Exhibit 10.1


 


WARRANT
EXERCISE AGREEMENT


 


This
Warrant Exercise Agreement (this “Agreement”), dated as of May 12, 2020, is by and between Cellect
Biotechnology Ltd., an Israeli company (the “Company”), and the undersigned holder (each, a
“Holder” and, collectively, the “Holders”) of warrants to purchase ordinary shares of
the Company, no par value per share (the “Ordinary Shares”), represented by American Depositary Shares
(“ADSs”) issued by the Company, which warrants were issued in February 2019 and are exercisable at an
exercise price of $7.50 per ADS (the “Original Warrants”).


 


WHEREAS,
the Holder’s Original Warrants are exercisable into American Depositary Shares represented by a number Ordinary Shares as
set forth on the Holder’s signature page hereto (the “Warrant Shares”) and are currently registered pursuant
to a registration statement on Form F-1 (File No. 333-229083 which became effective on February 7, 2019 and post-effective amendment
thereto on Form F-3 which became effective on April 4, 2019 (collectively, the “Registration Statement”).


 


WHEREAS,
the Holder wishes to exercise all of such Original Warrants as set forth herein.


 


NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the Holder and the Company agree as follows:


 


ARTICLE
I


DEFINITIONS


 


Section
1.1 Definitions. Capitalized terms not defined in this Agreement shall have the meanings ascribed to such terms in the
Original Warrants.


 




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ARTICLE
II


EXERCISE
OF EXISTING WARRANT


 


Section
2.1 Exercise of Original Warrants.


 


(a)
The Company and the Holder hereby agree that the Holder shall immediately exercise the Original Warrants with respect to the
number of Warrant Shares set forth on the Holder’s signature page hereto at an exercise price per share equal to $2.75
per ADS, pursuant to the terms of the Original Warrants (the “Warrant Exercise”). Notwithstanding anything
herein to the contrary, in the event that the Warrant Exercise would otherwise cause the Holder to exceed the beneficial
ownership limitation (the “Beneficial Ownership Limitation”) in the Original Warrants, the Company shall
only issue such number of Warrant Shares to the Holder (as instructed in writing by the Holder) that would not cause such
Holder to exceed the maximum number of Warrant Shares permitted thereunder with the balance to be held in abeyance until the
balance (or portion thereof) may be issued in compliance with such beneficial ownership limitations. Holder shall provide
written notice to the Company promptly when any additional Warrant Shares may be issued in compliance with the Beneficial
Ownership Limitation. The balance of the Warrant Shares shall be issued when the Holder provides notice that the Holder holds
less than the Beneficial Ownership Limitation via The Depository Trust Company Deposit or Withdrawal at Custodian system
(“DWAC”) no later than the 2nd Trading Day following the date of such notice.


 


(b)
Upon satisfaction of the covenants and conditions set forth in Section 2.3 but no later than the 2nd Trading Day following
the date hereof, the closing shall occur at the offices of A.G.P./Alliance Global Partners (the “Placement Agent”)
or such other location as the parties shall mutually agree. The Holder shall deliver the aggregate cash exercise price for such
exercise of the Original Warrants to the bank account set forth on the Company’s signature page hereto within two (2) Trading
Days following the date hereof and the Company shall deliver the Warrant Shares to the Holder via the DWAC pursuant to the terms
of the Original Warrant, but pursuant to instructions set forth on the Holder’s signature page hereto. The date of the closing
of the exercise of the Original Warrant shall be referred to as the “Closing Date”.


 




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Section
2.2 Reserved.


 


Section
2.3 Issuance of Press Release. Prior to 9:30 A.M. on May 12, 2020, the Company shall issue a press release disclosing the
material terms of the transactions contemplated hereby and within the time required by the laws file a Report on Form 6-K with
the Commission, which shall include a form of this Agreement (the “6-K Filing”). From and after the issuance
of the press release, the Company represents to the Holder that it shall not be in possession of any material, nonpublic information
received from the Company, any of its subsidiaries (for purposes of this Agreement, as defined in Rule 405 under the Securities
Act) or any of their respective officers, directors, employees or agents that is not disclosed in press release. In addition,
effective upon the issuance of the press release, the Company acknowledges and agrees that any and all confidentiality or similar
obligations under any agreement, whether written or oral, between the Company, any of its subsidiaries or any of their respective
officers, directors, affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand,
shall terminate.


 


ARTICLE
III


REPRESENTATIONS
AND WARRANTIES


 


Section
3.1 Representations and Warranties of the Company. The Company hereby makes the representations and warranties set forth
below to the Holder that as of the date of its execution of this Agreement:


 


(a)
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 hereby have been duly
authorized by all necessary action on the part of such Company and no further action is required by such Company, its board of
directors or its shareholders in connection therewith. This Agreement has 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.


 




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(b)
Organization. The Company is a duly organized and validly existing corporation in good standing under the laws of the State
of Israel.


 


(c)
Registration Statement. The Warrant Shares are registered for issuance to the Holder on the Registration Statement, and
the Company knows of no reasons why such Registration Statement shall not remain available for the issuance of such Warrant Shares
for the foreseeable future. The Company shall use commercially reasonable efforts to keep the Registration Statement effective
and available for use by the Holder until all Warrant Shares are issued to the Holder.


 


(d)
No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company
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, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any
lien upon any of the properties or assets of the Company, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material
instrument (evidencing Company debt or otherwise) or other material 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
(including federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected.


 


(e)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by this Agreement,
the Company confirms that neither it nor any other Person acting on its behalf has provided the Holder or any of its agents or
counsel with any information that it believes constitutes or might constitute material, non-public information. The Company understands
and confirms that the Holder will rely on the foregoing representation in effecting transactions in securities of the Company.
All of the disclosure furnished by or on behalf of the Company to the Holder regarding the Company and its subsidiaries, their
respective businesses and the transactions contemplated hereby, including but not limited to the disclosure set forth in the SEC
Reports, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. As used
herein, “SEC Reports” means all reports, schedules, forms, statements and other documents required to be filed
by the Company with the Commission pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended,
including all exhibits included therein and financial statements, notes and schedules thereto and documents incorporated by reference
therein.


 




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Section
3.2 Representations and Warranties of the Holder. The Holder hereby makes the representations and warranties set forth
below to the Company that as of the date of its execution of this Agreement:


 


(a)
Due Authorization. The Holder represents and warrants that (i) the execution and delivery of this Agreement by it and the
consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on its behalf and
(ii) this Agreement has been duly executed and delivered by the Holder and constitutes the valid and binding obligation of the
Holder, enforceable against it in accordance with its terms.


 


(b)
No Conflicts. The execution, delivery and performance of this Agreement by the Holder and the consummation by the Holder
of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Holder’s
organizational or charter documents, or (ii) conflict with or result in a violation of any agreement, law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority which would interfere with the ability
of the Holder to perform its obligations under this Agreement.


 


(c)
Access to Information. The Holder acknowledges that it has had the opportunity to review this Agreement and the SEC Reports
and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives
of the Company concerning the terms and conditions of the exercise of the Original Warrants and the merits and risks of investing
in the Warrant Shares underlying the Original Warrants; (ii) access to information about the Company and its financial condition,
results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and
(iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort
or expense that is necessary to make an informed investment decision with respect to the investment. The Holder acknowledges and
agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided the Holder with any information
or advice with respect to the Original Warrants or the Warrant Shares nor is such information or advice necessary or desired.
Neither the Placement Agent nor any Affiliate of the Placement Agent has made or makes any representation as to the Company or
the quality of the Original Warrants or the Warrant Shares, and the Placement Agent and any Affiliate of the Placement Agent may
have acquired non-public information with respect to the Company which the Holder agrees need not be provided to it. In connection
with the issuance of the Warrant Shares to the Holder, neither the Placement Agent nor any of its Affiliates has acted as a financial
advisor or fiduciary to the Holder.


 


(d)
Holder Status. The Holder is an “accredited investor” as defined in Rule 501 under the Securities Act.


 




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ARTICLE
IV


MISCELLANEOUS


 


Section
4.1 Favorable Agreement. The Company covenants and agrees that it has not entered into any agreement with respect to the
Original Warrants with any other holder of the Original Warrants (each, an “Other Holder”) for any material amendments,
modifications or waivers thereof (or settlement or exchange of such Original Warrants for other material consideration) (each
a “More Favorable Agreement”), that is more favorable to such Other Holder than those of the Holder pursuant to this
Agreement. From the date hereof until one year following the Closing Date, if the Company enters into a More Favorable Agreement
with terms that are materially different from this Agreement (“material” shall be in the reasonable determination
of the Holder), then (i) the Company shall provide written notice thereof to the Holder promptly following the occurrence thereof
and (ii) the terms and conditions of this Agreement that shall be, without any further action by the Holder or the Company, automatically
and retroactively to the date hereof, amended and modified in an economically and legally equivalent manner such that the Holder
shall receive the benefit of such more favorable material terms and/or conditions (as the case may be) set forth in such More
Favorable Agreement, provided that upon written notice to the Company within five business days of such Company’s written
notice, the Holder may elect not to accept the benefit of any such amended or modified material term or condition, in which event
the material term or condition contained in this Agreement shall continue to apply to the Holder as it was in effect immediately
prior to such amendment or modification as if such amendment or modification never occurred with respect to the Holder. The provisions
of this paragraph shall apply similarly and equally to each More Favorable Agreement. The Company will notify the Holder any time
it enters into any agreement with any Other Holder relating to the Original Warrants and, at the request of the Holder, provide
the Holder with such agreement for its review.


 


Section
4.2 Other Warrant Exercise Agreement. The Company acknowledges and agrees that the obligations of the Holder under this
Agreement are several and not joint with the obligations of any Other Holder under any other agreement related to the exercise
of such Original Warrants (“Other Warrant Exercise Agreement”), and the Holder shall not be responsible in
any way for the performance of the obligations of any Other Holder or under any such Other Warrant Exercise Agreement. Nothing
contained in this Agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and the
Other Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the
Holder and the Other Holders are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by this Agreement and the Company acknowledges that the Holder and the Other Holders are not acting in concert or
as a group with respect to such obligations or the transactions contemplated by this Agreement or any Other Warrant Exercise Agreement.
The Company and the Holder confirms that the Holder has independently participated in the negotiation of the transactions contemplated
hereby with the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce their
rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any Other Holder
to be joined as an additional party in any proceeding for such purpose.


 


Section
4.3 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be made by email to the email address of Holders set forth on Holders’ signature page.


 


Section
4.4 Survival. All warranties and representations (as of the date such warranties and representations were made) made herein
or in any certificate or other instrument delivered by any party hereto or on its behalf under this Agreement shall be considered
to have been relied upon by the parties hereto and shall survive the issuance of the Warrant Shares. This Agreement shall inure
to the benefit of and be binding upon the successors and permitted assigns of each of the parties; provided, however, that no
party may assign this Agreement or the obligations and rights of such party hereunder without the prior written consent of the
other parties hereto.


 


Section
4.5 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.


 






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Section
4.6 Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby
and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon
so agreeing, shall incorporate such substitute provision in this Agreement.


 


Section
4.7 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be determined pursuant to the Governing Law provision in Section 7.4 of the Original Warrants.


 


Section
4.8 Entire Agreement. The Agreement, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.


 


Section
4.9 Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not
be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.


 


Section
4.10 Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts,
if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance
of this Agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection
with the delivery of any Warrant Shares.


 


Section
4.11 Subsequent Equity Sales. From the date hereof until five (5) business days following the Closing Date, neither the
Company nor any subsidiary of the Company shall issue, enter into any agreement to issue or announce the issuance or proposed
issuance of any Ordinary Shares, ADSs or Ordinary Share Equivalents.


 


Section
4.12 Beneficial Ownership Limitation. The parties hereby agree that the Beneficial Ownership Limitation for the Original
Warrant for purposes of this agreement is 9.99%.


 


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IN
WITNESS WHEREOF, the undersigned have executed this Warrant Exercise Agreement as of the date first written above.


 


	COMPANY:	 
	 	 	 
	CELLECT BIOTECHNOLOGY LTD.	 
	 	 	 
	By: 	                      	 
	Name: 	           	 
	Title:	 	 


 


Bank
Account and Wire Instructions:


 




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[HOLDER
SIGNATURE PAGES TO APOP


WARRANT
EXERCISE AGREEMENT] 


 


IN
WITNESS WHEREOF, the undersigned have caused this Warrant Exercise Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.


 


Name
of Holder: ____________________________________________


 


Signature
of Authorized Signatory of Holder: ____________________________________________


 


Name
of Authorized Signatory: ____________________________________________


 


Title
of Authorized Signatory: ____________________________________________


 


Email
Address of Holder: ____________________________________________


 


Number
of Warrant Shares underlying Original Warrants to be exercised: ___________________


 


	Aggregate
    Exercise Price of Original Warrants to be Exercised: $              


 


DWAC
Instructions for Warrant Shares to be issued upon exercise of Original Warrants: __________________


 


 


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