Exhibit 10.3

    

     

    

    WARRANT CERTIFICATE

     

    THIS WARRANT CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED
      UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING THE OFFER AND SALE OF SUCH SECURITIES IS EFFECTIVE UNDER THE
      SECURITIES ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE SECURITIES ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND
      FOREIGN LAW AND, IN EACH CASE, IF THE COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE COMPANY TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.

     

    Warrant Shares Issuable:          550,000 Ordinary Shares

     

    Issue Date:                                July 29, 2019

     

    
      FOR VALUE RECEIVED, FOAMIX PHARMACEUTICALS LTD, an Israeli company with limited liability (the “Company”), hereby certifies that ORBIMED
        ROYALTY & CREDIT OPPORTUNITIES III, LP, a Delaware limited partnership (the “Initial Holder” and, together with its successors and permitted transferees and assigns, a “Holder”) is entitled to purchase, at the per share Exercise Price, up to five hundred fifty thousand (550,000) fully paid and nonassessable Ordinary Shares (as subject to adjustment hereunder,
        the “Warrant Shares”), all subject to the terms, conditions and adjustments set forth below in this Warrant Certificate.  Certain capitalized terms used herein are defined in Section 1.

    

     

    This Warrant Certificate has been issued as a condition precedent to the making of loans under and pursuant to the Credit Agreement and Guaranty, dated as of July 29, 2019 (as
      amended or otherwise modified from time to time, the “Credit Agreement”), among the Company, as parent guarantor, Foamix Pharmaceuticals Inc., as borrower, certain Subsidiaries of the
      Company from time to time party thereto, the lenders from time to time party thereto, and Perceptive Credit Holdings II, LP, as the administrative agent for the lenders.

     

    Section 1.          Definitions.  Capitalized terms used in this Warrant Certificate but not defined herein have the
      meanings ascribed thereto in the Credit Agreement as in effect on the date hereof.  The following terms when used herein have the following meanings:

     

    “Aggregate Exercise Price” means, with respect to any exercise of this Warrant Certificate for Warrant Shares, an amount
      equal to the product of (i) the number of Warrant Shares in respect of which this Warrant Certificate is then being exercised pursuant to Section 3, multiplied by
      (ii) the Exercise Price.

     

    

    
      
        


    

     

    “Bloomberg” has the meaning set forth within the definition of “VWAP”.

     

    “Cashless Exercise” has the meaning set forth in Section 3(b).

     

    “Charter” means the Articles of Association of the Company, filed with the Israeli Companies Registrar on January 19,
      2003.

     

    “Company” has the meaning set forth in the preamble.

     

    “Convertible Securities” means any Equity Interests that, directly or indirectly, are convertible into or exchangeable
      for Ordinary Shares.

     

    “Credit Agreement” has the meaning set forth in the preamble.

     

    “Determination Date” has the meaning set forth in the definition of “VWAP”.

     

    “Exercise Certificate” has the meaning set forth in Section 3(a)(i).

     

    “Exercise Date” means, for any given exercise of this Warrant Certificate, whether in whole or in part, a Business Day
      on which the conditions to such exercise as set forth in Section 3 shall have been satisfied at or prior to 5:00 p.m., New York City time, including, without limitation, the receipt by the Company of the
      Exercise Certificate.

     

    “Exercise Period” means the period from (and including) the Issue Date to (and including) 5:00 p.m., New York City time,
      on the Expiration Date.

     

    “Exercise Price” means $2.09.

     

    “Expiration Date” means July 29, 2026.

     

    “Fair Market Value” means, if the Ordinary Shares are traded on a Trading Market, (i) the VWAP of such Ordinary Shares
      for such day or (ii) if there have been no sales of such Ordinary Shares on any Trading Market on any such day, the average of the highest bid and lowest asked prices for such Ordinary Shares on all applicable Trading Markets at the end of such day;
      provided that if at any time the Ordinary Shares are not listed, quoted or otherwise available for trading on any Trading Market (so that no Trading Date shall have occurred), or if VWAP cannot be calculated for the Ordinary Shares for such
      day for any other reason, the “Fair Market Value” of such Ordinary Shares shall be the fair market value per share of such Ordinary Shares as determined jointly by the Company and the
      Holder; provided further, that, in the event the Company and Holder are unable to so mutually agree, Fair Market Value shall be determined pursuant to Section 9(a).

     

    “Holder” has the meaning set forth in the preamble.

     

    “Independent Advisor” has the meaning set forth in Section 9(a).

     

    “Initial Holder” has the meaning set forth in the preamble.

     

    “Issue Date” means the date designated as such on the first page of this Warrant Certificate.

     

    

    
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    “Marketable Securities” means equity securities meeting each of the following requirements: (i) the issuer thereof is
      subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, and is current in its filing of all required reports and other information under the Securities Act and the Exchange Act; (ii) such equity securities are traded
      on a Trading Market; and (iii) if delivered (or to be delivered) as payment or compensation to the Holder in connection with an automatic Cashless Exercise pursuant to Section 3(c), following the closing of
      the related Sale of the Company, the Holder would not be restricted from publicly re-selling all of such equity securities delivered to it, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules
      or regulations, or (y) does not extend beyond six (6) months from the closing of such Sale of the Company to the extent such restrictions may be lifted at such time under the applicable federal or state securities laws, rules or regulations.

     

    “Nasdaq” means The Nasdaq Stock Market, Inc.

     

    “NYSE” means the New York Stock Exchange.

     

    “Options” means any warrants, options or similar rights to subscribe for or purchase Ordinary Shares or Convertible
      Securities.

     

    “Ordinary Shares” means the Company’s ordinary shares, par value NIS 0.16 per share, which carry voting rights.

     

    “OTC Bulletin Board” means the Financial Industry Regulatory Authority, Inc. OTC Bulletin Board.

     

    “Ordinary Shares Deemed Outstanding” means, at any given time, the sum of (i) the number of Ordinary Shares actually
      outstanding at such time, plus (ii) the number of Ordinary Shares issuable upon exercise of Options actually outstanding at such time, plus (iii) the number of Ordinary Shares issuable upon conversion or exchange of Convertible Securities actually
      outstanding at such time (treating as actually outstanding any Convertible Securities issuable upon exercise of Options actually outstanding at such time), in each case, regardless of whether the Options or Convertible Securities are actually
      exercisable at such time; provided that Ordinary Shares Deemed Outstanding at any given time shall not include shares owned or held by or for the account of the Company or any or its wholly owned subsidiaries.

     

    “Pre-emptive Rights” has the meaning set forth in Section 11.

     

    “Registration Statement” means, in connection with any public offering of securities, any registration statement
      required pursuant to the Securities Act that covers the offer and sales of any such securities, including any prospectus, amendments or supplements to such Registration Statement, including post-effective amendments and all exhibits and all materials
      incorporated by reference in such Registration Statement.

     

    “Rule 144” means Rule 144 promulgated under the Securities Act.

     

    “Sale of the Company” means a transaction pursuant to which (i) (x) any Person or group of Persons acting jointly or
      otherwise in concert (other than the Holder and any other parties to the Credit Agreement) acquires ownership, directly or indirectly, beneficially or of record, of Equity Interests of the Borrower having more than fifty percent (50%) of the
      aggregate ordinary voting power, determined on a fully diluted basis, (y) any Person or group of Persons acting jointly or otherwise in concert (other than the Holder and any other parties to the Credit Agreement) acquires, by Contract or otherwise,
      the right to appoint or elect a majority of the Board of the Company, or (z) all or substantially all of the assets of the Borrower and its Subsidiaries, taken as a whole, are sold, and (ii) all Obligations (as defined in the Credit Agreement)
      outstanding under the Credit Agreement are to be paid in full in cash, whether pursuant to the terms of the transaction, pursuant to the terms of the Credit Agreement (including Section 11 thereof) or
      otherwise.

     

    

    
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    “SEC” means the Securities and Exchange Commission or any successor thereto.

     

    “Share Distribution” means any issuance or sale by the Company of any of its Ordinary Shares, Options or Convertible
      Securities, other than in connection with a dividend or distribution to holders of its Ordinary Shares of the type described in Section 4(c) below.

     

    “Share Reorganization” has the meaning set forth in Section 4(a).

     

    “Trading Day” means, with respect to the Ordinary Shares or any other Marketable Securities, a date on which the
      relevant Trading Market is open and conducting business.

     

    “Trading Market” means, with respect to the Ordinary Shares or any other Marketable Securities, the Nasdaq, the NYSE or
      the OTC Bulletin Board.

     

    “Unrestricted Conditions” has the meaning set forth in Section 10(a)(ii).

     

    “VWAP” means, with respect to any Ordinary Shares, as of any day of determination (a “Determination Date”), the volume weighted average sale price for the period of five (5) consecutive Trading Days immediately preceding such Determination Date on the Trading Market for such Ordinary Shares as reported
      by, or based upon data reported by, Bloomberg Financial Markets or an equivalent, reliable reporting service reasonably acceptable to the Holder and the Company (collectively, “Bloomberg”)
      or, if the volume weighted average sale price has not been reported for such security by Bloomberg for such five (5) day period, then the simple average of the last closing trade prices of such security for such five (5) day period, as reported by
      Bloomberg, or, if no last closing trade price is reported for such security by Bloomberg, the simple average of the bid prices of any market makers for such security that are listed in the over the counter market by the Financial Industry Regulatory
      Authority, Inc. or on the OTC Bulletin Board (or any successor) or in the “pink sheets” (or any successor) by the OTC Markets Group, Inc. over such five (5) day period; provided that if VWAP cannot be calculated for such security on such date
      in the manner provided above (including because the applicable security is not listed or publicly traded), the VWAP shall be the Fair Market Value as mutually determined by the Company and the Holder; provided further that, in the
      event the Company and Holder are unable to so mutually agree, Fair Market Value shall be determined pursuant to Section 9(a).

     

    “Warrant Certificate” means this Warrant Certificate and all subsequent warrant certificates issued upon division,
      combination or transfer of, or in substitution for, this Warrant Certificate.

     

    “Warrant Register” has the meaning set forth in Section 5.

     

    

    
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    “Warrant Shares” has the meaning set forth in the preamble.

     

    Section 2.            Term of Warrant Certificate.  Subject to the terms and conditions hereof, from time to time
      during the Exercise Period, the Holder of this Warrant Certificate may exercise this Warrant Certificate for all or any part of the Warrant Shares purchasable hereunder (subject to adjustment as provided herein).

     

    Section 3.             Exercise of Warrant Certificate.

     

    (a)          Exercise Procedure.  This Warrant Certificate may be exercised from time to time on any Business Day during the Exercise
      Period, for all or any part of the unexercised Warrant Shares, provided, however, that any partial exercise shall be for not less than 50,000 Warrant Shares at a time, upon:

     

    (i)          delivery to the Company at its then registered office of a duly completed and executed Exercise Certificate in the form attached hereto as Exhibit A (each, an “Exercise Certificate”), which certificate will specify the number of Warrant Shares to be purchased and the Aggregate Exercise Price; and

     

    (ii)          simultaneously with the delivery of the Exercise Certificate, payment to the Company of the Aggregate Exercise Price in accordance with Section 3(b).

     

    (b)          Payment of the Aggregate Exercise Price.  Payment of the Aggregate Exercise Price shall be made, at the option of the Holder as
      set forth in the applicable Exercise Certificate, by any of the following methods:

     

    (i)          by wire transfer of immediately available funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price;

     

    (ii)          by instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant Certificate with an aggregate Fair Market Value as of
      the Exercise Date equal to such Aggregate Exercise Price; or

     

    (iii)          any combination of the foregoing.

     

    In the event of any withholding of Warrant Shares pursuant to Section 3(b)(ii) or (iii) (solely to the extent of
      such withholding, a “Cashless Exercise”) where the number of shares whose value is equal to the Aggregate Exercise Price is not a whole number, the number of shares withheld by the Company
      shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder (by delivery of a certified or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a share
      being so withheld by the Company in an amount equal to the product of (x) such incremental fraction of a share being so withheld multiplied by (y) the Fair Market Value per Warrant Share as of the Exercise Date.

     

    (c)          Automatic Cashless Exercise.  To the extent this Warrant Certificate has not been exercised in full by the Holder prior to the
      earlier of (i) the occurrence of the Expiration Date, and (ii) the date on which a Sale of the Company is consummated pursuant to which the sole consideration payable to the Company or its shareholders in respect of such sale transaction consists of
      cash, Marketable Securities or a combination of such sale transaction, any portion of this Warrant Certificate that remains unexercised on such date shall be deemed to have been exercised automatically pursuant to a Cashless Exercise, in whole (and
      not in part), on the Business Day immediately preceding such date; provided, that the automatic Cashless Exercise contemplated by this Section 3(c) shall not occur in the event that, as of the Business
      Day immediately preceding any such date described above, the per share Fair Market Value of a Warrant Share is less than the Exercise Price per Warrant Share.

     

    

    
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    To the extent permitted by applicable Law, for purposes of Rule 144, it is acknowledged and agreed that (i) the Warrant Shares issuable upon any exercise of this Warrant Certificate in any Cashless
      Exercise transaction shall be deemed to have been acquired on the Issue Date, and (ii) the holding period for any Warrant Shares issuable upon the exercise of this Warrant Certificate in any Cashless Exercise transaction shall be deemed to have
      commenced on the Issue Date; provided that the Company makes no representation or warranty regarding the commencement of the holding period of any Warrant Share.

     

    (d)          Delivery of Stock Certificates.  With respect to any exercise of this Warrant Certificate by the Holder, upon receipt by the
      Company of an Exercise Certificate and delivery of the Aggregate Exercise Price, the Company shall, within five (5) Business Days, deliver in accordance with the terms hereof to or upon the order of the Holder that number of Warrant Shares for the
      portion of this Warrant Certificate so exercised on such date, together with cash in lieu of any fraction of a share to the extent the Company elects to do so pursuant to Section 3(e) below.  If such Warrant
      Shares are issued in certificated form, the Company shall deliver a certificate or certificates, to the extent possible, representing the number of Warrant Shares as the Holder shall request in the Exercise Certificate. If such Warrant Shares are
      issued in uncertificated form, the Company shall deliver upon request a confirmation evidencing the registration of such shares.  Unless otherwise provided herein, upon any exercise hereof, this Warrant Certificate shall be deemed to have been
      exercised and such certificate or certificates of Warrant Shares shall be deemed to have been issued, and the Holder shall be deemed to have become a holder of record of such Warrant Shares for all purposes, as of the Exercise Date.  Unless otherwise
      permitted by federal or state securities laws, rules or regulations, any share certificates issued pursuant to the exercise of this Warrant Certificate will bear a legend in substantially the form set out in Section
        10(a)(i) below.

     

    (e)          No Fractional Shares or Scrip.  No fractional or scrip representing fractional shares shall be issued upon the exercise of this
      Warrant Certificate. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to
      such fraction multiplied by the Fair Market Value of one Warrant Share on the Exercise Date or round up to the next whole share.

     

    (f)          Surrender of this Warrant Certificate; Delivery of New Warrant Certificate.

     

    (i)          The Holder shall not be required to physically surrender this Warrant Certificate to the Company until this Warrant Certificate has been exercised in full by the
      Holder, in which case, the Holder shall, at the written request of the Company, surrender this Warrant Certificate to the Company for cancellation within three (3) Business Days after the date the final Exercise Certificate is delivered to the
      Company.  Partial exercises of this Warrant Certificate resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares issuable hereunder by an
      amount equal to the applicable number of Warrant Shares that have been issued hereunder as a result of previous exercises or withheld in connection with any Cashless Exercises.  The Holder and the Company shall maintain records showing the number of
      Warrant Shares issued and purchased, the date of such issuances and purchases and the number of Warrant Shares withheld in connection with any Cashless Exercises.  The Holder and any assignee, by acceptance of this Warrant Certificate, acknowledge
      and agree that, by reason of the provisions of this Section 3(f), following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
      time may be fewer than the amount stated on the face hereof.

     

    

    
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    (ii)          Notwithstanding the foregoing, to the extent that there are unexpired and unexercised Warrant Shares remaining under the Warrant Certificate, the Holder may request
      that the Company (and the Company shall), at the time of issuance of any Warrant Shares in accordance with Section 3(d) and the surrender of this Warrant Certificate, deliver to the Holder a new Warrant
      Certificate evidencing the rights of the Holder to subscribe for the unexpired and unexercised Warrant Shares called for by this Warrant Certificate.  Unless otherwise agreed upon by the Holder in its sole discretion, such new Warrant Certificate
      shall in all other respects be identical to this Warrant Certificate.

     

    (g)          Valid Issuance of Warrant Certificate and Warrant Shares; Payment of Taxes.  With respect to the exercise of this Warrant
      Certificate, the Company hereby represents, warrants, covenants and agrees as follows:

     

    (i)          This Warrant Certificate is, and any Warrant Certificate issued in substitution for or replacement of this Warrant Certificate shall be, upon issuance, duly
      authorized.

     

    (ii)          All Warrant Shares issuable upon the exercise of this Warrant Certificate (or any substitute or replacement Warrant Certificate) shall be, upon issuance, and the
      Company shall take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid and non-assessable, issued without violation of any preemptive or similar rights of any shareholder of the
      Company and free and clear of all liens and charges (other than liens or charges created by the Holder, or created with regard to income taxes or other taxes payable by the Holder incurred in connection with the exercise of the Warrant or taxes in
      respect of any transfer made by the Holder occurring contemporaneously therewith).

     

    (iii)          The Company shall take all such actions as may be necessary to (x) comply with Section 3(i) below and (y) ensure that all
      such Warrant Shares are issued without violation by the Company of any applicable Law or any requirements of any foreign or domestic securities exchange upon which Warrant Shares may be listed at the time of such exercise.

     

    (iv)          The Company shall exclusively bear and pay all expenses in connection with, and all governmental charges, taxes, fees, levies, withholdings and all other such
      payments, that may be imposed on or with respect to, the issuance of this Warrant Certificate, and the issuance or delivery of Warrant Shares pursuant to the terms of this Warrant Certificate and the Holder shall not be affected by such payments, and
      the Company shall not be eligible to any indemnification for such payment from the Holder.

     

    

    
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    (v)            The Company is a corporation duly organized and validly existing under the Laws of the State of Israel and has the capacity and corporate power and authority to
      enter into this Warrant Certificate.

     

    (vi)           The Company has taken all action required to be taken to authorize the execution, delivery and performance of this Warrant Certificate.

     

    (vii)          This Warrant Certificate has been duly executed by the Company.

     

    (viii)         The obligations of the Company under this Warrant Certificate are legal, valid and binding obligations, enforceable against the Company in accordance with the terms
      hereof, except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles.

     

    (ix)             As of the Issue Date, the Company has complied with all obligations set forth in Section 3(i), below.

     

    (h)          Conditional Exercise. Notwithstanding any other provision hereof, if an exercise of all or any portion of this Warrant
      Certificate is to be made in connection with a Sale of the Company, such exercise may, at the election of the Holder, be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until
      immediately prior to the consummation of such transaction.

     

    (i)          Reservation of Shares.  The Company shall at all times during the Exercise Period reserve and keep available out of its
      authorized but unissued Ordinary Shares or (if applicable) other securities constituting Warrant Shares, solely for the purpose of issuance upon the exercise of this Warrant Certificate, the maximum number of Warrant Shares issuable upon the exercise
      of this Warrant Certificate.  The Company shall not increase the par value of any Warrant Shares receivable upon the exercise of this Warrant Certificate above the Exercise Price then in effect, and shall take all such actions within its power as may
      be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant Certificate.

     

    (j)          Rule 144 Compliance.  With a view to making available to the Holder the benefits of Rule 144 and any other rule or regulation
      of the SEC that may at any time permit a holder to sell securities of the Company to the public without registration or pursuant to a Registration Statement, the Company shall:

     

    (i)          use reasonable commercial efforts to make and keep adequate public information available, as required by clause (c) of Rule 144;

     

    (ii)          use reasonable commercial efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the
      Exchange Act (excluding, for avoidance of doubt, any prospectus or registration statement which the Company is under no obligation to file); and

     

    

    
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    (iii)          furnish, or otherwise make available to the Holder so long as the Holder owns Warrant Shares, promptly upon request, a written statement by the Company as to its
      compliance with the reporting requirements of Rule 144 and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed or furnished by the Company as the Holder may reasonably
      request in connection with the sale of Ordinary Shares without registration.

     

    (k)          Ownership Cap.  The Company shall not knowingly effect the exercise of this Warrant Certificate, and the Initial Holder shall
      not have the right to exercise this Warrant Certificate to the extent that, after giving effect to such exercise, the Initial Holder (together with its Affiliates) would beneficially own in excess of 9.99% of the Ordinary Shares of the Company
      immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares owned by the Initial Holder and its Affiliates shall include the number of Warrant Shares issuable upon exercise of this
      Warrant Certificate with respect to which the determination of such aggregate number is being made, but shall exclude Ordinary Shares (if any) that would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant Certificate
      beneficially owned by the Initial Holder and its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other Equity Interests of the Company beneficially owned by the Initial Holder and its Affiliates (including,
      without limitation, any convertible notes or convertible shares or warrants) subject to a limitation on conversion or exercise analogous to the limitations contained herein. Except as set forth in the preceding sentence, for purposes of this Section 3(k), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.  For purposes of this Warrant Certificate, in determining the number of outstanding Ordinary Shares, the
      Initial Holder of this Warrant Certificate may rely on the number of such outstanding Equity Interests as reflected in the most recent of (i) the Company’s Form 10-K, Form 10-Q or other public filing with the SEC, as the case may be, if available,
      (ii) a more recent public announcement by the Company, or (iii) any other notice by the Company or its transfer agent setting forth the number of outstanding Ordinary Shares.  In addition, upon the written request of the Initial Holder (but not more
      than once during any calendar quarter), the Company shall, within three (3) Business Days, confirm to the Initial Holder the number of its outstanding Ordinary Shares. Furthermore, upon the written request of the Company (but not more than once
      during any calendar quarter), the Initial Holder shall promptly confirm to the Company its then current beneficial ownership with respect to the Company’s Ordinary Shares.

     

    (l)          Except as expressly provided herein with respect to cash payments in lieu of the issuance of fractional shares, and without regard to any exchange of consideration in
      connection with an automatic Cashless Exercise pursuant to Section 3(c) above or similar event, upon exercise of this Warrant Certificate the Holder shall not otherwise be entitled to receive cash or Warrant
      Shares that are registered under the Securities Act.

     

    
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      Section 4.             Adjustment to Number of Warrant Shares, Exercise Price, etc.  The number of Warrant Shares
        issuable upon exercise of this Warrant Certificate shall be subject to adjustment from time to time as provided in this Section 4.

       

      

    

    (a)          Adjustment to Number of Warrant Shares Upon Reorganizations, Reclassifications, etc.  In the event of any changes in the
      outstanding Ordinary Shares of the Company by reason of redemptions, recapitalizations, reclassifications, combinations or exchanges of shares, splits or reverse splits, separations, reorganizations, liquidations, substitutions, replacements or the
      like (any of the foregoing or combination thereof being a “Share Reorganization”), the number and class of Warrant Shares available upon exercise of this Warrant Certificate in the aggregate
      and the Exercise Price shall be correspondingly adjusted to give the Holder of this Warrant Certificate, on exercise for the same Aggregate Exercise Price, the total number, class, and kind of shares as the Holder would have owned had this Warrant
      Certificate been exercised prior to any such event and had the Holder continued to hold such Warrant Shares until after the event requiring adjustment.  The form of this Warrant Certificate need not be changed because of any adjustment in the number
      of Warrant Shares subject to this Warrant Certificate.

     

    (b)          Adjustment to Exercise Price Upon a Share Distribution.  Subject to clause (iv) below,


      if the Company consummates or effects any Share Distribution for a price per Ordinary Share less than the Exercise Price then in effect, then, effective upon such Share Distribution, the Exercise Price shall be reduced to a price determined by
      multiplying the Exercise Price then in effect by a fraction, the numerator of which shall be the sum of (A) the number of Ordinary Shares Deemed Outstanding immediately prior to such Share Distribution multiplied by the Exercise Price then in effect,
      plus (B) the consideration, if any, received by the Company upon such Share Distribution, and the denominator of which shall be the product of (1) the total number of Ordinary Shares Deemed Outstanding immediately after such Share Distribution
      multiplied by (2) the Exercise Price then in effect.  For purposes of this Section 4(b):

     

    (i)          In the event Options or Convertible Shares are included in any such Share Distribution, the price per Ordinary Share deemed to have been issued or sold as a result of
      the sale or issuance of such Options or Convertible Shares, shall be equal to the price per Ordinary Share for which Ordinary Shares are issuable upon the exercise of such Options or upon conversion or exchange of such Convertible Securities, as the
      case may be (determined by dividing (x) the aggregate amount, if any, received or receivable by the Company as consideration for the issuance, sale, distribution or grant of such Options or Convertible Securities, plus the minimum aggregate amount of
      additional consideration payable to the Company, if any, upon the exercise of all such Options or the conversion or exchange of such Convertible Securities (as the case may be), by (y) the total maximum number of Ordinary Shares issuable upon the
      exercise of such Options or upon the conversion or exchange of all such Convertible Securities).

     

    (ii)          The provisions of this Section 4(b) shall not in any event operate to increase the Exercise Price.

     

    (iii)          This Section 4(b) shall not apply to any of the following:

     

    
      
        	

              	(A)	
                Any issuance, sale or other distribution of Ordinary Shares, Options or Convertible Securities pursuant to (i) any Share Organization, which shall instead be governed by Section 4(a) above, or
                  (ii) any dividend or distribution to holders of Ordinary Shares, which shall instead by governed by Section 4(c) below.

              


      

    

     

    
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              	(B)	
                The issuance of Ordinary Shares upon exercise of any Options or Convertible Securities included in the Ordinary Shares Deemed Outstanding as of the Issue Date.

              


      

    

     

    
      
        	

              	(C)	
                The grant or issuance of Ordinary Shares, Options or Convertible Securities to board members, officers, employees, consultants or other service providers of the Company pursuant to any employee incentive plan, employee share purchase
                  plan or similar equity-based benefit plans approved by the Company’s Board; provided that the total number of securities issued under this sub-clause for a price per share less than the Exercise Price shall not constitute more
                  than seven percent (7%) of the total number of Ordinary Shares Deemed Outstanding at any time.

              


      

    

     

    
      
        	

              	(D)	
                The issuance or grant of Ordinary Shares, Options or Convertible Securities in connection with Permitted Acquisitions by the Company, or in connection with other transactions or financings with material strategic partners, in each case
                  approved by the Company’s Board; provided, that the total number of securities issued or granted under this sub-clause for a price per share less than the Exercise Price shall not constitute more than seven percent (7%) of the
                  total number of Ordinary Shares Deemed Outstanding at any time.

              


      

    

     

    (c)          Adjustment to Number of Warrant Shares Upon Dividends, Distributions, etc.  If the Company declares or pays a dividend or
      distribution on its outstanding Ordinary Shares payable in cash, Equity Interests or other property, the Holder shall be entitled to receive, at the time such dividend or distribution is paid, without additional cost to the Holder, the total number
      and kind of cash, Equity Interests or other property which the Holder would have received had the Holder owned the Warrant Shares of record as of the date such dividend or distribution was paid.

     

    (d)          Certificate as to Adjustment.

     

    (i)          As promptly as reasonably practicable following any change or adjustment of the type described above in this Section 4, but in
      any event not later than ten (10) Business Days thereafter, the Company shall furnish to the Holder a certificate of a Responsible Officer setting forth in reasonable detail such adjustment and the facts upon which it is based and certifying the
      calculation thereof.

     

    (ii)          As promptly as reasonably practicable following the receipt by the Company of a written request by the Holder, but in any event not later than ten (10) Business Days
      thereafter, the Company shall furnish to the Holder a certificate of a Responsible Officer certifying the number of Warrant Shares or the amount, if any, of other shares, securities or assets then issuable upon exercise of the Warrant Certificate.

     

    

    
      11

      
        


    

     

    (e)          Notices. In the event that, at any time during the Exercise Period the Company shall take a record of the holders of its
      outstanding shares (or other Equity Interests at the time issuable upon exercise of this Warrant Certificate) for the purpose of:

     

    (i)          entitling or enabling such holders to receive any dividend or other distribution, to receive any right to subscribe for or purchase any shares of any class or any
      other securities, or to receive any other security;

     

    (ii)          (x) any capital reorganization of the Company, any reclassification of any outstanding securities, any consolidation or merger of the Company with or into another
      Person,  or (y) a Sale of the Company; or

     

    (iii)          the voluntary or involuntary dissolution, liquidation or winding-up bankruptcy or similar event involving the Company;

     

    then, and in each such case, the Company shall send or cause to be sent to the Holder at least ten (10) Business Days prior to the applicable record date or the applicable expected effective date, as
      the case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such dividend, distribution or other right or action, and a description of such dividend, distribution or other right or action, or (B) the
      effective date on which such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up is proposed to take place, and the date, if any is to be fixed, as of which the books of the Company shall close or a
      record shall be taken with respect to which the holders of record of its shares (or such other Equity Interests at the time issuable upon exercise of the Warrant Certificate) shall be entitled to exchange their shares (or such other Equity
      Interests), for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the
      Warrant Certificate and the Warrant Shares.  The above notwithstanding, the Company shall not be required to provide the Holder with notice containing such information if the Company reasonably believes that it constitutes material non-public
      information, unless the Holder (i) confirms to the Company in writing that it consents to receive such information, and (ii) executes a customary market standstill or equivalent agreement pursuant to which the Holder will agree not to trade in the
      Company’s shares or other equity interests while in possession of such material non-public information or until such information is no longer material or non-public.

     

    Section 5.          Warrant Register.  The Company shall keep and properly maintain at its principal executive offices
      a register (the “Warrant Register”) for the registration of this Warrant Certificate and any transfers thereof.  The Company may deem and treat the Person in whose name this Warrant
      Certificate is registered on such register as the Holder thereof for all purposes, and the Company shall not be affected by any notice to the contrary, except any assignment, division, combination or other transfer of this Warrant Certificate
      effected in accordance with the provisions of this Warrant Certificate.

     

    Section 6.          Transfer of Warrant Certificate.  Subject to Section 10
      hereof, this Warrant Certificate and all rights hereunder are transferable, in whole or in part, by the Holder without charge to the Holder, upon surrender of this Warrant Certificate to the Company at its then principal executive offices with a
      properly completed and duly executed Assignment in the form attached hereto as Exhibit B.  Upon such compliance, surrender and delivery, the Company shall execute and deliver a new Warrant Certificate or
      Warrant Certificates in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant Certificate evidencing the portion of this Warrant Certificate, if any,
      not so assigned, and this Warrant Certificate shall promptly be cancelled.

     

    

    
      12

      
        


    

     

    Section 7.          The Holder Not Deemed a Shareholder; Limitations on Liability.  Except as otherwise specifically
      provided herein (including in 4(c) above and Section 11 below), (i) prior to the Exercise Date, the Holder shall not be entitled to receive dividends, nor shall
      anything contained in this Warrant Certificate be construed to confer upon the Holder, as such, any of the rights of a shareholder of the Company or any right to receive dividends or subscription rights, and (ii) prior to the registration of the
      Holder in the share register of the Company with respect to the Warrant Shares to which the Holder is then entitled to receive upon the due exercise of this Warrant Certificate, the Holder shall not be entitled to vote, nor shall anything contained
      in this Warrant Certificate be construed to confer upon the Holder, as such, any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of shares, reclassification of shares, consolidation, merger,
      conveyance or otherwise) or receive notice of meetings.  In addition, nothing contained in this Warrant Certificate shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant Certificate or
      otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.  Notwithstanding this Section 7, the Company shall provide the Holder with
      copies of the same notices and other information given to all shareholders of the Company generally, contemporaneously with the giving thereof to such shareholders, unless such notice or information had been made publicly available on the SEC’s EDGAR
      system website.

     

    Section 8.             Replacement on Loss; Division and Combination.

     

    (a)          Replacement of Warrant Certificate on Loss.  Subject to any further requirements in
      relation to the cancellation of this Warrant Certificate pursuant to applicable Law, upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant Certificate and upon delivery of an
      indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant Certificate for
      cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant Certificate of like tenor and exercisable for an equivalent number of Warrant Shares as this Warrant Certificate so
      lost, stolen, mutilated or destroyed; provided that, in the case of mutilation, no indemnity shall be required if this Warrant Certificate in identifiable form is surrendered to the Company for cancellation.

     

    (b)          Division and Combination of Warrant Certificate.  Subject to compliance with the applicable provisions of this Warrant
      Certificate as to any transfer or other assignment which may be involved in such division or combination, this Warrant Certificate may be divided or, following any such division of this Warrant Certificate, subsequently combined with other Warrant
      Certificates, upon the surrender of this Warrant Certificate or Warrant Certificates to the Company at its then principal executive offices, together with a written notice specifying the names and denominations in which new Warrant Certificates are
      to be issued, signed by each applicable Holder or its agents or attorneys.  Subject to compliance with the applicable provisions of this Warrant Certificate as to any transfer or assignment which may be involved in such division or combination, the
      Company shall at its own expense execute and deliver a new Warrant Certificate or Warrant Certificates in exchange for this Warrant Certificate or Warrant Certificates so surrendered in accordance with such notice.  Such new Warrant Certificate or
      Warrant Certificates shall be of like tenor to the surrendered Warrant Certificate or Warrant Certificates and shall be exercisable in the aggregate for an equivalent number of Warrant Shares as this Warrant Certificate or Warrant Certificates so
      surrendered in accordance with such notice.

     

    

    
      13

      
        


    

     

    Section 9.             Disputes; No Impairment, etc.  The parties hereto agree as follows:

     

    (a)          Disputes.  In the event of any dispute which arises between the Holder and the Company (including the Board of the Company)
      with respect to the calculation or determination of Fair Market Value, VWAP, the adjusted Exercise Price, the number of Warrant Shares, other Equity Interests, cash or other property issuable upon exercise of this Warrant Certificate, the amount or
      type of consideration due to the Holder in connection with any event, transaction or other matter described in Section 4 above or any other matter involving this Warrant Certificate or the Warrant Shares that
      is not resolved by the parties after good faith discussions and efforts to reach resolution, upon the request of the Holder the disputed issue(s) shall be submitted to a firm of independent investment bankers or public accountants of recognized
      national standing, which (i) shall be chosen by the Company and be reasonably satisfactory to the Holder and (ii) shall be completely independent of the Company (an “Independent Advisor”),
      for determination, and such determination by the Independent Advisor shall be binding upon the Company and the Holder with respect to this Warrant, any Shares issued in connection herewith or the matter in dispute, as the case may be, absent manifest
      error.  Costs and expenses of the Independent Advisor shall be shared 50/50 by the Company and the Holder.

     

    (b)          Equitable Equivalent.  In case any event shall occur as to which the provisions of Section
        9(a) above are not strictly applicable but the failure to make any adjustment would not, in the reasonable, good faith opinion of the Holder, fairly protect the rights and benefits of the Holder represented by this Warrant Certificate in
      accordance with the essential intent and principles of Section 9(a), then, in any such case, at the request of the Holder, the Company shall submit the matter and issues raised by the Holder to an Independent
      Advisor, which shall give its opinion upon the adjustment, if any, on a basis consistent with the essential intent and principles established in Section 9(a), to the extent necessary to preserve, without
      dilution, the rights and benefits represented by this Warrant Certificate.  Upon receipt of such opinion, the Company will promptly mail a copy thereof to the Holder and shall make the adjustments described therein, if any.  Costs and expenses of the
      Independent Advisor shall be shared 50/50 by the Company and the Holder.

     

    (c)          No Avoidance.  The Company shall not, by way of amendment of any of its Charter or other Organic Documents or through any
      consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant Certificate, but will at all
      times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment as if the Holder was a shareholder of the Company
      entitled to the benefit of fiduciary duties afforded to shareholders under Delaware law.

     

    

    
      14

      
        


    

     

    Section 10.          Compliance with the Securities Act.

     

    (a)          Agreement to Comply with the Securities Act, etc.

     

    (i)          Legend.  The Holder, by acceptance of this Warrant Certificate, agrees to comply in all respects with the provisions of this Section 10 and the restrictive legend requirements set forth on the face of this Warrant Certificate and further agrees that it shall not offer, sell or otherwise dispose of this Warrant Certificate or any Warrant
      Shares to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act.  Subject to clause (ii) below, this Warrant Certificate and all Warrant Shares
      issued upon exercise of this Warrant Certificate (unless registered under the Securities Act) shall be stamped or imprinted with a legend in substantially the following form:

     

    “THIS WARRANT CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A
      REGISTRATION STATEMENT COVERING THE OFFER AND SALE OF SUCH SECURITIES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS
      UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IN EACH CASE, IF THE COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE COMPANY TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.”

     

    (ii)          Removal of Restrictive Legends.  Neither this Warrant Certificate nor any certificates evidencing Warrant Shares issuable or
      deliverable under or in connection with this Warrant Certificate shall contain any legend restricting the transfer thereof (including the legend set forth above in clause (i)) in any of the following
      circumstances:  (A) following any sale of this Warrant Certificate or any Warrant Shares issued or delivered to the Holder under or in connection here with pursuant to Rule 144, (B) if this Warrant Certificate or Warrant Shares are eligible for sale
      under clause (b)(1) of Rule 144, or (C) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC) (collectively, the “Unrestricted Conditions”).  If the Unrestricted Conditions are met at the time of issuance of this Warrant Certificate or Warrant Shares, as the case may be, to the reasonable satisfaction of
      Company’s counsel, the Warrant Certificate or Warrant Shares, as the case may be, shall be issued free of all legends.

     

    

    
      15

      
        


    

     

    (iii)          Replacement Warrant Certificate.  The Company agrees that at such time as the Unrestricted Conditions have been satisfied it
      shall promptly (but in any event within ten (10) Business Days) following written request from the Holder issue a replacement Warrant Certificate or replacement Warrant Shares, as the case may be, free of all restrictive legends.

     

    (iv)          Sale of Unlegended Shares.  The Holder agrees that the removal of the restrictive legend from this Warrant Certificate and any
      certificates representing securities as set forth in Section 10(a)(ii) above is predicated upon the Company’s reliance that the Holder will sell this Warrant Certificate or any such securities pursuant to
      either an effective Registration Statement or otherwise pursuant to the requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if such securities are sold pursuant to a
      Registration Statement, they will be sold in compliance with the plan of distribution set forth therein.

     

    (b)          Representations of the Holder.  In connection with the issuance of this Warrant Certificate, the Holder represents, as of the
      Issue Date, to the Company by acceptance of this Warrant Certificate as follows:

     

    (i)          The Holder is an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the Securities Act.  The Holder is acquiring this Warrant Certificate
      and the Warrant Shares to be issued upon exercise hereof for investment for its own account and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant Certificate or the Warrant Shares, except
      pursuant to sales registered or exempted under the Securities Act.

     

    (ii)          The Holder understands and acknowledges that this Warrant Certificate and the Warrant Shares to be issued upon exercise hereof are “restricted securities” under the
      Securities Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that, under such Laws and applicable regulations, such securities may be resold without registration under the Securities Act
      only in certain limited circumstances.  In addition, the Holder represents that it is familiar with Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.

     

    (iii)          The Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite period and has such knowledge and experience in
      financial or business matters that it is capable of evaluating the merits and risks of the investment in this Warrant Certificate and the Warrant Shares.  The Holder has had an opportunity to ask questions and receive answers from the Company
      regarding the terms and conditions of the offering of this Warrant Certificate and the business, properties, prospects and financial condition of the Company.

     

    Section 11.          Pre-Emptive Rights.  In addition to any adjustments pursuant to Section

        4 above, if at any time the Company grants, issues, offers or sells (i) any Ordinary Shares or (ii) any options, convertible securities or rights to purchase shares, warrants, securities or other property, in each case pro rata to the record
      holders of Ordinary Shares (the “Pre-emptive Rights”), then the Holder shall be entitled to (but shall not be obligated to) acquire, upon the same terms applicable to such Pre-emptive
      Rights, the aggregate Pre-emptive Rights which the Holder would have acquired if the Holder had held the number of Warrant Shares acquirable upon complete exercise of this Warrant Certificate immediately before the date on which a record is taken for
      the grant, issuance or sale of such Pre-emptive Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Pre-emptive Rights.

     

    

    
      16

      
        


    

     

    Section 12.          Notices.  All notices, requests, consents, claims, demands, waivers and other communications
      hereunder shall be in writing and shall be deemed to have been given: (i) when delivered by hand (with written confirmation of receipt); (ii) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested);
      (iii) on the date sent by e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, in each case provided
      that sender did not receive an automated failed delivery notification; or (iv) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.  Such communications must be sent to the respective
      parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 12).

     

    If to the Company:               Foamix Pharmaceuticals Ltd.

    c/o Foamix Pharmaceuticals, Inc.

    520 U.S. Highway 22

    Suite 204

    Bridgewater, NJ 08807

    Attn:         General Counsel

    Tel.:           908-458-9213

    Email:       mutya.harsch@foamix.com

     

     with a copy to (which shall not qualify as notice to any party hereto):

     

    Cooley LLP

      55 Hudson Yards

    New York, NY 10001-2157

    Attention: Patrick J. Flanagan

    
      
        	

              	Fax:	
                (212) 479-6275

              


      

    

    Email:         pflanagan@cooley.com

     

    
      17

      
        


    

     

    

    If to the Holder:

     

    

    
       OrbiMed Royalty & Credit Opportunities III, LP]

      c/o OrbiMed Advisors LLC

      601 Lexington Avenue, 54th Floor

      New York, NY 10022

      Attention: Matthew Rizzo; OrbiMed Credit Report

      E-mail: rizzom@orbimed.com; ROSCreditops@orbimed.com

    

    

    

    with a copy to (which shall not qualify as notice to any party hereto):

     

    Morrison & Foerster LLP

    250 West 55th Street

    New York, NY 10019

    Attention: Mark Wojciechowski, Esq.

    Facsimile: (212) 468-7900

    E-mail: mwojciechowski@mofo.com

    

    

    Section 13.          Cumulative Remedies.  Except to the extent expressly provided in Section

        6 to the contrary, the rights and remedies provided in this Warrant Certificate are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available at Law, in equity or
      otherwise.

     

    Section 14.          Entire Agreement.  This Warrant Certificate constitutes the sole and entire agreement of the
      parties to this Warrant Certificate with respect to the subject matter contained herein and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter.

     

    Section 15.          Successor and Assigns.  This Warrant Certificate and the rights evidenced hereby shall be binding
      upon and shall inure to the benefit of the parties hereto and the successors of the Company and the successors and permitted assigns of the Holder.  Such successor or permitted assign of the Holder shall be deemed to be the “Holder” for all purposes
      hereunder.

     

    Section 16.           No Third-Party Beneficiaries.  This Warrant Certificate is for the sole benefit of the Company
      and the Holder and their respective successors and, in the case of the Holder, permitted assigns, and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any
      nature whatsoever, under or by reason of this Warrant Certificate.

     

    Section 17.           Headings.  The headings in this Warrant Certificate are for reference only and shall not affect
      the interpretation of this Warrant Certificate.

     

    Section 18.          Amendment and Modification; Waiver.  Except as otherwise provided herein, this Warrant Certificate
      may only be amended, modified or supplemented by an agreement in writing signed by each party hereto.  No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the
      party so waiving.  No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
      before or after that waiver.  No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Warrant Certificate shall operate or be construed as a waiver thereof, nor shall any single or partial exercise of
      any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

     

    Section 19.          Severability.  If any term or provision of this Warrant Certificate is invalid, illegal or
      unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant Certificate or invalidate or render unenforceable such term or provision in any other jurisdiction.

     

    

    
      18

      
        


    

     

    Section 20.          Governing Law.  This Warrant Certificate shall be governed by and construed in accordance with the
      internal Laws of the State of New York without effect to any choice or conflict of Law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the
      State of New York.

     

    Section 21.          Submission to Jurisdiction.  Any legal suit, action or proceeding arising out of or based on this
      Warrant Certificate or the transactions contemplated hereby may be instituted in the federal courts of the United States or the courts of the State of New York, in each case located in the city and county of New York. Each party irrevocably submits
      to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by certified or registered mail to such party’s address set forth in Section
        12 shall be effective service of process for any suit, action or other proceeding, and the parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in such courts and
      irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding has been brought in an inconvenient forum.

     

    Section 22.          Counterparts.  This Warrant Certificate may be executed in counterparts, each of which shall be
      deemed an original, but all of which together shall be deemed to be one and the same agreement.  A signed copy of this Warrant Certificate delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal
      effect as delivery of an original signed copy of this Warrant Certificate.

     

    Section 23.          No Strict Construction.  This Warrant Certificate shall be construed without regard to any
      presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

     

    [SIGNATURE PAGE FOLLOWS]

     

    

    
      19

      
        


    

    
      

      

    

    IN WITNESS WHEREOF, the Company has duly executed this Warrant Certificate on the Issue Date.

    

    

    FOAMIX PHARMACEUTICALS LTD.

     

    

    By: /s/ David Domzalski

    Name: David Domzalski

    Title: Chief Executive Officer

    

    

    By: /s/ Ilan Hadar

    Name: Ilan Hadar

    Title: Chief Financial Officer

    

    

    
      
        


    

    

    

    

    

    Accepted and agreed,

    

    

    ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP

    

    

    By: ORBIMED ADVISORS LLC, its investment manager

    

    

    By:  /s/ Sven H. Borho

    Name:  Sven H. Borho

    Title:  Member

    

    

    
      
        


    

    
      

      

    

    Exhibit A

      to Warrant Certificate

     

    FORM OF EXERCISE CERTIFICATE

     

    (To be signed only upon exercise of Warrant Certificate)

    

    

    
      
        	To:	
                Foamix Pharmaceuticals Ltd.

              


      

    

    c/o Foamix Pharmaceuticals Inc.

    520 U.S. Highway 22

    Suite 204

    Bridgewater, NJ 08807

    Attention: General Counsel

    

    

    The undersigned, as holder of a right to purchase Warrant Shares (as defined in the Warrant Certificate) of Foamix Pharmaceuticals Ltd., an Israeli company with limited liability
      (the “Company”), pursuant to that certain Warrant Certificate of the Company, dated as of July 29, 2019 (the “Warrant Certificate”),


      a copy of which is attached to this Exercise Certificate, hereby irrevocably elects to exercise the purchase right represented by such Warrant Certificate for, and to purchase thereunder, [________ (_____)] Warrant Shares of the Company and herewith
      makes payment with this Exercise Certificate of the Aggregate Exercise Price therefor by the following method:

     

    The undersigned hereby elects to make payment of the Aggregate Exercise Price of [                                      Dollars ($               

      )] for (            ) Ordinary Shares using the method described in Section 3(b)(i).

     

    The undersigned hereby elects to make payment of the Aggregate Exercise Price of [                                      Dollars ($               

      )] for (            ) Ordinary Shares using the method described in Section 3(b)(ii).

     

    The undersigned hereby elects to make payment of the Aggregate Exercise Price of [                Dollars ($              )]
      for (            ) Ordinary Shares using the method described in Section 3(b)(iii).

     

      Unless otherwise defined herein, capitalized terms have the meanings provided in the Warrant Certificate.

     

      DATED: ______________

     

    [HOLDER]

    

    

    By _______________________________________

    Name:

    Title:

     

    

    
      Exhibit A-1

    

    
      
        


    

    Exhibit B

      to Warrant Certificate

     

    FORM OF ASSIGNMENT

     

    [DATE OF ASSIGNMENT]

     

    THE UNDERSIGNED, [NAME OF HOLDER], is the holder (in such capacity, the “Holder”) of a warrant certificate issued by
      Foamix Pharmaceuticals Ltd., an Israeli company with limited liability (the “Warrant Certificate” and the “Company”,
      respectively), entitling the Holder to purchase up to [___] Warrant Shares (as defined in the Warrant Certificate).  Unless otherwise defined, capitalized terms used herein have the meanings ascribed thereto in the Warrant Certificate.

     

    FOR VALUE RECEIVED, the Holder hereby sells, assigns and transfers to [NAME OF ASSIGNEE] (the “Assignee”) the right to
      acquire [all Warrant Shares entitled to be purchased upon exercise of the Warrant Certificate] [______ of the Warrant Shares entitled to be purchased upon exercise of the Warrant Certificate].  In furtherance of the foregoing assignment, the Holder
      hereby irrevocably instructs the Company to (i) memorialize such assignment on the Warrant Register as required pursuant to Section 5 of the Warrant Certificate, and (ii) pursuant to Section 6 of the Warrant Certificate, execute and deliver to the Assignee [and the Holder][a new Warrant Certificate][new Warrant Certificates] reflecting the foregoing assignment ([each] a “Substitute Warrant Certificate”).

     

    The Assignee acknowledges and agrees that its Substitute Warrant Certificate and the Warrant Shares to be issued upon exercise thereof are being acquired for investment and that
      the Assignee will not offer, sell or otherwise dispose of its Substitute Warrant Certificate or any Warrant Shares to be issued upon exercise or conversion thereof except under circumstances which will not result in a violation of the Securities Act
      or any applicable state securities laws.  The Assignee represents and warrants for the benefit of the Company that the Assignee is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act.

     

    To the extent required pursuant to Section 10(a) of the Warrant Certificate, the Assignee acknowledges and agrees that a restrictive legend
      shall be applied to the Assignee’s Substitute Warrant and the Warrant Shares issuable upon exercise of such certificate substantially consistent with the legend set forth in Section 10(a)(i).

     

    [SIGNATURE PAGE FOLLOWS]

     

    

    
      Exhibit B-1

    

    
      
        


    

    

    

    IN WITNESS WHEREOF, the parties hereto agree as set forth above as of the date first written above.

    

    

    [HOLDER]

    

    

    By _______________________________________

    Name:

    Title:

    

    

    Accepted and agreed,

    

    

    [NAME OF ASSIGNEE]

    

    

    By _______________________________________

    Name:

    Title:

    

    

    
      Exhibit B-2