Exhibit 10.1


 





AMENDMENT AGREEMENT


 


THIS AMENDMENT AGREEMENT
(the “Agreement”) is dated as of August 13, 2014, by and between Immune Pharmaceuticals Inc., a Delaware corporation
with offices located at Cambridge Innovation Center, One Broadway, 14th Floor, Cambridge, MA 02142 (the “Company”),
and the investor signatory hereto (the “Investor”).


 


WHEREAS:


 


A.The Company, the Investor and certain
other investors (the “Other Investors” and together with the Investor, the “Investors”) are
parties to that certain Securities Purchase Agreement, dated as of March 10, 2013 (the “Existing Securities Purchase
Agreement”), pursuant to which, among other things, the Investor purchased from the Company (i) certain shares of
the Company’s Series C 8% Convertible Preferred Stock (the “Preferred Stock”), (ii) a five-year warrant
to purchase up to a number of shares of common stock, par value $0.0001 per share, of the Company (the “Common Stock”)
set forth next to the Investor’s name on Schedule I attached hereto at an original exercise price of $4.25
(the “$4.25 Warrants”), and (iii) a five-year warrant to purchase up to a number of shares of Common Stock
set forth next to the Investor’s name on Schedule I attached hereto at an original exercise price of $5.10
(the “$5.10 Warrants”). Immediately prior to the execution of this Agreement, the exercise price of the $4.25
Warrants is, as previously adjusted, $3.39 per share of Common Stock and the exercise price of the $5.10 Warrants is, as previously
adjusted, $4.07 per share of Common Stock and the number of shares of Common Stock that remain exercisable pursuant to such Warrants
are set forth next to the Investor’s name on Schedule I attached hereto.


 


B.The Company and the Investor desire
to enter into this Agreement, pursuant to which, among other things, (i) the Company and the Investor shall amend and restate the
$4.25 Warrants and the $5.10 Warrants to reduce the exercise prices thereof, and reflect anti-dilution adjustments that have occurred
and modify certain anti-dilution provisions for subsequent offerings in the $4.25 Warrants and the $5.10 Warrants, and (ii) the
Company shall issue to the Investor shares of the Company’s Common Stock as set forth next to the Investor’s name on
Schedule I attached hereto.


 


C.Each of the Other Investors are executing
agreements identical to this Agreement (other than proportional changes in the numbers reflecting (x) such different number
of Restated Series A Warrants and Restated Series B Warrants exercisable into such different number of shares of Common Stock issuable
to each such Other Investor for the $4.25 Warrant and the $5.10 Warrant, respectively, in each case, pursuant to separate agreements
dated of even date herewith) (the “Other Agreements,” and together with this Agreement, the “Agreements”).


 


D.Capitalized terms used but not otherwise
defined herein shall have the meanings as set forth in the Existing Securities Purchase Agreement as amended hereby.


 


NOW, THEREFORE,
in consideration of the foregoing premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:


 


1.AMENDMENT AND
RESTATEMENT OF WARRANTS; ISSUANCE OF SHARES.


 


1.1Amendment
and Restatement. Immediately upon the execution of all the Agreements (the “Effective Date”), (A)
the $4.25 Warrants currently held by the Investor shall be amended and restated in the form attached hereto as Exhibit A
(the “Restated Series A Warrants”), which Restated Series A Warrants shall have an initial exercise price of
$3.00 per share and be exercisable for up to a number of shares of Common Stock set forth next to the Investors name on Schedule
I attached hereto and, (B) the $5.10 Warrants currently held by the Investor shall be amended and restated in the form
attached hereto as Exhibit A (the “Restated Series B Warrants”), which Restated Series B Warrants
shall have an initial exercise price of $3.50 per share and be exercisable for up to a number of shares of Common Stock set forth
next to the Investor’s name on Schedule I attached hereto.


 


1.2Delivery
of New Warrant Certificates. Upon the Effective Date, the Investor shall have the right to exercise the Restated Series A Warrant
and Restated B Warrant on the amended and restated terms without having received a new certificate evidencing such warrants. Within
three (3) Trading Days of receipt by the Company of the Investor’s original certificates evidencing the $4.25 Warrant and
the $5.10 Warrant, the Company shall deliver or cause to be delivered to the Investor certificates for the Restated Series A
Warrant and the Restated Series B Warrant.


 






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1.3Issuance
of Shares. Within five (5) Trading Days following the Effective Date, the Company shall deliver or cause to be delivered to
the Investor shares of Common Stock as set forth next to the Investor’s name on Schedule I attached hereto
(the “Shares”).


 


1.4Legends.
The Investor understands that the Shares are not, and will not be, registered under the Securities Act, or the securities laws
of any state and, accordingly, each certificate, if any, representing such Shares shall bear a legend substantially similar to
the following:


 


“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”)
OR ANY STATE SECURITIES LAWS. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED
OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. HOLDERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN THE FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER
TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.”


 


2. TRANSACTION
DOCUMENTS.


 


2.1Transaction
Documents. Except as otherwise expressly provided herein, the Existing Securities Purchase Agreement and each other Transaction
Document, is, and shall continue to be, in full force and effect.


 


3.REPRESENTATIONS
AND WARRANTIES


 


3.1Investor
Representations and Warranties. The Investor hereby represents and warrants to the Company as follows:


 


(a) Organization;
Authority. The Investor is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full capacity, right, corporate, partnership, limited
liability company or similar power and authority, as applicable, to enter into and to consummate the transactions contemplated
by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement and performance
by the Investor of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate, partnership,
limited liability company or similar action, as applicable, on the part of the Investor. This Agreement has been duly executed
by the Investor, and when delivered by the Investor in accordance with the terms hereof, will constitute the valid and legally
binding obligation of the Investor, enforceable against it in accordance with its terms, except: (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement
of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable
law.


 


(b)
Understandings or Arrangements. The Investor is acquiring the Shares hereunder as principal for its own account and has no
direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Shares
(this representation and warranty not limiting the Investor’s right to sell the Shares in compliance with applicable federal
and state securities laws). The Investor is acquiring the Shares hereunder in the ordinary course of its business.


 


(c) Reliance
on Exemptions. The Investor understands that the Shares are being offered and sold to in reliance upon specific exemptions
from the registration requirements of the Securities Act and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Investor’s compliance with, the representations, warranties, covenants, agreements, acknowledgments
and understandings of the Investor contained in this Agreement in order to determine the availability of such exemptions and the
eligibility of the Investor to acquire the Shares.


 


(d) Risk
of Loss. The Investor understands that its investment in the Shares hereunder involves a significant degree of risk, and the
Investor has full cognizance of and understands all of the risk factors related to its purchase of the Shares, including, but not
limited to, those risk factors including in the SEC Reports. The Investor understands that no representation is being made as to
the future value of the Shares.


 






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(e) Investor
Status. At the time the Investor was offered the Shares hereunder, it was, and as of the date hereof it is, either: (i) an
“accredited investor” as defined in Rule 501 of Regulation D promulgated under the Securities Act or (ii) a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act. The Investor is not required to be registered as a
broker-dealer under Section 15 of the Exchange Act.


 


(f) Experience
of the Investor. The Investor, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares,
and has so evaluated the merits and risks of such investment. The Investor is able to bear the economic risk of an investment in
the Shares and, at the present time, is able to afford a complete loss of such investment.


 


3.2Company
Representations and Warranties. The Company represents and warrants to the Investor as follows:


 


(a) Organization
and Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use
its properties and assets and to carry on its business as currently conducted. The Company is not in violation nor default of any
of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.
The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure
to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in a Material Adverse
Effect and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit
or curtail such power and authority or qualification.


 


(b) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement
by the Company and the consummation by it of the transactions contemplated have been duly authorized by all necessary action on
the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders
in connection herewith. This Agreement has been (or upon delivery will have been) duly executed by the Company and, when delivered
in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.


 


(c) No
Conflicts. The execution, delivery and performance by the Company of this Agreement, the issuance and sale of the securities
hereunder and the consummation by it of the transactions contemplated hereby do not and will not: (i) conflict with or violate
any provision of the Company’s certificate or articles of incorporation, bylaws or other organizational or charter documents,
(ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under,
result in the creation of any Lien upon any of the properties or assets of the Company, or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt
or other instrument (evidencing a Company debt or otherwise) or other understanding to which the Company is a party or by which
any property or asset of the Company is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject,
or by which any property or asset of the Company is bound or affected; except in the case of each of clauses (ii) and (iii), such
as could not have or reasonably be expected to result in a Material Adverse Effect.


 






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(d)Other
Investors; Registration. Schedule I shall include a complete and final list of all Restated Series A Warrants and Restated
Series B Warrants being issued to Investors and the Company shall have not entered into any agreement or understanding with any
Other Investor that would provide for different (disproportional or otherwise) rights or consideration than what is being offered
to the Investor hereunder nor shall there any be any side or other letters, agreements or understandings with any other Investor
not provided for in this Agreement (adjusted ratably). The registration statement on Form S-1, Commission File No. 333-195251 shall
remain effective and available for the resale of the shares underlying the Restated Series A Warrants and Restated Series B Warrants
immediately following the Effective Date and the Company shall use its reasonable best efforts to cause such registration statement
to remain available to the Investor.


 


(e)Issuance
of the Shares. The Shares to be issued hereunder are duly authorized and, when issued and paid for in accordance with this
Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company.


 


4. TERMINATION.


 


On or before 9:30
a.m., New York time, on the first (1st) Business Day following the Effective Date, the Company shall file a Current Report on Form
8-K describing all the material terms of the transactions contemplated by the Agreement in the form required by the Securities
Exchange Act of 1934, as amended, and attaching this Agreement and the form of the Restated Series A Warrant and Restated
Series B Warrant thereto as exhibits (including all attachments, the “8-K Filing”). From and after the
issuance of the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) delivered to any of
the Investors by the Company in connection with the transactions contemplated by this Agreement. On or before 9:30 a.m., New York
time, on the Effective Date, the Company shall file a Current Report on Form 8-K certifying that the Amendment has been consummated.


 


5.TERMINATION.


 


In the event that
the Effective Date does not occur on or before August 13, 2014, the nonbreaching party shall have the option to terminate this
Agreement with respect to such breaching party at the close of business on such date without liability of any party to any other
party. Upon such termination, the terms hereof shall be null and void and the parties shall continue to comply with all terms and
conditions of the Transaction Documents, as in effect prior to the execution of this Agreement.


 


6.MISCELLANEOUS.


 


6.1No
Commissions. Neither the Company nor the Investor has paid or given, or will pay or give, to any person, any commission or
other remuneration, directly or indirectly, in connection with the transactions contemplated by this Agreement.


 


6.2Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Agreement.


 


6.3Amendment.
This Agreement may only be amended by a written instrument executed by each of the parties hereto.


 


6.4Execution
in Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original,
but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts
has been signed by each of the parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart
of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient delivery thereof.


 


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left blank]


 






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IN WITNESS WHEREOF,
the Investor and the Company have caused their respective signature pages to this Agreement to be duly executed as of the date
first written above.





	 	 	 	 	 
	 	
        COMPANY:

        

        

         

        IMMUNE PHARMACEUTICALS INC. 

         
	 
	 	
         

         

        By:  

        
	 	 
	 	 	Name:  	Dr. Daniel G. Teper	 
	 	 	Title:  	Chief Executive Officer 	 



 






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IN WITNESS WHEREOF, the Investor and the Company have caused their respective signature pages to this Agreement to be duly
executed as of the date first written above.


 


 


Name of Investor: ________________________________________________________


 


Signature of Authorized Signatory of
Investor: __________________________________


 


Name of Authorized Signatory: ____________________________________________________


 


Title of Authorized Signatory: _____________________________________________________


 


Email Address of Authorized Signatory:
_____________________________________________


 


Facsimile Number of Authorized Signatory: __________________________________________


 


Address for Notice to Investor:


 


 


Address for Delivery of Certificates to Investor (if not same
as address for notice):


 


 


$4.25 Warrants:


 


$5.10 Warrants:


 


Restated Series A Warrants:


 


Restated Series B Warrants:


 


Shares of Common Stock:


 






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Schedule I


 


	 	 	Original
    March Warrants	 	 	After
    Registration Explosion	 	 	New
    Warrant (reflect amount and price adj.)	 	 	Aug
    - New Registered Shares	 
	March
    2014 Pipe Warrants	 	$	4.25	 	 	$	5.10	 	 	 	 Total
                                         	 	 	$	3.39	 	 	$	4.07	 	 	 	 Total
                                         	 	 	$	3.00	 	 	$	3.50	 	 	 	 Total
                                         	 	 	 	 Total
                                         	 
	MMCAP
    International Inc. SPC	 	 	367,647	 	 	 	367,647	 	 	 	735,294	 	 	 	461,255	 	 	 	461,255	 	 	 	922,509	 	 	 	520,833	 	 	 	535,714	 	 	 	1,056,548	 	 	 	49,020	 
	Sabby
    Healthcare	 	 	161,765	 	 	 	161,765	 	 	 	323,529	 	 	 	202,952	 	 	 	202,952	 	 	 	405,904	 	 	 	229,167	 	 	 	235,714	 	 	 	464,881	 	 	 	21,569	 
	Sabby
    Volatility Warrant	 	 	73,529	 	 	 	73,529	 	 	 	147,059	 	 	 	92,251	 	 	 	92,251	 	 	 	184,502	 	 	 	104,167	 	 	 	107,143	 	 	 	211,310	 	 	 	9,804	 
	Capital
    Ventures International	 	 	150,000	 	 	 	150,000	 	 	 	300,000	 	 	 	188,192	 	 	 	188,192	 	 	 	376,384	 	 	 	212,500	 	 	 	218,571	 	 	 	431,071	 	 	 	20,000	 
	Sio
    Partners, LP	 	 	82,205	 	 	 	82,205	 	 	 	164,410	 	 	 	103,136	 	 	 	103,136	 	 	 	206,271	 	 	 	116,457	 	 	 	119,785	 	 	 	236,242	 	 	 	10,961	 
	Sio
    Partners QP, LP	 	 	14,168	 	 	 	14,168	 	 	 	28,336	 	 	 	17,775	 	 	 	17,775	 	 	 	35,551	 	 	 	20,071	 	 	 	20,645	 	 	 	40,716	 	 	 	1,889	 
	Sio
    Partners Offshore, Ltd.	 	 	50,686	 	 	 	50,686	 	 	 	101,371	 	 	 	63,591	 	 	 	63,591	 	 	 	127,182	 	 	 	71,805	 	 	 	73,856	 	 	 	145,661	 	 	 	6,758	 
	Nyenburgh
    Holding B.V.	 	 	58,824	 	 	 	58,824	 	 	 	117,647	 	 	 	73,801	 	 	 	73,801	 	 	 	147,601	 	 	 	83,333	 	 	 	85,714	 	 	 	169,048	 	 	 	7,843	 
	Stourbridge
    Investments LLC	 	 	14,706	 	 	 	14,706	 	 	 	29,412	 	 	 	18,450	 	 	 	18,450	 	 	 	36,900	 	 	 	20,833	 	 	 	21,429	 	 	 	42,262	 	 	 	1,961	 
	Cranshire
    Capital Master Fund, Ltd.	 	 	44,118	 	 	 	44,118	 	 	 	88,235	 	 	 	55,351	 	 	 	55,351	 	 	 	110,701	 	 	 	62,500	 	 	 	64,286	 	 	 	126,786	 	 	 	5,882	 
	Equitec
    Specialists, LLC	 	 	14,706	 	 	 	14,706	 	 	 	29,412	 	 	 	18,450	 	 	 	18,450	 	 	 	36,900	 	 	 	20,833	 	 	 	21,429	 	 	 	42,262	 	 	 	1,961	 
	Chardan
    Capital Markets LLC	 	 	23,442	 	 	 	23,442	 	 	 	46,884	 	 	 	29,411	 	 	 	29,411	 	 	 	58,821	 	 	 	33,209	 	 	 	34,158	 	 	 	67,368	 	 	 	3,126	 
	JMM
    Foundation, Inc.	 	 	14,706	 	 	 	14,706	 	 	 	29,412	 	 	 	18,450	 	 	 	18,450	 	 	 	36,900	 	 	 	20,833	 	 	 	21,429	 	 	 	42,262	 	 	 	1,961	 
	DAFNA
    Lifescience L.P.	 	 	38,235	 	 	 	38,235	 	 	 	76,471	 	 	 	47,970	 	 	 	47,970	 	 	 	95,941	 	 	 	54,167	 	 	 	55,714	 	 	 	109,881	 	 	 	5,098	 
	DAFNA
    Lifescience Select L.P.	 	 	28,676	 	 	 	28,676	 	 	 	57,353	 	 	 	35,978	 	 	 	35,978	 	 	 	71,956	 	 	 	40,625	 	 	 	41,786	 	 	 	82,411	 	 	 	3,824	 
	DAFNA
    Lifescience Market Neutral L.P.	 	 	6,618	 	 	 	6,618	 	 	 	13,235	 	 	 	8,303	 	 	 	8,303	 	 	 	16,605	 	 	 	9,375	 	 	 	9,643	 	 	 	19,018	 	 	 	882	 
	Framboise
    Trading Limited	 	 	147,059	 	 	 	147,059	 	 	 	294,118	 	 	 	184,502	 	 	 	184,502	 	 	 	369,004	 	 	 	208,333	 	 	 	214,286	 	 	 	422,619	 	 	 	19,608	 




 






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	Melini
    Capital	 	 	73,529	 	 	 	73,529	 	 	 	147,059	 	 	 	92,251	 	 	 	92,251	 	 	 	184,502	 	 	 	104,167	 	 	 	107,143	 	 	 	211,310	 	 	 	9,804	 
	Business
    Assets Corp.	 	 	73,529	 	 	 	73,529	 	 	 	147,059	 	 	 	92,251	 	 	 	92,251	 	 	 	184,502	 	 	 	104,167	 	 	 	107,143	 	 	 	211,310	 	 	 	9,804	 
	Paul
    Benichou	 	 	73,529	 	 	 	73,529	 	 	 	147,059	 	 	 	92,251	 	 	 	92,251	 	 	 	184,502	 	 	 	104,167	 	 	 	107,143	 	 	 	211,310	 	 	 	9,804	 
	Giliana
    Niffeler	 	 	22,059	 	 	 	22,059	 	 	 	44,118	 	 	 	27,675	 	 	 	27,675	 	 	 	55,351	 	 	 	31,250	 	 	 	32,143	 	 	 	63,393	 	 	 	2,941	 
	Michael
    Tordjman	 	 	15,074	 	 	 	15,074	 	 	 	30,147	 	 	 	18,911	 	 	 	18,911	 	 	 	37,823	 	 	 	21,354	 	 	 	21,964	 	 	 	43,318	 	 	 	2,010	 
	Frank
    Allouch	 	 	14,706	 	 	 	14,706	 	 	 	29,412	 	 	 	18,450	 	 	 	18,450	 	 	 	36,900	 	 	 	20,833	 	 	 	21,429	 	 	 	42,262	 	 	 	1,961	 
	Rahul
    Singhvi	 	 	7,353	 	 	 	7,353	 	 	 	14,706	 	 	 	9,225	 	 	 	9,225	 	 	 	18,450	 	 	 	10,417	 	 	 	10,714	 	 	 	21,131	 	 	 	980	 
	Daniel
    Teper	 	 	8,824	 	 	 	8,824	 	 	 	17,647	 	 	 	11,070	 	 	 	11,070	 	 	 	22,140	 	 	 	12,500	 	 	 	12,857	 	 	 	25,357	 	 	 	1,176	 
	Isaac
    Kobrin	 	 	8,824	 	 	 	8,824	 	 	 	17,647	 	 	 	11,070	 	 	 	11,070	 	 	 	22,140	 	 	 	12,500	 	 	 	12,857	 	 	 	25,357	 	 	 	1,176	 
	David
    Sidransky	 	 	5,882	 	 	 	5,882	 	 	 	11,765	 	 	 	7,380	 	 	 	7,380	 	 	 	14,760	 	 	 	8,333	 	 	 	8,571	 	 	 	16,905	 	 	 	784	 
	René
    Lerer	 	 	2,938	 	 	 	2,938	 	 	 	5,875	 	 	 	3,685	 	 	 	3,685	 	 	 	7,371	 	 	 	4,161	 	 	 	4,280	 	 	 	8,442	 	 	 	392	 
	Daniel
    Kazado	 	 	2,938	 	 	 	2,938	 	 	 	5,875	 	 	 	3,685	 	 	 	3,685	 	 	 	7,371	 	 	 	4,161	 	 	 	4,280	 	 	 	8,442	 	 	 	392	 
	Marc
    Rothenberg	 	 	5,735	 	 	 	5,735	 	 	 	11,471	 	 	 	7,196	 	 	 	7,196	 	 	 	14,391	 	 	 	8,125	 	 	 	8,357	 	 	 	16,482	 	 	 	765	 
	Jean
    Kadouche	 	 	2,941	 	 	 	2,941	 	 	 	5,882	 	 	 	3,690	 	 	 	3,690	 	 	 	7,380	 	 	 	4,167	 	 	 	4,286	 	 	 	8,452	 	 	 	392	 
	Oppenheim
    Asset Management	 	 	36,765	 	 	 	36,765	 	 	 	73,529	 	 	 	46,125	 	 	 	46,125	 	 	 	92,251	 	 	 	52,083	 	 	 	53,571	 	 	 	105,655	 	 	 	4,902	 
	IPConcept	 	 	14,706	 	 	 	14,706	 	 	 	29,412	 	 	 	18,450	 	 	 	18,450	 	 	 	36,900	 	 	 	20,833	 	 	 	21,429	 	 	 	42,262	 	 	 	1,961	 
	Medical
    Strategy GmbH	 	 	7,353	 	 	 	7,353	 	 	 	14,706	 	 	 	9,225	 	 	 	9,225	 	 	 	18,450	 	 	 	10,417	 	 	 	10,714	 	 	 	21,131	 	 	 	980	 
	Hauck
    & Aufhäuser Banquiers	 	 	2,938	 	 	 	2,938	 	 	 	5,875	 	 	 	3,685	 	 	 	3,685	 	 	 	7,371	 	 	 	4,161	 	 	 	4,280	 	 	 	8,442	 	 	 	392	 
	Michal
    Ayalon Soffer	 	 	2,941	 	 	 	2,941	 	 	 	5,882	 	 	 	3,690	 	 	 	3,690	 	 	 	7,380	 	 	 	4,167	 	 	 	4,286	 	 	 	8,452	 	 	 	392	 
	Adam
    Foley-Comer	 	 	2,941	 	 	 	2,941	 	 	 	5,882	 	 	 	3,690	 	 	 	3,690	 	 	 	7,380	 	 	 	4,167	 	 	 	4,286	 	 	 	8,452	 	 	 	392	 
	Sarit
    Steinberg	 	 	2,941	 	 	 	2,941	 	 	 	5,882	 	 	 	3,690	 	 	 	3,690	 	 	 	7,380	 	 	 	4,167	 	 	 	4,286	 	 	 	8,452	 	 	 	392	 
	Danit
    Shema	 	 	843	 	 	 	843	 	 	 	1,685	 	 	 	1,057	 	 	 	1,057	 	 	 	2,114	 	 	 	1,194	 	 	 	1,228	 	 	 	2,422	 	 	 	112	 
	Oshrat
    Harush Frenkel	 	 	421	 	 	 	421	 	 	 	843	 	 	 	529	 	 	 	529	 	 	 	1,057	 	 	 	597	 	 	 	614	 	 	 	1,211	 	 	 	56	 
	Ze'ev
    Hamber	 	 	147	 	 	 	147	 	 	 	294	 	 	 	185	 	 	 	185	 	 	 	369	 	 	 	208	 	 	 	214	 	 	 	423	 	 	 	20	 
	Sub
    Total	 	 	1,680,945	 	 	 	1,680,945	 	 	 	3,361,890	 	 	 	2,108,938	 	 	 	2,108,939	 	 	 	4,217,876	 	 	 	2,381,342	 	 	 	2,449,380	 	 	 	4,830,715	 	 	 	224,126	 




 






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