject to pursuant to law.</font></font></h3>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>19</font></font></td>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.9</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Reservation of Common Stock</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to this Agreement.</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">&nbsp;&nbsp; </font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">4.10</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">L</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">isting of Common Stock</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">The Company hereby agrees to use best efforts to maintain the listing </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">quotation </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">of the Common Stock on </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> Trading Market </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">on</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">which it is currently listed, an</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">d concurrently with the Closing, </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">the Company shall apply </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">to list </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">or quote </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">all of the</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> Shares</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> on such Trading Market</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> and promptly secure the listing of all of the</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> Shares</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> on such Trading Market</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> then</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> include in such application all of the</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> Shares</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">, and will take such other action as is necessary to cause all of the</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> Shares</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> to be listed </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">or quoted </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">on such other Trading Market as promptly as possible.&nbsp; The Company will</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> then</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> take all action reasonably necessary to continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">s reporting, filing and other obligations under the bylaws or rules of the Trading Market.</font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none; line-height: inherit;">The Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.&nbsp;&nbsp;</font></font></h3>
<h2 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.11</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;">[RESERVED]</font></font></h2>
<h2 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.12</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Subsequent Equity Sales</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font></font></h2>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(a)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">From the date hereof until </font><font style="font-family: 'Times New Roman';">forty-five</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">45</font><font style="font-family: 'Times New Roman';">) days</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">following</font><font style="font-family: 'Times New Roman';"> the </font><font style="font-family: 'Times New Roman';">Effective</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Date, neither the Company nor any Subsidiary shall </font><font style="font-family: 'Times New Roman';">(i) </font><font style="font-family: 'Times New Roman';">issue</font><font style="font-family: 'Times New Roman';">, enter into any agreement to issue or announce the issuance or proposed issuance of any</font><font style="font-family: 'Times New Roman';"> shares of Common Stock or Common Stock Equivalents</font><font style="font-family: 'Times New Roman';"> or (ii) file any registration statement or any amendment or supplement thereto, in each case other than as contemplated pursuant to the Registration Rights Agreement.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(b)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">From </font><font style="font-family: 'Times New Roman';">the date hereof until </font><font style="font-family: 'Times New Roman';">the one (1) year anniversary of the</font><font style="font-family: 'Times New Roman';"> Effective</font><font style="font-family: 'Times New Roman';"> Date</font><font style="font-family: 'Times New Roman';">, the Company shall be prohibited from effecting or entering into an agreement to effect any </font><font style="font-family: 'Times New Roman';">issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Eq</font><font style="font-family: 'Times New Roman';">uivalents</font><font style="font-family: 'Times New Roman';"> (or a combination of units </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">hereof)</font><font style="font-family: 'Times New Roman';"> involving a Variable Rate Transaction.&nbsp; </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Variable Rate Transaction</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> mean</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> a transaction in which the Company </font><font style="font-family: 'Times New Roman';">(i) </font><font style="font-family: 'Times New Roman';">issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional shares of Common Stock either (A) at a conversion</font><font style="font-family: 'Times New Roman';"> price</font><font style="font-family: 'Times New Roman';">, exercise </font><font style="font-family: 'Times New Roman';">price </font><font style="font-family: 'Times New Roman';">or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common </font><font style="font-family: 'Times New Roman';">Stock or (ii) enters into</font><font style="font-family: 'Times New Roman';">, or effects a transaction under,</font><font style="font-family: 'Times New Roman';"> any agreement, including, but not limited to, an equity line of cred</font><font style="font-family: 'Times New Roman';">it, whereby the Company may issue</font><font style="font-family: 'Times New Roman';"> securities at a future determined price</font><font style="font-family: 'Times New Roman';">; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">provided</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">however</font><font style="font-family: 'Times New Roman';">, that, after </font><font style="font-family: 'Times New Roman';">nine</font><font style="font-family: 'Times New Roman';">ty</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">0) days following the </font><font style="font-family: 'Times New Roman';">Effective </font><font style="font-family: 'Times New Roman';">Date, the issuance of shares of Common Stock in an &#8220;at the market&#8221; offering with H.C. Wainwright &amp; Co., LLC as sales agent shall not be deemed a Variable Rate Transaction</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">The Purchaser</font><font style="font-family: 'Times New Roman';"> shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.</font></font></h3>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>20</font></font></td>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">(c)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Notwithstanding </font><font style="font-family: 'Times New Roman';">the foregoing, this Sect</font><font style="font-family: 'Times New Roman';">ion 4.12</font><font style="font-family: 'Times New Roman';"> shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance.</font></font></h3>
<h2 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.13</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">[Intentionally Omitted]</font></font></h2>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.14</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Certain Transactions</font><font style="font-family: 'Times New Roman'; text-decoration: underline;"> and Confide</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">ntiality</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">covenants that neither</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> he</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> nor any Affiliate acting on </font><font style="font-family: 'Times New Roman'; text-decoration: none;">his</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> behalf or pursuant to any understanding with it will execute any </font><font style="font-family: 'Times New Roman'; text-decoration: none;">purchases or sales, including </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Short Sales</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> of any of the Company&#8217;s securities </font><font style="font-family: 'Times New Roman'; text-decoration: none;">during the period commencing </font><font style="font-family: 'Times New Roman'; text-decoration: none;">with</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">execution of this Agreement</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> and ending at </font><font style="font-family: 'Times New Roman'; text-decoration: none;">such</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> time </font><font style="font-family: 'Times New Roman'; text-decoration: none;">that </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the transactions contemplated by this Agreement are first publicly announced </font><font style="font-family: 'Times New Roman'; text-decoration: none;">pursuant to the initial press release </font><font style="font-family: 'Times New Roman'; text-decoration: none;">as described in Section 4.4.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Com</font><font style="font-family: 'Times New Roman'; text-decoration: none;">pany </font><font style="font-family: 'Times New Roman'; text-decoration: none;">pursuant to the initial press release </font><font style="font-family: 'Times New Roman'; text-decoration: none;">as described in Section 4.4</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> will maintain the confidentiality of</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the existence and terms of this transaction and the information included in the Disclosure Schedules</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">N</font><font style="font-family: 'Times New Roman'; text-decoration: none;">otwithstanding the foregoing</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees tha</font><font style="font-family: 'Times New Roman'; text-decoration: none;">t</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser makes </font><font style="font-family: 'Times New Roman'; text-decoration: none;">no</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> representation, warranty or covenant hereby that it will not engage in </font><font style="font-family: 'Times New Roman'; text-decoration: none;">effecting transactions in any securities of the Company </font><font style="font-family: 'Times New Roman'; text-decoration: none;">after the time that the transactions contemplated by this Agreement are first publicly announced </font><font style="font-family: 'Times New Roman'; text-decoration: none;">pursuant to the initial press release </font><font style="font-family: 'Times New Roman'; text-decoration: none;">as described in Section 4.4</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">4.15</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Form D; Blue Sky Filings</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; The Company agrees to timely file a Form D with respect to the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> as required under Regulation D and to provide a copy thereof, promptly upon request of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> for, sale to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> at the Closing under applicable securities or &#8220;Blue Sky&#8221; laws of the states of the United States, and shall provide evidence of such actions promptly upon request of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
<h1 style="font-weight: normal; margin: 0pt 0pt 12pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; text-indent: 0pt; widows: 0;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline;">ARTICLE V.</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">MISCELLANEOUS</font></h1>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.1</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Termination</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> This Agreement may be terminated by </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchase</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">by written notice to the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Company</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> if the Closing has not been consummated on or before </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the fifth (5</font><font style="font-family: 'Times New Roman'; text-decoration: none; vertical-align: super;">th</font><font style="font-family: 'Times New Roman'; text-decoration: none;">) Trading Day following the date hereof</font><font style="font-family: 'Times New Roman'; text-decoration: none;">; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">provided</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">however</font><font style="font-family: 'Times New Roman'; text-decoration: none;">,</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> that no such termination will affect the right of any party to sue for any breach by </font><font style="font-family: 'Times New Roman'; text-decoration: none;">any</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> other party.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.2</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Fees and Expenses</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.&nbsp; The Company shall pay all </font><font style="font-family: 'Times New Roman'; text-decoration: none;">T</font><font style="font-family: 'Times New Roman'; text-decoration: none;">ransfer </font><font style="font-family: 'Times New Roman'; text-decoration: none;">A</font><font style="font-family: 'Times New Roman'; text-decoration: none;">gent fees</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">(including, without limitation, any fees required for same-day processing of any instruction letter delivered by th</font><font style="font-family: 'Times New Roman'; text-decoration: none;">e Company and any </font><font style="font-family: 'Times New Roman'; text-decoration: none;">exercise notice delivered by </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser)</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, stamp taxes and other taxes and duties levied in connection with the delivery of any Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> to the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.3</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Entire Agreement</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof </font><font style="font-family: 'Times New Roman'; text-decoration: none;">and thereof </font><font style="font-family: 'Times New Roman'; text-decoration: none;">and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.</font></font></h3>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.4</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Notices</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of</font><font style="font-family: 'Times New Roman'; text-decoration: none;">:</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> (a) the time</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> of transmission, if such notice or communication is delivered via facsimile</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">at the facsimile number</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">or email attachment </font><font style="font-family: 'Times New Roman'; text-decoration: none;">at the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">email </font><font style="font-family: 'Times New Roman'; text-decoration: none;">address</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> as </font><font style="font-family: 'Times New Roman'; text-decoration: none;">set forth on the signature </font><font style="font-family: 'Times New Roman'; text-decoration: none;">pages attached hereto </font><font style="font-family: 'Times New Roman'; text-decoration: none;">at or </font><font style="font-family: 'Times New Roman'; text-decoration: none;">prior to 5</font><font style="font-family: 'Times New Roman'; text-decoration: none;">:30 p.m. (New York City time) on a Trading Day, (b) the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> next Trading Day after the time</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> of transmission, if such notice or communication is delivered via facsimile </font><font style="font-family: 'Times New Roman'; text-decoration: none;">at the facsimile number </font><font style="font-family: 'Times New Roman'; text-decoration: none;">or email attachment </font><font style="font-family: 'Times New Roman'; text-decoration: none;">at the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">email </font><font style="font-family: 'Times New Roman'; text-decoration: none;">address</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> as </font><font style="font-family: 'Times New Roman'; text-decoration: none;">set forth on the signature pages attached hereto on a day that is not a Trading Day or later than </font><font style="font-family: 'Times New Roman'; text-decoration: none;">5</font><font style="font-family: 'Times New Roman'; text-decoration: none;">:30 p.m. (New York City time) on any Trading Day, (c) the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">second (2</font><font style="font-family: 'Times New Roman'; text-decoration: none; vertical-align: super;">nd</font><font style="font-family: 'Times New Roman'; text-decoration: none;">)</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given.&nbsp; The address for such notices and communications shall be as set forth on the signature pages attached heret</font><font style="font-family: 'Times New Roman'; text-decoration: none;">o</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.5</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Amendments; Waivers</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amend</font><font style="font-family: 'Times New Roman'; text-decoration: none;">ment, by the Company and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">or, in the case of a waiver, by the party against whom enforcement of any </font><font style="font-family: 'Times New Roman'; text-decoration: none;">such waived provision is sought.</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.6</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Headings</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.7</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Successors and Assigns</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.&nbsp; The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> (other than by merger)</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> may assign any or all of its rights under this Agreement to any Person to whom </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> assigns or transfers any Securities, </font><font style="font-family: 'Times New Roman'; text-decoration: none;">provided that such</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions </font><font style="font-family: 'Times New Roman'; text-decoration: none;">of the Transaction Documents</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> that apply to the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: none;">Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8221;</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.8</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">No Third-Party Beneficiaries</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">8 </font><font style="font-family: 'Times New Roman'; text-decoration: none;">and this Section 5.8</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.9</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Governing Law</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.&nbsp; Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.&nbsp; Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding.&nbsp; Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.&nbsp; Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.&nbsp;&nbsp; If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">8</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys&#8217; fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
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<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.10</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Survival</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; The representations and warranties </font><font style="font-family: 'Times New Roman'; text-decoration: none;">contained </font><font style="font-family: 'Times New Roman'; text-decoration: none;">herein shall survive the Closing and </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">delivery of the </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.11</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Execution</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">each</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> other party, it being understood that </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> parties need not sign the same counterpart.&nbsp; In the event that any signature is delivered by facsimile transmission</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> or by e-mail delivery of a &#8220;.pdf&#8221; format data file</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile </font><font style="font-family: 'Times New Roman'; text-decoration: none;">or &#8220;.pdf&#8221; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">signature page were an original thereof.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.12</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Severability</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.13</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Rescission and Withdrawal Right</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> any of the other</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Transaction Documents, whenever </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> exercises a right, election, demand or option under a Transaction </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Document</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> and the Company does not timely perform its related obligations within the periods therein provided, then </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice t</font><font style="font-family: 'Times New Roman'; text-decoration: none;">o its future actions and rights.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.14</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Replacement of Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> (in the case of mutilation)</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; The applicant</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs </font><font style="font-family: 'Times New Roman'; text-decoration: none;">(including customary indemnity) </font><font style="font-family: 'Times New Roman'; text-decoration: none;">associated with the issuance of such replacement Securities.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.15</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Remedies</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchaser and the Company will be entitled to specific performance under the Transaction Documents.&nbsp; The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations </font><font style="font-family: 'Times New Roman'; text-decoration: none;">contained in the Transaction Documents</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> and hereby agree to waive </font><font style="font-family: 'Times New Roman'; text-decoration: none;">and not to assert </font><font style="font-family: 'Times New Roman'; text-decoration: none;">in any </font><font style="font-family: 'Times New Roman'; text-decoration: none;">A</font><font style="font-family: 'Times New Roman'; text-decoration: none;">ction for specific performance of any such obligation the defense that a remedy at law would be adequate.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.16</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Payment Set Aside</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; To the extent that the Company makes a payment or payments to </font><font style="font-family: 'Times New Roman'; text-decoration: none;">the Purchaser</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> pursuant to any Transaction </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Document</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> or</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a </font><font style="font-family: 'Times New Roman'; text-decoration: none;">trustee, receiver or any other P</font><font style="font-family: 'Times New Roman'; text-decoration: none;">erson under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.</font></font></h3>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>23</font></font></td>
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<h2 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.17</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">[Intentionally Omitted]</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; </font></font></h2>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.18</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Liquidated Damages</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.&nbsp; The Company</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&#8217;</font><font style="font-family: 'Times New Roman'; text-decoration: none;">s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.&nbsp;</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.19</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Sat</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">urdays, Sundays, Holidays, etc.</font><font style="font-family: 'Times New Roman'; text-decoration: none;">&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: none;">If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.20</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Construction</font><font style="font-family: 'Times New Roman'; text-decoration: none;">. </font><font style="font-family: 'Times New Roman'; text-decoration: none;">The parties agree that each of them and</font><font style="font-family: 'Times New Roman'; text-decoration: none;">/or their respective counsel have</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments </font><font style="font-family: 'Times New Roman'; text-decoration: none;">t</font><font style="font-family: 'Times New Roman'; text-decoration: none;">hereto</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> </font><font style="font-family: 'Times New Roman'; text-decoration: none;">In addition, each and every reference to share prices </font><font style="font-family: 'Times New Roman'; text-decoration: none;">and shares of Common Stock </font><font style="font-family: 'Times New Roman'; text-decoration: none;">in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement</font><font style="font-family: 'Times New Roman'; text-decoration: none;">.</font></font></h3>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline;">5.21</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline;">WAIVER OF JURY TRIAL</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: none;">.&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline;">IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. </font></font></h3>
<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">(Signature Page</font><font style="font-family: 'Times New Roman'; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Follow)&nbsp;</font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CLEARONE, INC.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline;">Address for Notice:</font></p>
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<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">By:</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">/s/ Zeynep Hakimoglu</font></font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; Name:</font><font style="font-family: 'Times New Roman';"> Zeynep Hakimoglu</font></font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; Title:</font><font style="font-family: 'Times New Roman';"> Chief Executive Officer</font></font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">With a copy to (which shall not constitute notice):</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">E-M</font><font style="font-family: 'Times New Roman';">ail:</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">zee.hakimoglu@clearone.com</font></font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fax:</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Seyfarth Shaw LLP</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">700 Milam Street, Suite 1400</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Houston, Texas 77002</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Email: mdunn@seyfarth.com</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Attention: Michael T. Dunn</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">[</font><font style="font-family: 'Times New Roman';">REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">SIGNATURE PAGE FOR PURCHASER FOLLOWS</font><font style="font-family: 'Times New Roman';">]</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>25</font></font></td>
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<p style="margin: 0pt; text-align: center;"><br><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">[PURCHASER SIGNATURE PAGES TO </font><font style="font-family: 'Times New Roman'; text-transform: uppercase;">CLRO</font><font style="font-family: 'Times New Roman';"> SECURITIES PURCHASE AGREEMENT]</font></font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 24pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">IN WITNESS WHEREOF, the undersigned ha</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">executed</font><font style="font-family: 'Times New Roman';"> this Securities Purchase Agreement as of the date first indicated above.</font></font></p>
<p style="font-size: 12pt; line-height: 200%; margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Name of </font><font style="font-family: 'Times New Roman';">Purchaser</font><font style="font-family: 'Times New Roman';">: </font><font style="font-family: 'Times New Roman';">Edward D. Bagley</font></font></p>
<p style="font-size: 12pt; line-height: 200%; margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Signature of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Purchaser</font><font style="font-family: 'Times New Roman';">: </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">/s/ Edward D. Bagley</font></font></p>
<p style="font-size: 12pt; line-height: 200%; margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Email Address of </font><font style="font-family: 'Times New Roman';">Purchaser</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Address for Notice </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Purchaser</font><font style="font-family: 'Times New Roman';">:</font></font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2350 Oak Hill Lane</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Salt Lake, City, UT 84121</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ad</font><font style="font-family: 'Times New Roman';">dress for Delivery of </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Purchaser </font><font style="font-family: 'Times New Roman';">(if not same as </font><font style="font-family: 'Times New Roman';">address for notice</font><font style="font-family: 'Times New Roman';">):&nbsp;</font></font></p>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>8
<FILENAME>ex102_2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<h2 style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT 10.2</font></h2>
<h2 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></h2>
<h2 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">REGISTRATION RIGHTS AGREEMENT</font></h2>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">This Registration Rights Agreement (this &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Agreement</font><font style="font-family: 'Times New Roman';">&#8221;) is made and entered into as of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">January 4</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">, between </font><font style="font-family: 'Times New Roman';">ClearOne, Inc., a Delaware corporation </font><font style="font-family: 'Times New Roman';">(the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Company</font><font style="font-family: 'Times New Roman';">&#8221;), and </font><font style="font-family: 'Times New Roman';">Edward D. Bagley</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Purchaser</font><font style="font-family: 'Times New Roman';">&#8221;).</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Purchaser (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Purchase Agreement</font><font style="font-family: 'Times New Roman';">&#8221;).</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company and each Purchaser hereby agrees as follows:</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Definitions</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement.</font><font style="font-family: 'Times New Roman';"> As used in this Agreement, the following terms shall have the following meanings:</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Advice</font><font style="font-family: 'Times New Roman';">&#8221; shall have the </font><font style="font-family: 'Times New Roman';">meaning set forth in Section 6(c</font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Effectiveness Date</font><font style="font-family: 'Times New Roman';">&#8221; means, with respect to the Initial Registration Statement requi</font><font style="font-family: 'Times New Roman';">red to be filed hereunder, the </font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">0th</font><font style="font-family: 'Times New Roman';"> calendar day following the date </font><font style="font-family: 'Times New Roman';">on which the Company </font><font style="font-family: 'Times New Roman';">has filed</font><font style="font-family: 'Times New Roman';"> with the Commission </font><font style="font-family: 'Times New Roman';">all the information required in </font><font style="font-family: 'Times New Roman';">its annual report on Form 10-K for the year ended December 31, 2021</font><font style="font-family: 'Times New Roman';">, including all the information constituting part III of the Form 10-K which may be filed by amendment or with the Company&#8217;s definitive proxy statement on Schedule 14A</font><font style="font-family: 'Times New Roman';"> (or, in the event of a &#8220;full </font><font style="font-family: 'Times New Roman';">review&#8221; by the Commission, the </font><font style="font-family: 'Times New Roman';">90</font><font style="font-family: 'Times New Roman';">th</font><font style="font-family: 'Times New Roman';"> calendar day following </font><font style="font-family: 'Times New Roman';">such date</font><font style="font-family: 'Times New Roman';">) and with respect to any additional Registration Statements which may be required pursuant to Sec</font><font style="font-family: 'Times New Roman';">tion 2(c) or Section 3(c), the </font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">0th</font><font style="font-family: 'Times New Roman';"> calendar day following the date on which an additional Registration Statement is required to be filed hereunder (or, in the event of a &#8220;full </font><font style="font-family: 'Times New Roman';">review&#8221; by the Commission, the </font><font style="font-family: 'Times New Roman';">90</font><font style="font-family: 'Times New Roman';">th</font><font style="font-family: 'Times New Roman';"> calendar day following the date such additional Registration Statement is required to be filed hereunder); </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">provided</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">however</font><font style="font-family: 'Times New Roman';">, that in the event the Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, provided, further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date shall be the next succeeding Trading Day.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Effectiveness Period</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning set forth in Section 2(a).</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Event</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning set forth in Section 2(d).</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Event Date</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning set forth in Section 2(d).</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Filing Date</font><font style="font-family: 'Times New Roman';">&#8221; means, with respect to the Initial Registration Statement required hereunder, the </font><font style="font-family: 'Times New Roman';">15th</font><font style="font-family: 'Times New Roman';"> calendar day following </font><font style="font-family: 'Times New Roman';">the date on which the Company files with the Commission </font><font style="font-family: 'Times New Roman';">all the information required in its annual report on Form 10-K for the year ended December 31, 2021, including all the information constituting part III of the Form 10-K which may be filed by amendment or with the Company&#8217;s definitive proxy statement on Schedule 14A, </font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and, with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Holder</font><font style="font-family: 'Times New Roman';">&#8221; means </font><font style="font-family: 'Times New Roman';">any</font><font style="font-family: 'Times New Roman';"> holder of Registrable Securities</font><font style="font-family: 'Times New Roman';">, which initially shall be the sole Purchaser under the Purchase Agreement</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Indemnified Party</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning set forth in Section 5(c).</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Indemnifying Party</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning set forth in Section 5(c).</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Initial Registration Statement</font><font style="font-family: 'Times New Roman';">&#8221; means the initial Registration Statement filed pursuant to this Agreement.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Losses</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning set forth in Section 5(a).</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Plan of Distribution</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning set forth in Section 2(a). </font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Prospectus</font><font style="font-family: 'Times New Roman';">&#8221; means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registrable Securities</font><font style="font-family: 'Times New Roman';">&#8221; means, as of any date of determination, (a) all Shares, and (</font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">) any securities issued or then issuable upon any stock split, dividend or other distribution,&nbsp; recapitalization or similar event with respect to the foregoing; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">provided</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">however</font><font style="font-family: 'Times New Roman';">, that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the </font><font style="font-family: 'Times New Roman';">Holder</font><font style="font-family: 'Times New Roman';"> (assuming that such securities and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon the advice of counsel to the Company.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registration Statement</font><font style="font-family: 'Times New Roman';">&#8221; means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>2</font></font></td>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Rule 415</font><font style="font-family: 'Times New Roman';">&#8221; means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Rule 424</font><font style="font-family: 'Times New Roman';">&#8221; means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Selling Stockholder Questionnaire</font><font style="font-family: 'Times New Roman';">&#8221; shall have the meaning set forth in Section 3(a).</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">SEC Guidance</font><font style="font-family: 'Times New Roman';">&#8221; means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests of the Commission staff and (ii) the Securities Act.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Shelf Registration</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415.&nbsp; Each Registration Statement filed hereunder shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance herewith, subject to the</font><font style="font-family: 'Times New Roman';"> provisions of Section 2(e)) and</font><font style="font-family: 'Times New Roman';"> shall contain substantially the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Plan of Distribution</font><font style="font-family: 'Times New Roman';">&#8221; attached hereto as </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Annex A</font><font style="font-family: 'Times New Roman';"> and substantially the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Selling Stockholder</font><font style="font-family: 'Times New Roman';">&#8221; section attached hereto as </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Annex B</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">provided</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">however</font><font style="font-family: 'Times New Roman';">, that the</font><font style="font-family: 'Times New Roman';"> Holder shall </font><font style="font-family: 'Times New Roman';">not </font><font style="font-family: 'Times New Roman';">be required to be named as an &#8220;underwriter&#8221; without </font><font style="font-family: 'Times New Roman';">the Holder&#8217;</font><font style="font-family: 'Times New Roman';">s express prior</font><font style="font-family: 'Times New Roman';"> written</font><font style="font-family: 'Times New Roman';"> consent</font><font style="font-family: 'Times New Roman';">.&nbsp; Subject to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event no later than the applicable Effectiveness Date, and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act until </font><font style="font-family: 'Times New Roman';">the date that </font><font style="font-family: 'Times New Roman';">all Registrable Securities covered by such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the </font><font style="font-family: 'Times New Roman';">Holder</font><font style="font-family: 'Times New Roman';"> (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Effectiveness Period</font><font style="font-family: 'Times New Roman';">&#8221;).&nbsp; The Company shall telephonically request effectiveness of a Registration Stateme</font><font style="font-family: 'Times New Roman';">nt as of 5:00 p.m. (New York City time) </font><font style="font-family: 'Times New Roman';">on a Trading Day.&nbsp;&nbsp; The Company shal</font><font style="font-family: 'Times New Roman';">l immediately notify the Holder</font><font style="font-family: 'Times New Roman';"> via facsimile or by e-mail of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically confirms effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration Statement.&nbsp; The Company shall, by 9:30 a.m. </font><font style="font-family: 'Times New Roman';">(New York City time) </font><font style="font-family: 'Times New Roman';">on the Trading Day after the effective date of such Registration Statement, file a final Prospectus with the Commission as required by Rule 424.&nbsp; Failure to so notify the Holder within one (1) Trading Day of such notification of effectiveness or failure to file a final Prospectus as foresaid shall be deemed an Event under Section 2(d). </font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';"> Notwithstanding the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly inform</font><font style="font-family: 'Times New Roman';"> the Holder</font><font style="font-family: 'Times New Roman';"> thereof and use its commercially reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary offering, subject to the provisions of Section 2(e); </font><font style="font-family: 'Times New Roman';">with respect to filing on Form S-3 or other appropriate form, and subject to the provisions of Section 2(d) with respect to the payment of liquidated damages;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">provided</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">however</font><font style="font-family: 'Times New Roman';">, that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation 612.09.&nbsp;</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(c)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">Notwithstanding any other provision of this Agreement and subject to the payment of liquidated damages pursuant to Section 2(d), if the Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will be reduced as follows: </font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<li style="font-family: 'Times New Roman'; font-size: 12pt; margin: 0pt 0pt 0pt 67.33pt; padding-left: 4.67pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: none;">First, the Company shall reduce or eliminate any securities to be included</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> other than Registrable Securities</font><font style="font-family: 'Times New Roman'; text-decoration: none;">;</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> and</font></font></li>
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<p style="margin: 0pt 0pt 0pt 54pt; text-align: justify;"><font style="color: #0000ff; font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<li style="font-family: 'Times New Roman'; font-size: 12pt; margin: 0pt 0pt 0pt 68pt; padding-left: 4pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: none;">Second</font><font style="font-family: 'Times New Roman'; text-decoration: none;">, the Company shall reduce Registrable Securities represented by Shares. </font></font></li>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: none;">In the event of a cutback hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along with the calculations as to such Holder&#8217;s allotment.&nbsp; In the event the Company amends the Initial Registration Statement in accordance with the foregoing, the Company will use its best efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended.</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(d)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">If: (i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial Registration Statement without affording the Holder the opportunity to review and comment on the same as required by Section 3(a) herein, the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities Act, within five Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be &#8220;reviewed&#8221; or will not be subject to further review, or (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the Commission in respect of such Registration Statement within ten (10) calendar days after the receipt of comments by or notice from the Commission that such amendment is required in order for such Registration Statement to be declared effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the Commission by the Effectiveness Date of the Initial Registration Statement, or (v) after the effective date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in such Registration Statement, or the Holder </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities, for more than ten (10) consecutive calendar days or more than an aggregate of fifteen (15) calendar days (which need not be consecutive calendar days)</font><font style="font-family: 'Times New Roman';"> during any 12-month period</font><font style="font-family: 'Times New Roman';"> (any such failure or breach being referred to as an </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Event</font><font style="font-family: 'Times New Roman';">&#8221;,</font><font style="font-family: 'Times New Roman';"> and for purpos</font><font style="font-family: 'Times New Roman';">es of clauses (i) and (iv)</font><font style="font-family: 'Times New Roman';">, the date on which such Event occurs, and for purpose of clause (ii) the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such ten (10) calendar day period is exceeded, and for purpose of clause (v) the date on which such ten (10) or fifteen (15) calendar day period, as applicable, is exceeded being referred to as </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Event Date</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">), then, in </font><font style="font-family: 'Times New Roman';">addition</font><font style="font-family: 'Times New Roman';"> to any other rights the Holder</font><font style="font-family: 'Times New Roman';"> may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of </font><font style="font-family: 'Times New Roman';">2.0% multiplied by the aggregate Subscription Amount paid by </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Holder pursuant to the Purchase Agreement</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The parties agree that the maximum aggregate liquidated damages payable to </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Holder under this Agreement shall be 12% of the aggregate </font><font style="font-family: 'Times New Roman';">purchase consideration</font><font style="font-family: 'Times New Roman';"> paid by such Holder pursuant to the Purchase Agreement.&nbsp; </font><font style="font-family: 'Times New Roman';">If the Company fails to pay any partial liquidated damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate of 18% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(e)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">If Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is available, </font><font style="font-family: 'Times New Roman';">provided</font><font style="font-family: 'Times New Roman';"> that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the Commission.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(f)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Notwithstanding anything to the contrary contained herein, in no event shall the Company be permitted to name any Holder or affiliate of a Holder as any Underwriter without the prior written consent of </font><font style="font-family: 'Times New Roman';">such Holder.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>4</font></font></td>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">3. </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registration Procedures</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the Company&#8217;s registration obligations hereunder, the Company shall:</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Not less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subje</font><font style="font-family: 'Times New Roman';">ct to the review of the Holder</font><font style="font-family: 'Times New Roman';">, and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements th</font><font style="font-family: 'Times New Roman';">ereto to which the Holder</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">shall reasonably object in good faith, provided that, the Company is notified of such objection in writing no later than five (5) Trading Days after </font><font style="font-family: 'Times New Roman';">the Holder</font><font style="font-family: 'Times New Roman';"> ha</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> been so furnished copies of a Registration Statement or one (</font><font style="font-family: 'Times New Roman';">1) Trading Day after the Holder</font><font style="font-family: 'Times New Roman';"> h</font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> been so furnished copies of any related Prospectus or amendments or supplements thereto. Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Annex B</font><font style="font-family: 'Times New Roman';"> (a &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Selling Stockholder Questionnaire</font><font style="font-family: 'Times New Roman';">&#8221;) on a date that is not less than two (2) Trading Days prior to the Filing Date or by the end of the fourth (4</font><font style="font-family: 'Times New Roman'; vertical-align: super; font-size: 8pt;">th</font><font style="font-family: 'Times New Roman';">) Trading Day following the date on which </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Holder receives draft materials in accordance with this Section.&nbsp;&nbsp; </font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">(i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as re</font><font style="font-family: 'Times New Roman';">asonably possible to the Holder</font><font style="font-family: 'Times New Roman';"> true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided that, the Company shall excise any information contained therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended metho</font><font style="font-family: 'Times New Roman';">ds of disposition by the Holder</font><font style="font-family: 'Times New Roman';"> thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(c)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case prior to the applicable Filing Date, an additional Registration Statement covering the resale by the</font><font style="font-family: 'Times New Roman';"> Holder</font><font style="font-family: 'Times New Roman';"> of not less than the number of such Registrable Securities.&nbsp;</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>5</font></font></td>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(d)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Notify the</font><font style="font-family: 'Times New Roman';"> Holder</font><font style="font-family: 'Times New Roman';"> of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (v</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission notifies the Company whether there will be a &#8220;review&#8221; of such Registration Statement and whenever the Commission comments in writing on such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information, (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of a</font><font style="font-family: 'Times New Roman';">ny Proceedings for that purpose,</font><font style="font-family: 'Times New Roman';"> (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for su</font><font style="font-family: 'Times New Roman';">ch purpose, </font><font style="font-family: 'Times New Roman';">(v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleadi</font><font style="font-family: 'Times New Roman';">ng,</font><font style="font-family: 'Times New Roman';"> and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Regis</font><font style="font-family: 'Times New Roman';">tration Statement or Prospectus;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">provided</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">however</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">that </font><font style="font-family: 'Times New Roman';">in no event shall any such notice contain any information which would constitute material, non-public information regarding the Company or any of its Subsidiaries.</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(e)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(f)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the C</font><font style="font-family: 'Times New Roman';">ommission, provided </font><font style="font-family: 'Times New Roman';">that any such item which is available on the EDGAR system (or successor thereto) need not be furnished in physical form.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(g)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by the selling Holder in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(h)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';"> Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate with the selling</font><font style="font-family: 'Times New Roman';"> Holder</font><font style="font-family: 'Times New Roman';"> in connection with the registration or qualification (or exemption from the Registration or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registr</font><font style="font-family: 'Times New Roman';">ation Statement, provided that</font><font style="font-family: 'Times New Roman';"> the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>6</font></font></td>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(i)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(j)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Upon the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into account the Company&#8217;s good faith assessment of any adverse consequences to the Company and its stockholders of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.</font><font style="font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: none;">If the Company notifies the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Holder</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> Holder</font><font style="font-family: 'Times New Roman'; text-decoration: none;"> shall suspend use of such Prospectus.&nbsp; The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.&nbsp; The Company shall be entitled to exercise </font><font style="font-family: 'Times New Roman'; text-decoration: none;">its right under this Section 3(j</font><font style="font-family: 'Times New Roman'; text-decoration: none;">) to suspend the availability of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(d), for a period not to exceed 60 calendar days (which need not be consecutive days) in any 12-month period</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(k)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Otherwise use commercially reasonable efforts to comply</font><font style="font-family: 'Times New Roman';"> with all applicable rules and regulations of the Commission</font><font style="font-family: 'Times New Roman';"> under the Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act, promptly inform the</font><font style="font-family: 'Times New Roman';"> Holder</font><font style="font-family: 'Times New Roman';"> in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the</font><font style="font-family: 'Times New Roman';"> Holder</font><font style="font-family: 'Times New Roman';"> are required to deliver a Prospectus in connection with any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(l)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">The Company shall use its best efforts to maintain eligibility for use of Form S-3 (or any successor form thereto) for the registration of the resale of Registrable Securities.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(m)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three Trading Days of the Company&#8217;s request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder only, until such information is delivered to the Company.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registration Expenses</font><font style="font-family: 'Times New Roman';">. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of the Company&#8217;s counsel and independent registered public accountants) (A) with respect to filings made with the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading, </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">(C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities),</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement.&nbsp; In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder.&nbsp; In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the</font><font style="font-family: 'Times New Roman';"> Holder</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>7</font></font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Indemnification</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Indemnification by the Company</font><font style="font-family: 'Times New Roman';">. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys&#8217; fees) and expenses (collectively, &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Losses</font><font style="font-family: 'Times New Roman';">&#8221;), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder&#8217;s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advi</font><font style="font-family: 'Times New Roman';">ce contemplated in Section 6(c</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">.&nbsp; The Company shall notify the</font><font style="font-family: 'Times New Roman';"> Holder</font><font style="font-family: 'Times New Roman';"> promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by the Holder</font><font style="font-family: 'Times New Roman';"> in accordance with Section 6(f</font><font style="font-family: 'Times New Roman';">).</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Indemnification by</font><font style="font-family: 'Times New Roman'; text-decoration: underline;"> Holder</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Holder shall</font><font style="font-family: 'Times New Roman';"> indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the Company expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such information relates to such Holder&#8217;s </font><font style="font-family: 'Times New Roman';">information provided in the Selling Stockholder Questionnaire or the </font><font style="font-family: 'Times New Roman';">proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus or in any amendment or supplement thereto.&nbsp; In no event shall the liability of </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';"> selling Holder be greater in amoun</font><font style="font-family: 'Times New Roman';">t than the dollar amount of the </font><font style="font-family: 'Times New Roman';">proceeds </font><font style="font-family: 'Times New Roman';">(net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue statement or omission)</font><font style="font-family: 'Times New Roman';"> received by such Holder upon the sale of the Registrable Securities</font><font style="font-family: 'Times New Roman';"> included in the Registration Statement</font><font style="font-family: 'Times New Roman';"> giving rise to such indemnification obligation.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(c)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Conduct of Indemnification Proceedings</font><font style="font-family: 'Times New Roman';">. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Indemnified Party</font><font style="font-family: 'Times New Roman';">&#8221;), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Indemnifying Party</font><font style="font-family: 'Times New Roman';">&#8221;) in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in c</font><font style="font-family: 'Times New Roman';">onnection with defense thereof, provided that</font><font style="font-family: 'Times New Roman';"> the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>8</font></font></td>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless:&nbsp; (1) the Indemnifying Party has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party).&nbsp; The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed.&nbsp; No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.</font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Part</font><font style="font-family: 'Times New Roman';">y, provided that</font><font style="font-family: 'Times New Roman';"> the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(d)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Contribution</font><font style="font-family: 'Times New Roman';">. If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission.&nbsp; The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys&#8217; or other fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph.&nbsp; </font><font style="font-family: 'Times New Roman';">In no event shall the contribution obligation of a Holder of Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and</font><font style="font-family: 'Times New Roman';"> the amount of any damages such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission</font><font style="font-family: 'Times New Roman';">) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>9</font></font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6. </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Miscellaneous</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Remedies</font><font style="font-family: 'Times New Roman';">.&nbsp; In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement.&nbsp; Each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">No Piggyback on Registrations; Prohibition on Filing Other Registration Statements</font><font style="font-family: 'Times New Roman';">.&nbsp; </font><font style="font-family: 'Times New Roman';">Except as set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 6(</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">b</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">)</font><font style="font-family: 'Times New Roman';"> attached hereto, neither the Company nor any of its security holders (other than the</font><font style="font-family: 'Times New Roman';"> Holder</font><font style="font-family: 'Times New Roman';"> in such capacity pursuant hereto) may include securities of the Company in any Registration Statements other than the Registrable Securities.&nbsp; The Company shall not file any other registration statements until all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission, provided that this </font><font style="font-family: 'Times New Roman';">Section 6(b)</font><font style="font-family: 'Times New Roman';"> shall not prohibit the Company from filing amendments to registration statements filed prior to the date of this Agreement</font><font style="font-family: 'Times New Roman';"> so long as no new securities are registered on any such existing registration statements</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(c)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Discontinued Disposition</font><font style="font-family: 'Times New Roman';">.&nbsp; By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Advice</font><font style="font-family: 'Times New Roman';">&#8221;) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed.&nbsp; The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.&nbsp; The Company agrees and acknowledges that any periods during which the Holder is required to discontinue the disposition of the Registrable Securities hereunder shall be subject to the provisions of Section 2(d).</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(d)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Amendments and Waivers</font><font style="font-family: 'Times New Roman';">. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by t</font><font style="font-family: 'Times New Roman';">he Company and the Holder</font><font style="font-family: 'Times New Roman';">. </font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(e)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Notices</font><font style="font-family: 'Times New Roman';">. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set forth in the Purchase Agreement.&nbsp; </font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(f)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Successors and Assigns</font><font style="font-family: 'Times New Roman';">. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of Holder. The Company may not assign (except by merger) its rights or obligations hereunder without the prior written consent of the Holder.&nbsp; Holder may assign </font><font style="font-family: 'Times New Roman';">his</font><font style="font-family: 'Times New Roman';"> rights hereunder in the manner and to the Persons as permitted under Section 5.</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';"> of the Purchase Agreement.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(g)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">No Inconsistent Agreements</font><font style="font-family: 'Times New Roman';">. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing t</font><font style="font-family: 'Times New Roman';">he rights granted to the Holder</font><font style="font-family: 'Times New Roman';"> in this Agreement or otherwise conflicts with the provisions hereof.&nbsp; Except as set forth on </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Schedule 6(i)</font><font style="font-family: 'Times New Roman';">, neither the Company nor any of its Subsidiaries has previously entered into any agreement granting any registration rights with respect to any of its securities to any Person that have not been satisfied in full.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(h)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Execution and Counterparts</font><font style="font-family: 'Times New Roman';">. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.&nbsp; In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a &#8220;.pdf&#8221; format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or &#8220;.pdf&#8221; signature page were an original thereof.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>10</font></font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(i)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Governing Law</font><font style="font-family: 'Times New Roman';">.&nbsp; All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in accordance with the provisions of the Purchase Agreement</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(j)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Cumulative Remedies</font><font style="font-family: 'Times New Roman';">. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(k)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Severability</font><font style="font-family: 'Times New Roman';">. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(l)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Headings</font><font style="font-family: 'Times New Roman';">. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit or affect any of the provisions hereof.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(m)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">[Intentionally Omitted]</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">********************</font></p>
<p style="margin: 0pt 0pt 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<h2 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: normal;">(Signature Pages Follow)</font></h2>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>11</font></font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CLEARONE, INC.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">By:__________________________________________</font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; Name:</font><font style="font-family: 'Times New Roman';"> Zeynep Hakimoglu</font></font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; Title:</font><font style="font-family: 'Times New Roman';"> Chief Executive Officer</font></font></p>
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<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">[SIGNATURE PAGE OF HOLDER FOLLOWS]</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>12</font></font></td>
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<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-transform: uppercase;">[SIGNATURE PAGE OF HOLDER TO </font><font style="font-family: 'Times New Roman'; text-transform: uppercase;">clro</font><font style="font-family: 'Times New Roman'; text-transform: uppercase;"> RRA]</font></font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
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<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Name of Holder: </font><font style="font-family: 'Times New Roman';">Edward D. Bagley</font></font></p>
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<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Signature of Holder</font><font style="font-family: 'Times New Roman';">: __________________________</font></font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">Annex A</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline;">Plan of Distribution</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The</font><font style="font-family: 'Times New Roman';"> Selling Stockholder (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Selling Stockholder</font><font style="font-family: 'Times New Roman';">&#8221;) of the securities and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the </font><font style="font-family: 'Times New Roman';">Nasdaq Capital Market</font><font style="font-family: 'Times New Roman';"> or any other stock exchange, market or trading facility on which the securities are traded or in private transactions.&nbsp; These sales may be at fixed or negotiated prices.&nbsp; </font><font style="font-family: 'Times New Roman';">The</font><font style="font-family: 'Times New Roman';"> Selling Stockholder may use any one or more of the following methods when selling securities:</font></font></p>
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<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 12pt 64.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">ordinary brokerage transactions and transactions in which the broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealer solicits purchasers;</font></font></li>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 12pt 64.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">block trades in which the broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;</font></font></li>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 12pt 64.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">purchases by a broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealer as principal and resale by the broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealer for its account;</font></font></li>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 12pt 64.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an exchange distribution in accordance with the rules of the applicable exchange;</font></li>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 12pt 64.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">privately negotiated transactions;</font></li>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 12pt 64.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">settlement of short sales; </font></li>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 12pt 64.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">in transactions through broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealers that agree with the Selling Stockholder to sell a specified number of such securities at a stipulated price per security;</font></font></li>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 12pt 64.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</font></li>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 12pt 64.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a combination of any such methods of sale; or</font></li>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 12pt 64.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any other method permitted pursuant to applicable law.</font></li>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Selling Stockholder may also</font><font style="font-family: 'Times New Roman';"> sell securities under Rule 144 or any other exemption from registration </font><font style="font-family: 'Times New Roman';">under the Securities Act of 1933, as amended (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Securities Act</font><font style="font-family: 'Times New Roman';">&#8221;), if available, rather than under this prospectus.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealers engaged by the Selling Stockholder may arrange for other brokers</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealers to participate in sales.&nbsp; Broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealers may receive commissions or discoun</font><font style="font-family: 'Times New Roman';">ts from the Selling Stockholder</font><font style="font-family: 'Times New Roman';"> (or, if any broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2</font><font style="font-family: 'Times New Roman';">121</font><font style="font-family: 'Times New Roman';">; and in the case of a principal transaction a markup or markdown in compliance with FINRA</font><font style="font-family: 'Times New Roman';"> Rule 2121</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>14</font></font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Selling Stockholder</font><font style="font-family: 'Times New Roman';"> and any broker-dealers or agents that are involved in selling the securities may be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act in connection with such sales.&nbsp; In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.&nbsp; Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities. </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities.&nbsp; The Company has agreed to in</font><font style="font-family: 'Times New Roman';">demnify the Selling Stockholder</font><font style="font-family: 'Times New Roman';"> against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.&nbsp; </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">We agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be re</font><font style="font-family: 'Times New Roman';">sold by the Selling Stockholder</font><font style="font-family: 'Times New Roman';"> without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect.&nbsp; The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution.&nbsp; In ad</font><font style="font-family: 'Times New Roman';">dition, the Selling Stockholder</font><font style="font-family: 'Times New Roman';"> will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of pu</font><font style="font-family: 'Times New Roman';">rchases and sales </font><font style="font-family: 'Times New Roman';">of the common stock by the Selling Stockholder or any other person.&nbsp; We will make copies of this prospectus avail</font><font style="font-family: 'Times New Roman';">able to the Selling Stockholder</font><font style="font-family: 'Times New Roman';"> and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SELLING SHAREHOLDER</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The common stock being off</font><font style="font-family: 'Times New Roman';">ered by the selling shareholder</font><font style="font-family: 'Times New Roman';"> are those previously is</font><font style="font-family: 'Times New Roman';">sued to the selling shareholder</font><font style="font-family: 'Times New Roman';">.&nbsp; For additional information regarding the issuances of those shares of </font><font style="font-family: 'Times New Roman';">common stock, see &#8220;</font><font style="font-family: 'Times New Roman';">Pr</font><font style="font-family: 'Times New Roman';">ivate Placement of Shares of Common Stock&#8221;</font><font style="font-family: 'Times New Roman';"> above.&nbsp; We are registering the shares of common stock in order to permit the selling shareho</font><font style="font-family: 'Times New Roman';">lder</font><font style="font-family: 'Times New Roman';"> to offer the shares for resale from time to time.&nbsp; Except for the ownership of the shares of common stock</font><font style="font-family: 'Times New Roman';"> and as set forth in the SEC Reports</font><font style="font-family: 'Times New Roman';">, the selling shareholder ha</font><font style="font-family: 'Times New Roman';">s </font><font style="font-family: 'Times New Roman';">not had any material relationship with us within the past three years.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below lists the selling shareholder and other information regarding the beneficial ownership of the shares of common stock by </font><font style="font-family: 'Times New Roman';">the selling shareholder</font><font style="font-family: 'Times New Roman';">.&nbsp; The second column lists the number of shares of common stock beneficially owned by </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">selling shareholder, based on its ownership of the shares of common stock</font><font style="font-family: 'Times New Roman';">, as of ________, </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The third column lists the shares of common stock being offered by this prospe</font><font style="font-family: 'Times New Roman';">ctus by the selling shareholder</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In accordance with the terms of a registration rights agreeme</font><font style="font-family: 'Times New Roman';">nt with the selling shareholder</font><font style="font-family: 'Times New Roman';">, this prospectus generally covers the resale of the number of shares of common stock issued</font><font style="font-family: 'Times New Roman';"> to the selling shareholder</font><font style="font-family: 'Times New Roman';"> in the </font><font style="font-family: 'Times New Roman';">&#8220;Private Placement of Shares of Common Stock&#8221; described above</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The fourth column assumes the sale of all of the shares off</font><font style="font-family: 'Times New Roman';">ered by the selling shareholder</font><font style="font-family: 'Times New Roman';"> pursuant to this prospectus.</font></font></p>
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<p style="margin: 0pt 0pt 12pt;"><br><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">Name of Selling Shareholder</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">Number of shares of Common Stock Owned Prior to Offering</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">Maximum Number of shares of Common Stock to be Sold Pursuant to this Prospectus</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">Number of shares of Common Stock Owned After Offering</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: right; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Annex </font><font style="font-family: 'Times New Roman'; font-weight: bold;">C</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-family: 'Times New Roman Bold'; font-size: 10pt; font-weight: normal;"><font style="font-weight: bold;">CLEARONE, INC</font>.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Selling Stockholder Notice and Questionnaire</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The undersigned beneficial owner of common stock (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registrable Securities</font><font style="font-family: 'Times New Roman';">&#8221;) of </font><font style="font-family: 'Times New Roman';">ClearOne, Inc., a Delaware corporation</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Company</font><font style="font-family: 'Times New Roman';">&#8221;), understands that the Company has filed or intends to file with the Securities and Exchange Commission (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Commission</font><font style="font-family: 'Times New Roman';">&#8221;) a registration statement (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registration Statement</font><font style="font-family: 'Times New Roman';">&#8221;) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Securities Act</font><font style="font-family: 'Times New Roman';">&#8221;), of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registration Rights Agreement</font><font style="font-family: 'Times New Roman';">&#8221;) to which this document is annexed.&nbsp; A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below.&nbsp; All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Certain legal consequences arise from being named as a selling stockholder in the Registration Statement and the related prospectus.&nbsp; Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.</font></p>
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTICE</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The undersigned beneficial owner (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Selling Stockholder</font><font style="font-family: 'Times New Roman';">&#8221;) of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration Statement.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify;"><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">QUESTIONNAIRE</font></p>
<p style="margin: 0pt 0pt 12pt 72pt; text-indent: -72pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Name.</font></font></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8.84526%; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</font></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 91.0729%; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Full Legal Name of Selling Stockholder</font></td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8.84526%; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</font></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 91.0729%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:</font></td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8.76336%; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(c)</font></td>
<td style="padding: 0px; vertical-align: top; width: 91.1548%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):</font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>16</font></font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt 72pt; text-indent: -72pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2.&nbsp; Address for Notices to Selling Stockholder:</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Telephone:</font></font></p>
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<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Fax:</font></font></p>
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<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Contact Person:</font></font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt 72pt; text-indent: -72pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">3.&nbsp; Broker-Dealer Status:&nbsp;</font></p>
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<td style="width: 8.62633%; height: 17px; padding: 1px 1px 1px 35px; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">(a)</font></td>
<td style="width: 91.3737%; height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Are you a broker-dealer?</font></td>
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<td style="width: 8.62633%; height: 27px; padding: 1px 1px 1px 35px; vertical-align: top;" valign="top"><br></td>
<td style="width: 91.3737%; height: 27px; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Yes&nbsp;&nbsp;<font>&nbsp;</font><font style="font-family: 'MS Mincho';">&#9744;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">No&nbsp;<font>&nbsp;</font><font style="color: #000000; font-family: 'MS Mincho'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#9744;</font></font></td>
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<td style="width: 8.62633%; height: 17px; padding: 1px 1px 1px 35px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</font></td>
<td style="width: 91.3737%; height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">If &#8220;yes&#8221; to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services to the Company?&nbsp;</font></td>
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<td style="width: 8.62633%; height: 27px; padding: 1px 1px 1px 35px; vertical-align: top;" valign="top"><br></td>
<td style="width: 91.3737%; height: 27px; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Yes&nbsp;<font>&nbsp;</font><font style="color: #000000; font-family: 'MS Mincho'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#9744;</font><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">No&nbsp;<font>&nbsp;</font><font style="color: #000000; font-family: 'MS Mincho'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#9744;</font></font></td>
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<td style="width: 8.62633%; height: 26px; padding: 1px 1px 1px 35px; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Note:</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;<font>&nbsp;</font></font></td>
<td style="width: 91.3737%; height: 26px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">If &#8220;no&#8221; to Section 3(b), the Commission&#8217;s staff has indicated that you should be identified as an underwriter in the Registration Statement.</font></td>
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<td style="width: 8.62633%; height: 17px; padding: 1px 1px 1px 35px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(c)</font></td>
<td style="width: 91.3737%; height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Are you an affiliate of a broker-dealer?</font></td>
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<td style="width: 8.62633%; height: 34px; padding: 1px 1px 1px 35px; vertical-align: top;" valign="top"><br></td>
<td style="width: 91.3737%; height: 34px; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Yes&nbsp;<font>&nbsp;</font><font style="color: #000000; font-family: 'MS Mincho'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#9744;</font><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">No&nbsp;<font>&nbsp;</font><font style="color: #000000; font-family: 'MS Mincho'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#9744;</font></font></td>
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<td style="width: 8.62633%; height: 17px; padding: 1px 1px 1px 35px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(d)</font></td>
<td style="width: 91.3737%; height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?&nbsp;</font></td>
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<td style="width: 8.62633%; height: 25px; padding: 1px 1px 1px 35px; vertical-align: top;" valign="top"><br></td>
<td style="width: 91.3737%; height: 25px; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Yes&nbsp;<font>&nbsp;</font><font style="color: #000000; font-family: 'MS Mincho'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#9744;</font><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">No&nbsp;<font>&nbsp;</font><font style="color: #000000; font-family: 'MS Mincho'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#9744;</font></font></td>
</tr>
<tr style="height: 17px;">
<td style="width: 8.62633%; height: 17px; padding: 1px 1px 1px 35px; vertical-align: top;" valign="top"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; text-align: justify; text-indent: -96px; font-family: 'Times New Roman';">Note:</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; text-align: justify; text-indent: -96px; font-family: 'Times New Roman';">&nbsp;</font></td>
<td style="width: 91.3737%; height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">If &#8220;no&#8221;<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">to Section 3(d), the Commission&#8217;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">s staff has indicated that you should be identified as an underwriter in the Registration Statement.</font></td>
</tr>

</table>
<p style="margin: 0pt 0pt 12pt 72pt; text-align: justify; text-indent: -72pt;"><br></p>
<p style="margin: 0pt 0pt 12pt 72pt; text-indent: -72pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">4.&nbsp; Beneficial Ownership of Securities of the Company Owned by the Selling Stockholder.</font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities issuable pursuant to the Purchase Agreement.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; width: 99.8365%;" width="100%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8.92716%; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</font></td>
<td style="padding: 0px; vertical-align: top; width: 90.991%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Type and Amount of other securities beneficially owned by the Selling Stockholder:&nbsp;&nbsp;</font></td>
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<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8.92716%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 90.991%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
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<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8.92716%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 90.991%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8.92716%;"><br></td>
<td style="border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 90.991%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>

</table>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table style="width: 100%;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>17</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
<p style="margin: 0pt; text-indent: -72pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt 72pt; text-indent: -72pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">5.&nbsp; Relationships with the Company:</font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.&nbsp;&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; width: 99.8365%;" width="100%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 3.93125%;"><br></td>
<td style="padding: 0px; vertical-align: top; width: 95.9869%;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -96px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">State any exceptions here:</font></td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 3.93125%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 95.9869%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
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<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 3.93125%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 95.9869%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 3.93125%;"><br></td>
<td style="border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 95.9869%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
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</table>
<p style="margin: 0pt 0pt 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The undersigned agrees to promptly notify the Company of any </font><font style="font-family: 'Times New Roman';">material </font><font style="font-family: 'Times New Roman';">inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective</font><font style="font-family: 'Times New Roman';">; provided, that the undersigned shall not be required to notify the Company of any changes to the number of securities held or owned by the undersigned or its affiliates</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration Statement and the related prospectus </font><font style="font-family: 'Times New Roman';">and any amendments or supplements thereto</font><font style="font-family: 'Times New Roman';">.&nbsp; The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus and any amendments or supplements thereto.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.&nbsp; &nbsp;</font></p>
<table style="width: 100%; margin-left: 0.1px;">

<tr>
<td style="width: 4.55162%;"><br></td>
<td style="width: 34.4918%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Date:<font style="text-decoration: underline;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font></font></td>
<td style="width: 12.8236%;"><br></td>
<td style="width: 48.133%;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Beneficial Owner:<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: underline; font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></td>
</tr>
<tr>
<td style="width: 4.55162%;"><br></td>
<td style="width: 34.4918%;"><br></td>
<td style="width: 12.8236%;"><br></td>
<td style="width: 48.133%;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">By:</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman';">&nbsp;<font style="text-decoration: underline;"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font></font></td>
</tr>
<tr>
<td style="width: 4.55162%;"><br></td>
<td style="width: 34.4918%;"><br></td>
<td style="width: 12.8236%;"><br></td>
<td style="width: 48.133%;">
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; Name:</font></font></p>
</td>
</tr>
<tr>
<td style="width: 4.55162%;"><br></td>
<td style="width: 34.4918%;"><br></td>
<td style="width: 12.8236%;"><br></td>
<td style="width: 48.133%;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; Title:</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font></td>
</tr>

</table>
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PLEASE FAX A COPY (OR EMAIL A .PDF COPY) OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table style="width: 100%;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>18</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
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<span style="display: none;">v3.21.4</span><table class="report" border="0" cellspacing="2" id="idm139720482790360">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DEI Document<br></strong></div></th>
<th class="th"><div>Jan. 04, 2022</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jan.  04,  2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">CLEARONE INC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000840715<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CLRO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12gTitle', window );">Title of 12(g) Security</a></td>
<td class="text">Common Stock, $0.001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(801)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">975-7200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-33660<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">5225 Wiley Post Way, Suite 500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Salt Lake City<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">UT<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">84116<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">87-0398877<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(g) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection g<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12gTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
