<SEC-DOCUMENT>0001019687-14-001343.txt : 20140411
<SEC-HEADER>0001019687-14-001343.hdr.sgml : 20140411
<ACCEPTANCE-DATETIME>20140411083027
ACCESSION NUMBER:		0001019687-14-001343
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20140411
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140411
DATE AS OF CHANGE:		20140411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NTN BUZZTIME INC
		CENTRAL INDEX KEY:			0000748592
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		IRS NUMBER:				311103425
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11460
		FILM NUMBER:		14758721

	BUSINESS ADDRESS:	
		STREET 1:		2231 RUTHERFORD ROAD
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008
		BUSINESS PHONE:		7604387400

	MAIL ADDRESS:	
		STREET 1:		2231 RUTHERFORD ROAD
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NTN COMMUNICATIONS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALROY INDUSTRIES INC
		DATE OF NAME CHANGE:	19850411
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ntn_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, DC 20549</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of report (Date of earliest event reported):
<B>April 11, 2014</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact name of Registrant
as Specified in Charter)</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><B>Delaware</B></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><B>001-11460</B></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><B>31-1103425</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or Other Jurisdiction of </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Incorporation)</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>(Commission File Number)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(I.R.S. Employer </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 4.65pt; padding-left: 4.65pt; text-align: center; font-size: 10pt"><B>2231 Rutherford Rd, Suite 200</B></TD>
    <TD STYLE="width: 50%; padding-right: 4.65pt; padding-left: 4.65pt; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.65pt; padding-left: 4.65pt; text-align: center; font-size: 10pt"><B>Carlsbad, California</B></TD>
    <TD STYLE="padding-right: 4.65pt; padding-left: 4.65pt; text-align: center; font-size: 10pt"><B>92008</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.65pt; padding-left: 4.65pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>(Address of Principal Executive Offices)</B></FONT></TD>
    <TD STYLE="padding-right: 4.65pt; padding-left: 4.65pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>(Zip Code)</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(760) 438-7400</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">[_]&nbsp;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">[_]&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">[_]&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">[_]&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: left"><B>Item 1.01</B></TD>
    <TD STYLE="text-align: justify; width: 90%"><B>Entry into a Material Definitive Agreement.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 11, 2014,
NTN Buzztime, Inc. (the &ldquo;Company&rdquo;) entered into an underwriting agreement (the &ldquo;Underwriting Agreement&rdquo;)
with Roth Capital Partners, LLC (&ldquo;Roth&rdquo;), as representative of the several underwriters (collectively, the &ldquo;Underwriters&rdquo;),
relating to the issuance and sale of 11,100,000 shares of the Company&rsquo;s common stock, par value $0.005 per share. The public
offering price for each share of common stock is $0.55.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of
the Underwriting Agreement, the Underwriters will purchase the common stock at a discounted price of $0.5115 per share, representing
a seven percent (7.0%) discount to the public offering price. The Company has also granted the Underwriters a 30-day over-allotment
option to purchase up to an additional 1,665,000 shares of common stock at the public offering price, less underwriting discounts,
to cover over-allotments, if any, made in connection with the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net proceeds to
the Company from the Offering are expected to be approximately $5.5 million, after deducting underwriting discounts and estimated
offering expenses payable by the Company, assuming no exercise by the Underwriters of the over-allotment option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company currently
intends to use the net proceeds of the offering for general corporate purposes, which may include working capital, general and
administrative expenses, capital expenditures and implementation of its strategic priorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The offering is expected
to close on or about April 16, 2014, subject to customary closing conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Agreement
contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification
obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), other obligations of the parties and termination provisions. The representations, warranties and covenants contained
in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit
of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties, including being qualified
by confidential disclosures exchanged between the parties in connection with the execution of the Underwriting Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Underwriting
Agreement, subject to certain exceptions, (i) the Company agreed not to sell or otherwise dispose of any shares of common stock
for a period ending 90 days after the date of the Underwriting Agreement and (ii) the Company&rsquo;s officers, directors and a
significant stockholder agreed not to sell or otherwise dispose of any of shares of the Company&rsquo;s common stock held by them
for a period ending 90 days after the date of the final prospectus supplement relating to the offering, in each case, without first
obtaining the written consent of Roth Capital Partners, LLC, subject to certain exceptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The common stock is
being offered and sold pursuant to the Company&rsquo;s effective shelf registration statement on Form S-3 (Registration Statement
No. 333-193012) filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on December 20, 2013 and declared effective
by the SEC on January 9, 2014, and the base prospectus included therein, as supplemented by a final prospectus supplement (collectively,
the &ldquo;Offering Prospectus&rdquo;) to be filed with the SEC pursuant to Rule 424(b) under the Securities Act in connection
with the Company&rsquo;s takedown relating to the offering. A copy of the opinion, including the related consent, of ELA Corporate
Law relating to the legality of the issuance and sale of the shares of common stock in the offering is attached as Exhibit 5.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the terms of the Underwriting Agreement does not purport to be complete and is subject to, and qualified in its entirety by
reference to, the Underwriting Agreement, which is attached as Exhibit 1.1 and is incorporated herein by reference.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain statements
in this report are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements
include statements about the expected settlement of the sale and purchase of securities described herein and the Company&rsquo;s
receipt of net proceeds therefrom. For such statements, the Company claims the protection of the Private Securities Litigation
Reform Act of 1995. Actual events or results may differ materially from the Company&rsquo;s expectations. Factors that could cause
actual results to differ materially from the forward-looking statements include, but are not limited to, the Company&rsquo;s ability
to satisfy applicable closing conditions under the Underwriting Agreement. Additional factors that could cause actual results to
differ materially from those stated or implied by the Company&rsquo;s forward-looking statements are disclosed in the Offering
Prospectus and the Company&rsquo;s reports filed with the SEC.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: left"><B>Item 8.01</B></TD>
    <TD STYLE="text-align: justify; width: 90%"><B>Other Events.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 10, 2014,
the Company issued a press release announcing that it had commenced a proposed public offering of its common stock, a copy of which
is attached as Exhibit 99.1 and is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 11, 2014,
the Company issued a press release announcing that it had priced the offering of its common stock, a copy of which is attached
as Exhibit 99.2 and is incorporated herein by reference.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: left"><B>Item 9.01</B></TD>
    <TD STYLE="text-align: justify; width: 90%"><B>Financial Statements and Exhibits.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The list of exhibits
called for by this Item is incorporated by reference to the Exhibit Index following the signature page of this report.</P>

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>NTN BUZZTIME, INC.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Date: April 11, 2014</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font-variant: small-caps">/s/ Kendra Berger</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Kendra
Berger</P>
                                                                   <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Chief Financial Officer</P>
</TD></TR>
</TABLE>

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

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

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    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: left"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 84%; border-bottom: Black 1pt solid; text-align: left"><B>Document</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">1.1</TD>
    <TD STYLE="text-align: left">Underwriting Agreement, dated April 11, 2014, by and between NTN Buzztime, Inc. and Roth Capital Partners, LLC, as representative of the underwriters named on Schedule I thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">5.1</TD>
    <TD STYLE="text-align: left">Opinion of ELA Corporate Law</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">23.1</TD>
    <TD STYLE="text-align: left">Consent of ELA Corporate Law (included in Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">99.1</TD>
    <TD STYLE="text-align: left">Press Release of NTN Buzztime, Inc. dated April 10, 2014.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">99.2</TD>
    <TD STYLE="text-align: left">Press Release of NTN Buzztime, Inc. dated April 11, 2014.</TD></TR>
</TABLE>
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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ntn_8k-ex0101.htm
<DESCRIPTION>UNDERWRITING AGREEMENT DATED APRIL 11, 2014
<TEXT>
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<P STYLE="margin: 0"><B>Exhibit 1.1</B></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">11,100,000 Shares of Common Stock</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">April 11, 2014</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">888 San Clemente Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Newport Beach, CA 92660</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>As Representative of the Several Underwriters</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NTN Buzztime, Inc., a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;), proposes, subject to the terms and conditions stated in this Underwriting Agreement
(this &ldquo;<U>Agreement</U>&rdquo;), to issue and sell to the underwriters named in <B>Schedule I</B> hereto (the &ldquo;<U>Underwriters</U>,&rdquo;
or each, an &ldquo;<U>Underwriter</U>&rdquo;), for whom Roth Capital Partners, LLC is acting as representative (the &ldquo;<U>Representative</U>&rdquo;),
an aggregate of 11,100,000 shares (the &ldquo;<U>Firm Shares</U>&rdquo;) of common stock, par value $0.005 per share (the &ldquo;<U>Common
Stock</U>&rdquo;), of the Company. The Company has granted the Underwriters the option to purchase an aggregate of up to 1,665,000
shares (the &ldquo;<U>Option Shares</U>&rdquo;) of Common Stock as may be necessary to cover over-allotments made in connection
with the offering. The Firm Shares and the Option Shares are collectively referred to as the &ldquo;<U>Securities</U>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company and
the several Underwriters hereby confirm their agreement as follows:</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Registration Statement and Prospectus</B><FONT STYLE="font-style: normal">. The Company has prepared and filed with the
Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) a registration statement on Form S-3 (File No. 333-193012)
under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), and the rules and regulations (the &ldquo;<U>Rules
and Regulations</U>&rdquo;) of the Commission thereunder, and such amendments to such registration statement (including post effective
amendments) as may have been required to the date of this Agreement and a preliminary prospectus supplement or &ldquo;red herring&rdquo;
pursuant to Rule 424(b) under the Securities Act dated April 10, 2014 that describes the Securities and the offering thereof (the
&ldquo;<U>Preliminary Prospectus</U>&rdquo;). Such registration statement has been declared effective by the Commission. Such registration
statement, including amendments thereto (including post-effective amendments thereto) as amended (including any post effective
amendments), at the time of effectiveness thereof (the &ldquo;<U>Effective Time</U>&rdquo;), the exhibits and any schedules thereto
at the Effective Time or thereafter during the period of effectiveness and the documents and information otherwise deemed to be
a part thereof or included therein by the Securities Act or otherwise pursuant to the Rules and Regulations at the Effective Time
or thereafter during the period of effectiveness, is herein called the &ldquo;<U>Registration Statement</U>.&rdquo; If the Company
has filed or files an abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the &ldquo;<U>Rule 462
Registration Statement</U>&rdquo;), then any reference herein to the term Registration Statement shall include such Rule 462 Registration
Statement.</FONT></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">The
Company is filing with the Commission pursuant to Rule 424 under the Securities Act a final prospectus supplement to a form of
prospectus included in the Registration Statement that discloses the public offering price and other final terms of the Securities.
The form of prospectus included in the Registration Statement at the time it was declared effective, as it may have been amended,
modified or supplemented and filed with the Commission after such effective date and prior to the date hereof pursuant to Rule
424(b)(3), is hereinafter called the &ldquo;<U>Base Prospectus</U>,&rdquo; and such final prospectus supplement, as filed, along
with the Base Prospectus, is hereinafter called the &ldquo;<U>Final Prospectus</U>.&rdquo; Such Final Prospectus and any preliminary
prospectus supplement or &ldquo;red herring&rdquo; relating to the Securities, including the Preliminary Prospectus, in the form
in which they shall be filed with the Commission pursuant to Rule 424(b) under the Securities Act (including the Base Prospectus
as so supplemented) is hereinafter called a &ldquo;<U>Prospectus</U>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For purposes of
this Agreement, all references to the Registration Statement, the Rule 462 Registration Statement, the Base Prospectus, the Final
Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with
the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (together with any successor system maintained
by or on behalf of the Commission, &ldquo;<U>EDGAR</U>&rdquo;). All references in this Agreement to amendments or supplements to
the Registration Statement, the Rule 462 Registration Statement, the Base Prospectus, the Final Prospectus or the Prospectus shall
be deemed to mean and include any document under the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;),
that is deemed to be incorporated by reference therein or otherwise deemed by the Rules and Regulations to be a part thereof.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Representations and Warranties of the Company Regarding the Offering.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company represents and warrants to, and agrees with, the several Underwriters, as of the date hereof and as of the Closing
Date (as defined in Section 4(c) below) and as of each Option Closing Date (as defined in Section 4(b) below), except as otherwise
indicated, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At each
time of effectiveness, at the date hereof and at the Closing Date and on each Option Closing Date, if any, the Registration Statement
and any post-effective amendment thereto complied or will comply in all material respects with the requirements of the Securities
Act and the Rules and Regulations and did not, does not and will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Time of Sale
Disclosure Package (as defined in Section 2(a)(iii)(A)(1) below) as of the date hereof, at the Closing Date and on each Option
Closing Date, if any, and the Prospectus, as amended or supplemented, as of its date, at the time of filing pursuant to Rule 424(b)
under the Securities Act and at the Closing Date and on each Option Closing Date, if any, does not and will not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set
forth in the two immediately preceding sentences shall not apply to statements in or omissions from the Registration Statement,
the Time of Sale Disclosure Package or any Prospectus in reliance upon, and in conformity with, written information furnished
to the Company by any Underwriter specifically for use in the preparation thereof, which written information is described in Section
7(f). The Registration Statement contains all exhibits and schedules required to be filed by the Securities Act or the Rules and
Regulations. No order preventing or suspending the effectiveness or use of the Registration Statement or any Prospectus is in
effect and no proceedings for such purpose have been instituted or are pending, or, to the knowledge of the Company, are contemplated
or threatened by the Commission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company has not distributed any prospectus or other offering material in connection with the offering and sale of the
Securities other than the Time of Sale Disclosure Package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(A) The Company has provided a copy to the Underwriters of each Issuer Free Writing Prospectus (as defined below) used in
the sale of the Securities.&nbsp; The Company has filed all Issuer Free Writing Prospectuses required to be so filed with the Commission,
and no order preventing or suspending the effectiveness or use of any Issuer Free Writing Prospectus is in effect and no proceedings
for such purpose have been instituted or are pending, or, to the knowledge of the Company, are contemplated or threatened by the
Commission.&nbsp; When taken together with the rest of the Time of Sale Disclosure Package or the Final Prospectus,&nbsp;since
its first use&nbsp;and at all relevant times since then, no Issuer Free Writing Prospectus has, does or will include (1)&nbsp;any
untrue statement of a material fact or omission&nbsp;to state any material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading, or (2) information that&nbsp;conflicted, conflicts
or will conflict with the information contained in the Registration Statement or the Final Prospectus. The representations and
warranties set forth in the immediately preceding sentence shall not apply to statements in or omissions from the Time of Sale
Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus in reliance upon, and in conformity with, written
information furnished to the Company by any Underwriter specifically for use in the preparation thereof.&nbsp;&nbsp;As used in
this paragraph and elsewhere in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;<U>Time
of Sale Disclosure Package</U>&rdquo; means the Base Prospectus, the Prospectus most recently filed with the Commission before
the time of this Agreement, including any preliminary prospectus supplement deemed to be a part thereof, each Issuer Free Writing
Prospectus set forth on <B>Schedule III</B>, and&nbsp;the description of the transaction provided by the Underwriters&nbsp;included
on <B>Schedule II</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;<U>Issuer
Free Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities
Act, relating to the Securities that (A) is required to be filed with the Commission by the Company, or (B) is exempt from filing
pursuant to Rule 433(d)(5)(i) or (d)(8) under the Securities Act, in each case in the form filed or required to be filed with the
Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule 433(g) under the
Securities Act.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the
time of filing of the Registration Statement and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo;
as defined in Rule 405 under the Securities Act or an &ldquo;excluded issuer&rdquo; as defined in Rule 164 under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each
Issuer Free Writing Prospectus satisfied, as of its issue date and at all subsequent times through the Prospectus Delivery Period
(as defined below in Section 4(a)(i)), all other conditions as may be applicable to its use as set forth in Rules 164 and 433 under
the Securities Act, including any legend, record-keeping or other requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in">(iv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The financial statements of the Company, together with the related notes, included or incorporated by reference in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus comply in all material respects with the applicable requirements
of the Securities Act and fairly present the financial condition of the Company as of the dates indicated and the results of operations
and cash flows for the periods therein specified in conformity with U.S. generally accepted accounting principles consistently
applied throughout the periods involved; and the supporting schedules included in the Registration Statement present fairly the
information required to be stated therein. No other financial statements, pro forma financial information or schedules are required
under the Securities Act to be included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure
Package or the Final Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the Company&rsquo;s knowledge, Mayer Hoffman McCann P.C. and Squar Milner LLP, each of which has expressed its opinion
with respect to certain financial statements and schedules filed as a part of the Registration Statement and included in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus, are independent public accounting firms with respect to
the Company within the meaning of the Securities Act and the Rules and Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(vi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;The Company had a reasonable basis for, and made in good faith, each &ldquo;forward-looking statement&rdquo; (within the
meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained or incorporated by reference in the
Registration Statement, the Time of Sale Disclosure Package, the Final Prospectus, in each case at the time such &ldquo;forward-looking
statement&rdquo; was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in">(vii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All statistical or market-related data included or incorporated by reference in the Registration Statement, the Time of
Sale Disclosure Package or the Final Prospectus, are based on or derived from sources that the Company reasonably believes to be
reliable and accurate. , and the Company has obtained the written consent to the use of such data from such sources, to the extent
required, other than such consents the failure of which to obtain is not reasonably likely to result in a Material Adverse Effect
(as defined below in Section 3(a)(i)).</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(viii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is listed on the NYSE MKT. Except as set
forth in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus, there is no action pending by the Company
or, to the Company&rsquo;s knowledge, by the NYSE MKT to delist the Common Stock from the NYSE MKT, nor has the Company received
any notification that the NYSE MKT is contemplating terminating such listing. The Company has submitted a Notification Form: Listing
of Additional Shares with the NYSE MKT with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(ix)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company has not taken, directly or indirectly, any action that is designed to or that has constituted or that would
reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(x)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not and, after giving effect to the offering and sale of the Securities and the application of the net proceeds
thereof, will not be an &ldquo;investment company,&rdquo; as such term is defined in the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any certificate
signed by any officer of the Company and delivered to the Underwriters or to the Underwriters&rsquo; counsel shall be deemed a
representation and warranty by the Company to the Underwriters as to the matters covered thereby.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Representations
and Warranties Regarding the Company. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company represents and warrants to and agrees with, the several Underwriters, as of the date hereof and as of the Closing
Date (as defined in Section 4(c) below) and as of each Option Closing Date (as defined in Section 4(b) below), except as set forth
in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction
of organization. Each of the subsidiaries has been duly organized and is validly existing as a corporation or other entity in good
standing under the laws of its jurisdiction of organization, except for the failure of any subsidiary to be in good standing if
such failure would not have or is not reasonably likely to result in a Material Adverse Effect (as defined below). Each of the
Company and its subsidiaries has the power and authority (corporate or otherwise) to own its properties and conduct its business
as currently being carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus,
and is duly qualified to do business as a foreign corporation or other entity in good standing in each jurisdiction in which it
owns or leases real property or in which the conduct of its business makes such qualification necessary and in which the failure
to so qualify would have or is reasonably likely to result in a material adverse effect upon the business, prospects, properties,
operations, condition (financial or otherwise) or results of operations of the Company and its subsidiaries, taken as a whole,
or on its ability to perform its obligations under this Agreement (&ldquo;<U>Material Adverse Effect</U>&rdquo;). None of the Company&rsquo;s
subsidiaries is a &ldquo;significant subsidiary&rdquo; (as such term is defined in Rule 1-02 of Regulation S-X promulgated under
the Securities Act).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has the power and authority to enter into this Agreement and to authorize, issue and sell the Securities as
contemplated by this Agreement. This Agreement has been duly authorized, executed and delivered by the Company, and constitutes
a valid, legal and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as rights
to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance of this Agreement and the consummation of the transactions herein contemplated will
not (A) result in a breach or violation of any of the terms and provisions of, or constitute a default under, any law, order, rule
or regulation to which the Company or any subsidiary is subject, or by which any property or asset of the Company or any subsidiary
is bound or affected, except to the extent such breach, violation or default is not reasonably likely to have a Material Adverse
Effect, (B) conflict with, result in any violation or breach of, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, or give to others any right of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) (a &ldquo;<U>Default Acceleration Event</U>&rdquo;) of, any agreement, lease, credit
facility, debt, note, bond, mortgage, indenture or other instrument (the &ldquo;<U>Contracts</U>&rdquo;) or obligation 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, except to the extent that such conflict, violation, breach, default or Default Acceleration Event is not
reasonably likely to result in a Material Adverse Effect, or (C) result in a breach or violation of any of the terms and provisions
of, or constitute a default under, the Company&rsquo;s articles of incorporation, as amended, or by-laws, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(iv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its subsidiaries is in violation, breach or default under its articles of incorporation,
as amended, by-laws, as amended, or other equivalent organizational or governing documents, except where the violation, breach
or default in the case of a subsidiary of the Company is not reasonably likely to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No consents, approvals, orders, authorizations or filings are required on the part of the Company and its subsidiaries in
connection with the execution, delivery or performance of this Agreement and the issue and sale of the Securities, except (A) the
registration under the Securities Act of the Securities, (B) such consents, approvals, authorizations, registrations or qualifications
as may be required under state or foreign securities or Blue Sky laws and the rules of the Financial Industry Regulatory Authority,
Inc. (&ldquo;<U>FINRA</U>&rdquo;) in connection with the purchase and distribution of the Securities by the several Underwriters,
(C) the necessary filings and approvals from the NYSE MKT to list the Securities and (D) such consents, approvals, orders, authorizations
and filings the failure of which to make or obtain is not reasonably likely to result in a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(vi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has an authorized capitalization as set forth in the Registration Statement, the Time of Sale Disclosure Package
and the Prospectus. All of the issued and outstanding shares of capital stock of the Company are duly authorized and validly issued,
fully paid and nonassessable, and have been issued in compliance with all applicable securities laws, and conform in all material
respects to the description thereof in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus. All
of the issued shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued, are fully
paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities
or claims. Except for the issuances of options, restricted stock awards, restricted stock units and agreements to issue restricted
stock awards in exchange for services in the ordinary course of business, since the respective dates as of which information is
provided in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus, the Company has not entered into
or granted any convertible or exchangeable securities, options, warrants, agreements, contracts or other rights to purchase or
acquire from the Company any shares of the capital stock of the Company. The Securities, when issued, will be duly authorized and
validly issued, fully paid and nonassessable, will be issued in compliance with all applicable securities laws, and will be free
of preemptive, registration or similar rights. The Securities, when issued, will conform in all material respects to the descriptions
thereof set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(vii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company and its subsidiaries has (A) filed all returns (as hereinafter defined) required to be filed with taxing
authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof and (B) paid all taxes (as
hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the Company
or such respective subsidiary, except, in all cases, for any such amounts that the Company or any subsidiary is contesting in good
faith and except in any case in which the failure to so file or pay would not reasonably be expected to have a Material Adverse
Effect. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement
are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such
consolidated financial statements. No issues have been raised and are currently pending by any taxing authority in connection with
any of the returns or taxes asserted as due from the Company or its subsidiaries except in any case in which the issues raised
or the failure to so pay the taxes asserted as due would not reasonably be expected to have a Material Adverse Effect, and no waivers
of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or
its subsidiaries. The term &ldquo;<U>taxes</U>&rdquo; mean all federal, state, local, foreign, and other net income, gross income,
gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll,
employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments,
or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect
thereto. The term &ldquo;<U>returns</U>&rdquo; means all returns, declarations, reports, statements, and other documents required
to be filed in respect to taxes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(viii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Since the respective dates as of which information is given (including by incorporation by reference) in the Registration
Statement, the Time of Sale Disclosure Package or the Prospectus, (a) neither the Company nor any of its subsidiaries has incurred
any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary
course of business, (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to
its capital stock other than the declaration and payment of dividends with respect to the outstanding shares of the Company&rsquo;s
Series A Convertible Preferred Stock (the &ldquo;<U>Series A Stock</U>&rdquo;) in accordance with its terms, (c) there has not
been any change in the capital stock of the Company or any of its subsidiaries (other than a change in the number of outstanding
shares of Common Stock due to the issuance of shares upon the exercise of outstanding options or warrants, the settlement of restricted
stock units or the payment of dividends with respect to the Series A Stock in accordance with its terms, or the issuance of restricted
stock awards or restricted stock units under the Company&rsquo;s existing stock awards plan, or any new grants thereof in the ordinary
course of business), (d) there has not been any material change in the Company&rsquo;s long-term or short-term debt, and (e) there
has not been the occurrence of any Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(ix)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as a set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, there is not
pending or, to the knowledge of the Company, threatened, any action, suit or proceeding to which the Company or any of its subsidiaries
is a party or of which any property or assets of the Company or its subsidiaries is the subject before or by any court or governmental
agency, authority or body, or any arbitrator or mediator, which is reasonably likely to result in a Material Adverse Effect or
adversely affect the consummation of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(x)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and each of its subsidiaries holds, and is in compliance with, all franchises, grants, authorizations, licenses,
permits, easements, consents, certificates and orders (&ldquo;<U>Permits</U>&rdquo;) of any governmental or self-regulatory agency,
authority or body required for the conduct of its business, and all such Permits are in full force and effect, in each case except
where the failure to hold, or comply with, any of them is not reasonably likely to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its subsidiaries have good and marketable title to all property (whether real or personal) described in
the Registration Statement, the Time of Sale Disclosure Package and the Prospectus as being owned by them that is material to the
business of the Company, in each case free and clear of all liens, claims, security interests, other encumbrances or defects, except
those that are not reasonably likely to result in a Material Adverse Effect. The property held under lease by the Company and its
subsidiaries is held by them under valid, subsisting and enforceable leases with only such exceptions with respect to any particular
lease as do not interfere in any material respect with the conduct of the business of the Company and its subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and each of its subsidiaries owns or possesses or has valid right to use all patents, patent applications, trademarks,
service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets
and similar rights (&ldquo;<U>Intellectual Property</U>&rdquo;) necessary for the conduct of the business of the Company and its
subsidiaries as currently carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the
Prospectus, except as such failure to own, possess, or have such right is not reasonably likely to result in a Material Adverse
Effect. To the knowledge of the Company, no use by the Company or any of its subsidiaries of Intellectual Property necessary for
the conduct of the business of the Company and its subsidiaries as currently conducted infringes, or requires the payment of license
or similar fees for, any Intellectual Property of others, except where such use, license or fee is not reasonably likely to result
in a Material Adverse Effect. Except as a set forth in the Registration Statement, the Time of Sale Disclosure Package and the
Prospectus, neither the Company nor any of its subsidiaries has received any notice alleging any such infringement or fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xiii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and each of its subsidiaries has complied with, is not in violation of, and has not received any notice of violation
relating to any law, rule or regulation relating to the conduct of its business, or the ownership or operation of its property
and assets, including, without limitation, (A) the Currency and Foreign Transactions Reporting Act of 1970, as amended, or any
money laundering laws, rules or regulations, (B) any laws, rules or regulations related to health, safety or the environment, including
those relating to the regulation of hazardous substances, (C) the Sarbanes-Oxley Act and the rules and regulations of the Commission
thereunder, (D) the Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder, and (E) the Employment Retirement
Income Security Act of 1974 and the rules and regulations thereunder, in each case except where the failure to be in compliance
is not reasonably likely to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xiv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, employee, representative,
agent or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<U>OFAC</U>&rdquo;); and the Company will not directly or indirectly
use the proceeds of the offering of the Securities contemplated hereby, or lend, contribute or otherwise make available such proceeds
to any person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered
by OFAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and each of its subsidiaries carries, or is covered by, insurance in such amounts and covering such risks as,
in the Company&rsquo;s reasonable judgment, is adequate for the conduct of its business and the value of its properties and as
is customary for similarly sized companies engaged in similar businesses in similar industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xvi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company,
is imminent, that is reasonably likely to result in a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xvii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, neither the Company,
its subsidiaries nor, to its knowledge, any other party&nbsp;is in violation, breach or default of any Contract that is reasonably
likely to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xviii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> No supplier, customer,&nbsp;distributor or sales agent of the Company has&nbsp;notified the Company that it intends to&nbsp;discontinue
or&nbsp;decrease the rate of business done&nbsp;with&nbsp;the Company, except where such discontinuation or decrease is not reasonably
likely to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xix)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no claims, payments, issuances, arrangements or understandings for services in the nature of a finder&rsquo;s,
consulting or origination fee with respect to the introduction of the Company to any Underwriter or the sale of the Securities
hereunder or any other arrangements, agreements, understandings, payments or issuances with respect to the Company that may affect
the Underwriters&rsquo; compensation, as determined by FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xx)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, the Company has
not made any direct or indirect payments (in cash, securities or otherwise) to (i) any person, as a finder&rsquo;s fee, investing
fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who provided
capital to the Company, (ii) any FINRA member, or (iii) any person or entity that has any direct or indirect affiliation or association
with any FINRA member within the 12-month period prior to the date on which the Registration Statement was filed with the Commission
(&ldquo;<U>Filing Date</U>&rdquo;) or thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the net proceeds of the offering will be paid by the Company to any participating FINRA member or any affiliate
or associate of any participating FINRA member, except as specifically authorized herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, to the Company&rsquo;s
knowledge, no (i) officer or director of the Company or its subsidiaries, (ii) owner of 5% or more of the Company&rsquo;s unregistered
securities or that of its subsidiaries or (iii) owner of any amount of the Company&rsquo;s unregistered securities acquired within
the 180-day period prior to the Filing Date, has any direct or indirect affiliation or association with any FINRA member. The Company
will advise the Underwriters and their counsel if it becomes aware that any officer, director or stockholder of the Company or
its subsidiaries is or becomes an affiliate or associated person of a FINRA member participating in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxiii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other than the Underwriters, no person has the right to act as an underwriter or as a financial advisor to the Company in
connection with the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statements set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus under the caption &ldquo;Description
of Common Stock and Preferred Stock &rdquo; insofar as they purport to constitute a summary of the terms of the Securities and
documents referred to therein, are accurate, complete and fair in all material respects.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxiv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, there are no
contracts, agreements or understandings between the Company and any person granting such person the right (other than rights which
have been waived in writing or otherwise satisfied or which are not currently exercisable or are not material) to require the Company
to file a registration statement under the Securities Act with respect to any securities of the Company owned or to be owned by
such person or to require the Company to include such securities in the securities registered pursuant to the Registration Statement
or in any securities being registered pursuant to any other registration statement filed by the Company under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, the Company has
not sold or issued any shares of Common Stock during the six-month period preceding the date of the Prospectus, including any sales
pursuant to Rule 144A under, or Regulations D or S of, the Securities Act, other than shares issued pursuant to employee benefit
plans, stock option plans or other employee compensation plans or pursuant to outstanding options, rights or warrants or as payment
of dividends with respect to the Series A Stock in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxvi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and each of its subsidiaries (i)&nbsp;are in compliance with all, and have not violated any, laws, regulations,
ordinances, rules, orders, judgments, decrees, permits or other legal requirements of any governmental authority, including without
limitation any international, national, state, provincial, regional, or local authority, relating to the protection of human health
or safety, the environment, or natural resources, or to hazardous or toxic substances or wastes, pollutants or contaminants (including,
without limitation, all health and safety laws) (&ldquo;<U>Environmental Laws</U>&rdquo;) applicable to such entity, which compliance
includes, without limitation, obtaining, maintaining and complying with all permits and authorizations and approvals required by
Environmental Laws to conduct their respective businesses as described in the Registration Statement, the Time of Sale Disclosure
Package and the Prospectus, except where the failure to comply would not, singularly or in the aggregate, have a Material Adverse
Effect, and (ii)&nbsp;have not received notice of any actual or alleged violation of Environmental Laws, or of any potential liability
for or other obligation concerning the presence, disposal or release of hazardous or toxic substances or wastes, pollutants or
contaminants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no proceedings that are pending, or known to be contemplated, against the Company or any of its subsidiaries under Environmental
Laws in which a governmental authority is also a party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and its subsidiaries are not aware of any existing liabilities concerning hazardous or toxic substances or wastes, pollutants
or contaminants that could reasonably be expected to have a Material Adverse Effect on the capital expenditures, earnings or competitive
position of the Company and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of the Company, no property which is or has been owned, leased,
used, operated or occupied by the Company or its subsidiaries has been designated as a Superfund site pursuant to the Comprehensive
Environmental Response, Compensation of Liability Act of 1980, as amended (42 U.S.C. Section 9601, et. seq.), or otherwise designated
as a contaminated site under applicable state or local law.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxvii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under
the Exchange Act) that complies in all material respects with the requirements of the Exchange Act and has been designed by the
Company&rsquo;s principal executive officer and principal financial officer, or under their supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with U.S. generally accepted accounting principles. The Company&rsquo;s internal control over financial reporting is
effective and the Company is not aware of any material weaknesses in its internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxviii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
</FONT> Since the date of the latest audited financial statements included in the Registration Statement, the Time of Sale Disclosure
Package and the Prospectus, there has been no change in the Company&rsquo;s internal control over financial reporting that has
materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxix)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act)
that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that
material information relating to the Company and its subsidiaries is made known to the Company&rsquo;s principal executive officer
and principal financial officer by others within those entities; and such disclosure controls and procedures are effective in providing
reasonable assurances of achieving the desired control objectives as set forth in the Company&rsquo;s annual report on Form 10-K
for the year ended December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxx)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The operations of the Company and its subsidiaries are being conducted in material compliance with applicable employment
laws, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any governmental agency (collectively, the &ldquo;<U>Employee Benefit Laws</U>&rdquo;) and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries
with respect to the Employee Benefit Laws is pending or, to the knowledge of the Company, threatened.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">(xxxi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its subsidiaries or affiliates, nor, to the Company&rsquo;s knowledge, any director, officer,
employee, agent or representative of the Company or of any of its subsidiaries or affiliates, has taken any action in furtherance
of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything
else of value, directly or indirectly, to any &ldquo;government official&rdquo; (including any officer or employee of a government
or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity
for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence
official action or secure an improper advantage; and the Company and its subsidiaries and affiliates conduct their businesses in
compliance in all material respects with applicable anti-corruption laws and have instituted and maintain and will continue to
maintain a code of ethics designed to promote and achieve compliance in all material respects with such laws and with the representation
and warranty contained herein.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Purchase, Sale and Delivery of Securities.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the basis
of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the
Company agrees to issue and sell the Firm Shares to the several Underwriters, and the Underwriters agree, severally and not jointly,
to purchase the respective numbers of Firm Shares set forth opposite the names of the Underwriters in <B>Schedule I</B> hereto.
The purchase price for each Firm Share shall be $0.5115 per share (the &ldquo;<U>Purchase Price</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
hereby grants to the Underwriters the option to purchase some or all of the Option Shares and, upon the basis of the warranties
and representations and subject to the terms and conditions herein set forth, the Underwriters shall have the right to purchase
all or any portion of the Option Shares at the Purchase Price as may be necessary to cover over-allotments made in connection with
the transactions contemplated hereby. This option may be exercised by the Underwriters at any time and from time to time on or
before the thirtieth (30th) day following the date hereof, by written notice to the Company<B> </B>(the &ldquo;<U>Option Notice</U>&rdquo;).
The Option Notice shall set forth the aggregate number of Option Shares as to which the option is being exercised, and the date
and time when the Option Shares are to be delivered (such date and time being herein referred to as the &ldquo;<U>Option Closing
Date</U>&rdquo;); <I>provided</I>, <I>however</I>, that the Option Closing Date shall not be earlier than the Closing Date (as
defined below) nor earlier than the first business day after the date on which the option shall have been exercised nor later than
the fifth business day after the date on which the option shall have been exercised unless the Company and the Underwriters otherwise
agree. Such Option Shares shall be purchased, severally and not jointly, from the Company for the account of each Underwriter in
the same proportion as the number of shares of Firm Shares set forth opposite such Underwriter&rsquo;s name on <B>Schedule I</B>
bears to the total number of shares of Firm Shares (subject to adjustment by the Underwriters to eliminate fractions).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Payment of the purchase
price for and delivery of the Option Shares shall be made on an Option Closing Date in the same manner and at the same office as
the payment for the Firm Shares as set forth in subparagraph (c) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Firm Shares
will be delivered by the Company to the Underwriters, for their respective accounts, against payment of the purchase price therefor
by wire transfer of same day funds payable to the order of the Company at the offices of Roth Capital Partners, LLC, 888 San Clemente
Drive, Newport Beach, CA 92660, or such other location as may be mutually acceptable, at 10:00 a.m., New York time, on the third
(or if the Firm Shares are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern time, the
fourth) full business day following the date hereof, or at such other time and date as the Representative and the Company determine
pursuant to Rule 15c6-1(a) under the Exchange Act, or, in the case of the Option Shares, at such date and time set forth in the
Option Notice. The time and date of delivery of the Firm Shares is referred to herein as the &ldquo;<U>Closing Date</U>.&rdquo;
On the Closing Date and on any Option Closing Date, the Company shall deliver the Firm Shares and the Option Shares, as applicable,
which shall be registered in the name or names and shall be in such denominations as the Representative may request at least one
(1) business day before the Closing Date, to the respective accounts of the several Underwriters, which delivery shall be made
through the facilities of the Depository Trust Company&rsquo;s DWAC system.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covenants.
</B><FONT STYLE="font-style: normal">The Company covenants and agrees with the several Underwriters as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
prepare the Prospectus in a form approved by the Underwriters and to file such Prospectus pursuant to Rule 424(b) under the Securities
Act not later than the Commission&rsquo;s close of business on the second business day following the execution and delivery of
this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>During the period beginning on the date hereof and ending on the date that the Prospectus is no longer required by law to
be delivered in connection with sales by an underwriter or dealer (the &ldquo;<U>Prospectus Delivery Period</U>&rdquo;), prior
to amending or supplementing the Registration Statement, including any Rule 462 Registration Statement, the Time of Sale Disclosure
Package or the Prospectus, the Company shall furnish to the Underwriters for review and comment a copy of each such proposed amendment
or supplement, and the Company shall not file any such proposed amendment or supplement to which any Underwriter reasonably objects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>From
the date of this Agreement until the end of the Prospectus Delivery Period, the Company shall promptly advise the Underwriters
in writing (A) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission,
(B) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement
to the Time of Sale Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus, (C) of the time and date that any
post-effective amendment to the Registration Statement becomes effective and (D) of the issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement or of any order preventing or suspending its use or the use of
the Time of Sale Disclosure Package or any Issuer Free Writing Prospectus, or of any proceedings to remove, suspend or terminate
from listing or quotation the Common Stock from any securities exchange upon which it is listed for trading or included or designated
for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter
any such stop order at any time during the Prospectus Delivery Period, the Company will use its reasonable efforts to obtain the
lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions
of Rules 424(b), 430A and 430B, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any
filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance
on Rule 424(b)(8) or 164(b) of the Securities Act).</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities
Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act, as
now and hereafter amended, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated
by the provisions hereof, the Time of Sale Disclosure Package, the Registration Statement and the Prospectus. If during such period
any event occurs as the result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the
Time of Sale Disclosure Package) would include an untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which such statement was made, not misleading, or if during
such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriters or their counsel to
amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers,
the Time of Sale Disclosure Package) to comply with the Securities Act, the Company will promptly notify the Underwriters and will
amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers,
the Time of Sale Disclosure Package) so as to correct such statement or omission or effect such compliance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
during the Prospectus Delivery Period there occurred or occurs an event or development the result of which is that such Issuer
Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement or any Prospectus
or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading,
the Company has promptly notified or promptly will notify the Underwriters and has promptly amended or will promptly amend or supplement,
at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company shall take or cause to be taken all necessary action to qualify the Securities for sale under the securities
laws of such jurisdictions as the Underwriters reasonably designate and to continue such qualifications in effect so long as required
for the distribution of the Securities, except that the Company shall not be required in connection therewith to qualify as a foreign
corporation or as a dealer in securities in any jurisdiction in which it is not so qualified, to execute a general consent to service
of process in any state or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise
subject.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company will furnish to the Underwriters and counsel for the Underwriters copies of the Registration Statement, each
Prospectus, any Issuer Free Writing Prospectus, and all amendments and supplements to such documents, in each case as soon as available
and in such quantities as the Underwriters may from time to time reasonably request.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company will make generally available to its security holders as soon as practicable, but in any event not later than
15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement (which need not be audited) covering
a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will
pay or cause to be paid (A) all expenses (including transfer taxes allocated to the respective transferees) incurred in connection
with the delivery to the Underwriters of the Securities, (B) all expenses and fees (including, without limitation, fees and expenses
of the Company&rsquo;s counsel in connection with the preparation, printing, filing, delivery, and shipping of the Registration
Statement (including the financial statements therein and all amendments, schedules, and exhibits thereto), the Securities, the
Time of Sale Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus and any amendment thereof or supplement thereto,
(C) all reasonable filing fees and reasonable fees and disbursements of the Underwriters&rsquo; counsel incurred in connection
with the qualification of the Securities for offering and sale by the Underwriters or by dealers under the securities or blue sky
laws of the states and other jurisdictions that the Underwriters shall designate, (D) the fees and expenses of any transfer agent
or registrar of the Common Stock, (E) the filing fees and reasonable fees and disbursements of Underwriters&rsquo; counsel incident
to any required review and approval by FINRA of the terms of the sale of the Securities, (F) listing fees payable to the NYSE MKT,
if any, and (G) all other costs and expenses incident to the performance of its obligations hereunder that are not otherwise specifically
provided for herein. Upon consummation of the offering, the Company will reimburse the Representative for its reasonable out-of-pocket
expenses actually incurred, including its legal fees and disbursements, in connection with the purchase and sale of the Securities
contemplated hereby up to an aggregate of one percent (1%) of the gross proceeds of the offering (including the amount payable
by the Company pursuant to clauses (C) and (E) above but excluding the FINRA filing fees under clause (E) above); provided, that
in the event the offering is not consummated for any reason (including, without limitation, because this Agreement is terminated
in accordance with the provisions of Section 6, Section 9 or Section 10), such amount shall be up to an aggregate of $25,000, including
the Underwriters&rsquo; travel, accommodation and communications expenses and the reasonable fees and disbursements of the Underwriters&rsquo;
counsel (including the amount payable by the Company pursuant to clauses (C) and (E) above but excluding the FINRA filing fees
under clause (E) above). In no event may the maximum compensation payable to FINRA members and independent broker-dealers exceed
8.0% of the gross proceeds of the offering. The parties agree and acknowledge that the Company has already paid to the Representative
$10,000, which amount shall be applied toward the expense reimbursement obligation of the Company pursuant to this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company intends to apply the net proceeds from the sale of the Securities to be sold by it hereunder for the purposes
set forth in the Time of Sale Disclosure Package and in the Final Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company represents and agrees that, unless it obtains the prior written consent of the Underwriters, and each Underwriter,
severally and not jointly, represents and agrees that, unless it obtains, the prior written consent of the Company, it has not
made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus; provided that
the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses
included in Schedule III Any such free writing prospectus consented to by the Company and the Underwriters is hereinafter referred
to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo; The Company represents that it has treated or agrees that it will
treat each Permitted Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and has
complied or will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely
Commission filing where required, legending and record-keeping. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company hereby agrees that, without the prior written consent of the Representative, it will not, during the period
ending 90 days after the date hereof (&ldquo;<U>Lock-Up Period</U>&rdquo;), (i) offer, pledge, issue, sell, contract to sell, purchase,
contract to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock; or (ii) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise;
or (iii) file any registration statement with the Commission relating to the offering of any shares of Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock (other than a registration statement on Form S-4 and Form S-8).
The restrictions contained in the preceding sentence shall not apply to (1) the Securities to be sold hereunder, (2) the issuance
of Common Stock upon the exercise of options, warrants or other exchange rights as disclosed as outstanding in the Registration
Statement (excluding exhibits thereto) or the Prospectus or as payment of dividends with respect to the Series A Stock in accordance
with its terms, or (3) the issuance of stock options not exercisable during the Lock-Up Period (other than the annual issuance
of stock options to directors consistent with the Company&rsquo;s past practice) or the grant of restricted stock awards or restricted
stock units (and the issuance of Common Stock upon the settlement thereof) pursuant to equity incentive plans described in the
Registration Statement (excluding exhibits thereto) and the Prospectus. Notwithstanding the foregoing, to the extent that any Underwriter
is at such time providing research coverage to the Company or intends to commence research coverage to the Company and is subject
to the restrictions set forth in NASD Rule 2711(f)(4), if (x) the Company issues an earnings release or material news, or a material
event relating to the Company occurs, during the last 17 days of the Lock-Up Period, or (y) prior to the expiration of the Lock-Up
Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the Lock-Up
Period, the restrictions imposed by this clause shall continue to apply until the expiration of the 18-day period beginning on
the issuance of the earnings release or the occurrence of the material news or material event, unless the Representative waives
such extension in writing; provided, however, that this sentence shall not apply if the research published or distributed on the
Company is compliant with Rule 139 of the Securities Act and the Company&rsquo;s securities are &ldquo;actively traded&rdquo; as
defined in Rule 101(c)(1) of Regulation M of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To engage and maintain, at its expense, a registrar and transfer agent for the Common Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To use its best efforts to list the Securities on the NYSE MKT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably
be expected to constitute, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any securities
of the Company to facilitate the sale or resale of the Securities.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
of the Underwriters&rsquo; Obligations.</B><FONT STYLE="font-style: normal"> The respective obligations of the several Underwriters
hereunder to purchase the Firm Shares as provided herein on the Closing Date and, with respect to the Option Shares, on each Option
Closing Date, are subject to the accuracy, as of the date hereof and as of the Closing Date and, with respect to the Option Shares,
as of each Option Closing Date (as if made on the Closing Date or such Option Closing Date, as applicable), of and compliance
in all material respects with all representations, warranties and agreements of the Company contained herein, the performance
by the Company of its obligations hereunder and the following additional conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If filing of
the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, is required under the Securities
Act or the Rules and Regulations, the Company shall have filed the Prospectus (or such amendment or supplement) or such Issuer
Free Writing Prospectus with the Commission in the manner and within the time period so required (without reliance on Rule 424(b)(8)
or 164(b) under the Securities Act); the Registration Statement shall remain effective; no stop order suspending the effectiveness
of the Registration Statement or any part thereof, any Rule 462 Registration Statement, or any amendment thereof, nor suspending
or preventing the use of the Time of Sale Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus shall have been
issued; no proceedings for the issuance of such an order shall have been initiated or threatened by the Commission; any request
of the Commission for additional information (to be included in the Registration Statement, the Time of Sale Disclosure Package,
the Prospectus, any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the Representative&rsquo;s reasonable
satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities
shall be approved for listing on the NYSE MKT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINRA shall
have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the
Underwriters shall have reasonably determined, and advised the Company, that the Registration Statement, the Time of Sale Disclosure
Package or the Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus, contains an untrue
statement of fact which, in such Underwriter&rsquo;s reasonable opinion, is material, or omits to state a fact which, in such Underwriter&rsquo;s
reasonable opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Closing
Date and on each Option Closing Date, there shall have been furnished to the Underwriters the opinion letter and negative assurance
letter of ELA Corporate Law, outside corporate counsel for the Company dated the Closing Date or the Option Closing Date, and addressed
to the Representative, in form and substance reasonably satisfactory to the Representative.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Closing
Date and on each Option Closing Date, there shall have been furnished to the Underwriters the opinion and negative assurance letter
of Thibault Patent Group, as intellectual property counsel for the Company dated the Closing Date or the Option Closing Date, and
addressed to the Representative, in form and substance reasonably satisfactory to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Closing
Date and on each Option Closing Date, there shall have been furnished to the Underwriters the negative assurance letter of Lowenstein
Sandler LLP, counsel to the Underwriters, dated the Closing Date or the Option Closing Date, and addressed to the Representative,
in form and substance reasonably satisfactory to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters
shall have received a letter of each of Mayer Hoffman McCann P.C. and Squar, Milner, Peterson, Miranda &amp; Williamson, LLP on
the date hereof and on the Closing Date and on each Option Closing Date, addressed to the Representative, as representative of
the Underwriters, confirming that they are independent public accountants within the meaning of the Securities Act and are in compliance
with the applicable requirements relating to the qualifications of accountants under Rule 2-01 of Regulation S-X of the Commission,
and confirming, as of the date of each such letter (or, with respect to matters involving changes or developments since the respective
dates as of which specified financial information is given in the Time of Sale Disclosure Package, as of a date not prior to the
date hereof or more than five days prior to the date of such letter), the conclusions and findings of said firm, of the type ordinarily
included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters, with respect to the financial statements and certain
financial information contained or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package
and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Closing
Date and on each Option Closing Date, there shall have been furnished to the Underwriters a certificate, dated the Closing Date
and each Option Closing Date, and addressed to the Representative, signed by the chief executive officer and the chief financial
officer of the Company, solely in their capacity as officers of the Company and not in their individual capacity, to the effect
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations
and warranties of the Company set forth in Sections 2 and 3 of this Agreement that are qualified by materiality or by reference
to any Material Adverse Effect are true and correct in all respects, and all other representations and warranties of the Company
in Sections 2 and 3 of this Agreement are true and correct, in all material respects, as if made at and as of the Closing Date
and the Option Closing Date, as applicable, and the Company has complied in all material respects with all the agreements and satisfied
all the conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date or the Option Closing Date,
as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No stop
order (A) suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof, (B) suspending
the qualification of the Securities for offering or sale or (C) suspending or preventing the use of the Time of Sale Disclosure
Package, the Prospectus or any Issuer Free Writing Prospectus, has been issued, and no proceeding for that purpose has been instituted
or, to their knowledge, is contemplated by the Commission; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
has been no occurrence of any event resulting or reasonably likely to result in a Material Adverse Effect during the period from
and after the date of this Agreement and prior to the Closing Date or the Option Closing Date, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before
the date hereof, the Representative shall have received duly executed &ldquo;lock-up&rdquo; agreements, in a form set forth on
<B>Schedule IV</B>, among the Representative and each of the individuals specified in <B>Schedule V</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Closing
Date and each Option Closing Date, there shall have been furnished to the Underwriters a certificate, dated the Closing Date and
each Option Closing Date, and addressed to the Representative, signed by the chief financial officer of the Company, in form and
substance reasonably satisfactory to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall have furnished to the Representative and its counsel such additional documents, certificates and evidence as the Representative
or its counsel may have reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">If
any condition specified in this Section 6 shall not have been fulfilled when and as required to be fulfilled or otherwise waived
by the Representative, this Agreement may be terminated by the Representative by notice to the Company at any time on or prior
to the Closing Date and, with respect to the Option Shares, at any time on or prior to the applicable Option Closing Date, and
such termination shall be without liability of any party to any other party, except that Section&nbsp;5(h), Section 7 and Section
8 shall survive any such termination and remain in full force and effect.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Indemnification and Contribution</B><FONT STYLE="font-style: normal">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
agrees to indemnify, defend and hold harmless each Underwriter, its affiliates, directors and officers and employees, and each
person, if any, who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, from and against any losses, claims, damages or liabilities to which such Underwriter or such person may become subject, under
the Securities Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent
of the Company), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including
the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant
to Rules 430A and 430B of the Rules and Regulations, or arise out of or are based upon the omission from the Registration Statement,
or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein
not misleading, (ii) an untrue statement or alleged untrue statement of a material fact contained in the Time of Sale Disclosure
Package, the Prospectus, or any amendment or supplement thereto (including any documents filed under the Exchange Act and deemed
to be incorporated by reference into the Registration Statement or the Prospectus), any Issuer Free Writing Prospectus or in any
other materials used in connection with the offering of the Securities, or arise out of or are based upon the omission or alleged
omission to state therein 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, (iii) an untrue statement or alleged untrue statement of a material
fact contained in any materials or information provided to investors by, or with the approval of, the Company in connection with
the marketing of the offering of the Securities, including any roadshow or investor presentations made to investors by the Company
(whether in person or electronically), or arise out of or are based upon the omission or alleged omission to state therein 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, (iv) in whole or in part, any material breach in the representations and warranties of the Company contained
herein, or (v) in whole or in part, any failure of the Company to perform its obligations hereunder or under law, and will reimburse
each Underwriter for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or defending
against such loss, claim, damage, liability or action; <I>provided, however</I>, that the Company shall not be liable in any such
case to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in the Registration Statement, the Time of Sale Disclosure Package,
the Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, in reliance upon and in conformity
with written information furnished to the Company by the Representative by or on behalf of the Underwriters specifically for use
in the preparation thereof, which written information is described in Section 7(f).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Underwriter,
severally and not jointly, agrees to indemnify, defend and hold harmless the Company, its affiliates, directors, officers and employees,
and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, from and against any losses, claims, damages or liabilities to which the Company or such person may become subject, under
the Securities Act or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent
of such Underwriter), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Time
of Sale Disclosure Package, the Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, or arise
out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Time of Sale Disclosure Package,
the Prospectus, or any amendment or supplement to any of the foregoing, or any Issuer Free Writing Prospectus in reliance upon
and in conformity with written information furnished to the Company by the Representative by or on behalf of the Underwriters specifically
for use in the preparation thereof, which written information is described in Section 7(f), and will reimburse the Company or such
person for any legal or other expenses reasonably incurred by the Company or such person in connection with evaluating, investigating
or defending against any such loss, claim, damage, liability or action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after
receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying
party in writing of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying
party from any liability that it may have to any indemnified party except to the extent such indemnifying party has been materially
prejudiced by such failure. In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying
party of the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall
wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to
such indemnified party, and after notice from the indemnifying party to such indemnified party of the indemnifying party&rsquo;s
election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection
for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof; <I>provided</I>,
<I>however</I>, that if (i) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal
defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying
party, (ii) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified
party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action
on behalf of the indemnified party), or (iii) the indemnifying party has not in fact employed counsel reasonably satisfactory to
the indemnified party to assume the defense of such action within a reasonable time after receiving notice of the commencement
of the action, the indemnified party shall have the right to employ a single counsel to represent it in any claim in respect of
which indemnity may be sought under subsection (a) or (b) of this Section 7, in which event the reasonable fees and expenses of
such separate counsel shall be borne by the indemnifying party or parties and reimbursed to the indemnified party as incurred.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The indemnifying
party under this Section 7 shall not be liable for any settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified
party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment
in any pending or threatened action, suit or proceeding in respect of which any indemnified party is a party or could be named
and indemnity was or would be sought hereunder by such indemnified party, unless such settlement, compromise or consent (a) includes
an unconditional release of such indemnified party from all liability for claims that are the subject matter of such action, suit
or proceeding and (b) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf
of any indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the indemnification
provided for in this Section 7 is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b)
above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the
losses, claims, damages or liabilities referred to in subsection (a) or (b) above, (i) in such proportion as is appropriate to
reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering and sale
of the Securities<B> </B>or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company on the one hand and the Underwriters on the other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received
by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net
proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions
received by the Underwriters, in each case as set forth in the table on the cover page of the Final Prospectus. The relative fault
of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company or the Underwriters and the parties&rsquo; relevant intent, knowledge, access to information
and opportunity to correct or prevent such untrue statement or omission. The Company and each Underwriter agree that it would not
be just and equitable if contributions pursuant to this subsection (d) were to be determined by pro rata allocation or by any other
method of allocation that does not take account of the equitable considerations referred to in the first sentence of this subsection
(d). The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first
sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending against any action or claim that is the subject of this subsection (d). Notwithstanding
the provisions of this subsection (d),<FONT STYLE="font-size: 12pt; color: blue"> </FONT>no Underwriter shall be required to contribute
any amount in excess of the total discounts and commissions actually received by such Underwriter pursuant to this Agreement. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations to contribute
as provided in this Section 7 are several in proportion to their respective underwriting obligations and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations
of the Company under this Section 7 shall be in addition to any liability that the Company may otherwise have and the benefits
of such obligations shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act; and the several obligations of each Underwriter
under this Section 7 shall be in addition to any liability that such Underwriter may otherwise have and the benefits of such obligations
shall extend, upon the same terms and conditions, to the Company, and its officers, directors and each person who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes
of this Agreement, each Underwriter severally confirms, and the Company acknowledges, that there is no information concerning such
Underwriter furnished in writing to the Company by such Underwriter specifically for preparation of or inclusion in the Registration
Statement, the Time of Sale Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus, other than the statements
set forth in the last paragraph on the cover page of the Prospectus and the statements set forth in the &ldquo;Underwriting&rdquo;
section of the Prospectus and Time of Sale Disclosure Package, only insofar as such statements relate to the amount of selling
concession and re-allowance and related activities that may be undertaken by such Underwriter.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations
and Agreements to Survive Delivery</B><FONT STYLE="font-style: normal">. All representations, warranties, and agreements of the
Company herein or in certificates delivered pursuant hereto, including, but not limited to, the agreements of the several Underwriters
and the Company contained in Section 5(h) and Section 7 hereof, shall remain operative and in full force and effect regardless
of any investigation made by or on behalf of the several Underwriters or any controlling person thereof, or the Company or any
of its officers, directors, or controlling persons, and shall survive delivery of, and payment for, the Securities to and by the
Underwriters hereunder.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of this Agreement</B><FONT STYLE="font-style: normal">.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Representative
shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified at any time at or prior
to the Closing Date or any Option Closing Date (as to the Option Shares to be purchased on such Option Closing Date only), if after
the date hereof, (i) in the discretion of the Representative there has occurred any material adverse change in the securities markets
or any event, act or occurrence that has materially disrupted, or in the opinion of the Representative, will in the future materially
disrupt, the securities markets or there shall be such a material adverse change in general financial, political or economic conditions
or the effect of international conditions on the financial markets in the United States is such as to make it, in the judgment
of such Underwriter, inadvisable or impracticable to market the Securities or enforce contracts for the sale of the Securities,
(ii) trading in the Company&rsquo;s Common Stock shall have been suspended by the Commission, the NYSE MKT, or trading in securities
generally on the NASDAQ Capital Market, the NASDAQ Global Market, New York Stock Exchange or NYSE MKT shall have been suspended,
(iii) minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been
required, on the NASDAQ Global Market, New York Stock Exchange, or NYSE MKT, by such exchange or by order of the Commission or
any other governmental authority having jurisdiction, (iv) a banking moratorium shall have been declared by federal or New York
or California state authorities, (v) there shall have occurred any attack on, outbreak or escalation of hostilities or act of terrorism
involving the United States, any declaration by the United States of a national emergency or war, any substantial change or development
involving a prospective substantial change in United States or international political, financial or economic conditions or any
other calamity or crisis, (vi) in the discretion of the Representative, the Company suffers any material loss by strike, fire,
flood, earthquake, accident or other calamity, whether or not covered by insurance, or (vii) in the judgment of the Representative,
there has been, since the time of execution of this Agreement or since the respective dates as of which information is given in
the Prospectus, any material adverse change in the assets, properties, condition, financial or otherwise, or in the results of
operations, business affairs or business prospects of the Company and its subsidiaries considered as a whole, whether or not arising
in the ordinary course of business. Any such termination shall be without liability of any party to any other party except that
the provisions of Section 5(h) and Section 7 hereof shall at all times be effective and shall survive such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Representative
elects to terminate this Agreement as provided in this Section, the Company and the other Underwriters shall be notified promptly
by the Representative by telephone, confirmed by letter.</P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substitution
of Underwriters</B><FONT STYLE="font-style: normal">. If, on the Closing Date or on any Option Closing Date, as the case may be,
any Underwriter or Underwriters shall default in its or their obligations to purchase the number of Securities that it or they
had agreed to purchase hereunder on such date, and the aggregate number of Securities which such defaulting Underwriter or Underwriters
agreed but failed to purchase does not exceed ten percent (10%) of the total number of Securities to be purchased by all Underwriters
on such date, the other Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to
purchase the Securities which such defaulting Underwriter or Underwriters agreed but failed to purchase on such date. If any Underwriter
or Underwriters shall so default and the aggregate number of Securities with respect to which such default or defaults occur is
more than ten percent (10%) of the total number of Securities to be purchased by all Underwriters on such Closing Date or Option
Closing Date and arrangements satisfactory to the remaining Underwriters and the Company for the purchase of such Securities by
other persons are not made within forty-eight (48) hours after such default, this Agreement shall terminate.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">If
the remaining Underwriters or substituted Underwriters are required hereby or agree to take up all or part of the Securities of
a defaulting Underwriter or Underwriters on such Closing Date or Option Closing Date as provided in this Section 10, (i) the Company
shall have the right to postpone such Closing Date or Option Closing Date for a period of not more than five (5) full business
days in order to permit the Company to effect whatever changes in the Registration Statement, the Prospectus, or in any other documents
or arrangements, which may thereby be made necessary, and the Company agrees to promptly file any amendments to the Registration
Statement or the Prospectus which may thereby be made necessary, and (ii) the respective numbers of Securities to be purchased
by the remaining Underwriters or substituted Underwriters shall be taken as the basis of their underwriting obligation for all
purposes of this Agreement. Nothing herein contained shall relieve any defaulting Underwriter of its liability to the Company or
any other Underwriter for damages occasioned by its default hereunder. Any termination of this Agreement pursuant to this Section
10 shall be without liability on the part of any non-defaulting Underwriters or the Company, except that the representations, warranties,
covenants, indemnities, agreements and other statements set forth in Section 2 and 3, the obligations with respect to expenses
to be paid or reimbursed pursuant to Section 5 and the provisions of Section 7 and Sections 11 through 18, inclusive, shall not
terminate and shall remain in full force and effect.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notices</B><FONT STYLE="font-style: normal">. Except as otherwise provided herein, all communications hereunder shall be
in writing and, (i) if to the Underwriters, shall be mailed, delivered or telecopied to Roth Capital Partners, LLC, 888 San Clemente
Drive, Newport Beach, CA 92660, telecopy number: (949) 720-7227, Attention: Managing Director, and (ii) if to the Company, shall
be mailed, delivered or telecopied to it at NTN Buzztime, Inc., 2231 Rutherford Rd., Suite 200, Carlsbad, CA 92008, telecopy number:
(760) 930-1187, Attention: Chief Financial Officer; or in each case to such other address as the person to be notified may have
requested in writing. Any party to this Agreement may change such address for notices by sending to the parties to this Agreement
written notice of a new address for such purpose.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons Entitled to Benefit of Agreement</B><FONT STYLE="font-style: normal">. This Agreement shall inure to the benefit
of and be binding upon the parties hereto and their respective successors and assigns and the controlling persons, officers and
directors referred to in Section 7. Nothing in this Agreement is intended or shall be construed to give to any other person, firm
or corporation any legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained.
The term &ldquo;successors and assigns&rdquo; as herein used shall not include any purchaser, as such purchaser, of any of the
Securities from any Underwriter.</FONT></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-style: normal"></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Absence of Fiduciary Relationship</B><FONT STYLE="font-style: normal">. The Company acknowledges and agrees that: (a) each
Underwriter has been retained solely to act as underwriter in connection with the sale of the Securities and that no fiduciary,
advisory or agency relationship between the Company and any Underwriter has been created in respect of any of the transactions
contemplated by this Agreement, irrespective of whether any Underwriter has advised or is advising the Company on other matters;
(b) the price and other terms of the Securities set forth in this Agreement were established by the Company following discussions
and arms-length negotiations with the Underwriters and the Company is capable of evaluating and understanding and understands and
accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (c) it has been advised that each Underwriter
and its affiliates are engaged in a broad range of transactions that may involve interests that differ from those of the Company
and that no Underwriter has any obligation to disclose such interest and transactions to the Company by virtue of any fiduciary,
advisory or agency relationship; (d) it has been advised that each Underwriter is acting, in respect of the transactions contemplated
by this Agreement, solely for the benefit of such Underwriter, and not on behalf of the Company.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Amendments and Waivers</B><FONT STYLE="font-style: normal">. No supplement, modification or waiver of this Agreement shall
be binding unless executed in writing by the party to be bound thereby. The failure of a party to exercise any right or remedy
shall not be deemed or constitute a waiver of such right or remedy in the future. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provision hereof (regardless of whether similar), nor shall any such
waiver be deemed or constitute a continuing waiver unless otherwise expressly provided. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partial Unenforceability</B><FONT STYLE="font-style: normal">. The invalidity or unenforceability of any section, paragraph,
clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or
provision.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law</B><FONT STYLE="font-style: normal">. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission to Jurisdiction</B><FONT STYLE="font-style: normal">. The Company irrevocably (a) submits to the jurisdiction
of any court of the State of New York for the purpose of any suit, action, or other proceeding arising out of this Agreement, or
any of the agreements or transactions contemplated by this Agreement, the Registration Statement and the Prospectus (each a &ldquo;<U>Proceeding</U>&rdquo;),
(b) agrees that all claims in respect of any Proceeding may be heard and determined in any such court, (c) waives, to the fullest
extent permitted by law, any immunity from jurisdiction of any such court or from any legal process therein, (d) agrees not to
commence any Proceeding other than in such courts, and (e) waives, to the fullest extent permitted by law, any claim that such
Proceeding is brought in an inconvenient forum. THE COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON
BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE
REGISTRATION STATEMENT, THE TIME OF SALE DISCLOSURE PACKAGE AND THE PROSPECTUS.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.</B><FONT STYLE="font-style: normal"> This Agreement may be executed in one or more counterparts, including
by facsimile or other electronic transmission, and, if executed in more than one counterpart, the executed counterparts shall each
be deemed to be an original and all such counterparts shall together constitute one and the same instrument.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><I>[Signature Page Follows]</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Please sign and
return to the Company the enclosed duplicates of this Agreement whereupon this Agreement will become a binding agreement between
the Company and the several Underwriters in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt 4in; text-align: justify"><FONT STYLE="text-transform: uppercase">NTN
BUZZTIME, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">By: <U>/s/ Kendra Berger</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">Name: Kendra Berger</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in; text-align: justify">Title: Chief Financial
Officer</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">mentioned by the Representative of the
several Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify"><FONT STYLE="font-variant: small-caps">ROTH
CAPITAL PARTNERS, LLC</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Title: Head of Equity Capital
Markets</P>

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

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

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

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

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

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

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

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



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Name</P></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Number of Firm
        Shares to be Purchased</P></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Number of Option
        Shares to be Purchased</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Roth Capital Partners, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">8,880,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,332,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">MDB Capital Group LLC</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2,220,000</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;333,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">11,100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,665,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Issuer:</TD>
    <TD STYLE="width: 58%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">NTN Buzztime, Inc. (the &ldquo;Company&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Symbol:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">NTN (NYSE MKT)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Security:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">11,100,000 shares of common stock, par value $0.005 per share (the &ldquo;Common Stock&rdquo;), of the Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Over-allotment option:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">1,665,000 shares of Common Stock</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Public offering price:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">$0.5500 per share</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Underwriting discounts and commissions:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">$0.0385 per share</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Net proceeds (excluding the over-allotment):</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">$0.4968 per share (after deducting the underwriters&rsquo; discounts and commissions and estimated offering expenses payable by the Company)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Trade date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">April 11, 2014</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Settlement date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">April 16, 2014</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Underwriters:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">Roth Capital Partners, LLC
    and MDB Capital Group LLC</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">None.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&bull; , 2014</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">888 San Clemente Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Newport Beach, CA 92660</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>As Representative of the Several Underwriters</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Lock-Up Agreement is being delivered to you in connection with the proposed Underwriting Agreement (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;) to be entered into among NTN Buzztime, Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;) and
Roth Capital Partners, LLC, as representative (the &ldquo;<U>Representative</U>&rdquo;)</FONT> <FONT STYLE="font-size: 10pt">of
the underwriters named in <B>Schedule I</B> to the Underwriting Agreement (the &ldquo;<U>Underwriters</U>,&rdquo; or each, an &ldquo;<U>Underwriter</U>&rdquo;),
with respect to the proposed public offering of securities of the Company (the &ldquo;<U>Offering</U>&rdquo;), including shares
of common stock, par value $0.005 per share, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;). Capitalized terms used and
not otherwise defined herein shall have the meanings given them in the Underwriting Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In order to induce
you to enter into the Underwriting Agreement, the undersigned agrees that, for a period (the &ldquo;<U>Lock-Up Period</U>&rdquo;)
beginning on the date hereof and ending on, and including, the date that is ninety (90) days after the date of the final prospectus
supplement relating to the Offering, the undersigned will not, without the prior written consent of the Representative, (i)&nbsp;sell,
offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to
dispose of, directly or indirectly, or file (or participate in the filing of) a registration statement with the Securities and
Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) in respect of, or establish or increase a put equivalent position or
liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated thereunder (the &ldquo;<U>Exchange Act</U>&rdquo;) with respect to,
any Common Stock or any other securities of the Company that are substantially similar to Common Stock, or any securities convertible
into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, (ii)&nbsp;enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Common Stock
or any other securities of the Company that are substantially similar to Common Stock, or any securities convertible into or exchangeable
or exercisable for, or any warrants or other rights to purchase, the foregoing, whether any such transaction is to be settled by
delivery of Common Stock or such other securities, in cash or otherwise or (iii)&nbsp;publicly announce an intention to effect
any transaction specified in clause (i)&nbsp;or (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The foregoing paragraph
shall not apply to (a) the registration of the offer and sale of Common Stock as contemplated by the Underwriting Agreement and
the sale of the Common Stock to the several Underwriters in the Offering, (b) bona fide gifts, provided the recipient thereof agrees
in writing with the Representative to be bound by the terms of this Lock-Up Agreement, (c) dispositions to any trust for the direct
or indirect benefit of the undersigned and/or the immediate family of the undersigned, provided that such trust agrees in writing
with the Representative to be bound by the terms of this Lock-Up Agreement, (d) transfers of Common Stock or securities convertible
into Common Stock on death by will or intestacy, (e) if the undersigned is a corporation, partnership, limited liability company,
trust or other business entity, transfers (1) to another corporation, partnership, limited liability company, trust or other business
entity that is a direct or indirect affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended)
of the undersigned or (2) to limited partners, limited liability company members or stockholders of the undersigned, provided that
the transferee agrees in writing with the Representative to be bound by the terms of this Lock-Up Agreement, (f) sales or transfers
of Common Stock solely in connection with the &ldquo;net&rdquo; or &ldquo;cashless&rdquo; exercise or settlement of stock options
or restricted stock units or other equity awards outstanding on the date hereof for the purpose of exercising such stock options
or settling such stock units (provided that any remaining Common Stock received upon such exercise or settlement will be subject
to the restrictions provided for in this Lock-Up Agreement) or (g) sales or transfers of Common Stock or securities convertible
into Common Stock pursuant to a sales plan entered into prior to the date hereof pursuant to Rule&nbsp;10b5-1 under the Exchange
Act, a copy of which has been provided to the Underwriters. In addition, the restrictions sets forth herein shall not prevent the
undersigned from entering into a sales plan pursuant to Rule&nbsp;10b5-1 under the Exchange Act after the date hereof, <U>provided</U>
that (i)&nbsp;a copy of such plan is provided to the Underwriters promptly upon entering into the same and (ii)&nbsp;no sales or
transfers may be made under such plan until the Lock-Up Period ends or this Lock-Up Agreement is terminated in accordance with
its terms. For purposes of this paragraph, &ldquo;immediate family&rdquo; shall mean the undersigned and the spouse, any lineal
descendent, father, mother, brother or sister of the undersigned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, the
undersigned hereby waives any rights the undersigned may have to require registration of Common Stock in connection with the filing
of a registration statement relating to the Offering. The undersigned further agrees that, for the Lock-Up Period, the undersigned
will not, without the prior written consent of the Representative, make any demand for, or exercise any right with respect to,
the registration of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or warrants
or other rights to purchase Common Stock or any such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the above, if (a) during the period that begins on the date that is fifteen (15) calendar days plus three (3) business days before
the last day of the Lock-Up Period and ends on the last day of the Lock-Up Period, the Company issues an earnings release or material
news or a material event relating to the Company occurs; or (b) prior to the expiration of the Lock-Up Period, the Company announces
that it will release earnings results during the sixteen (16) day period beginning on the last day of the Lock-Up Period, then
the restrictions imposed by this Lock-Up Agreement shall continue to apply until the expiration of the date that is fifteen (15)
calendar days plus three (3) business days after the date on which the issuance of the earnings release or the material news or
material event occurs; <U>provided</U>, <U>however</U>, that this paragraph shall not apply if (i)&nbsp;the safe harbor provided
by Rule&nbsp;139 under the Act is available in the manner contemplated by Rule&nbsp;2711(f)(4) of the Financial Industry Regulatory
Authority, Inc. (&ldquo;<U>FINRA</U>&rdquo;) and (ii)&nbsp;within the 3 business days preceding the 15<SUP>th</SUP> calendar day
before the last day of the Lock-Up Period, the Company delivers to the Representative a certificate, signed by the Chief Financial
Officer or Chief Executive Officer of the Company, certifying on behalf of the Company that the Company&rsquo;s shares of Common
Stock are &ldquo;actively traded securities,&rdquo; within the meaning of Rule&nbsp;2711(f)(4) of FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
hereby confirms that the undersigned has not, directly or indirectly, taken, and hereby covenants that the undersigned will not,
directly or indirectly, take, any action designed, or which has constituted or will constitute or might reasonably be expected
to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If (i) the
Company notifies you in writing that it does not intend to proceed with the Offering, (ii)&nbsp;the registration statement filed
with the Commission with respect to the Offering is withdrawn, (iii) if the closing of the Offering does not occur prior to ninety
(90) days from the date of this Lock-Up Agreement or (iv)&nbsp;for any reason the Underwriting Agreement shall be terminated prior
to the payment for and delivery of the Common Stock to be sold thereunder, this Lock-Up Agreement shall be terminated and the undersigned
shall be released from its obligations hereunder.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">(Name - Please Print)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">(Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">(Name of Signatory, in the case of
entities - Please Print)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">(Title of Signatory, in the case of
entities - Please Print)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">Address: _______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify">______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"></P>

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

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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ntn_8k-ex0501.htm
<DESCRIPTION>OPINION OF ELA CORPORATE LAW
<TEXT>
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<P STYLE="margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">April 11, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">NTN Buzztime, Inc.<BR>
Attn: Board of Directors<BR>
2231 Rutherford Road, Suite 200<BR>
Carlsbad, California, 92008</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Re: Registration Statement on Form S-3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">You have requested our opinion with respect to certain matters
in connection with the sale and issuance by NTN Buzztime, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), of up to an
aggregate of 12,765,000 shares (the &ldquo;Shares&rdquo;) of the Company&rsquo;s common stock, par value $0.005 per share (the
&ldquo;Common Stock&rdquo;), pursuant to a shelf registration statement on Form S-3 (File No. 333-193012) (the &ldquo;Registration
Statement&rdquo;) filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of
1933, as amended (the &ldquo;Act&rdquo;), the related prospectus dated January 9, 2014 (the &ldquo;Base Prospectus&rdquo;), as
supplemented by the prospectus supplement dated April 11, 2014 filed with the Commission pursuant to Rule 424(b) promulgated under
the Act (together with the Base Prospectus, the &ldquo;Prospectus&rdquo;). The Shares include shares of Common Stock that are subject
to an over-allotment option granted to the underwriters in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">In connection with this opinion, we have examined and relied
upon the Registration Statement and the Prospectus, the Company&rsquo;s Certificate of Incorporation and Bylaws, as currently in
effect, and the originals or copies certified to our satisfaction of such other documents, records, certificates, memoranda and
other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">In rendering this opinion, we have assumed the genuineness
and authenticity of all signatures on original documents; the genuineness and authenticity of all documents submitted to us as
originals; the conformity to originals of all documents submitted to us as copies; the accuracy, completeness and authenticity
of certificates of public officials; and the due authorization, execution and delivery of all documents where due authorization,
execution and delivery are prerequisites to the effectiveness of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">On the basis of the foregoing, and in reliance thereon, we
are of the opinion that the Shares have been duly and validly authorized and, when issued and sold pursuant to that certain Underwriting
Agreement by and between the Company and Roth Capital Partners, LLC, as representative of the underwriters thereto, dated April
11, 2014, in accordance with the Registration Statement and the Prospectus, will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We hereby consent to the filing of this letter as an exhibit
to a Current Report of the Company on Form 8-K and the reference to us under the caption &ldquo;Legal Matters&rdquo; in the Prospectus.
In giving our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7
of the Securities Act or the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in">Respectfully,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in">/s/ Edwin Astudillo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in">Edwin Astudillo<BR>
ELA Corporate Law</P>

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<TYPE>EX-99.1
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<FILENAME>ntn_8k-ex9901.htm
<DESCRIPTION>PRESS RELEASE DATED APRIL 10, 2014.
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<P STYLE="margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><U>FOR IMMEDIATE RELEASE</U><BR>
April 10, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right">COMPANY CONTACT:<BR>
Kendra Berger<BR>
Chief Financial Officer<BR>
NTN Buzztime, Inc.<BR>
(760) 438-7400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>NTN Buzztime Announces Proposed Public
Offering of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">CARLSBAD, Calif., April 10, 2014 &mdash; NTN Buzztime, Inc.
(NYSE MKT: NTN) today announced that it intends to offer shares of its common stock in an underwritten public offering. The offering
is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or
as to the actual size or terms of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">Roth Capital Partners is serving as the sole book-running
manager for the proposed offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">The company intends to use the net proceeds of the offering
for general corporate purposes, which may include working capital, general and administrative expenses, capital expenditures and
implementation of our strategic priorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">The shares described above are being offered by the company
pursuant to a registration statement on Form S-3, including a base prospectus (Registration No. 333-193012), previously filed with
and subsequently declared effective by the Securities and Exchange Commission (&ldquo;SEC&rdquo;). A preliminary prospectus supplement
and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC&rsquo;s website
at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus relating to this
offering, when available, may also be obtained from Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA
92660, (800) 678-9147.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state
or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>About Buzztime</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">NTN Buzztime, Inc. (NYSE MKT: NTN) is a leading bar and restaurant
entertainment and marketing services platform. With over 4 million player registrations on the Buzztime platform and over 50 million
games played each year, Buzztime players spread the word and invite friends and family to their favorite Buzztime location to enjoy
an evening of fun and competition. With Buzztime entertainment and marketing solutions, bars and restaurants can turn casual visitors
into regulars, and give guests a reason to stay longer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Forward Looking Statements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">This press release includes &quot;forward-looking statements,&quot;
including with respect to the proposed public offering and the company&rsquo;s proposed use of proceeds. Forward-looking statements
are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking
information presented in this press release is not a guarantee of future events, and that actual events may differ materially
from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking
statements generally can be identified by the use of forward-looking terminology such as &quot;may,&quot; &quot;plan,&quot; &quot;seek,&quot;
&quot;will,&quot; &quot;expect,&quot; &quot;intend,&quot; &quot;estimate,&quot; &quot;anticipate,&quot; &quot;believe&quot; or
&quot;continue&quot; or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented
herein is made only as of the date of this press release, and, except as required by law, we do not undertake any obligation to
update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or
otherwise.</P>

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<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>ntn_8k-ex9902.htm
<DESCRIPTION>PRESS RELEASE DATED APRIL 11, 2014.
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<P STYLE="margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><U>FOR IMMEDIATE RELEASE</U><BR>
April 11, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right">COMPANY CONTACT:<BR>
Kendra Berger<BR>
Chief Financial Officer<BR>
NTN Buzztime, Inc.<BR>
(760) 438-7400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>NTN Buzztime Prices $6.1 Million Public
Offering of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">CARLSBAD, Calif., April
11, 2014 &mdash; NTN Buzztime, Inc. (NYSE MKT: NTN) today announced the pricing of an underwritten public offering of 11,100,000
shares of its common stock at a price of $0.55 per share for gross proceeds of approximately $6.1 million. The company has also
granted to the underwriters a 30-day option to purchase up to an additional 1,665,000 shares of common stock to cover overallotments
in connection with the offering, if any. After the underwriting discount and estimated offering expenses payable by the company,
the company expects to receive net proceeds of approximately $5.5 million, assuming no exercise of the overallotment option. The
offering is expected to close on April 16, 2014, subject to customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Roth Capital Partners is acting as the sole
book-running manager for the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The company intends to use the net proceeds
of the offering for general corporate purposes, which may include working capital, general and administrative expenses, capital
expenditures and implementation of our strategic priorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">The shares described above are being offered by the company
pursuant to a registration statement on Form S-3, including a base prospectus (Registration No. 333-193012), previously filed with
and subsequently declared effective by the Securities and Exchange Commission (&ldquo;SEC&rdquo;). A prospectus supplement and
accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC&rsquo;s website at
http://www.sec.gov. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering, when
available, may also be obtained from Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, (800) 678-9147.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>About Buzztime</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">NTN Buzztime, Inc. (NYSE MKT: NTN) is a leading bar and restaurant
entertainment and marketing services platform. With over 4 million player registrations on the Buzztime platform and over 50 million
games played each year, Buzztime players spread the word and invite friends and family to their favorite Buzztime location to enjoy
an evening of fun and competition. With Buzztime entertainment and marketing solutions, bars and restaurants can turn casual visitors
into regulars, and give guests a reason to stay longer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Forward Looking Statements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">This press release includes &quot;forward-looking statements,&quot;
including with respect to the proposed public offering and the company&rsquo;s proposed use of proceeds. Forward-looking statements
are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking
information presented in this press release is not a guarantee of future events, and that actual events may differ materially
from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking
statements generally can be identified by the use of forward-looking terminology such as &quot;may,&quot; &quot;plan,&quot; &quot;seek,&quot;
&quot;will,&quot; &quot;expect,&quot; &quot;intend,&quot; &quot;estimate,&quot; &quot;anticipate,&quot; &quot;believe&quot; or
&quot;continue&quot; or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented
herein is made only as of the date of this press release, and, except as required by law, we do not undertake any obligation to
update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or
otherwise.</P>

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