Document:

Exhibit 4.1

 

CERTIFICATE NO.
****** Advanced Inhalation Therapies (AIT) Ltd. ORDINARY SHARES****** INCORPORATED UNDER THE LAWS OF THE STATE OF ISRAELCUSIP
M0182P100 THIS CERTIFIES THAT * SPECIMEN *Is The Owner of ****** FULLY PAID AND NON-ASSESSABLE ORDINARY SHARES OFAdvanced
Inhalation Therapies (AIT) Ltd. Transferable on the books of the Corporation in person or by duly authorized attorney upon surrender
of this Certificate properly endorsed. This Certificate is not valid until countersigned by the Transfer Agent and registered
by the Registrar. Dated: ****** ...0r <0-·,i:i.g..,. COUNTERSIGNED AND REGISTERED: VSTOCI< TRANSFER, LLC Transfer
Agent and Registrar Chief Executive OfficerExhibit 4.2

 

 

 

CERTIFICATE NO.
****** Advanced Inhalation Therapies (AIT) Ltd. UNITS ****** INCORPORATED UNDER THE LAWS OF THE STATE OF ISRAELCUSIP M0182P126
THIS CERTIFIES THAT * SPECIMEN *Is The Owner of ****** FULLY PAID AND NON-ASSESSABLE UNITS OF Advanced Inhalation Therapies
(AIT) Ltd. Transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this Certificate
properly endorsed. This Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar.Each
unit (“Unit”) consists of two (2) ordinary shares, no par value (“Ordinary Shares”) and three (3) warrants
(“Warrants”) of Advanced Inhalation Therapies (AIT) Ltd. (the “Company). Each Warrant entitles the holder to
purchase one (1) Ordinary Share at an exercise price of $ (subject to adjustment). Each Warrant will become exercisable 45 days
after the date of effectiveness of the Company’s registration statement on Form F-1 (No. 333-206557) (the “Registration
Statement”), filed with the Securities and Exchange Commission, and will expire on , 2021.The Ordinary Shares and Warrants
comprising the Units represented by this certificate are not transferable separately prior to the date which is 45 days after
the date of effectiveness of the Registration Statement unless Joseph Gunnar & Co., LLC, as representative of the underwriters,
determines that an earlier separation date is acceptable, in which case the Company will publicly announce the date for separate
trading to begin.The terms of the Warrants are governed by a Warrant Agreement, dated as of , 2016, by and between the Company
and VStock Transfer, LLC, as Warrant Agent, and are subject to the terms and provisions contained therein, to all of which terms
and provisions the holder of this certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the
office of the Warrant Agent located at 18 Lafayette Place, Woodmere, NY 11598, and are available to any Warrant holder upon written
request and without cost. Dated: ****** ...0r <0-·,i:i.g..,. COUNTERSIGNED AND REGISTERED: VSTOCK TRANSFER, LLC Transfer
Agent and Registrar Chief Executive OfficerExhibit 4.4

 

WARRANT  AGREEMENT

 

WARRANT  AGREEMENT (this “Warrant
Agreement”) dated as of January ___, 2016 (the “Issuance Date”) between Advanced Inhalation Therapies
(AIT) Ltd., a company incorporated under the laws of the State of Israel (the “Company”), and Vstock Transfer,
LLC, as warrant agent (the “Warrant Agent”).

 

WHEREAS, pursuant to the terms of that
certain Underwriting Agreement (“Underwriting Agreement”), dated as of January __, 2016, between the Company
and Joseph Gunnar & Co., LLC as representative of the underwriters set forth therein, the Company is engaged in a public offering
(the “Offering”) of up to ________ units (“Units”), each consisting of two ordinary shares
of the Company, no par value per share (“Ordinary Shares”), and three Ordinary Share Purchase Warrants (the
“Warrants”), with each such Warrant representing the right of the holder thereof to purchase one Ordinary Share
for US$_____, subject to adjustment as described herein;

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “Commission”) a Registration Statement, No. 333-206557, on Form F-1
(as the same may be amended from time to time, the “Registration Statement”) for the registration, under the
Securities Act of 1933, as amended (the “Securities Act”), of, among other securities, the Units, the Ordinary
Shares included in the Units, the Warrants included in the Units and the Ordinary Shares issuable upon exercise of the Warrants
(the “Warrant Shares”), and such Registration Statement was declared effective on January_______, 2016;

 

WHEREAS, the Company desires the Warrant
Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth in this
Warrant Agreement in connection with the issuance, registration, transfer, exchange and exercise of the Warrants;

 

WHEREAS, the Company desires to provide
for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation
of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things have been
done and performed which are necessary to make the Warrants the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Warrant Agreement.

 

NOW, THEREFORE, in consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

1.          Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company with respect to the Warrants,
and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions
set forth in this Warrant Agreement (and no implied terms or conditions).

 

2.          Warrants.

 

2.1        Form
of Warrants. The Warrants shall be registered securities and shall be evidenced by a certificate (“Certificate”)
in the form of Annex A to this Warrant Agreement. If The Depository Trust Company (“DTC”) subsequently ceases to make its book-entry settlement
system available for the Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry
settlement.

 

2.2        Issuance
and Registration of Warrants.

 

2.2.1     Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants.

 

2.2.2     Issuance
of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Warrant Certificates and
deliver the Warrants in the DTC book-entry settlement system in accordance with written instructions delivered to the Warrant Agent
by the Company. Ownership of securities entitlements in the Warrants shall be shown on, and the transfer of such ownership shall
be effected through, record maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, a “Participant”).

 

     

     

    

 

2.2.3     Beneficial
Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”)
as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company
nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent
the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification,
proxy or other authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any
Warrant.

 

2.2.4     Execution.
The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized
Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by
facsimile signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent, which need
not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless
so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized
Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates,
nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person
who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate may be signed
on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized
Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement
any such person was not such an Authorized Officer.

 

2.2.5     Registration
of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be registered
and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or Warrant
Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder
desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request
in writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates
evidencing the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged and,
in the case of registration of transfer, shall provide a signature guarantee. Thereupon, the Warrant Agent shall countersign and
deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The
Company and the Warrant Agent may require payment, by the Holder requesting a registration of transfer of Warrants or a split-up,
combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants and issuance
of Warrant Shares to the Holder), of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Company and the Warrant
Agent of all reasonable expenses incidental thereto.

 

2.2.6     Loss,
Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory to them of the loss,
theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity or security
in customary form and amount, and provision of a bond for the replacement, and reimbursement to the Company and the Warrant Agent
of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate
if mutilated, the Warrant Agent shall, on behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor
to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder
an administrative fee for processing the replacement of lost Warrant Certificates.

 

2.2.7     Proxies.
The Holder of a Warrant may grant proxies or otherwise authorize any person, including the Participants and beneficial holders that may own interests through the Participants, to
take any action that a Holder is entitled to take under this Agreement or the Warrants.

 

3.          Terms
and Exercise of Warrants.

 

3.1        Exercise
Price. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this Warrant
Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of US$___ per Ordinary Share,
subject to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this
Warrant Agreement refers to the price per Ordinary Share at which Ordinary Shares may be purchased at the time a Warrant is exercised.

 

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3.2        Duration
of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on the Issuance
Date and terminating at 5:00 P.M., New York City time (the “close of business”) on _______, 20211
(“Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close of business
on the Expiration Date.

 

3.3        Exercise
of Warrants.

 

3.3.1     Exercise
and
Payment.         (a)          
Subject to the provisions of this Warrant Agreement, a Holder (or a Participant acting on behalf of a Holder in accordance
with DTC procedures) may exercise Warrants by delivering to the Warrant Agent, not later than 5:00 P.M., New York City time,
on any business day during the Exercise Period (i) the Warrants to be exercised by (A) surrender of the Warrant Certificate
evidencing the Warrants to the Warrant Agent at its office designated for such purpose or (B) delivery of the Warrants to an
account of the Warrant Agent at DTC designated for such purpose in writing by the Warrant Agent to DTC from time to time,
(ii) an election to purchase the Warrant Shares underlying the Warrants to be exercised (A) in the form included in Annex
B to this Warrant Agreement or (B) via an electronic warrant exercise through the DTC system (each, an
“Election to Purchase”) and (iii) the Exercise Price for each Warrant to be exercised (and, if applicable,
any taxes or charges due in connection with the exercise of such Warrants), in lawful money of the United States of America
by (A) certified or official bank check payable to the Company, (B) bank wire transfer in immediately available funds to the
Company ABA #: _________, Account Number: _______, Account Name: ____________.

 

(b)        If
any of (i) the Warrants, (ii) the Election to Purchase, or (iii) the Exercise Price therefor (payable to the Company), is received
by the Warrant Agent on any date after 5:00 P.M., New York City time, or on a date that is not a Trading Day, the Warrants with
respect thereto will be deemed to have been received and exercised on the Trading Day next succeeding such date. “Business
day” means a day other than a Saturday or Sunday on which commercial Banks in New York City are open for the general
conduct of banking business. The “Exercise Date” will be the date on which the materials in the foregoing sentence
are received by the Warrant Agent (if by 5:00 P.M., New York City time), or the following Trading Day (if after 5:00 P.M., New
York City time), regardless of any earlier date written on the materials. If the Warrants are received or deemed to be received
after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned
to the Holder as soon as practicable.

 

(c)        If
less than all the Warrants evidenced by a surrendered Warrant Certificate are exercised, the Warrant Agent shall split up the surrendered
Warrant Certificate and return to the Holder a Warrant Certificate evidencing the Warrants that were not exercised.

 

3.3.2     Issuance
of Warrant Shares. The Company shall, by no later than 5:00 P.M., New York City time, on the third Trading Day following the
Exercise Date of any Warrant and the clearance of the funds in payment of the Exercise Price (such date and time, the “Delivery
Time”), cause its transfer agent to deliver the Warrant Shares as requested in the Election to Purchase.

 

3.3.3     Valid
Issuance. All Warrant Shares issuable by the Company upon the proper exercise of a Warrant in conformity with this Warrant
Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.4     No
Fractional Exercise. No fractional Warrant Shares will be issued upon the exercise of the Warrant.

 

3.3.5     No
Transfer Taxes. The Company shall not be required to pay any stamp or other tax or charge required to be paid in connection
with the exercise of Warrants; and the Company shall not be required to issue or deliver any Warrant Shares until such tax or other
charge shall have been paid or it has been established to the Company’s and the Warrant Agent’s satisfaction that no
such tax or other charge is due.

 

 

 

1
5 year anniversary of Issuance Date

 

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3.3.6     Date
of Issuance. The Company will treat an exercising Holder as a beneficial owner of the Warrant Shares as of the Exercise Date,
except that, if the Exercise Date is a date when the stock transfer books of the Company are closed, such person shall be deemed
to have become the holder of such shares at the open of business on the next succeeding date on which the stock transfer books
are open.

 

3.3.7     Restrictive
Legend Events; Cashless Exercise Under Certain Circumstances.

 

(i)         The
Company shall use it reasonable best efforts to maintain the effectiveness of the Registration Statement and the current status
of the prospectus included therein or to file and maintain the effectiveness of another registration statement and another current
prospectus covering the Warrants and the Warrant Shares at any time that the Warrants are exercisable. The Company shall provide
to the Warrant Agent and each Holder prompt written notice of any time that the Company is unable to deliver the Warrant Shares
via DTC transfer or otherwise without restrictive legend because (A) the Commission has issued a stop order with respect to the
Registration Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement,
either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement,
either temporarily or permanently, (D) the prospectus contained in the Registration Statement is not available for the issuance
of the Warrant Shares to the Holder or (E) otherwise (each a “Restrictive Legend Event”). To the extent that
the Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend Event occurs after a Holder
has exercised Warrants in accordance with the terms of the Warrants but prior to the delivery of the Warrant Shares the Company
shall, at the election of the Holder, which shall be given within five (5) days of receipt of such notice of the Restrictive Legend
Event, either (A) rescind the previously submitted Election to Purchase and the Company shall return all consideration paid by
registered holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described
in paragraph (ii) below and refund the cash portion of the exercise price to the Holder.

 

(ii)         If
a Restrictive Legend Event has occurred, the Warrant shall only be exercisable on a cashless basis. Notwithstanding anything herein
to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery
of the Warrant Shares. Upon a “cashless exercise”, the Holder shall be entitled to receive the number of Warrant Shares
equal to the quotient obtained by dividing (A-B) (X) by (A), where:

 

	 	(A)	= the VWAP on the Trading Day immediately preceding the Exercise Date;

 

	 	(B)	= the Exercise Price of the Warrant, as adjusted as set forth herein; and

 

	 	(X)	= the number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If the Warrant Shares are issued in such
a cashless exercise, the Company acknowledges and agrees that, in accordance with Section 3(a)(9) of the Securities Act, the Warrant
Shares shall take on the registered characteristics of the Warrants being exercised and the Company agrees not to take any position
contrary thereto.

 

3.3.8     Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares
issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares that are
not disputed.

 

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3.3.9     Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise.  In addition to any other rights available to the
Holder, if the Company fails to deliver the Warrant Shares to the Holder pursuant to Section 3.3.2 on or before 5:00 p.m. (New
York City time) on the second Trading Day after the Delivery Time, and if after such date the beneficial owner is required by its
broker to purchase (in an open market transaction or otherwise) or the beneficial owner’s brokerage firm otherwise purchases
Ordinary Shares to deliver in satisfaction of a sale by the beneficial owner of the Warrant Shares, which the beneficial owner
anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder
the amount, if any, by which (x) the beneficial owner’s total purchase price (including brokerage commissions, if any) for
the Warrant Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares, that the Company
was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving
rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant
and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of Warrant Shares that would have been issued had the Company timely complied with its delivery
obligations.  For example, if the beneficial owner purchases Ordinary Shares having a total purchase price of $11,000 to cover
a Buy-In with respect to an attempted exercise of Warrants with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000 for
the benefit of the beneficial owner. The Holder shall provide the Company written notice indicating the amounts payable to the
Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.  Nothing herein shall
limit right of a Holder to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Warrant
Shares upon exercise of Warrants as required pursuant to the terms hereof.

 

3.3.10   Beneficial
Ownership Limitation. A Holder shall not have the right to exercise any Warrants to the extent that after giving effect to
the issuance of Warrant Shares after exercise as set forth on the applicable Election to Purchase, such Holder or a person holding
through such Holder (together with such Holder’s or person’s Affiliates (as defined in Rule 405 under the Securities
Act), and any other persons acting as a group together with that Holder or person or any of that Holder’s or person’s
Affiliates), would beneficially own in excess of 4.99% (“Beneficial Ownership Limitation”) of the Company’s
Ordinary Shares. For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by a person shall include
the number of Ordinary Shares that would be owned by that person issuable upon exercise of the Warrants with respect to which such
determination is being made, but shall exclude the number of Ordinary Shares underlying any other securities of the Company held
by such Holder or its Affiliates that are exercisable or convertible into Ordinary Shares and subject to a limitation on conversion
or exercise that is analogous to the limitation contained in this Section 3.3.10. Except as set forth in the preceding sentence,
for purposes of this Section 3.3.10, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that neither the Warrant Agent nor the Company is representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder or beneficial owner is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 3.3.10 applies, the determination
of whether a Warrant is exercisable and of the number of Warrants that are exercisable shall be in the sole discretion of the Holder,
and the submission of an Election to Purchase shall be deemed to be the Holder’s determination of whether such Warrant is
exercisable and of the number of Warrants that are exercisable, and neither the Warrant Agent nor the Company shall have any obligation
to verify or confirm the accuracy of such determination and neither of them shall have any liability for any error made by the
Holder or any other person. In addition, a determination as to any group status as contemplated above shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 3.3.10,
in determining the number of outstanding Ordinary Shares, a Holder or other person may rely on the number of outstanding Ordinary
Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Securities and Exchange Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or
the Company’s transfer agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the
written or oral request of a person that represents that it is or is acting on behalf of a Holder, the Company shall, within two
(2) Trading Days, confirm orally or in writing or by e-mail to that person the number of Ordinary Shares then outstanding. Upon
delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership Limitation
to any other percentage not in excess of 9.99% as specified in such notice, provided that any increase in the Beneficial Ownership
Limitation will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and
any such increase or decrease will apply only to the Holder and its Affiliates and not to any other holder of Warrants. The provisions
of this Section 3.3.10 shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 3.3.10 to correct this subsection (or any portion hereof) which may be defective or inconsistent with the intended beneficial
ownership limitation herein contained.

 

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4.          Adjustments.

 

4.1        Adjustment
upon Subdivisions or Combinations. If the Company at any time after the Issuance Date subdivides (by any stock split, stock
dividend, recapitalization, reorganization, scheme of arrangement or otherwise) its outstanding Ordinary Shares into a greater
number of Ordinary Shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and
the number of Warrant Shares will be proportionately increased. If the Company at any time after the Issuance Date combines (by
any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) its outstanding Ordinary Shares
into a smaller number of Ordinary Shares, the Exercise Price in effect immediately prior to such combination will be proportionately
increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 4.1 shall become
effective at the close of business on the date the subdivision or combination or ratio change becomes effective. The Company shall
promptly notify the Warrant Agent in writing of any adjustment to the Warrants and give specific instructions to the Warrant Agent
with respect to any adjustments to the warrant register.

 

4.2        Adjustment
for Other Distributions. In the event the Company shall fix a record date for the making of a dividend or distribution to all
holders of Ordinary Shares of any evidences of indebtedness or assets or subscription rights, options or warrants (excluding those
referred to in Section 4.1 or other dividends paid out of retained earnings), then in each such case the Holder will, upon the
exercise of Warrants, be entitled to receive, in addition to the number of Warrant Shares issuable thereupon, and without payment
of any additional consideration therefor, the amount of such dividend or distribution, as applicable, which such Holder would have
held on the date of such exercise had such Holder been the holder of record of such Warrant Shares as of the date on which holders
of Ordinary Shares became entitled to receive such dividend or distribution. Such adjustment shall be made whenever any such distribution
is made and shall become effective immediately after the record date mentioned above.

 

4.3        Reclassification,
Consolidation, Purchase, Combination, Sale or Conveyance. If, at any time while the Warrants are outstanding, (i) the Company,
directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another
person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any direct or indirect purchase offer,
tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Ordinary Shares
are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the outstanding Ordinary Shares (not including any Ordinary Shares held by the other person or other persons
making or party to, or associated or affiliated with the other persons making, such purchase offer, tender offer or exchange offer),
(iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged
for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another person whereby such other person acquires more than 50% of the outstanding Ordinary
Shares (not including any Ordinary Share held by the other person or other persons making or party to, or associated or affiliated
with the other persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of a Warrant, the registered Holder shall have the right to receive,
for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction (without regard to any limitation in Section 3.3.10 on the exercise of the Warrants), the number of shares, if any,
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any
limitation in Section 3.3.10 on the exercise of the Warrants). For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one Ordinary Share in such Fundamental Transaction and the Company shall apportion the Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the
Company is not the survivor (the “Successor Entity”), to assume in writing all of the obligations of the Company
under this Warrant Agreement in accordance with the provisions of this Section 4.3 pursuant to written agreements in customary
form and shall, upon the written request of the Holder of Warrants, deliver to that Holder in exchange for those Warrants a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to those Warrants that is
exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity), if any, plus
any Alternate Consideration, receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares
for which those Warrants were exercisable immediately prior to such Fundamental Transaction, and with an exercise price which applies
the exercise price hereunder to such shares of capital stock, if any, plus any Alternate Consideration (but taking into account
the relative value of the Ordinary Shares prior to such Fundamental Transaction and the value of such shares of capital stock plus
Alternative consideration after that Fundamental Transaction, for the purpose of protecting the economic value those Warrants had
immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant Agreement and the Warrant referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this
Warrant Agreement and the Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	6	 

     

    

 

The Company shall instruct the Warrant
Agent in writing to mail by first class mail, postage prepaid, to each Holder, written notice of the execution of any such amendment,
supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered into by the successor corporation
or transferee shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Section 4.3. The Warrant Agent shall have no duty, responsibility or obligation to determine the correctness of any
provisions contained in such agreement or such notice, including but not limited to any provisions relating either to the kind
or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and provided
therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained in any such
agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers,
sales and conveyances of the kind described above.

 

4.4           Intentionally
Omitted

 

4.5           Other
Events. If any event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not expressly provided for
by such provisions (including, without limitation, the granting of rights with equity features to all holders of Ordinary Shares
for no consideration), then the Company’s Board of Directors will, at its discretion and in good faith, make an adjustment
in the Exercise Price and the number of Warrant Shares or designate such additional consideration to be deemed issuable upon exercise
of a Warrant, so as to protect the rights of the registered Holder. No adjustment to the Exercise Price will be made pursuant to
more than one sub-section of this Section 4 in connection with a single issuance.

 

4.6           Notices
of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise of
a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting
from such adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon the exercise
of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.
Upon the occurrence of any event specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written notice
to each Holder, at the last address set forth for such holder in the Warrant Register, as of the record date or the effective date
of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. The
Warrant Agent shall be entitled to rely conclusively on, and shall be fully protected in relying on, any certificate, notice or
instructions provided by the Company with respect to any adjustment of the Exercise Price or the number of shares issuable upon
exercise of a Warrant, or any related matter, and the Warrant Agent shall not be liable for any action taken, suffered or omitted
to be taken by it in accordance with any such certificate, notice or instructions or pursuant to this Warrant Agreement. The Warrant
Agent shall not be deemed to have knowledge of any such adjustment unless and until it shall have received written notice thereof
from the Company.

 

    	 	7	 

     

    

 

5.          Restrictive
Legends; Fractional Warrants.

 

In the event that a Warrant Certificate
surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that transfer until the Warrant Agent
has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the Warrants must
also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration of transfer
or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

 

6.          [Intentionally
Omitted]

 

7.          Other
Provisions Relating to Rights of Holders of Warrants.

 

7.1        No
Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor
shall anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered
holder of Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate
action (whether any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise,
prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of Warrants.

 

7.2        Reservation
of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary
Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

 

8.          Concerning
the Warrant Agent and Other Matters.

 

8.1        Any
instructions given to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall be confirmed in
writing by the Company as soon as practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized
and protected for acting, or failing to act, in accordance with any oral instructions which do not conform with the written confirmation
received in accordance with this Section 8.1.

 

8.2        (a)        Whether
or not any Warrants are exercised, for the Warrant Agent’s services as agent for the Company hereunder, the Company shall
pay to the Warrant Agent its out of pocket expenses in connection with this Warrant Agreement, including, without limitation, the
reasonable fees and expenses of the Warrant Agent’s counsel.

 

(b)        All
amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the invoice date. The Company
agrees to reimburse the Warrant Agent for any attorney’s fees and any other costs associated with collecting delinquent payments.

 

(c)        No
provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

 

8.3        As
agent for the Company hereunder the Warrant Agent:

 

(a)        shall
have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by
the Warrant Agent and the Company;

 

(b)        shall
be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness
of the Warrants or any Warrant Shares;

 

(c)        shall
not be obligated to take any legal action hereunder; if, however, the Warrant Agent determines to take any legal action hereunder,
and where the taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not be required
to act unless it has been furnished with an indemnity reasonably satisfactory to it;

 

    	 	8	 

     

    

 

(d)        may
rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice,
letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it
to be genuine and to have been signed by the proper party or parties;

 

(e)        shall
not be liable or responsible for any recital or statement contained in the Registration Statement or any other documents relating
thereto;

 

(f)         shall
not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating
to the Warrants, including without limitation obligations under applicable securities laws;

 

(g)        may
rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic or oral instructions
with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying
any such actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect to the
performance of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions
in connection with the Warrant Agent’s duties hereunder, and the Warrant Agent shall not be liable for any delay in acting
while waiting for those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the
option of the Agent, set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement
and the date on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable
for any action taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after
the date specified in such application (which date shall not be less than five business days after the date such application is
sent to the Company, unless the Company shall have consented in writing to any earlier date) unless prior to taking any such action,
the Warrant Agent shall have received written instructions in response to such application specifying the action to be taken or
omitted;

 

(h)        may
consult with counsel satisfactory to the Warrant Agent, including its in-house counsel, and the advice of such counsel shall be
full and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith
and in accordance with the advice of such counsel;

 

(i)         may
perform any of its duties hereunder either directly or by or through nominees, correspondents, designees, subagents or subcustodians,;

 

(j)         is
not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person and

 

(ii)        shall
not be required hereunder to comply with the laws or regulations of any country other than the United States of America or any
political subdivision thereof; and Warrant Agent may, after consulting with the Company to the extent practical, consult with foreign
counsel, the fees and expenses of which shall be at the Company’s expense, to resolve any foreign law issues that may arise
as a result of the Company or any other party being subject to the laws or regulations of any foreign jurisdiction.

 

8.4        (a)        
In the absence of gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be liable for any
action taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant
Agreement. Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special,
indirect, incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits),
even if the Warrant Agent has been advised of the possibility of such losses or damages and regardless of the form of action. Any
liability of the Warrant Agent will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant
Agent shall not be liable for any failures, delays or losses, arising directly or indirectly out of conditions beyond its reasonable
control including, but not limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or
labor disputes, fires, civil disobedience, riots, rebellions, storms, electrical or mechanical failure, computer hardware or software
failure, communications facilities failures including telephone failure, war, terrorism, insurrection, earthquakes, floods, acts
of God or similar occurrences.

 

    	 	9	 

     

    

 

(b)          In
the event any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s
duties under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act
and shall not be held liable or responsible for its refusal to act until the question or dispute has been judicially settled (and,
if appropriate, it may file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered by
a court of competent jurisdiction, binding on all persons interested in the matter which is no longer subject to review or appeal,
or settled by a written document in form and substance satisfactory to Warrant Agent and executed by the Company and each such
Holder. In addition, the Warrant Agent may require for such purpose, but shall not be obligated to require, the execution of such
written settlement by all the Holders and all other persons that may have an interest in the settlement.

 

8.5        The
Company covenants to indemnify the Warrant Agent and hold it harmless from and against any loss, liability, claim or expense (“Loss”)
arising out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses
of defending itself against any Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a
result of the Warrant Agent’s gross negligence or willful misconduct.

 

8.6        Unless
terminated earlier by the parties hereto, this Agreement shall terminate 90 days after the earlier of the Expiration Date and the
date on which no Warrants remain outstanding (the “Termination Date”). On the business day following the Termination
Date, the Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement.
The Agent’s right to be reimbursed for fees, charges and out-of-pocket expenses as provided in this Section 8 shall survive
the termination of this Warrant Agreement.

 

8.7        If
any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall
be construed and enforced as if such provision had not been contained herein and shall be deemed an Agreement among the parties
to it to the full extent permitted by applicable law.

 

8.8        The
Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation,
(b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including
this Warrant Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute
a default under the articles of association, bylaws or any similar document of the Company or any indenture, agreement or instrument
to which it is a party or is bound, (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes
the legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with
all applicable requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the
date hereof in connection with the offering of the Warrants.

 

8.9        In
the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement, as they may from
time to time be amended, the terms of this Warrant Agreement shall control.

 

8.10      [Intentionally
Omitted].

 

8.11      Except
as expressly set forth elsewhere in this Warrant Agreement, all notices, instructions and communications under this Agreement shall
be in writing, shall be effective upon receipt and shall be addressed, if to the Company, to its address set forth beneath its
signature to this Agreement, or, if to the Warrant Agent, to ______________________Attention: ________________ Telephone: ___________
Facsimile: __________, or to such other address of which a party hereto has notified the other party.

 

8.12      (a)        This
Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New York. All actions and proceedings
relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough
of Manhattan in the City and State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents
that any service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its
address last specified for notices hereunder. Each of the parties hereto hereby waives the right to a trial by jury in any action
or proceeding arising out of or relating to this Warrant Agreement.

 

    	 	10	 

     

    

 

(b)        This
Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant
Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent
of the other party, which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required
for an assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger,
consolidation, sale of assets or other form of business combination by Warrant Agent or the Company shall not be deemed to constitute
an assignment of this Warrant Agreement.

 

(c)         No
provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by both parties. The
Company and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose
of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties determine, in good faith, shall not adversely affect the interest of the Holders.  All other amendments
and supplements shall require the vote or written consent of Holders of at least 50.1% of the then outstanding Warrants, provided
that adjustments may be made to the Warrant terms and rights in accordance with Section 4 without the consent of the Holders.

 

8.13      Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company may require
the Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering
any transfer of Warrants unless or until the persons requesting the registration or issuance shall have paid to the Warrant Agent
for the account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable satisfaction
of the Company and the Warrant Agent that such tax or charge, if any, has been paid.

 

8.14      Resignation
of Warrant Agent.

 

8.14.1   Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company, or such
shorter period of time agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor
Warrant Agent, after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such
shorter period of time as agreed. If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to
act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company
shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity
by the Warrant Agent, then the Warrant Agent or any Holder may apply to any court of competent jurisdiction for the appointment
of a successor Warrant Agent at the Company’s cost. Pending appointment of a successor to such Warrant Agent, either by the
Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor Warrant Agent (but
not including the initial Warrant Agent), whether appointed by the Company or by such court, shall be a person organized and existing
under the laws of any state of the United States of America, in good standing, and authorized under such laws to exercise corporate
trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant
Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent
with like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing and
delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further duties, obligations,
responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement
and the resignation or removal of the Warrant Agent, including but not limited to its right to indemnity hereunder. If for any
reason it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent shall execute and deliver,
at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights
of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge,
and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant
Agent all such authority, powers, rights, immunities, duties, and obligations.

 

    	 	11	 

     

    

 

8.14.2   Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

8.14.3   Merger
or Consolidation of Warrant Agent. Any person into which the Warrant Agent may be merged or converted or with which it may
be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party
or any person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant Agent shall be the successor
Warrant Agent under this Warrant Agreement, without any further act or deed. For purposes of this Warrant Agreement, “person”
shall mean any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust or other
entity, and shall include any successor (by merger or otherwise) thereof or thereto.

 

9.          Miscellaneous
Provisions.

 

9.1        Persons
Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from
any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than
the parties hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant,
condition, stipulation, promise, or agreement hereof.

 

9.2        Examination
of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office of the
Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require
any such holder to provide reasonable evidence of its interest in the Warrants.

 

9.3        Counterparts.
This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.4        Effect
of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not
affect the interpretation thereof.

 

10.        Certain
Definitions.

 

As used herein, the following terms shall
have the following meanings:

 

(i)         “Trading
Day” means any day on which the Ordinary Shares are traded on the Trading Market, provided that “Trading Day”
shall not include any day on which the Ordinary Shares are scheduled to trade on such exchange or market for less than 4.5 hours
or any day that the Ordinary Shares are suspended from trading during the final hour of trading on such exchange or market (or
if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the
hour ending at 4:00 P.M., New York City time).

 

(ii)        “Trading
Market” means NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New
York Stock Exchange.

 

(iii)       “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then
listed or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest
preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) the volume weighted average price
of the Ordinary Shares for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Ordinary Shares are
not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Ordinary Shares are then reported in the
OTCQB maintained by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per Ordinary Share so reported, or (d) in all other cases, the fair market value of an Ordinary Share
as determined by an independent appraiser selected in good faith by the Company, the fees and expenses of which shall be paid by
the Company.

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF, this Warrant
Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	ADVANCED INHALATION THERAPIES (AIT) LTD.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	Address for notices:
	 	 
	 	Attention:
	 	Telephone:
	 	Facsimile:
	 	E-mail:
	 	 	 
	 	VSTOCK TRANSFER, LLC
	 	As Warrant Agent
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Annex A Form of Warrant Certificates

Annex B Election to Purchase

 

    	 	13	 

     

    

 

ANNEX A

 

ADVANCED INHALATION THERAPIES (AIT) LTD.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER ________, 2021

 

This certifies that
the person whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants set forth
below. Each Warrant entitles its registered holder to purchase from Advanced Inhalation Therapies (AIT) Ltd., a company incorporated
under the laws of the State of Israel (the “Company”) at any time prior to 5:00 P.M. (New York City time) on
______, 2021, at the designated office of Vstock Transfer LLC, as warrant agent (the “Warrant Agent”) set forth
below, one ordinary share, no par value, of the Company (each, a “Share” and collectively, the “Shares”),
at price of US$____ per Share, subject to possible adjustments as provided in the Warrant Agreement (as defined below).

 

This Warrant Certificate,
with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be exchanged for
another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant
Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant
Agent may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States
of America.

 

The terms and conditions
of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant  Agreement
dated as of __________, 2016 (the “Warrant Agreement”) between the Company and the Warrant Agent. A copy of
the Warrant Agreement is available for inspection during business hours at the office of the Warrant Agent.

 

This Warrant Certificate
shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory of the Warrant
Agent.

 

WITNESS the facsimile
signature of a proper officer of the Company.

 

	 	ADVANCED INHALATION THERAPIES (AIT) LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	14	 

     

    

 

	Dated: ______, 2016	 
	Countersigned:	 
	 	 
	VSTOCK TRANSFER, LLC,	 
	as Warrant Agent	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

PLEASE DETACH HERE

 

 

Certificate No.:_________ Number of Warrants:__________

 

WARRANT CUSIP NO.:

 

ADVANCED INHALATION THERAPIES (AIT) LTD

 

	[Name & Address of Holder]	VSTOCK TRANSFER, LLC , Warrant

Agent
	 	 
	 	By mail:
	 	 
	 	Vstock Transfer, LLC
	 	 
	 	By hand or overnight courier:
	 	 
	 	Vstock Transfer, LLC

 

    	 	15	 

     

    

 

ANNEX B

 

[Form of Election to Purchase]

 

(To Be Executed Upon Exercise Of Warrants
)

 

The undersigned hereby
irrevocably elects to exercise the right, represented by Warrants evidenced by this Warrant Certificate, to receive                 
Shares and herewith tenders payment for such Shares to the order of Advanced Inhalation Therapies (AIT) Ltd., in the amount of
US$              in accordance with the terms hereof.

 

OR

 

[In cases where cashless
exercise is permitted under the Warrant Agreement] — The undersigned hereby irrevocably elects to exercise the right, represented
by Warrants evidenced by this Warrant Certificate, to receive               
Shares (before giving effect to the cashless exercise provisions) and herewith agrees to make payment therefor pursuant to the
cashless exercise provisions of the Warrant Agreement, all on the terms and the conditions specified in the Warrant  Agreement.

 

The undersigned requests
that a certificate for such Shares be registered in the name of                     ,
whose address is                     
and that such certificate be delivered to                     ,
whose address is                                         .
If the number of Warrants being exercised hereby is less than all the Warrants evidenced by this Warrant Certificate, the undersigned
requests that a new Warrant Certificate representing the remaining unexercised Warrants be registered in the name of                                         ,
whose address is                                         ,
and that such Warrant Certificate be delivered to                whose
address is                                         .

 

	 	 	Signature
	 	 
	Date:	 	 
	 	 
	 	 	 
	 	 	Signature Guaranteed

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Warrant Agent, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

    	 	16

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