Document:

Exhibit
10.1

 

Certain
identified information has been excluded from this exhibit because it is both (i) not material and (ii) would likely cause competitive
harm to the registrant if publicly disclosed. The places where information has been omitted from this exhibit are indicated by
“[●]”.

 

Frederick’s
of Hollywood

 

AMENDED
AND RESTATED LICENSE AGREEMENT

 

This
Amended and Restated License Agreement represents the Agreement between ABG-Frederick’s of Hollywood, LLC, a Delaware
limited liability company, (“Licensor”) and the Licensee defined below (collectively, the “Parties”),
and is comprised of the Summary of Commercial Terms and the Standard Terms and Conditions set forth below as well as any exhibits
and schedules referenced herein (the “Agreement”). In the event of any conflict between the terms contained
in the Summary of Commercial Terms set forth in Section A of this Agreement (the “Summary of Commercial Terms”)
and the Standard Terms and Conditions set forth in Section B of this Agreement (the “Standard Terms and Conditions”),
the Summary of Commercial Terms shall govern.

 

A.
SUMMARY OF COMMERCIAL TERMS

 

	1.	Prior
    Agreement; Effective Date; Condition Precedent:	 	(a)	Licensor
    and Licensee each hereby acknowledge that each is a party to that certain License Agreement which was effective as of June
    18, 2015 (“Initial License Agreement”), and as amended by that certain Amendment No. 1 to the License Agreement
    dated as of April 1, 2018 (“Amendment No. 1”), by Amendment No. 2 to the License Agreement dated as of
    October 18, 2018 (“Amendment No. 2”) and by Amendment No. 3 to the License Agreement dated as of November
    14, 2019 (“Amendment No. 3” and collectively with the License Agreement, Amendment No. 1, Amendment No.
    2 and Amendment No. 3, the Initial License Agreement, the “Prior Agreement”).
	 	 	 	 	 
	 	 	 	(b)	The
    “Effective Date” of this Agreement shall be defined as: January 1, 2021.
	 	 	 	 	 
	 	 	 	(c)	All
    rights which are not expressly granted to Licensee under this Agreement are hereby reserved by Licensor.
	 	 	 	 	 
	 	 	 	(d)	Condition
    Precedent. The Parties each further acknowledge and agree that, Licensee’s full and complete payment of any and
    all of its financial obligations payable to Licensor under the Prior Agreement (“Prior Financial Obligations”),
    is an express condition precedent to Licensor’s entry into this Agreement and to the effectiveness of any and all rights
    granted by Licensor to Licensee under this Agreement (“Condition Precedent”); it being expressly understood
    that if the Condition Precedent is not completely satisfied prior to the Effective Date (e.g., if Licensor has not received
    payment of the Prior Financial Obligations in full from Licensee), then Licensor shall have the right to immediately terminate
    this Agreement in its entirety and Licensee shall have no rights to use the Licensed Property whatsoever, whether under this
    Agreement or otherwise.

 

	2.	Licensee:	 	“Licensee”
    shall mean: FOH Online Corp.
	 	 	 	 
	 	Corporate
    Organization:	 	Licensee
    is a corporation organized under the laws of Delaware.
	 	 	 	 
	 	Address:	 	The
    Chrysler Building
	 	 	 	405
    Lexington Avenue, 11th Floor
	 	 	 	New
    York, NY, 10174-1101

 

    	 

     

    

 

	 	Primary
    Contact:	 	Anna
    Johnson
	 	Telephone:	 	(+64)-9275-0000
	 	Email:	 	Anna.johnson@bendon.com
    
	 	 	 	 
	 	Legal
    Contact:	 	c/o
    Bety Javidzad
	 	Telephone:	 	(213)-623-9300
	 	Email:	 	bety.javidzad@dentons.com
    
	 	Address:	 	Dentons
    US LLP
	 	 	 	601
    South Figueroa Street
	 	 	 	Suite
    2500
	 	 	 	Los
    Angeles, CA 90017-5704

 

	3.	Licensed
    Property:	 	“Licensed
    Property” shall mean the trademarks set forth on Exhibit A, which is attached hereto and incorporated herein
    by reference.

 

	4.	Licensed
    Products:	 	(a)	The
    “Products” shall mean the following products for women: 
	 	 	 	 	 	 
	 	 	 	 	(i)	“Intimates/Lingerie”:
    defined as each of the following: lingerie, intimates, bras, panties, bodices, shaping panties, shape wear, thigh-slimmers,
    negligees, waist cinchers, garters, stockings, slips, hosiery, corsets, camisoles, all-in-one camisoles with built in bras
    and lingerie accessories (i.e., removable silicone breach enhancer pads, bra straps, bra extenders and adhesive bras);
	 	 	 	 	 	 
	 	 	 	 	(ii)	“Costumes”:
    defined as Intimates/Lingerie made and/or designed specifically as a holiday (e.g., Halloween, etc.) costume and/or novelty
    wardrobe item;
	 	 	 	 	 	 
	 	 	 	 	(iii)	“Sleepwear/Loungewear”:
    defined as each of the following: pajamas, nightgowns, dressing gowns, night shirts, robes, bath robes, sleep suits, body
    suits, lounging pants and tops; and
	 	 	 	 	 	 
	 	 	 	 	(iv)	“Swimwear
    & Swimwear Accessories”: defined as each of the following: swimsuits, bikinis, bikini separates, sarongs, coordinating
    cover-ups (e.g., beach cover-ups, etc.), swimming shorts, beach shorts and board shorts.
	 	 	 	 	 	 
	 	 	 	(b)	The
    “Licensed Products” shall be defined as the Products bearing the Licensed Property.
	 	 	 	 	 
	 	 	 	(c)	The
    “TP Products” shall be defined as the Products which do not bear the Licensed Property.

 

	5.	Term:	 	(a)	The
    “Initial Term” shall mean the period beginning on the Effective Date and ending on December 31, 2025.
	 	 	 	 	 
	 	 	 	 	(i)	“Contract
    Year 1” shall mean the Effective Date through December 31, 2021;
	 	 	 	 	 	 
	 	 	 	 	(ii)	“Contract
    Year 2” shall mean January 1, 2022 through December 31, 2022;
	 	 	 	 	 	 
	 	 	 	 	(iii)	“Contract
    Year 3” shall mean January 1, 2023 through December 31, 2023;
	 	 	 	 	 	 
	 	 	 	 	(iv)	“Contract
    Year 4” shall mean January 1, 2024 through December 31, 2024; 
	 	 	 	 	 	 
	 	 	 	 	(v)	“Contract
    Year 5” shall mean January 1, 2025 through December 31, 2025.

 

    	2

     

    

 

	 	 	 	(b)	Provided
    that Licensee is not then in an uncured breach of any provision that would give rise to a termination of this Agreement pursuant
    to Section 12 of the Standard Terms and Conditions, Licensee shall have nine (9) options to renew this Agreement (“Renewal
    Term Option(s)”) on the terms set forth herein for consecutive period(s) of five (5) years (each, a “Renewal
    Term”). Each Renewal Term shall be numbered consecutively. Licensee shall exercise its Renewal Term Option(s) by
    notice to Licensor delivered not less than nine (9) months and not more than twelve (12) months in advance of the expiration
    of the then current Contract Period.
	 	 	 	 	 
			 	(c)	The
    Initial Term and each Renewal Term (if any) are hereinafter individually and collectively referred to as the “Term”
    and individually as a “Contract Period”. For the purposes of this Agreement, a “Calendar Quarter”
    shall mean each of the following three (3) month periods during a given calendar year: from January 1 through March 31; from
    April 1 through June 30; from July 1 through September 30; and from October 1 through December 31.
	 	 	 	 	 
	6.	Territory:	 	(a)	The
    “Territory” shall mean: (i) United States of America; (ii) Australia; and (iii) New Zealand.
	 	 	 	 	 
	7.	Scope:	 	(a)	Subject
    to the terms and conditions of this Agreement, the rights granted to Licensee hereunder with respect to the operation of the
    E-Commerce Site in the Territory are exclusive, such that during the Term, Licensor shall not enter into an agreement with
    a third party for the operation of a Licensed Property branded e-commerce website for the Territory which sells the Licensed
    Product(s) that Licensee sells through the E-Commerce Website(s) in the Territory. 
	 	 	 	 	 
	 	 	 	(b)	For
    the avoidance of doubt, Licensor shall have the right to authorize third party licensees’ and/or distributors’
    use of the Licensed Property on other e-commerce sites (“TP E-Commerce Partner(s)”), in connection with
    the sale by third party licensees’ and/or distributors’ of products which are not Products (“Authorized
    FOH Products”) in the Territory.
	 	 	 	 	 
	 	 	 	(c)	Licensor
    and Licensee each hereby acknowledge and agree that: (i) Licensor is the owner of the E-Commerce Site (as defined in Section
    8(a)(i) of the Commercial Terms below), and (ii) Licensee’s use of any Licensed Property on and/or in connection with
    the E-Commerce Site shall be subject to Licensor’s advance written approval.

 

	8.	Permitted
    Distribution Channel(s):	 	(a)	For
    purposes of this Agreement, the “Permitted Distribution Channels” shall be defined, individually and collectively,
    as the following channels of distribution in the Territory, unless specifically identified:
	 	 	 	 	 	 
	 	 	 	 	(i)	The
    “E-Commerce Site” shall be defined as: the ‘Fredericks of Hollywood’ e-commerce website located
    at: www.fredericks.com, and the country code top-level domains (e.g. http://www.fredericks.com.au, http://www.fredericks.co.nz,
    etc.) relating thereto in the Territory, subject to Section 7(b) above.
	 	 	 	 	 	 	 
	 	 	 	 	 	(A)	In
    accordance with Section 7(c) of the Standard Terms and Conditions below, it is acknowledged that Licensee may have certain
    Licensee Reserved Rights with respect to Licensee’s proprietary e-commerce platform systems and related technology utilized
    by Licensee to operate the E-Commerce Site hereunder and Licensee’s other e-commerce websites unrelated to the Licensed
    Property and/or FREDERICKS OF HOLLYWOOD brand; it being expressly understood that, so long as such proprietary e-commerce
    platform systems and related technology of Licensee is separable from the Licensed Property, Licensor’s company name
    and/or logo and the Licensor Materials (as defined in Section 7(f) of the Standard Terms and Conditions below), then such
    proprietary e-commerce platform systems and related technology of Licensee will remain vested in Licensee.

 

    	3

     

    

 

	 	 	 	 	(ii)	“Bendon Retail Channels” shall be defined as: full-price, outlet and/or off-price retail channels owned and/or operated by Licensee or any of Licensee’s affiliates and/or subsidiaries located in the Territory.
	 	 	 	 	 	 
	 	 	 	(b)	The Parties each acknowledge and agree that during the Term, Licensee shall be permitted to sell: 
	 	 	 	 	 	 
	 	 	 	 	(i)	The Licensed Products, TP Products and/or Authorized FOH Products through the E-Commerce Site in the Territory; and
	 	 	 	 	 	 
	 	 	 	 	(ii)	The Licensed Products through the Bendon Retail Channel(s) located in the Territory.
	 	 	 	 	 	 
	 	 	 	(c)	In the event Licensee wishes to sell the Licensed Products to/through any accounts not included within the Permitted Distribution Channels, then Licensee shall submit the same to Licensor for Licensor’s prior written approval in each instance; it being understood that during the Term, Licensee shall not be permitted to sell the Licensed Products at wholesale in the Territory under this Agreement or otherwise, unless expressly approved in advance by Licensor in writing in each instance.

 

	9.	[●]	 	[●]
	 	 	 	 
	10.	[●]	 	[●]

 

	11.	Common
    Marketing Fund:	 	(a)	As
    used herein the term “Common Marketing Fund” (also known as the “CMF”) shall mean: [●].
	 	 	 	 	 
	 	 	 	(b)	From
    the Effective Date and during each Contract Year during the Term, Licensor and Licensee shall mutually agree upon how the
    CMF contribution shall be spent by Licensor on advertising and/or marketing efforts for the Licensed Property and/or Licensed
    Products in the Territory (“CMF Plan”). In the event Licensor and Licensee do not mutually agree upon the
    CMF Plan in any given Contract Year, Licensor shall spend the CMF for such Contract Year pursuant to its commercial discretion
    in accordance with the CMF Plan template set forth on Exhibit J of this Agreement, attached hereto and incorporated
    herein by this reference (“CMF Template”).
	 	 	 	 	 
	 	 	 	(c)	Provided
    that Licensee is not then in breach of any of its financial obligations to Licensor under this Agreement, promptly after either
    Party’s receipt of a reasonable written request from the other Party, but in no event more than one (1) time during
    any Calendar Quarter, the Parties shall meet and confer (either telephonically or in person) to discuss and review Licensor’s
    plans with respect to the expenditure of the CMF contribution for the then-current Contract Year which has actually been received
    by Licensor from Licensee for the same Contract Year in a timely manner, as and when required under this Agreement (“Quarterly
    CMF Review(s)”). The Parties agree to cooperate with each other, in good faith, in connection with the Quarterly
    CMF Review(s) (as applicable), in order to establish commercially reasonable practices and procedures with respect to the
    expenditure of the CMF hereunder on mutually acceptable terms, subject to the last sentence of Section 11(b) of the Commercial
    Terms above. 
	 	 	 	 	 
	 	 	 	(d)	Licensee
    shall pay the CMF to Licensor, within thirty (30) days of the end of each Calendar Quarter in arrears.

 

	12.	[●]	 	[●]

 

    	4

     

    

 

	13.	Advertising
    Commitment:	 	From
    the Effective Date and in each Contract Year during the Term, Licensee shall spend a minimum of [●] of Net Sales
    for the Licensed Products on marketing and advertising expenditures for the Licensed Property and/or Licensed Products (the
    “Advertising Commitment”).
	 	 	 	 
	14.	Free
    Units:	 	Licensee
    shall ship, at Licensee’s sole cost, up to [●] of Licensed Products (measured at Licensee’s cost
    of goods landed duty paid) to Licensor in each Contract Year during the Term (“Free Units”). The assortment
    of Free Units shall be at Licensor’s sole discretion and will not be sold by Licensor.

 

	15.	Licensee’s
    Operation of the E-Commerce Site: 	 	(a)	In
    order to represent a unified, full line of products relating to the Fredericks of Hollywood brand on the E-Commerce Site,
    which objectively conform to the Fredericks of Hollywood brand position as embodied on the E-Commerce Site, Licensee shall
    negotiate, using its commercially reasonable efforts in good faith, with Licensor’s other licensees’ (“TP
    Partner(s)”) for its purchase of Authorized FOH Products from such TP Partners, to ensure that a full line of Authorized
    FOH Products are available for purchase through the E-Commerce Site. All aspects of Licensee’s purchases of Authorized
    FOH Products and fulfillment of customer orders of Authorized FOH Products shall be upon agreement directly between Licensee
    and each TP Partner. Licensor shall use commercially reasonable efforts to assist Licensee with the purchase of Authorized
    FOH Products from Licensor’s licensee(s); provided, however, that Licensor’s failure to assist and/or secure Licensee’s
    purchase of Authorized FOH Products under this Agreement or otherwise, shall not be deemed a breach of this Agreement. Notwithstanding
    the foregoing, the parties hereto acknowledge and agree that the E-Commerce Site shall continue to operate as a channel primarily
    focused on the Intimates/ Lingerie category and offering Intimates/ Lingerie.
	 	 	 	 	 
	 	 	 	(b)	In
    connection with Licensee’s operation of the E-Commerce Site, Licensee shall be responsible for, without limitation,
    the following: 
	 	 	 	 	 	 
	 	 	 	 	(i)	Designing
    and developing the interface of the E-Commerce Site, which shall be subject to Licensor’s prior written Approval (as
    defined in the Standard Terms and Conditions);
	 	 	 	 	 	 
	 	 	 	 	(ii)	Managing
    the hosting of the E-Commerce Site, including without limitation, order management and built-in integrations with all necessary
    third party tools;
	 	 	 	 	 	 
	 	 	 	 	(iii)	Creating
    and maintaining interactive marketing platforms and programs for use on or in connection with the E-Commerce Site, which shall
    be mutually agreed upon by the parties hereto;
	 	 	 	 	 	 
	 	 	 	 	(iv)	Conducting
    comprehensive marketing activities, including, without limitation: (I) Google product listing ads, (II) SEO, (III) PPC, (IV)
    e-mail communication with customers and website visitors; (V) engaging in affiliate programs, (VI) engaging in retargeting
    programs and affiliate programs and (VII) direct mail campaigns, which shall be subject to Licensor’s prior written
    Approval;
	 	 	 	 	 	 
	 	 	 	 	(v)	Shooting,
    re-touching and editing high-resolution photos of all Licensed Products and/or TP Products for sale through the Permitted
    Distribution Channels (“Image(s)”), and ensuring that the Permitted Distribution Channels display at least
    three (3) Images (e.g., front, back and side) for each Product SKU as directed and Approved by Licensor;

 

    	5

     

    

 

	 	 	 	 	(vi)	Upon
    Licensor’s request specifying the nature and/or purpose of such request to Licensee, providing any and all Images to
    Licensor;
	 	 	 	 	 	 
	 	 	 	 	(vii)	Providing
    full-scale customer care services at its commercial discretion commensurate with industry standards for comparable e-commerce
    websites to the E-Commerce Site (e.g., email communications and/or live chat, etc.) every Monday through Friday;
	 	 	 	 	 	 
	 	 	 	 	(viii)	Managing
    the storage and warehousing of Licensed Products and TP Products, as applicable;
	 	 	 	 	 	 
	 	 	 	 	(ix)	Coordinating
    the payment process for customer purchases of the Licensed Products, Authorized FOH Products and/or TP Products made through
    the E-Commerce Site, as applicable;
	 	 	 	 	 	 
	 	 	 	 	(x)	Managing
    the fulfillment, shipping, handling and delivery of Licensed Products and/or TP Products to customers, as applicable;
	 	 	 	 	 	 
	 	 	 	 	(xi)	Providing
    Licensor with monthly sales reports in the form set forth on Exhibit H, which is attached hereto and incorporated herein
    by this reference (“Monthly Sales Report(s)”), which Monthly Sales Reports shall be submitted to Licensor
    within ten (10) days of the end of each calendar month during the Term and shall provide information for the immediately preceding
    calendar month;
	 	 	 	 	 	 
	 	 	 	 	(xii)	Providing
    Licensor with monthly marketing reports in the form set forth on Exhibit I, which is attached hereto and incorporated
    herein by this reference (“Monthly Marketing Report(s)”), which Monthly marketing Reports shall be submitted
    to Licensor within ten (10) days of the end of each calendar month during the Term and shall provide information for the immediately
    preceding calendar month;
	 	 	 	 	 	 
	 	 	 	 	(xiii)	Providing
    Licensor with monthly customer mailing and subscriber lists and related contact information, including, without limitation,
    name, shipping address and email address (“Customer Information”), which monthly lists shall be submitted
    to Licensor within ten (10) days of the end of each calendar month during the Term and shall provide all new and existing
    Customer Information for the immediately preceding calendar month; and
	 	 	 	 	 	 
	 	 	 	 	(xiv)	Providing
    Licensor with direct access to such Customer Information from The Rocket Science Group, LLC d/b/a Mail Chimp content management
    system (“CMS”) or any successor and/or similar third party host service provider.

 

	16.	Sales
    to Licensor Parties; Know-How; Comparable Product Review:	 	(a)	During
    the Term, Licensee hereby agrees to use its good faith efforts, in its commercial discretion, to sell Licensed Products to
    Licensor, Licensor’s affiliated and/or parent companies, and/or Licensor’s licensees / partners, including, but
    not limited to, to Licensor parties authorized to use the Licensed Property outside of the Territory (collectively, “Licensor
    Party(ies)”): [●].

 

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	 	 	 	(b)	Know-How;
    International Partners; Product Review Services.
	 	 	 	 	 	 
	 	 	 	 	(i)	For
    purposes of this Agreement, “Know-How” shall mean: available design or creative materials actually utilized
    by Licensee in connection with the development and manufacture of the Licensed Products under this Agreement (e.g., for purposes
    of creating brand consistency regarding the general look and feel of such Licensed Products, etc.), including, but not limited
    to, style guides, tech packs (if available), but, in all cases, excluding Licensee’s Reserved Rights.
	 	 	 	 	 	 
	 	 	 	 	(ii)	Licensee
    and Licensor each hereby acknowledge and agree, that during the Term, to the extent that: (A) Licensor definitively enters
    into a new international license agreement outside of the Territory (“International Agreement”) with a
    Licensor Party(ies) (“International Partner(s)”), for the manufacture, distribution and sale of FREDERICK’S
    OF HOLLYWOOD branded Products (i.e., that are the same or substantially similar to the Licensed Product(s) produced by Licensee
    hereunder) to be sold outside of the Territory (“International Articles”); and (B) the applicable International
    Partner(s) is unwilling to, unable to and/or does not otherwise purchase the International Articles directly from Licensee
    on the price terms set forth in Section 16(a) above or otherwise, then upon request by Licensor or any International Partner(s),
    Licensee shall use its good faith efforts, at its commercial discretion, to:
	 	 	 	 	 	 	 
	 	 	 	 	 	(A)	Provide
    and deliver to the applicable International Partner, any available Know-How to be utilized by the International Partner(s)
    in connection with the exploitation of the International Articles outside of the Territory. For purposes of clarification
    and the avoidance of doubt, Licensor will not hold Licensee in breach of this Agreement to the extent Licensee does not ultimately
    provide Know-How to an International Partner despite its good faith efforts to do the same, at its commercial discretion.
	 	 	 	 	 	 	 
	 	 	 	 	 	(B)	[●]

 

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	 	 	 	 	 	(C)	In
    addition, to the extent Licensor enters into an new agreement with a Licensor Party(ies) for the production, manufacture and
    sale at wholesale of certain Licensed Property branded Products which are the same or similar to the Licensed Products produced
    by Licensee hereunder (e.g., sleepwear, loungewear, swimwear) (“Comparable Products”), then upon Licensor’s
    reasonable request, Licensee agrees to meaningfully review such Comparable Products in good faith, for purposes of determining
    whether Licensee will buy such Comparable Products from the applicable Licensor Parties for Licensee’s resale specifically
    through the Permitted Distribution Channels located in the Territory; it being understood that: (I) Licensee’s determination
    regarding whether to buy such Comparable Products for resale through the Permitted Distribution Channels in the Territory
    will be subject to Licensee’s good faith commercial discretion; (II) Licensor will not hold Licensee in breach of this
    Agreement for failing to purchase such Comparable Products for subsequent resale through the Permitted Distribution Channels
    in the Territory.
	 	 	 	 	 	 	 
	 	 	 	(c)	The
    Parties each hereby acknowledge that any and all terms and negotiations relating to the purchase or sale of Licensed Product(s)
    (including, without limitation, any potential purchases of Comparable Products or sales of Licensed Products to Licensor Parties)
    to or from any Licensor Parties shall be handled and negotiated directly between Licensee and the applicable Licensor Party
    in each instance; provided, however, upon receipt of a reasonable request from Licensee, Licensor will use commercially
    reasonable efforts to assist Licensee with: (i) its sale of Licensed Product(s) directly to the Licensor Parties; and/or (ii)
    its negotiations with any Licensor Party(ies) for purchases of Comparable Products (if any); it being expressly understood
    that any failure by Licensor to secure: (A) any particular purchases of Licensed Products by the Licensor Parties (or otherwise)
    and/or any particular purchases of Comparable Products by Licensee from the Licensor Parties; (B) any particular terms of
    sale or any terms of purchase; or (iii) any other terms regarding the Licensed Product(s) to be sold to the Licensor Parties
    at the Favorable-LP-Price or otherwise, shall not be deemed a breach of this Agreement by Licensor.

 

	17.	Marketing
    Share:	 	Upon
    request, Licensor and Licensee shall each have the right to use, on a gratis basis as to the other party’s charges,
    any Approved content, media, marketing and/or promotional materials which conform to the brand positioning of the Fredericks
    of Hollywood Brand (collectively, the “Marketing Materials”), developed by Licensor or Licensee relating
    to the Licensed Property and/or Licensed Products on: (i) Licensor’s social media account(s) (e.g., Facebook, Twitter,
    Instagram, etc.) branded with the Licensed Property and/or (ii) the E-Commerce Site, it being understood that: (A) the user
    of the Marketing Materials shall ensure that the use of the Marketing Materials will maintain brand positioning, and (B) the
    user of the Marketing Materials on a particular social media account(s) and/or Ecommerce Site shall be permitted to decline
    a request to include the other party’s Marketing Materials if they reasonably believe such Marketing Materials are detrimental
    to the social media account(s) and/or E-Commerce Site. In each case, the user of the Marketing Materials shall be responsible
    for all third (3rd) party payments, consents, usage, permissions and/or clearances which arise from that party’s
    use of the Marketing Materials.

 

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	18.	Miscellaneous:	 	(a)	Pursuant
    to Section 11 of the Form, within thirty (30) days of signing this Agreement, Licensee shall submit to Licensor a certificate
    of insurance naming Licensor as an additional insured under Licensee’s insurance policy. 
	 	 	 	 	 
	 	 	 	(b)	Unless
    otherwise agreed upon by Licensor and Licensee in writing, within sixty (60) days of the signing of this Agreement, Licensee
    shall: 
	 	 	 	 	 	 
	 	 	 	 	(i)	Provide
    Licensor a detailed business plan including sales, marketing, distribution, etc.; and
	 	 	 	 	 	 
	 	 	 	 	(ii)	Provide
    Licensor a complete list of key contacts and personnel within Licensee’s organization as the same relate to Licensee’s
    business as contemplated under this Agreement.

 

B.
STANDARD TERMS AND CONDITIONS

 

1.
GRANT OF LICENSE.

 

(a)
Licensed Rights. Licensor hereby grants to Licensee during the Term, the non-transferrable, non-assignable, non-sublicensable,
non-divisible right and license, to utilize the Licensed Property solely within the Territory and solely in connection with the
manufacture, Advertising & Promotion, sale, offering for sale, and distribution of: (i) the Licensed Product(s), TP Products
and/or Authorized FOH Products through the E-Commerce Site; and (ii) the Licensed Products through the Bendon Retail Channels
(all terms as defined in this Agreement and/or in the Summary of Commercial Terms). Licensee shall use commercially reasonable
efforts to develop, manufacture, promote, advertise, sell and ship Licensed Product(s), TP Products and/or Authorized FOH Products
in the Permitted Distribution Channels (as applicable) in the Territory and to protect its right to manufacture, sell and distribute
Licensed Product(s) hereunder.

 

(b)
Permitted Distribution Channels. Licensed Product(s), TP Products and Authorized FOH Products (as applicable) may only
be sold through the Permitted Distribution Channels, as defined in the Summary of Commercial Terms. Licensee shall not, nor shall
it authorize others to, solicit, advertise, distribute, sell, use or otherwise exploit the Licensed Product(s) in any other channels
of distribution. Without limiting the foregoing, except to the extent that Licensee sells through the website(s) included within
its Permitted Distribution Channels, and except as otherwise expressly specified in the Summary of Commercial Terms, Licensee
shall not sell or distribute Licensed Product(s) by any direct marketing methods, including, without limitation, catalogs, on-line
and internet sales other than the E-Commerce Site, television, infomercials (DRTV) or direct mail, without the prior written approval
of Licensor in each instance, which approval shall be granted or withheld in Licensor’s absolute and sole discretion.

 

(c)
Limits on Licensed Rights. Unless expressly specified in the Summary of Commercial Terms, the rights granted herein do
not include rights in or to any images, photographs, audio-visual recording, video or motion picture and/or other copyrighted
works of or relating to the Licensed Property. Licensee shall be solely responsible for obtaining written clearance from the copyright
owner(s) whose image(s), photograph(s) and/or audio-visual recording(s) is (are) to be used in, on or in connection with the Licensed
Product(s), TP Products and/or Authorized FOH Products and/or the materials that advertise and/or promote the Licensed Product(s),
TP Products and/or Authorized FOH Products and for all costs and expenses relating thereto. Licensee will manufacture, advertise,
promote, market, sell and distribute the Licensed Product(s), TP Products and/or Authorized FOH Products in a lawful and ethical
manner and in accordance with the terms and intent of this Agreement. The licenses granted hereunder are granted subject to the
U.S. Export Administration Regulations (“EAR”), International Traffic in Arms Regulations (“ITAR”),
sanctions administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), and
all other export control and sanctions laws applicable to the parties (collectively, “Trade and Export Control Laws”).
Notwithstanding anything to the contrary herein, the Licensed Property shall not be used, disclosed, licensed, sublicensed, or
otherwise exploited in violation of any Trade and Export Control Laws. All rights in and to the Licensed Property which are not
specifically granted and licensed to Licensee hereunder are hereby reserved by Licensor and Licensor may exercise such rights
at any time.

 

(d)
Celebrities; Endorsements. Licensee hereby acknowledges that Licensor may have relationships in place with certain celebrity
talent (“Talent”) through various agreements for sponsorship and endorsement of Licensor’s trademarks.
In the event that Licensee has the desire to enlist Talent support in connection with this Agreement, Licensee may submit requests
to Licensor in writing, and as a courtesy to Licensee, Licensor shall use its reasonable efforts to facilitate the request, subject
to good faith negotiation, the professional commitments of said Talent and Licensor’s other obligations/commitments. Licensee
hereby agrees that Licensee shall not directly contact or use the images or services of Talent or of any other celebrity in connection
with this Agreement without Licensor’s prior written approval in each instance. Nothing contained herein shall obligate
Licensor to maintain any agreements which it may have in place with any Talent and any failure by Licensor to have or maintain
any such relationships and/or facilitate any request hereunder, shall not be deemed a breach of this Agreement.

 

    	9

     

    

 

(e)
Prohibition of Sub- and Co-Branding. All Licensed Product(s) shall bear at least one Licensed Property and no Licensed
Product(s) shall be sub-branded, co-branded, sold or otherwise distributed under any marks other than the Licensed Property. For
the avoidance of doubt, Licensee may identify itself as Licensor’s authorized licensee and include Licensee’s name
and/or logo in the credit line/legal line and the inclusion of such detail shall not be deemed a violation of this provision.

 

(f)
Purchased Copies.

 

(i)
Purchase for Resale. Licensor and/or one or more of its affiliates shall have the right to purchase from Licensee such
quantities of Licensed Product(s) as Licensor shall from time to time desire for resale through Licensor Channels (as hereinafter
defined) within the Territory and/or through any distribution channels outside the Territory. [●] For the purposes hereof,
“Licensor Channels” shall mean Frederick’s Of Hollywood retail stores operating under the Licensed Property
or other intellectual property (related to the Frederick’s Of Hollywood brand) which are authorized by Licensor. To the
extent permitted by applicable Law (as hereinafter defined), Licensor and/or its affiliates shall not resell Licensed Product(s)
purchased from Licensee under this Section 1(f)(i) at a price below the Licensee’s lowest retail price unless otherwise
mutually agreed to by the parties.

 

(ii)
Purchase for Promotional Purposes. Licensee agrees to sell to Licensor, its affiliates and other licensees (collectively,
the “Promotional Parties”) reasonable amounts of Licensed Product(s) for Promotional Purposes (as hereinafter
defined) at Licensee’s FOB delivery cost of such Licensed Product(s) on net thirty (30) day terms. Any such purchases under
this Section 1(f)(ii) shall not count toward the CMF contribution [●] and no Royalty shall be owed by Licensee on such sales
to the Promotional Parties. The Promotional Parties shall only use such Licensed Product(s) for Promotional Purposes, and shall
not resell such Licensed Product(s) on a stand-alone basis. In the event Licensee is unable to supply the Promotional Parties
with Licensed Product(s) as set forth in this Section 1(f)(ii), the Promotional Parties shall have the right to source products
from third parties that are substantially similar to the Licensed Product(s), and such activity shall not be deemed a breach of
exclusivity rights, if any, that may be granted under this Agreement. For purposes of this Agreement, “Promotional Purposes”
shall mean charitable giving, giveaways, gifts with purchase programs and other limited duration promotional activities.

 

2.
TERM; RENEWAL.

 

 (a) The Initial Term, Renewal Term (if any) and Term are defined in the Summary of Commercial Terms.

 

(b)
[●]

 

3.
ROYALTIES.

 

(a)
In consideration of the rights granted herein, Licensee shall pay the Royalties, [●] CMF and any other payment required hereunder
to Licensor, and Licensee shall spend the Advertising Commitment, if and as specified in the Summary of Commercial Terms.

 

(b)
Licensee shall have the unfettered right to establish the prices that it charges its customers for any Licensed Product(s), TP
Products and/or Authorized FOH Products sold pursuant to this Agreement, however, solely for purposes of calculating the Royalty
due to Licensor: (i) if Licensed Products are sold to any party directly or indirectly affiliated or under common ownership or
control with Licensee at a price less than the regular price charged to other parties, the Royalty due to Licensor shall be computed
on a most favored nations basis based on the price as sold to similar non-related third parties; and (ii) in the event Licensor
suspects that Licensee has sold any Licensed Product(s), TP Products and/or Authorized FOH Products at a discounted price for
purposes of selling any Leader Products (as hereinafter defined), including, without limitation TP Products (such discounted Licensed
Products, TP Products and Authorized Products being defined herein as “Loss Leader(s)”), whether such sales
were made to any of Licensee’s affiliates or any other third party, Licensor shall be permitted to request, and Licensee
hereby agrees to deliver, documentation, backup and support materials, such that Licensor will have sufficient information to
evaluate such sales. In the event Licensor determines in Licensor’s sole discretion that any Licensed Product(s), TP Products
and/or Authorized FOH Products were sold as a Loss Leader, then the Royalty due to Licensor for such Licensed Product(s), TP Products
and/or Authorized FOH Products shall be computed at the highest price actually charged for the Leader Products sold together with
the Loss Leader. For purposes of this Agreement a “Leader Product” shall be defined as products other than
Licensed Products, TP Products or Authorized FOH Products (e.g., Heidi Klum branded footwear, lingerie, etc.) sold at an industry
standard, normal price.

 

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(c)
For purposes of this Agreement (i) Royalties and CMF (as applicable) accrue in the Calendar Quarter during which the Licensed
Products, TP Products and/or Authorized FOH Products are sold by Licensee, regardless of when or if Licensee collects the revenue
from such sale, and (ii) for purposes of this Agreement, a Licensed Product, TP Product and/or Authorized FOH Product shall be
considered “sold” upon the date when such Licensed Product, TP Product and/or Authorized FOH Product is invoiced,
shipped or paid for, whichever event occurs first.

 

(d)
Licensee may not deduct from or offset the Royalty payable to Licensor for any reason. For the avoidance of doubt, but without
limitation, Licensee may not deduct: uncollectible accounts, assessments, bank fees, slotting fees, advertising or other expenses
of any kind, the costs incurred in the manufacture, sale, distribution or exploitation of the Licensed Products, TP Product and/or
Authorized FOH Product, costs associated with the transfer of funds, collection or payment of Royalties, or the conversion of
any currency into United States Dollars. All sales, use, value added, local privilege, withholding and excise taxes, tariffs,
duties or other charges of any kind, character or description which may be levied or imposed upon any of their Licensed Products
sold or on any aspect of performance of this Agreement, shall be the responsibility of Licensee. Licensor shall only be responsible
for the actual taxes on Licensor’s net income.

 

4.
PAYMENTS & STATEMENTS.

 

(a)
Quarterly Statements. Licensee will compute Royalties hereunder on the basis set forth in the Summary of Commercial Terms
and shall furnish to Licensor within thirty (30) days following the end of each Calendar Quarter during the Term (i.e. on or before
April 30, July 30, October 30 and January 30) and continuing until all payments required hereunder are made, a complete and accurate
statement, which statement shall be submitted electronically through RoyaltyZone (as defined in Section 4(g) of the Standard Terms
and Conditions below) (each, a “Quarterly Statement”). Statements required by this Section and Section 4(b)
of the Standard Terms and Conditions below shall include the following information: (i) the Territory; (ii) Permitted Distribution
Channels; (iii) a description of the Licensed Product(s), TP Products and/or Authorized FOH Products; (iv) a description of the
Licensed Property used therein or thereon (including, without limitation, any and all versions of the Licensed Property which
appear in or on the Licensed Product(s) (including without limitation, any Packaging as hereinafter defined) and/or Advertising
& Promotion (as hereinafter defined), if any); (v) the amount due to Licensor (calculated as set forth in Section 3 of the
Standard Terms and Conditions); and (vi) the following information cross-referenced against the applicable “SKU” number(s):
wholesale sales, invoice price, quantity invoiced, gross revenues, and applicable Royalty Rate (as defined in the Summary of Commercial
Terms). On reasonable request from Licensor, Licensee shall provide Licensor with backup and support materials with respect to
any item contained in any Quarterly Statement, such that Licensor will have sufficient information to evaluate the sources of
any item contained in such Quarterly Statement and to track Licensee’s performance under this Agreement. Such Quarterly
Statements shall be accompanied by a certification signed by Licensee’s chief financial officer (or equivalent) indicating
that he or she has reviewed and agrees with all the information contained in such Quarterly Statement. For the purposes of this
Agreement, a “Calendar Quarter” shall be defined as each and any of the three (3) month periods during a given
calendar year beginning with January 1 and ending December 31 (i.e. from January 1 through March 31; from April 1 through June
30; from July 1 through September 30; and from October 1 through December 31). Included with each Quarterly Statement, must be
a copy of Licensee’s full and complete financial statements for that Calendar Quarter.

 

(b)
Annual Statements. Within forty-five (45) days following the end of each Contract Year (i.e. on or before February 14),
Licensee shall furnish to Licensor a complete and accurate statement, which statement shall be submitted electronically through
RoyaltyZone (each, an “Annual Statement”), setting forth the same information required to be submitted by Licensee
in accordance with Section 4(a) of the Standard Terms and Conditions above, except that such Annual Statement shall cover the
entire Contract Year. Such Annual Statement shall be accompanied by a certification signed by Licensee’s chief financial
officer (or equivalent) indicating that he or she has reviewed and agrees with all the information contained in such Annual Statement.
Included with each Annual Statement, must be a copy of Licensee’s full and complete financial statements for that Contract
Year.

 

(c)
Timing of Payment & Payment Instructions. All Royalties payable to Licensor hereunder shall be deemed held in trust
for and on behalf of Licensor until such time as such sums are paid to Licensor in accordance with the terms of this Agreement.
Unless otherwise set forth in the Summary of commercial Terms, Licensee shall pay all sums due to Licensor for the applicable
Calendar Quarter for which such Quarterly Statement is rendered by wire transfer to:

 

    	11

     

    

 

[●]

 

(d)
Wire Transfer Fees; Interest on Late Payments. Licensee shall be solely responsible for any costs and/or fees associated
with making any and all payments to Licensor as required under this Agreement, including, without limitation, wire transfer fees.
Interest, compounded monthly, at the rate of one and three quarters percent (1.75%) per month (or, if that rate is higher than
the rate legally permissible), then at the then maximum legal interest rate) shall accrue on any amount due to either party from
and after the date upon which said payment is due until the date payment is actually received.

 

(e)
Post-Term Retention Period. Licensee shall keep appropriate books of accounts and records with respect to its manufacture,
sale, distribution and Advertising & Promotion of Licensed Product(s), TP Products and/or Authorized FOH Products. Licensee
shall maintain such records throughout the Term of this Agreement, and for a period of three (3) years following the expiration
or termination of the Term (the “Post-Term Retention Period”). Licensor shall have the right to inspect and
copy the financial books and records of Licensee insofar as such books and records relate to the computation of Royalties and
other amounts payable to Licensor and/or amounts which Licensee is required to spend under this Agreement. [●] In
any event, Licensee shall make all payments required to be made to eliminate any discrepancy revealed by any such inspection within
thirty (30) days after Licensor’s demand therefore.

 

(f)
Objections to Quarterly and Annual Statements. If Licensor has any objection to any Quarterly or Annual Statement, then
Licensor will give Licensee specific notice of that objection and reasons for it within three (3) years after the date that Licensor
received such statement. Except for claims of fraudulent accounting, Licensor will not have the right to bring any action in connection
with any statement or accounting unless Licensor commences such action within the aforementioned three (3) year period. Licensor’s
acceptance of any payment and/or Quarterly or Annual Statement pursuant to this Agreement shall not preclude Licensor from questioning
the correctness thereof at any time within the provided three (3) year period or exercising any of its rights related thereto.

 

(g)
Adoption of RoyaltyZone Program by Licensor. Licensor hereby reserves the right to modify the process for submission of
Quarterly Statements and Annual Statements on reasonable advance written notice to Licensee. In no event shall Licensor modify
the timing or frequency of the same without Licensee’s prior written approval. Licensor has adapted its systems and processes
to accommodate the services provided by RoyaltyZone (“RoyaltyZone”). A detailed explanation of such process
can be found at: www.royaltyzone.com.

 

5.
MARKETING AND ADVERTISING EXPENDITURES.

 

(a)
Licensee shall pay to Licensor the CMF contribution as defined in the Summary of Commercial Terms (if any).

 

(b)
Licensee shall spend the Advertising Commitment as defined in the Summary of Commercial Terms (if any).

 

(i)
The Advertising Commitment may be spent on costs and expenses attributable to trade shows, catalogs and websites, public relations
costs, fees and expenses, point-of-sale advertising featuring Licensed Product(s), the value of all trade and/or retail advertising
expended by Licensee featuring Licensed Product(s), store fixtures that are designated for Licensed Product(s), and co-op dollars
spent to the extent relating to Licensed Product(s). In no event shall the Advertising Commitment be utilized for any general
administrative expenses or development costs. In no event shall Licensee deduct any costs incurred as an Advertising Commitment
from the Royalties due to Licensor hereunder.

 

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(ii)
Upon request of Licensor, Licensee shall from time to time provide details of the expenditure of the Advertising Commitment (if
any). At the end of each Contract Year, if Licensee has not spent the entire Advertising Commitment if and as required hereunder,
Licensee shall pay any and all such unspent Advertising Commitment amounts to Licensor simultaneously with all other payments
due at the end of such Calendar Year. For purposes of illustration and for the avoidance of doubt, if Licensee’s Advertising
Commitment amounts to Five Thousand Dollars ($5,000) in any given Contract Year, and if at the end of such Contract Year Licensee
has only spent Four Thousand Dollars ($4,000), Licensee shall pay the remaining One Thousand Dollars ($1,000) to Licensor. All
Advertisements (as defined in Section 6(c)(ii) of the Standard Terms and Conditions below) must be approved in accordance with
Section 6 of the Standard Terms and Conditions below.

 

(c)
Advertising & Promotion Plan: On or before September 15th of each calendar year of the Term, Licensee shall
submit a detailed marketing plan, inclusive of budget (“Plan & Budget”). Licensee shall, within thirty
(30) days of submission, make such adjustments to the Plan & Budget as Licensor may reasonably require, provided that Licensor’s
changes to the Plan & Budget shall not require Licensee to spend more than: the greater of (i) the required Advertising Commitment,
if applicable, or (ii) [●] of Licensee’s planned budget. For the purposes of this Agreement, “Advertising
& Promotion” shall mean any and all efforts, products, Advertisements and the like, made for the purpose of marketing,
selling and distributing the Licensed Product(s).

 

(d)
Promotional Use: Subject to Section 19 of the Summary of Commercial Terms above and as may be mutually agreed upon by Licensor
and Licensee from time to time, Licensee shall not itself, or allow third parties to make use of the Licensed Property, Licensed
Product(s) or Authorized FOH Products for the purpose of premium offers, giveaways, sales incentives or other such Promotional
Purposes, without the prior written approval of Licensor, which such approval will not be unreasonably withheld.

 

(e)
Press Releases: Unless otherwise agreed upon by the parties hereto, neither Licensee nor Licensor shall itself, or through
its agents or representatives, make, issue, distribute or disseminate any information or statements to the press regarding Licensor,
Licensee any Licensed Product(s), Authorized FOH Product(s) and/or matters pertaining to or arising out of this Agreement. In
the event that Licensee or Licensor desires to issue a press release concerning any of the above, the party desiring to make such
press release shall submit the same to the other party for approval, which may be granted or withheld in the reasonable business
judgment of the party receiving the submission. If Licensor or Licensee (as the case may be) has not responded in writing within
ten (10) days of the submission, the submission shall be deemed disapproved. An approved press release submission may include
references to Licensor, Licensee and/or Licensed Product(s).

 

(f)
Tradeshows and Summit: Upon Licensor’s reasonable request during the Term and provided the requested attendance and/or
participation is mutually agreed upon by Licensor and Licensee, Licensee shall use commercially reasonable efforts to attend Licensor’s
licensing Summits (“Summits”) and to participate in Tradeshows (“Tradeshows”). Licensee
shall be responsible for its own costs and expenses incurred in connection with Summits and Tradeshows, and such costs and expenses
may be charged against Licensee’s Advertising Commitment, if any.

 

6.
APPROVALS, QUALITY STANDARDS AND MANUFACTURING.

 

(a)
Approval. “Approval(s)” or “Approved” shall mean Licensor’s prior written consent,
which may be given or withheld in Licensor’s reasonable discretion.

 

(b)
Approval Rights. Licensor shall have the right to Approve all elements of Licensed Product(s), Advertising and Promotion,
and Packaging (as herein defined) and any and all items produced pursuant to this Agreement. All submissions under this Agreement
shall be made in such a manner as Licensor shall reasonably prescribe from time to time. All materials must be submitted electronically
through RoyaltyZone, unless otherwise requested by Licensor or mutually agreed by the parties. [●]

 

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(c)
Approval Process.

 

(i)
Licensee shall create and submit to Licensor, via RoyaltyZone, drawings for each proposed design for the Licensed Product(s) (the
“Concept”). Upon Approval of such Concept, Licensee may commence manufacture and shall submit to Licensor one
(1) top of production sample (in a given size to be mutually agreed upon by the parties hereto) of the style for each Licensed
Product(s) (“Samples”). All Licensed Product elements must be re-submitted for Approval each time a revision
is made incorporating any substantive changes or additions. Licensor will use commercially reasonable efforts to provide its Approval
or withhold its Approval pursuant to Licensee’s business/production calendar which Licensee shall provide to Licensor from
time to time.

 

(ii)
Subject to Section 18 of the Summary of Commercial Terms, prior to the broadcast, publication, posting, public distribution and/or
use thereof of sample concepts, designs and samples (“Advertising Element”) of any advertisement or other promotional
material (each, an “Advertisement”) which is intended to be used in conjunction with the sale or distribution
of Licensed Product(s), TP Products and/or Authorized FOH Products, Licensee shall submit the Advertising Element to Licensor
for its approval. Once an Advertising Element has been approved, Licensee need not submit variations of that Advertising Element
for re-approval when such variations are merely of size or date and the like; provided, however, that any substantive changes
to the Advertising Element must be Approved in advance pursuant to this Section 6.

 

(iii)
Prior to the manufacture of any Licensed Product(s), Licensee shall submit to Licensor a prototype of the design of all tags,
hangtags, labels, packaging and wrapping for such Licensed Product(s) (hereinafter “Packaging”) for Approval
by Licensor.

 

(iv)
At the end of each Contract Year, Licensor shall have the right to request that Licensee re-submit any or all Licensed Product(s),
Concepts, designs, Production Samples, Advertising Elements and Packaging for Licensor’s re-Approval.

 

(d)
Quality Control. Not more than once per Contract Year, and upon reasonable notice, Licensor or a third party designated
by Licensor, shall have access to and the right to inspect any Licensed Product(s), Concepts, designs, Production Samples, Advertising
Elements and Packaging regardless of their location, and the right to enter and inspect all premises and facilities (including,
without limitation, storage and shipping facilities) of Licensee and its designers, manufacturers, suppliers, warehousers and/or
shippers, provided that such party agrees in advance not to disclose or use for their benefit the identity of any suppliers or
manufacturers of Licensee, in each case for the sole purpose of quality control and ensuring that the manufacture, Packaging,
labeling, Advertising & Promotion and distribution of Licensed Product(s) comply with Licensee’s obligations hereunder
and all applicable Laws.

 

(e)
Disclaimer. Licensee acknowledges that it shall bear the responsibility for and expense of compliance with the Approval
requirements hereunder; provided that no expense shall be payable to Licensor or any agent or representative in respect of the
same. Licensee further acknowledges that the Approval or disapproval of any Licensed Product(s), Advertising Elements and/or Packaging
may be based, without limitation, solely on subjective aesthetic standards. This approvals process shall not be deemed a legal
review, but purely as a process meant to verify that the use of the Licensed Property has been done in a manner that complies
with this Agreement. Any Approval shall not waive, diminish or negate Licensee’s indemnification obligations to Licensor
herein.

 

(f)
Brandbook & Style Guides. Licensor shall provide Licensee with a brand book and/or Style Guide, which is subject to
seasonal updates and other changes from time to time (“Style Guide”). Licensee shall, on a prospective basis,
follow the rules set forth in the Style Guide.

 

(g)
Manufacture; Third Party Participation. The manufacture of Licensed Product(s) may take place within or outside the Territory
by Licensee, its agents or employees; provided, however, that Licensed Product(s) and/or Authorized FOH Products may only be sold
in the Permitted Distribution Channels in the Territory. If Licensee wishes to subcontract any or all of the manufacture of Licensed
Product(s), it may do so with the prior written approval of Licensor. Licensee shall make such request to Licensor in writing
and provide Licensor with the name and address of the proposed party and all of its principles, the products which such party
has previously produced and a written undertaking in the form set forth at Exhibit B. Licensee will use commercially reasonable
efforts to ensure that its manufacturers, distributors and other such subcontractors abide by the terms of this Agreement. All
acts of any such manufacturers, distributors and subcontractors shall be deemed to be the acts of the Licensee for all purposes
of this Agreement.

 

(h)
Goodwill and Quality Standards. Licensee acknowledges that, if the Licensed Product(s) manufactured and sold by it are
of inferior quality in material and/or workmanship, then the substantial goodwill which Licensor has built up and now possesses
in the Licensed Property will be impaired. Accordingly, Licensee warrants to Licensor that all Licensed Product(s) will maintain
the high standards, appearance and quality of the approved Production Samples. If there is a substantial or material departure
from the approved sample of Licensed Product(s) made and/or distributed by or on behalf of Licensee, then Licensor shall have
the right, in the reasonable exercise of its sole and absolute discretion, to withdraw the approval of such Licensed Product(s)
by written notice thereof to Licensee, at which time this Agreement shall automatically terminate with respect to such Licensed
Product(s) (“Impaired Goods”). Licensor may additionally require that the Licensed Product(s) be immediately
recalled if it believes in its reasonable judgment that the Licensed Product(s) may pose a health or safety hazard or be detrimental
to the goodwill of Licensor, its parents, subsidiaries or affiliated companies. Subject to Licensor’s prior written approval
in each instance which will not be unreasonably withheld, Licensee may sell such Impaired Goods solely through the Bendon Retail
Channels located in Australia and New Zealand in accordance with terms and provisions of this Agreement; provided that Licensee
shall not be required to obtain Licensor’s prior written approval in respect of sales of Impaired Goods pursuant to this
Section 6(h), if Licensee is able to completely remove all indicia of the Licensed Property from the Impaired Goods.

 

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(i)
Samples; Free Units. Immediately upon creation of any Production Samples and/or the manufacture of any Licensed Product(s),
Licensee shall deliver to Licensor [●] Production Samples (in sizes to be mutually agreed upon by the parties hereto)
and, as the case may be, any additional Production Samples and/or Free Units as set forth in the Summary of Commercial Terms,
free of charge. Licensor shall have the right to modify the number of Samples to be supplied by Licensee in its reasonable discretion.
Such Samples may be requested by Licensor for: (i) quality control as prescribed in this Section 6; (ii) sponsorship; (iii) promotion
by Licensor; and (iv) trademark policing and registration practices.

 

7.
COPYRIGHT AND TRADEMARK.

 

(a)
Form of Notice. Each Licensed Product and all Packaging and Advertisements shall bear appropriate copyright, trademark
and credit notices as designated by Licensor, either directly on the Licensed Product, Packaging and/or Advertisement or on tags,
stickers or labels affixed thereto. The form in which such notices are to appear is set forth on Exhibit C attached hereto.
Licensor may change the form of notice to be used on the Licensed Product(s), Packaging and/or Advertisements under this Section
7(a) by giving not less than ninety (90) days prior written notice thereof to Licensee and Licensee shall comply with the same
on a prospective basis. When a Trademark is used on or in connection with the Licensed Product(s), Packaging and/or for Advertising
& Promotion, the Licensee shall: (i) abide by what are considered to be sound practices in regard to trademark notice provisions
in the Territory; (ii) properly use the “TM” or “®” designation and other trademark notice and
information as instructed by Licensor; and (iii) not use the Trademark as a generic name. Licensor may implement security measures,
including, without limitation the imposition of certain hologram/labels. Licensee agrees that Licensee shall be required to purchase
such hologram/labels from Licensor’s suppliers.

 

(b)
Ownership Rights. Except for Licensee’s Reserved Rights set forth in Section 7(c) of the Standard Terms and Conditions
below, ownership of all intellectual property rights, whether recognized currently or in the future, including, without limitation,
copyright, patent and trademark rights in and to any or all Licensed Product(s) and in all designs, artwork, Packaging, copy,
literary text, advertising material and promotion material of any sort utilizing Licensed Property, including all such materials
as may be developed by Licensee but excluding Licensee’s Reserved Rights set forth in Section 7(c) of the Standard Terms
and Conditions below, shall vest in Licensor, and title thereto shall be in the name of Licensor or its respective designees.
Any and all additions to, and new renderings, modifications or embellishments of, Licensed Property shall, notwithstanding their
invention, creation and use by Licensee and/or its agents, be and remain the sole and exclusive property of Licensor, and Licensor
may use, and license others to use, the same, subject only to the provisions of this Agreement. In all cases other than in respect
of Licensee’s Reserved Rights, Licensee shall enter into written agreements with all of its employees in which such employees
acknowledge their status as employees (and not independent contractors). In all cases other than in respect of Licensee’s
Reserved Rights, Licensee shall enter into written agreements with all of its independent contractors: (i) providing that all
artwork and designs created by them in the course of Licensee’s performance under this Agreement shall be the property of
Licensor either as works for hire under United States copyright Law or otherwise; or (ii) obligating them to assign all rights
in and to such artwork and designs to Licensee, which Licensee shall be deemed to have automatically assigned to Licensor, but
Licensee shall, during the Term, have a non-exclusive license to copy and use such artwork for the purposes set forth herein,
subject to the terms of this Agreement. Upon the request of Licensor, Licensee shall submit to Licensor for approval: (y) all
copies of all such agreements prior to the use of any material created or developed thereunder; and (z) full information concerning
the invention and creation of such artwork and designs, together with the originals of assignments of all rights therein obtained
from all such third parties to Licensor. Licensee shall not permit any of its employees or independent contractors to obtain or
reserve, by written or oral agreement or otherwise, any rights as “authors” or “inventors” of any such
artwork or designs (as such terms are used in present or future United States copyright and/or patent statutes or judicial decisions).

 

    	15

     

    

 

(c)
Licensee’s Reserved Rights. Licensor acknowledges that Licensee may already have in existence certain intellectual
property rights (“Licensee’s Existing IP Material”) that it may or may not use in conjunction with Licensed
Property. Further, Licensee may create new intellectual property (“Licensee’s Future IP Material” and
collectively with Licensee’s Existing IP Material, the “Licensee’s Reserved Rights”) for use with
the Licensed Property and other subject matter separate from the Licensed Property. To the extent that Licensee’s Reserved
Rights are separable from Licensed Property, Licensor’s company name and/or logo and Licensor Materials (as hereinafter
defined), Licensee’s Reserved Rights shall remain vested in Licensee. Licensee hereby grants Licensor an irrevocable, gratis
license to use any Licensee’s Reserved Rights during the Term for purposes relating to this Agreement and shall, for that
purpose, provide Licensor with Licensee’s Reserved Rights as requested by Licensor from time to time, including, without
limitation, photographs of Licensed Products for use on Licensor’s website.

 

(d)
Licensor’s Discretion to Institute Action. Licensor and Licensee shall cooperate to ensure that third parties do
not unlawfully infringe on Licensed Property or engage in any acts of unfair competition involving Licensed Property. Licensee
shall promptly notify Licensor of any such infringements or acts of unfair competition by third parties that come to its attention
relating to the Licensed Property. Licensor shall have the exclusive right, exercisable at its discretion, to institute in its
own name and/or with Licensee’s consent which shall not be unreasonably withheld, Licensee’s name and to control all
claims, suits and/or actions against third parties relating to the Licensed Property, and other proprietary rights in and to the
same, at Licensor’s sole cost and expense. With respect to any such claim, suit and/or action, Licensor shall employ counsel
of its own choice to direct the handling of the claim, any litigation related thereto and any settlement thereof. Licensor shall
be entitled to receive and retain all amounts awarded, if any, as damages, profits or otherwise in connection with such claims,
suits and/or actions. Licensee shall not, without Licensor’s prior written consent, make any claim, institute any suit or
take any action on account of such infringements, acts of unfair competition or unauthorized uses. If, with Licensor’s prior
written consent, Licensee makes such a claim or institutes, at its sole cost and expense, such a suit or action, then Licensee
shall be entitled to recover all reasonable costs and expenses incurred in connection with such claim, suit or action from any
financial recovery awarded or obtained and the remainder shall be paid to Licensor, less twenty percent (20%) which Licensee may
retain. If Licensee does not prevail on any such claim, suit and/or action, or if there is a discrepancy, then Licensee may not
recover any sums from Licensor in connection with such claim, suit and/or action. Licensor has no obligation to commence, approve
or make any claim, suit and/or action. Licensor shall incur no liability by reason of Licensor’s failure or refusal to prosecute,
or by Licensor’s refusal to permit Licensee to prosecute, any alleged infringement by third parties, or by reason of any
settlement to which Licensor may agree.

 

(e)
Withdrawn Rights. Licensor may withdraw any or all elements of the Licensed Property, in any or all portions of the Territory
and/or in certain Permitted Distribution Channels, or any component part thereof, from the rights granted pursuant to the terms
of this Agreement (the “Withdrawn Rights”) if Licensor determines that the exploitation thereof would or might
violate or infringe the copyright, trademark or other proprietary rights of any third parties, or subject Licensor or Licensee
to any liability or violate any Law, court order, government regulation or other ruling of any governmental agency or authority,
or if, on account of the expiration or sooner termination of any agreement between Licensor and a third party from whom Licensor
has obtained certain underlying rights relating to the exploitation of Licensed Property hereunder or otherwise, Licensor shall
no longer have the right to act in the capacity herein contemplated on behalf of any third party or parties, or if Licensor determines
that it cannot adequately protect its rights in Licensed Property under the copyright, trademark or other Laws of the Territory
or any portion thereof. Such a withdrawal shall not be deemed a breach of this Agreement. Within five (5) business days following
Licensee’s receipt of written notice of such withdrawal, Licensee shall, if so requested by Licensor, in Licensor’s
sole discretion: (a) destroy, or (b) deliver to Licensor at Licensor’s sole cost and expense any Licensed Product(s) which
are in Licensee’s Inventory that bear or feature any of the Withdrawn Rights. Licensor shall indemnify Licensee for the
direct production cost of such destroyed or returned Licensed Product(s); provided, however, that Licensee must furnish Licensor
with: (i) a detailed inventory of such Licensed Product(s); (ii) source documentation supporting such landed duty paid costs;
and (iii) an affidavit of destruction, if applicable, in a form acceptable to Licensor, evidencing the same. In the event that
Licensor’s withdrawal of any Withdrawn Rights pursuant to this Section 7(e) directly results in a quantifiable, material
adverse consequence to Licensee’s business under this Agreement (an “Adverse Consequence”), then Licensee
and Licensor shall meet and confer in good faith regarding an adjustment and/or alteration to the terms of this Agreement that
may adequately resolve such Adverse Consequence [●].

 

(f)
Goodwill. Licensee recognizes the great value of the publicity and goodwill associated with the Licensed Property and all
materials created or furnished by Licensor (“Licensor Materials”), and acknowledges that the Licensed Property
and Licensor Materials have acquired secondary meaning in the minds of the public and agrees that the Licensed Property, Licensor
Materials and all rights and goodwill in them belong exclusively to the Licensor and its subsidiaries and/or affiliates. Licensee
assigns and transfers to Licensor all goodwill created by Licensee’s use of the Licensed Property, Licensor Materials and
Licensed Product(s). Licensee further acknowledges and agrees that it will not cause or permit any third party to register in
its name any Licensed Property or Licensor Materials, or any component part thereof, and/or represent in any filing, statement,
document or other presentation, that it is the owner of any of the foregoing, and shall not use or display any of the foregoing
except as expressly permitted herein. Licensee’s use of Licensed Property, Licensor Materials, or any portion thereof, shall
inure solely to the benefit of Licensor.

 

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(g)
Maintenance of Intellectual Property Rights. Licensee shall assist Licensor, at Licensor’s request and sole cost
and expense, in the procurement and maintenance of Licensor’s rights in Licensed Property (including, without limitation,
all intellectual property rights thereon, whether recognized currently or in the future). In connection therewith, Licensee shall,
without limitation, execute and deliver to Licensor, in such manner as Licensor shall reasonably request, from time to time, including,
without limitations the form attach hereto as Exhibit D, all instruments necessary to: (i) effectuate copyright and trademark
protection; (ii) record Licensee as a registered user of any trademarks pursuant to this Agreement; or (iii) cancel any such registration.
Such registration shall be handled by attorneys selected or approved by Licensor, in its sole discretion. Licensor makes no representation
or warranty that copyright or trademark protection shall be secured in Licensed Property. Licensee hereby acknowledges that there
are practical limitations on Licensor’s ability to prevent third parties who purchased Licensed Products outside the Territory
from re-selling such Licensed Products in the Territory, and no such sales shall be deemed a breach of this Agreement by Licensor.

 

(h)
No Attack. Licensee shall not, during the Term and at all times thereafter: (i) attack or challenge; or (ii) lend assistance
to any third party in connection with an attack or challenge of any right, title or interest of Licensor in and to Licensor’s
company name and/or logo, Licensed Property and Licensor’s Materials, and any and all other intellectual property rights
of Licensor, including, without limitation, copyrights, trademarks and/or patents owned and/or controlled by Licensor, whether
by way of application for and/or an opposition of any trademark relating to the Licensed Property or anything confusingly similar
thereto, or by way of lawsuit, cancellation proceeding or action or otherwise. Licensor shall not, during the Term and at all
times thereafter: (i) attack or challenge; or (ii) lend assistance to any third party in connection with an attack or challenge
of any right, title or interest of Licensee in and to Licensee’s Reserved Rights, and any and all other intellectual property
rights of Licensee, including, without limitation, copyrights, trademarks and/or patents owned and/or controlled by Licensee.
Neither the Licensor nor the Licensee shall, during the Term and at all times thereafter misuse, disparage or bring into disrepute
the others party’s name and/or the Licensed Property and/or the Licensee’s Reserved Rights nor make any negative or
unfavorable statements concerning and of the same.

 

(i)
Works Made For Hire. Licensee acknowledges and agrees that any and all intellectual property rights arising from or relating
to the Licensed Product(s) that are created or developed by Licensee under this Agreement (except for Licensee’s Reserved
Rights) and that qualify as works of authorship belong to Licensor and are “works made for hire” as defined in Section
101 et seq. of the United States Copyright Act, Title 17, United States Code (“Copyright Act”). With respect
to any and all intellectual property rights created or developed by Licensee under this Agreement, including any rights arising
under Section 7(b) of the Standard Terms and Conditions above, and arising from or relating to the Licensed Product(s) which are
not “works made for hire” as defined in the Copyright Act, including, without limitation, inventions, Licensee hereby
assigns all right, title and interest in and to such intellectual property rights to Licensor. Licensee will execute and deliver
any and all documents, including, without limitation, short form assignments, determined by Licensor to be necessary to perfect
its right, title and interest in and to any such intellectual property rights. Notwithstanding the foregoing, this Section shall
not apply to any intellectual property rights that Licensee owned prior to the Effective Date (as defined in the Summary of Commercial
Terms), including, without limitation, Licensee’s Existing IP Material. If Licensee incorporates into any Licensed Product
any invention, design or other work of authorship previously owned by Licensee, or in which Licensee has an interest (each, a
“Prior Work”), Licensee grants to Licensor a non-exclusive, royalty-free, irrevocable, perpetual, worldwide
and assignable license to make, have made, use, or sell Licensed Product(s) employing or incorporating each such Prior Work.

 

8.
DOMAIN NAME OWNERSHIP.

 

(a)
Licensor shall own all right, title and interest (including, without limitation, all intellectual property rights) in any URLs
and domain names that use or incorporate the Licensed Property, or any variation thereof, in the body of such URL and/or domain
name (“Licensor URL”). Prior to Licensee’s use of the Licensed Property on the internet or in any Permitted
Distribution Channel, Licensee shall (i) use its commercially reasonable efforts to monitor any use of the Licensed Property on
the internet by any Permitted Distribution Channel, and (ii) submit copies to Licensor of all proposed uses by Licensee and the
Permitted Distribution Channels. Licensee agrees that, to the extent that Licensor finds any use of a Licensed Property on the
internet by a Permitted Distribution Channel to be objectionable, as determined by Licensor in its sole and absolute discretion,
Licensee shall use its commercially reasonable efforts to cause the Permitted Distribution Channel to cease its use of the Licensed
Property on the internet.

 

    	17

     

    

 

(b)
Licensee shall have no right to, and hereby agrees not to, register any URL and/or domain name incorporating, in whole or in part,
Licensed Property or any variation thereof without the prior written consent of Licensor in each instance, which approval shall
be granted or withheld in Licensor’s sole and absolute discretion. Licensor shall have the sole right to apply for any URL
and/or domain name that includes any aspect of the Licensed Property and/or any variation thereof in any level domain. If Licensee
desires to use a URL and/or domain name that incorporates any aspect of the Licensed Property or any variation thereof, Licensee
shall submit its proposal therefore to Licensor in writing. Licensor shall, in its sole and absolute discretion, approve or disapprove
such URL and/or domain name, and Licensor reserves the right to register any such requested URL and/or domain name in its own
name or the name of an affiliate and license it to Licensee. Licensee agrees to cooperate with Licensor in the execution, filing,
application and/or registration of any URL and/or domain name that Licensor may choose to register. Should Licensee register any
URL and/or domain name incorporating the Licensed Property, with or without Licensor’s prior approval, Licensee shall transfer
such URL and/or domain name to Licensor upon request from Licensor. Specifically and without limitation, Licensee shall immediately
accept a request for transfer of the URL and/or domain name initiated by Licensor through the domain name registrar. Should Licensee
fail to accept the request for transfer or other documentation (electronic or written) to transfer the URL and/or domain name,
Licensor may submit this paragraph of this Agreement to the domain name registrar to effect the transfer. If the domain name registrar
does not accept this provision of this Agreement to effect the transfer, Licensor may file an arbitration proceeding under ICANN
to obtain the transfer of the URL and/or domain name to Licensor. Should Licensor be required to file an ICANN proceeding to obtain
the return of the URL and/or domain name, Licensee shall be required to reimburse Licensor for all costs incurred whatsoever in
such proceeding, including but not limited to, attorneys’ fees, filing fees and other costs.

 

(c)
Subject to Section 18 of the Summary of Commercial Terms above, Licensee shall, during the Term and at all times thereafter refrain
from: (i) establishing, maintaining, or participating in any social media (i.e. Twitter, Facebook, My Space, Pinterest or other
similar platforms now known or hereafter created) using the Licensed Property without Licensor’s prior written consent which
consent may be withheld in Licensor’s sole discretion; (ii) posting (or other similar activity) any content bearing the
Licensed Property to any social media or other similar website if the terms of use for such site would be violation of any of
the terms of this Agreement if the conduct had been undertaken by Licensee (i.e. if by virtue of posting a picture the copyright
is not protected, then Licensee may not post any materials embodying the Licensed Property on such site, e.g. Pinterest).

 

9.
REPRESENTATIONS AND WARRANTIES.

 

(a)
Licensor warrants and represents to Licensee that: (i) it either owns or controls the rights granted herein; and (ii) it is authorized
to enter into this Agreement and to license the rights herein granted to Licensee.

 

(b)
Licensee warrants and represents all of the following:

 

(i)
(A) It has the full right, power and authority to enter into this Agreement and to perform all of its obligations hereunder; (B)
it is adequately staffed and financially capable of undertaking the business operations which it conducts and of performing its
obligations hereunder; (C) it is duly organized, validly existing and in good standing under the Laws of its state of organization;
(D) all necessary acts have been effected by it to render this Agreement valid and binding upon it; and (E) in its negotiations
relative to this Agreement, it has not utilized the services of any finder, broker or agent and it owes no commission or fees
to any such person in relation hereto.

 

(ii)
Licensee shall comply with and act in accordance with (A) any and all applicable Laws and other legal obligations of or in the
Territory including, without limitation, local, state, federal and international directives, rules, assessments, regulations,
filing requirements, ordinances, statutes, codes, judgments and civil or common Law; (B) conventions and treaties to which the
United States or any legal subdivision thereof is a party; and (C) industry and trade-association standards, rules or regulations
(individually and collectively, “Law” or “Laws”). There is no pending or threatened litigation
which may affect Licensee’s ability to fully perform its obligations herein.

 

(iii)
(A) The Licensed Product(s) and all Advertising & Promotion by Licensee, if applicable, shall be of high quality in design,
material and workmanship; (B) no injurious deleterious or defamatory material, writing or images shall be used in or on the Licensed
Product(s) or Advertising & Promotion; (C) the Licensed Product(s) shall be merchantable and fit for the intended use herein,
shall in all respects be safe to consumers and shall be manufactured and distributed in accordance with all applicable Laws; (D)
Licensee shall undertake a level of customer service and provide warranties to consumers at least as favorable as is standard
in its industry; and (E) Licensee shall comply with any and all product recalls issued by the Consumer Product Safety Commission
(CPSC) or any other local, federal or state agency or Law.

 

    	18

     

    

 

(iv)
Licensee shall not create, incur or permit any encumbrance, lien, security interest, mortgage, pledge, assignment or other hypothecation
upon this Agreement or permit the commencement of any proceeding or foreclosure action on this Agreement or to obtain any assignment
thereof, whether or not involving any judicial or nonjudicial foreclosure sales.

 

(v)
Licensee has not and will not, during the Term or at any time after expiration of the Term: (A) attack any right, title or interest
of Licensor in and to Licensed Property; (B) infringe upon or violate the trademark rights, copyright, right of publicity or any
other intellectual property right of any other person or entity; or (C) create any expenses chargeable to Licensor without the
prior written approval of Licensor.

 

(vi)
Neither Licensee nor any of its subsidiaries and/or affiliated companies shall be involved, directly or indirectly, in any act
of counterfeiting or piracy or in the unauthorized manufacture, distribution, advertising, sale and/or offering of any merchandise
or products bearing the name, trademark, logo or likeness of any other person or entity. Without limiting any other provision
of this Agreement, any violation by or on behalf of Licensee of this paragraph shall constitute a material breach entitling Licensor
to immediately terminate this Agreement.

 

(vii)
All costs and expenses of manufacture, advertising, promotion, Samples, Packaging, stickers, labels, tags and other costs and
expenses related to the manufacture, sale, distribution, Advertising & Promotion of Licensed Product(s), including but not
limited to the expense of compliance with the approval requirements set forth in Section 6 of the Standard Terms and Conditions
and the cost incurred in the development, design, manufacture, distribution, sale, Advertising and Promotion or exploitation of
the Licensed Product(s) shall be borne by Licensee.

 

(c)
Licensee hereby acknowledges that Licensor does not make any warranties or representations as to the popularity, success, continued
exploitation of, and/or marketing and advertising budget with respect to, the Licensed Property, and does not make any warranties
or representations as to the amount of Net Sales or profits Licensee shall derive under this Agreement from the sale or distribution
of the Licensed Product(s).

 

10.
INDEMNIFICATION.

 

[●]

 

    	19

     

    

 

11.
INSURANCE.

 

(a)
Licensee shall procure and maintain, at its sole cost and expense, and inform its manufacturers of the requirement to obtain,
at their sole cost and expense, comprehensive general liability insurance, including product liability insurance and insurance
to defend and protect the parties against third-party claims for personal injury, death, property damage, negligent design, negligent
manufacture, other product liability claims or any advertising injury arising out of or in connection with: (i) the Licensed Product(s);
(ii) products manufactured by Bendon sold through the E-Commerce Site; and/or (iii) products bearing intellectual property owned
and/or controlled by Bendon sold through the E-Commerce Site (collectively, “Bendon Products”) or the marketing
thereof. Insurance must be obtained from a company reasonably acceptable to Licensor, providing adequate protection for Licensor
and Licensee against any claims or suits arising out of or in connection with the rights granted under this Agreement in an amount
not less than [●].

 

(b)
Such insurance shall remain in force at all times during the Term and for a period of three (3) years thereafter. Within twenty
(20) business days from the Effective Date, Licensee will submit to Licensor a certificate of insurance naming Licensor as an
additional insured and prohibiting the insurer from canceling, terminating or materially modifying the underlying insurance policy
unless it gives written notice of such termination, cancellation or modification to Licensor at least thirty (30) days in advance
thereof. Upon receipt of such notification of canceling, terminating or modifying the underlying insurance policy in a manner
that materially adversely affects the Licensor without providing details of a replacement insurance policy that satisfies the
requirements of Section 11(a) of the Standard Terms and Conditions above, Licensor shall have the right, based on Licensor’s
sole discretion, to declare a material breach of this Agreement (which must be cured prior to any insurance lapse or result in
a termination of this Agreement which termination shall take effect on the last day of coverage, notwithstanding any provision
of this Agreement to the contrary) and/or the right, but not the obligation, to purchase replacement insurance from an insurance
carrier of Licensor’s choice, and Licensee agrees to pay all costs thereof immediately upon request by Licensor.

 

(c)
In the event that any insurance policy required hereunder includes or permits a waiver of subrogation, such waiver shall apply
to Licensor. In the event that any insurance policy required hereunder provides for a waiver of subrogation in the event that
such waiver is required by a third party agreement, then this Agreement shall be deemed to require such waiver. Any claims covered
by Licensee’s insurance policies shall not be offset or reduced in any amount whatsoever by any other insurance which Licensor
may independently maintain. Licensee shall notify Licensor of all claims regarding the Licensed Property, Licensed Materials,
Licensed Product(s) under any of the foregoing policies of insurance promptly upon the filing thereof. Licensee’s indemnification
obligations hereunder shall not be limited by the amount of insurance requirements hereunder.

 

12.
TERMINATION.

 

(a)
Termination for Repetitive Breach. If Licensee breaches a material provision of this Agreement, and, assuming such breach
is curable, then after receiving a written breach notice from Licensor and curing such breach pursuant to Section 12(b)(ii) below,
Licensee subsequently breaches the same provision a second (2nd) time within six (6) months from the date of the first
(1st) breach (a “Repetitive Breach”), Licensor shall have the right, but not the obligation to Terminate
this Agreement with all amounts, [●].

 

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(b)
Licensor’s Right to Suspend or Terminate. Licensor shall have the right to suspend its performance hereunder and/or
terminate this Agreement in its entirety upon the occurrence of any of the following events:

 

(i)
The failure of Licensee to make any payment required to be made under this Agreement, which failure is not cured within [●]
of Licensee’s receipt of written notice from Licensor specifying the nature of such failure with particularity; or

 

(ii)
The breach by Licensee of any of its representations or warranties herein or the failure of Licensee to comply with any of the
other material terms of this Agreement or otherwise discharge its material duties hereunder, and such breach or failure is not
cured [●] of Licensee’s receipt of written notice from Licensor specifying the nature of such breach or failure
with particularity; provided, however, that if Licensee is unable to complete the cure of such breach or failure within said [●]
period, Licensee shall have the right to notify Licensor of the same on or before  [●] to request an extension
of time to cure, and Licensor shall have the right, in Licensor’s reasonable discretion, to allow Licensee up to [●]
to complete such cure; or

 

(iii)
Any act of gross negligence or wanton misconduct by Licensee, and such action is not corrected within [●] of Licensee’s
receipt of written notice from Licensor specifying the nature of such action with particularity; or

 

(iv)
The cessation of operations by Licensee, including but not limited to Licensee’s failure to continuously and diligently
seek to fill all accepted purchase orders for Licensed Product(s), [●]; or

 

(v)
The making by Licensee of an assignment for the benefit of creditors, or the filing by or against Licensee of any petition under
any federal, national, state or local bankruptcy, insolvency or similar Laws, if such filing shall not have been dismissed or
stayed within [●]; or

 

(vi)
[●]

 

(vii)
Licensee hereby acknowledges that Licensee shall not have an opportunity to cure any material breach which by its terms cannot
be cured: [●].

 

(c)
Licensee’s Right to Suspend or Terminate. Licensee shall have the right to suspend its performance hereunder or terminate
this Agreement in its entirety upon the occurrence of the breach by Licensor of any of its representations or warranties herein
or the failure of Licensor to comply with the terms of this Agreement or otherwise discharge its duties hereunder, and such breach
or failure is not cured within [●] of Licensor’s receipt of written notice from Licensee specifying the nature
of such breach or failure with particularity; provided, however, that if Licensor is unable to complete the cure of such breach
or failure within said [●] period, Licensor shall have the right to notify Licensee of the same on or before [●]
to request an extension of time to cure, and Licensee shall have the right, in Licensee’s reasonable discretion, to
allow Licensor up to [●] to complete such cure.

 

13.
EFFECT OF TERMINATION AND SELL-OFF.

 

(a)
Effect of Termination or Expiration. Upon any expiration or termination of this Agreement for any reason whatsoever, all
rights in and to the Licensed Property shall revert to Licensor, and Licensor shall be free to license such rights to any other
person or entity, and Licensee shall have no further rights whatsoever with respect to Licensed Product(s) (except for Licensee’s
Reserved Rights), the Licensed Property and/or any other intellectual property rights relating thereto. Licensee shall, at its
sole cost and expense, return any of Licensor’s intellectual property, artwork or materials of any kind that are then in
its possession or under its control. Any and all unpaid fees, including but not limited to [●] and/or any other payments
due to Licensor pursuant hereto for the then-current-Term, shall be immediately due and payable to Licensor (and shall be paid
not later than (i) [●] from the expiration of the Term or upon such earlier date as may be set forth in the Summary
of Commercial Terms, or (ii) [●] from the earlier termination of this Agreement for any reason). In no event shall
any expiration or termination of this Agreement excuse any party from any breach or violation of this Agreement and full legal
and equitable remedies shall remain available thereof, nor shall it excuse the making of any payment due under this Agreement
with respect to any period prior to the date of expiration or termination. Notwithstanding any provision of this Agreement to
the contrary, [●] shall survive any expiration or termination of this Agreement.

 

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(b)
Sell-Off Period. In the event that (i) this Agreement is terminated pursuant to Section 12(c) of the Standard Terms and
Conditions, provided that Licensee’s notice of termination sent pursuant to Section 12(c) is not sent in response to a breach
notice sent by Licensor to Licensee, (ii) this Agreement has expired pursuant to its terms, (iii) Licensee is not in breach hereof,
(iv) all [●], Royalties, [●] and CMF contributions have been received in full by Licensor and all Advertising
Commitments have been spent by Licensee (and/or paid to Licensor, as applicable), and (v) Licensee has provided to Licensor any
and all information requested, including, without limitation, inventory and trademark information, then Licensee shall have the
non-exclusive right to sell-off existing Inventory (as defined in Section 13(c) of the Standard Terms and Conditions) within the
Territory and Permitted Distribution Channels for a period of [●] following the expiration of the Term (the “Sell-Off
Period”), in which case Licensee shall account to Licensor for Royalties relating thereto as provided for herein. Licensee’s
right of sell-off will itself terminate automatically if Licensee breaches any term, condition, obligation, representation or
warranty herein during the Sell-Off Period which may reasonably cause an adverse consequence to Licensor’s business. During
such period, Licensee shall not be entitled to use Licensed Property in any new or additional Licensed Product(s), Advertisements
or Packaging of any kind where the same was not Approved before or during the Sell-Off Period. It is specifically understood and
agreed that Licensee shall not have the right to manufacture or have manufactured any Licensed Product(s) for a period of three
(3) months prior to the expiration, except to fill orders made during the Term and prior to the Sell-Off Period. Following the
expiration of the Sell-Off Period, Licensor shall have the right, but not the obligation, to purchase all existing Licensed Product(s)
remaining in Inventory at Licensee’s actual manufacturing cost thereof. If Licensor elects not to purchase any Licensed
Product(s), then Licensee shall destroy the same and furnish Licensor with a certificate of destruction.

 

(c)
Inventory and Destruction. At the expiration or earlier termination of this Agreement, subject to the sell-off provision
in Section 13(b) of the Standard Terms and Conditions, Licensee shall destroy the Licensor Materials and all Licensed Product(s)
and/or Advertising & Promotion materials on-hand held for Licensee’s Inventory or in process of manufacture (collectively,
“Inventory”), unless otherwise directed by Licensor. Following the destruction and/or delivery to Licensor
of the Licensor Materials and the destruction and/or sale to Licensor of the Inventory, Licensee shall submit, [●],
a statement certified by an authorized representative of Licensee attesting to and detailing the destruction and/or delivery of
such Licensor Materials and the destruction and/or sale of all such Inventory (the “Disposition of Inventory Statement”).

 

14.
CUMULATIVE RIGHTS & REMEDIES; LIMITATION OF LIABILITY.

 

(a)
All rights and remedies conferred upon or reserved to the parties in this Agreement shall be cumulative and concurrent and shall
be in addition to all other rights and remedies available to such parties at law or in equity or otherwise, including, without
limitation, requests for temporary and/or permanent injunctive relief. Such rights and remedies are not intended to be exclusive
of any other rights or remedies and the exercise by either party of any right or remedy herein provided shall be without prejudice
to the exercise of any other right or remedy by such party provided herein or available at law or in equity.

 

(b)
The Licensee acknowledges that any breach by Licensee shall cause Licensor irreparable harm for which there is no adequate remedy
at law, and in the event of such breach, Licensor shall be entitled to, in addition to other available remedies, injunctive or
other equitable relief, including, without limitation, interim or emergency relief, including, without limitation, a temporary
restraining order or injunction, before any court with applicable jurisdiction, to protect or enforce its rights.

 

(c)
To the maximum extent permissible under applicable Law, neither Licensor nor Licensee will be liable to the other party or any
third party for any consequential, incidental, punitive, or special damages regardless of the form or action, whether in contract
or in tort, even if Licensor or Licensee has been advised of the possibility of such damages.

 

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15.
CONFIDENTIALITY.

 

(a)
Each party acknowledges that it may have access to the other party’s Confidential Information (as hereinafter defined),
whose value may be impaired by misuse or by disclosure to a third party. The receiving party agrees that it will not disclose
and/or make use of such Confidential Information except to perform its obligations under this Agreement. The receiving party shall
take reasonable precautions to protect the confidentiality of the other party’s Confidential Information. Such precautions
may, if requested by the disclosing party, include the use of separate written confidential agreements, in a form approved by
the disclosing party. Following the expiration or termination of this Agreement, no party shall disclose or use any of the other
parties’ Confidential Information for any purpose, unless otherwise agreed in writing by the disclosing party.

 

(b)
All Confidential Information will remain the property of the disclosing party. The confidentiality of Confidential Information
and the obligation of confidentiality hereunder shall survive any expiration or termination of this Agreement until such time
as the information in question ceases to be confidential.

 

(c)
For the purposes hereof, the term “Confidential Information” shall mean [●]. Confidential Information
shall also include the terms and conditions of this Agreement. As used in this Agreement, the term Confidential Information shall
not include any information that is: [●].

 

(d)
Each party agrees to notify the other party of the circumstances surrounding any inadvertent disclosure of Confidential Information.

 

16.
MISCELLANEOUS.

 

(a)
Relationship of the Parties. This agreement does not constitute and shall not be construed to constitute an agency, partnership,
joint venture or any other type of unnamed relationship between Licensor and Licensee. Neither party shall have the right to obligate
or to bind the other party in any manner whatsoever, and nothing contained in this Agreement shall give or is intended to give
any rights of any nature to any third party. Licensor and Licensee both acknowledge and agree that state and federal franchise
Laws do not and will not apply to this Agreement or to the relationship between Licensee and Licensor and their respective rights
and obligations hereunder. The parties agree that, due to their respective business backgrounds and prior licensing experience,
they do not need the protection of state or federal franchise Laws.

 

(b)
Addresses and Notices.

 

(i)
All notices, requests, demands and other communications required or permitted to be made hereunder shall be: (A) in writing; and
(B) shall be deemed duly given if: (I) hand delivered against a signed receipt therefore to a corporate officer; or (II) sent
by registered or certified mail, return receipt requested, first class postage prepaid or sent by a nationally recognized overnight
delivery service to the party at the address listed in the Summary of Commercial Terms; or (III) sent by confirmed facsimile transmission;
or (IV) sent by confirmed e-mail; or (V) sent by confirmed electronic submission to Licensor through RoyaltyZone, as applicable;
in each case addressed to the party entitled to receive the same at the address specified below:

 

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	 	(y)	If
    to Licensee, then to:

 

[●]

 

	 	(z)	If
    to Licensor for required Notices, then to:

 

[●]

 

If
to Licensor for purposes of submitting Approvals, Samples, Quarterly Statements and/or Annual Statements, then through:

 

[●]

 

If
to Licensor for questions about submitting Approvals and Samples, then to:

 

[●]

 

If
to Licensor, for questions about submitting Quarterly Statements and Annual Statements, then to:

 

[●]

 

If
to Licensor, for any registered or certified mail, then to the Legal Department at the following address:

 

[●]

 

(ii)
Either party may alter the address to which communications are to be sent by giving notice of such change of address in conformity
with the provisions of this Section. Notice shall be deemed to be effective, if personally delivered, when delivered; if mailed,
at midnight on the fifth business day after being sent by registered or certified mail; if sent by nationally recognized overnight
delivery service, on the next business day following delivery to such delivery service or upon confirmed receipt, if earlier.

 

(c)
Assignment.

 

(i)
Licensee shall not assign or transfer this Agreement or any of its rights or obligations hereunder, directly or indirectly, pursuant
to a Change of Control Transaction (as hereinafter defined) or otherwise, without the prior written consent of Licensor. Any attempted
assignment or transfer by Licensee without the prior written consent of Licensor shall be void and of no force or effect. Licensor
shall have the right to assign or transfer any or all of its obligations under this Agreement without the knowledge or consent
of Licensee following the completion of such assignment or transfer. This Agreement shall be binding upon and inure to the benefit
of the parties to this Agreement and their respective successors and permitted assigns.

 

(ii)
[●]

 

    	24

     

    

 

(d)
Governing Law; Jurisdiction; Mediation; Waiver of Jury Trial.

 

(i)
This Agreement and the legal relations among the parties hereto shall be governed by and construed in accordance with the laws
of the State of New York, notwithstanding any conflict of law provisions to the contrary. The United Nations Convention on Contracts
for the International Sale of Goods shall not apply to this Agreement.

 

(ii)
Except with respect to Licensor’s right to injunctive relief, any action which in any way involves the rights, duties and
obligations of any party hereto under this Agreement shall be brought in the State courts located in New York, New York, and the
parties hereto hereby submit to the personal jurisdiction of such courts, and hereby agree that service of process on any party
may be effected by certified mail, return receipt requested, first class postage prepaid. Each of the parties waives any objection
which it may have based on improper venue or forum non conveniens to the conduct of any such suit or action in any such court.
Accordingly, the parties agree that service of process deposited in certified or registered mail addressed to the other party
at the address for the other party set forth in notice section hereof shall be deemed valid service of process for all purposes.
Each party agrees not to contest the respective venue or jurisdiction selection.

 

(iii)
With respect to Licensor’s right to injunctive relief, Licensor may seek an injunction before any court of competent jurisdiction,
not limited to a court located in New York, New York and Licensee agrees not to contest the jurisdiction of any such court nor
assert, by way of motion, defense or otherwise, that this Agreement or the subject matter hereof may not be enforced in or by
such court.

 

(iv)
Except with respect to Licensor’s right to injunctive relief hereunder, Licensee and Licensor agree to first attempt to
settle any controversy, claim or dispute arising out of or relating to this Agreement before a JAMS mediator in New York, New
York. If: (A) either party fails to respond to a request for mediation; or fails to appear; or (B) the parties do not agree upon
a mediator within ten (10) days of JAMS submitting the options; or settle the matter through a JAMS mediation, then the party
requesting the JAMS mediation may pursue any and all remedies available under applicable Law as modified by the terms hereof.
The administrative costs of any mediation shall be split evenly between the parties, subject to 16(e) below. Each of the parties
hereby waives the right to trial by jury in any and all actions or proceedings in any court, whether the same is between them
or to which they may be parties, and whether arising out of, under, or by reason of this Agreement, or any acts or transactions
hereunder or the interpretation or validity thereof, or out of, under or by reason of any other contract, agreement or transaction
of any kind, nature or description whatsoever, whether between them or to which they may be parties.

 

(e)
Default Expenses. If either party defaults with respect to any material obligation under this Agreement, such party shall
indemnify the other party against and reimburse the other party for all reasonable attorney’s fees and all other costs and/or
expenses resulting or made necessary by the bringing of any action, motion or other proceeding to enforce any of the terms, covenants
or conditions of this Agreement.

 

(f)
Entire Agreement. This Agreement (inclusive of the Summary of Commercial Terms, the Standard Terms and Conditions, and
all Exhibits and/or Schedules referenced herein) sets forth the entire agreement and understanding between the parties with respect
to the subject matter hereof, and supersedes all prior agreements, understandings, inducements and conditions, whether express
or implied, oral or written, except as herein contained. The express terms hereof shall control and supersede any course of performance
and/or usage of trade inconsistent with any of the terms hereof.

 

(g)
Amendment and Modification. This Agreement may be amended, modified and supplemented only by written agreement duly executed
and delivered by each of the parties hereto.

 

(h)
Waiver and Delays. A waiver by any party of any of the terms and conditions of, or rights under, this Agreement shall not
be effective unless signed by the party waiving such term, condition or right and shall not bar the exercise of the same right
on any subsequent occasion or any other right at any time or be deemed or construed to be a waiver of such terms or conditions
for the future. Neither the failure of nor any delay on the part of any party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or
privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege.

 

(i)
Severability. If any term or provision of this Agreement, as applied to either party or any circumstance, for any reason
shall be declared by a court of competent jurisdiction to be invalid, illegal, unenforceable, inoperative or otherwise ineffective,
that provision shall be eliminated to the minimum extent necessary so that this Agreement shall otherwise remain in full force
and effect and enforceable; provided, however, that if any term or provision of this Agreement pertaining to the payment of monies
to either party shall be declared invalid, illegal, unenforceable, inoperative or otherwise ineffective, such party shall have
the right to terminate this Agreement as provided herein.

 

    	25

     

    

 

(j)
Form and Construction. Paragraph and subparagraph headings in this Agreement are included for ease of reference only and
do not constitute substantive matter to be considered in construing the terms of this Agreement. As used in this Agreement, the
masculine gender shall include the feminine and the singular form of words shall include the plural, or vice versa, as necessary
in order that this Agreement may be interpreted so as to conform to the subject matter actually existing. In the event of any
dispute regarding the definition of Licensed Products, Permitted Distribution Channels, Territory or other term defined herein,
Licensor’s good faith interpretation of the same shall control. Each Party has cooperated in the drafting and preparation
of this Agreement, and no dispute with respect to this Agreement should be resolved based on the conclusion that either Licensee
or Licensor was the drafter. Nothing contained in this Agreement shall be considered a precedent for any future agreements that
Licensor or Licensor’s affiliates may enter into with Licensee or any other third party, and neither party hereto shall,
either during the Term of at any time thereafter, quote this Agreement as the standard of practice or agreed upon terms in any
other agreement between the parties or their affiliates.

 

(k)
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be an original, but all of
which together shall constitute one Agreement binding on all parties hereto notwithstanding that all of the parties hereto are
not signatories to the same counterpart. Each of the parties agrees that a photographic or facsimile copy of the signature evidencing
a party’s execution of this Agreement shall be effective as an original signature and may be used in lieu of the original
for any purpose.

 

(l)
Exhibits and Schedules. All Exhibits and Schedules referenced in this Agreement, if any, are hereby incorporated by reference
into, and made a part of, this Agreement.

 

(m)
Transaction Expenses. Each party shall be responsible for its own expenses relating to the negotiation of this Agreement.

 

(n)
Currency and Exchange Rate Issues. All sums set forth in this Agreement and any appendices and Exhibits hereto are, and
are intended to be, expressed in United States Dollars. All payments of Royalties or other payments or remittances due under this
Agreement shall be paid in the United States in United States Dollars at the Foreign Exchange Rate. For the purposes hereof, the
term “Foreign Exchange Rate” means, for any particular currency, the spot rate for such currency as quoted
at www.oanda.com (to the extent that www.oanda.com provides quotations therefore, or such other resource that is mutually satisfactory
to the Licensor and Licensee) at 9:00 a.m., Eastern Standard Time, on the third business day prior to the date on which any relevant
payment hereunder is made.

 

	AGREED & ACCEPTED:	 	AGREED & ACCEPTED:
	 	 	 	 	 
	LICENSEE:	 	LICENSOR:
	FOH Online Corp.	 	ABG-Frederick’s Of Hollywood, LLC
	 	 	 	 	 
	By:
    	/s/
    Justin Davis-Rice	 	By:
    	/s/
	 	            	 	 	                 
	Print:
    	Justin
    Davis-Rice	 	Print:
    	 
	 	 	 	 	 
	Title:
    	Director	 	Title:
    	 
	 	 	 	 	 
	Date:
    	April
    20, 2020	 	Date:
    	April
    23, 2020

 

    	26Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this” Agreement”) is dated as of April 28, 2020, between Foresight Autonomous Holdings Ltd., a company
organized under the laws of Israel (the” Company”), and each purchaser identified on the signature pages hereto
(each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities
Act (as defined below), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly,
desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

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

 

ARTICLE I.

DEFINITIONS

 

1.1 Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“ADS(s)”
means American Depositary Shares issued pursuant to the Deposit Agreement (as defined below), each representing five (5) Ordinary
Shares.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Applicable
Laws” shall have the meaning ascribed to such term in Section 3.1(nn).

 

“Authorization”
shall have the meaning ascribed to such term in Section 3.1(nn).

 

“BHCA”
shall have the meaning ascribed to such term in Section 3.1(ii).

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States, a
legal holiday in the State of Israel or any day on which banking institutions in the State of New York or in the State of Israel
are authorized or required by law or other governmental action to close; provided, however, that, for calculating Business Days
with respect to any action to be taken by the Company hereunder, Friday after 1:00 p.m. (Tel Aviv time) shall not be considered
a Business Day.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

    1

     

    

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than
the second (2nd) Trading Day following the date hereof.

 

 “Commission”
means the United States Securities and Exchange Commission.

 

“Deposit
Agreement” means the Deposit Agreement by and among Foresight Autonomous Holdings Ltd., The Bank of New York Mellon as
Depositary, and owners and holders from time to time of ADSs issued thereunder, including the Form of American Depositary Shares.

 

“Depositary”
means The Bank of New York Mellon, as Depositary under the Deposit Agreement.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Environmental
Laws” shall have the meaning ascribed to such term in Section 3.1(mm).

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(r).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt
Issuance” means the issuance of (a) ADSs, Ordinary Shares or options to employees, officers, service providers or directors
of the Company pursuant to any stock or option plan in existence as of the date hereof, (b) ADSs or Ordinary Shares upon the exercise
or exchange of or conversion of securities exercisable or exchangeable for or convertible into ADSs or Ordinary Shares issued and
outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement
to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities
or to extend the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by
a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities”
(as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection
therewith during the prohibition period in Section 4.12(a) herein, and provided that any such issuance shall only be to a Person
(or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset
in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to
the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities and (d) issuances of restricted ADSs or restricted
Ordinary Shares or warrants to purchase same, to consultants of the Company, provided that such ADSs or Ordinary Shares are issued
as “restricted securities” (as defined in Rule 144) and carry no registration rights.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“Federal
Reserve” shall have the meaning ascribed to such term in Section 3.1(ii).

 

“Hazardous
Substances” shall have the meaning ascribed to such term in Section 3.1(mm).

 

    2

     

    

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(z).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Israeli
Company Counsel” means Lipa Meir & Co., with offices located at Beit Amot Hashkaot, 2 Weizmann St., Tel Aviv-Yafo,
Israel.

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material Permits”
shall have the meaning ascribed to such term in Section 3.1(m).

 

“Ordinary
Share(s)” means the ordinary shares of the Company, no par value, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

“Ordinary
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Ordinary Shares or ADSs, including, without limitation, any debt, preferred stock, right, option, warrant or
other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, Ordinary Shares or ADSs.

 

“Per
ADS Purchase Price” equals $0.50, subject to adjustment for reverse and forward stock splits, stock dividends, stock
combinations and other similar transactions of ADSs and/or the Ordinary Shares that occur after the date of this Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“PFIC”
shall have the meaning assigned to such term in Section 3.1(kk).

 

“Placement
Agency Agreement” means the agreement executed on the Closing Date between the Company and the Placement Agent.

 

“Placement
Agent” means A.G.P./Alliance Global Partners.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition) pending or, to the Company’s knowledge, threatened in writing against or affecting the
Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative
agency or regulatory authority (federal, state, county, local or foreign).

 

“Prospectus”
means the final base prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with
the Commission and delivered by the Company to each Purchaser at the Closing.

 

    3

     

    

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Statement” means the effective registration statement on file with Commission on Form F-3 (File No. 333-229715), which
registers the sale of the Ordinary Shares represented by the ADSs.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Restriction
Period” shall have the meaning ascribed to such term in Section 4.10(b).

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Shares and ADSs.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
means the Ordinary Shares, as represented by ADSs issued pursuant to the Deposit Agreement, each ADS representing five (5) Ordinary
Shares, issued and issuable to each Purchaser pursuant to this Agreement.

 

“Short
Sales” means all” short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include locating and/or borrowing shares of Ordinary Shares and/or ADSs). 

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for ADSs, each ADS representing five (5) Ordinary
Shares, purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to
the heading” Subscription Amount,” in United States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a), and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the New York Stock Exchange is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which ADSs and/or the Ordinary Shares are listed or quoted
for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange or the Tel Aviv Stock Exchange (or any successors to any of the foregoing).

 

    4

     

    

 

“Transaction
Documents” means this Agreement and the Placement Agency Agreement all exhibits and schedules thereto and hereto and
any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“US
Company Counsel” means Zysman, Aharoni, Gayer and Sullivan & Worcester LLP, with offices located at 1633 Broadway
Street, New York, New York 10019. 

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.10(b).

 

 

ARTICLE II.

PURCHASE AND SALE

 

2.1 Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly,
agree to purchase, up to an aggregate of approximately $2.65 million of ADSs. Each Purchaser’s Subscription Amount as set
forth on the signature page hereto executed by such Purchaser shall be made available for “Delivery Versus Payment”
(“DVP”) settlement with the Company and the Company shall deposit the Shares and instruct the Depositary to
deliver to each Purchaser its respective ADSs, and the Company and each Purchaser shall deliver the other items set forth in Section
2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing
shall occur at the offices of the Placement Agent or such other location as the parties shall mutually agree. Unless otherwise
directed by the Placement Agent, settlement of the Ordinary Shares shall occur via DVP (i.e., on the Closing Date, the Company
shall issue the ADSs registered in the Purchasers’ names and addresses and released by the Depositary directly to the account(s)
at the Placement Agent identified by each Purchaser; upon receipt of such ADSs, the Placement Agent shall promptly electronically
deliver such ADSs to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm)
by wire transfer to the Company).

 

2.2 Deliveries.

 

(a) On or
prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i) this Agreement
duly executed by the Company;

 

(ii) a legal
opinion of US Company Counsel and of Israeli Company Counsel, in the forms reasonably acceptable to the Placement Agent and the
Purchasers;

 

(iii) a certificate
executed by the Chief Financial Officer of the Company, in form and substance reasonably satisfactory to the Placement Agent;

 

(iv) the Company
shall have provided each Purchaser with the Company’s wire instructions on Company letterhead and executed by the Company’s
Chief Executive Officer or Chief Financial Officer;

 

(v) subject
to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Depositary instructing the Depositary to deliver
on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) ADSs
equal to such Purchaser’s Subscription Amount divided by the Per ADS Purchase Price, registered in the name of such Purchaser;

 

    5

     

    

 

(vi)
Lock-up Agreements, in form and substance reasonably acceptable to the Purchasers, executed by each officer and director and
greater than 5% shareholders of the Company (other than Harel Insurance Investments & Financial Services Ltd.);

 

(vii) Comfort
Letter from the Auditor containing statements and information of the type customarily included in accountants’ comfort letters;

 

(viii) Officer’s
Certificate, in form and substance satisfactory to the Purchasers;

 

(ix) Chief
Financial Officer’s Certificate, in form and substance satisfactory to the Purchasers; and

 

(x) the Prospectus
and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b) On or
prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company, the following:

 

(i) this Agreement
duly executed by such Purchaser; and

 

(ii) such Purchaser’s
Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement with the Company.

  

2.3 Closing Conditions.

 

(a) The obligations
of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i) the accuracy
in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect,
in all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained herein (unless
as of a specific date therein in which case they shall be accurate as of such date);

 

    6

     

    

 

(ii) all obligations,
covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed;
and

 

(iii) the delivery
by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b) The respective
obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

 

(i) the accuracy
in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect,
in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless
as of a specific date therein in which case they shall be accurate as of such date);

 

(ii) all obligations,
covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii) the delivery
by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv) there
shall have been no Material Adverse Effect with respect to the Company since the date hereof;

 

(v) from the
date hereof to the Closing Date, trading in the ADSs and Company’s securities shall not have been suspended by the Commission
or any Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P.
shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported
by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New
York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the
reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing; and

 

(vi) no stop
order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued under
the Securities Act.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1 Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding
section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). The Company
owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens,
and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights to subscribe for or purchase securities. There are no outstanding options, warrants,
scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations
convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any capital stock
of any Subsidiary, or contracts, commitments, understandings or arrangements by which any Subsidiary is or may become bound to
issue capital stock. If the Company has no subsidiaries, all other
references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

    7

     

    

 

(b) Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing, and, if applicable under the laws of the jurisdiction in which they are formed, 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 and each of the Subsidiaries has all necessary authorizations,
approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs
as of the date hereof to conduct its business purpose in all material respects as described in the Registration Statement and SEC
Reports and to own or lease its properties. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions
of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company
and the Subsidiaries 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. The term “Material Adverse Effect” means an effect, change, event or occurrence that,
alone or in conjunction with any other or others: (i) has or would reasonably be expected to have a material adverse effect on:
(A) the business, general affairs, management, condition (financial or otherwise), results of operations, shareholders’ equity,
properties or prospects of the Company and the Subsidiaries, taken as a whole, or (B) the legality, validity or enforceability
of any Transaction Document, (ii) the Company’s ability to perform in any material respect on a timely basis its obligations
under any Transaction Document or (iii) would result in the Prospectus or any amendment thereto containing a misrepresentation
within the meaning of applicable securities laws; provided that a change in the market price or trading volume of the Common
Stock alone shall not be deemed, in and of itself, to constitute a Material Adverse Effect.

 

(c) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by
it of the transactions contemplated hereby and thereby 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
or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which
it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the
terms hereof and thereof, 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.

 

(d) No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’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 any Subsidiary, or give to others any rights of termination, amendment, anti-dilution
or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company
or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii)
subject to the Required Approvals, 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 or a Subsidiary is subject (including federal
and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary 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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(e) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i)
the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement,
(iii) application(s) to and approvals by each applicable Trading Market for the listing of the applicable Securities for trading
thereon in the time and manner required thereby, (iv) such filings as are required to be made under applicable state securities
laws and the Israeli Securities Authority and the Tel Aviv Stock Exchange, (v) filings required by the Israeli Registrar of Companies
and notice of the transaction contemplated hereby to the Israel Innovation Authority of the Ministry of Economy and Industry, should
Israeli Company Counsel determine such notice is required, (collectively, the “Required Approvals”).

 

(f) Issuance
of the Securities; Registration. The Shares are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company. The Company has reserved from its duly authorized capital stock the maximum number of Ordinary Shares issuable pursuant
to this Agreement. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities
Act, which became effective on March 8, 2019, including the Prospectus, and such amendments and supplements thereto as may
have been required to the date of this Agreement. The Company and the Depositary have prepared and filed with the Commission a
registration statement relating to ADSs on Form F-6 (File No. 333-217881) for registration under the Securities Act (the “ADS
Registration Statement”). The Registration Statement and ADS Registration Statement are effective under the Securities
Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the
use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge
of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall
file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration Statement, ADS Registration
Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration
Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements
thereto, at time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform
in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The Company was at the time of the filing of the Registration Statement eligible to use Form
F-3. The Company is a “foreign private issuer” as defined in Rule 405 of Regulation C under the Securities Act and
Rule 3b-4 under the Exchange Act. The Company is eligible to use Form F-3 under the Securities Act and it meets the transaction
requirements with respect to the aggregate market value of securities being sold pursuant to this offering and during the twelve
calendar (12) months prior to this offering, as set forth in General Instruction I.B.5 of Form F-3. The agreements and documents
described in the Registration Statement and ADS Registration Statement conform in all material respects to the descriptions thereof
contained or incorporated by reference therein and there are no agreements or other documents required by the Securities Act and
the regulations thereunder to be described in the Registration Statement and ADS Registration Statement or to be filed with the
Commission as exhibits to the Registration Statement and ADS Registration Statement or to be incorporated by reference in the Registration
Statement and ADS Registration Statement, that have not been so described or filed or incorporated by reference. Each agreement
or other instrument (however characterized or described) to which the Company is a party or by which it is or may be bound or affected
and (i) that is referred to or incorporated by reference in the Registration Statement and ADS Registration Statement or (ii) is
material to the Company’s business, has been duly authorized and validly executed by the Company, is in full force and effect
in all material respects and is enforceable against the Company and, to the Company’s knowledge, the other parties thereto,
in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar
laws affecting creditors’ rights generally, (y) as enforceability of any indemnification or contribution provision may be
limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms
of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor
may be brought. None of such agreements or instruments has been assigned by the Company, and neither the Company nor, to the Company’s
knowledge, any other party is in default thereunder and, to the Company’s knowledge, no event has occurred that, with the
lapse of time or the giving of notice, or both, would constitute a default thereunder except for a default or event which would
not reasonably be expected to result in a Material Adverse Effect). To the Company’s knowledge, performance by the Company
of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule,
regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company
or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations.

 

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(g)
Capitalization. The equity capitalization of the Company is as set forth on Schedule 3.1(g). The Company has not
issued any capital stock since its most recently filed Form 20-F. No Person has any right of first refusal, preemptive right, right
of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as
set forth on Schedule 3.1(g) and as a result of the purchase and sale of the Securities, there are no outstanding options,
warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or
obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any
ADSs, Ordinary Shares, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may
become bound to issue additional ADSs, Ordinary Shares or Ordinary Share Equivalents. The issuance and sale of the Securities will
not obligate the Company to issue ADSs or Ordinary Shares or other securities to any Person (other than the Purchasers) and will
not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any
of such securities. There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption
or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary
is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation
rights or “phantom stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital
stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all
federal and state securities laws where applicable, and none of such outstanding shares was issued in violation of any preemptive
rights or similar rights to subscribe for or purchase securities. Except for the Required Approvals, no further approval or authorization
of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholders
agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company
is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

  

(h) SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the one year preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such
material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with
the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on
a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject
to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports or incorporated by
reference in the Registration Statement and Prospectus comply in all material respects with applicable accounting requirements
and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements
have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods
involved, except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial
statements may not contain all footnotes required by generally accepted accounting principles, and fairly present in all material
respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results
of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end
audit adjustments.

 

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(i) Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i) there has
been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect,
(ii) neither the Company nor any Subsidiary has incurred any liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required
to be reflected in the Company’s financial statements pursuant to generally accepted accounting principles or disclosed in
filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared
or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements
to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer,
director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the Commission
any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement
or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has occurred or exists
or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects,
properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities
laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to
the date that this representation is made.

  

(j) Litigation.
Except as set forth on Schedule 3.1(j), there is no action, suit, inquiry, notice of violation, proceeding or investigation
pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective
properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county,
local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity
or enforceability of any of the Transaction Documents or the Shares or (ii) could, if there were an unfavorable decision, have
or reasonably be expected to result in a Material Adverse Effect. Except as set forth on Schedule 3.1(j), neither the Company
nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation
of or liability under federal or state securities laws or a claim of breach of fiduciary duty, which could result in a Material
Adverse Effect. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation
by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued
any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary
under the Exchange Act or the Securities Act.

 

(k) Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or
any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant
in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of
its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance
with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and
conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

(l) Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been
waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the
Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is
bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any
court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation
of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental
protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case of
(i), (ii) and (iii) as could not have or reasonably be expected to result in a Material Adverse Effect.

 

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(m) Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

 

(n) Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens
for the payment of Israeli, federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with generally accepted accounting principles and, the payment of which is neither delinquent nor subject to penalties. Any real
property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable
leases with which the Company and the Subsidiaries are in compliance in all material respects.

 

(o) Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports
and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual
Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2)
years from the date of this Agreement except as would not reasonably be expected to have a Material Adverse Effect. Neither the
Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports,
a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights
of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the
Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of
the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy,
confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect. None of the Intellectual
Property Rights used by the Company or any of its Subsidiaries in their respective businesses has been obtained or is being used
by the Company or such Subsidiary in violation of any contractual obligation binding on the Company or any of its subsidiaries
in violation of the rights of any person. The Company and its subsidiaries have taken all reasonable steps in accordance
with normal industry practice to protect and maintain the Intellectual Property Rights including, without limitation, the execution
of appropriate nondisclosure and invention assignment agreements. The consummation of the transactions contemplated by this Agreement
will not result in the loss or impairment of, or payment of, and additional amounts with respect to, nor require the consent of,
any other person regarding the Company’s or any of its subsidiaries’ right to own or use any of the Intellectual Property
Rights as owned or used in the conduct of such party’s business as currently conducted. To the knowledge of the Company and
its Subsidiaries, no employee of any of the Company or its subsidiaries is the subject of any pending claim or proceeding involving
a violation of any term of any employment contract, invention disclosure agreement, patent disclosure agreement, noncompetition
agreement, non-solicitation agreement, nondisclosure agreement or restrictive covenant to or with a former employer, where the
basis of such violation relates to such employee’s employment with the Company or its subsidiaries or actions undertaken
by the employee while employed with the Company or its Subsidiaries.

 

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(p) Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including,
but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe
that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage
from similar insurers as may be necessary to continue its business. Such renewal may result in a significant increase in cost.

 

(q) Transactions
With Affiliates and Employees. Except as set forth on Schedule 3.1(q), none of the officers or directors of the Company
or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party
to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case
in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses
incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan
of the Company.

 

(r) Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries and their respective officers and directors are in material
compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof,
and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof
and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide
reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted
accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s
general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed
such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files
or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s
rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures
of the Company and the Subsidiaries as of the end of the period covered by the most recently filed Form 20-F under the Exchange
Act (such date, the “Evaluation Date”). The Company presented in its most recently filed Form 20-F under the
Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based
on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over
financial reporting (as such term is defined in the Exchange Act) that have materially affected, or is reasonably likely to materially
affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

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(s) Certain
Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are or will be payable
by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank
or other Person with respect to the transactions contemplated by the Transaction Documents. Other than for Persons engaged by any
Purchaser, if any, the Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on
behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated
by the Transaction Documents.

 

(t) Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will
not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject
to registration under the Investment Company Act of 1940, as amended.

 

(u) Registration
Rights. No Person has any right to cause the Company to effect the registration under the Securities Act of any securities
of the Company or any Subsidiary.

 

(v) Listing
and Maintenance Requirements. The ADSs are registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company
has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the
ADSs under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such
registration. Except as set forth in the last sentence of this Section 3.1(v), the Company has not, in the 12 months preceding
the date hereof, received notice from any Trading Market on which the ADSs or Ordinary Shares are or have been listed or quoted
to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company
is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing
and maintenance requirements other than bid price requirement described below. The ADSs are currently eligible for electronic transfer
through The Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees
to The Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer. On
April 9, 2020, the Company received a written notice from the Nasdaq Stock Market LLC indicating that the Company was not in compliance
with Nasdaq Listing Rule 5550(a)(2), as the Company’s closing bid price for its ADSs was below $1.00 per share for the last
30 consecutive business days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180-calendar day compliance
period, or until October 6, 2020, to regain compliance with the minimum bid price requirement.

 

(w) Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents)
or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and
the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the ADSs and the Purchasers’ ownership of the ADSs.

 

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(x) Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed
in the Prospectus Supplement. The Company understands and confirms that the Purchasers 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 Purchasers
regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the
Disclosure Schedules to this Agreement, is true and correct in all material respects 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 the light of the
circumstances under which they were made, not misleading. The press releases disseminated by the Company during the twelve months
preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made
any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth
in Section 3.2 hereof.

 

(y) No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act, or (ii) any applicable
shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(z) Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Shares hereunder, (i) the fair saleable value of the Company’s assets exceeds
the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including
known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry
on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(z) sets
forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the
Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any
liabilities for borrowed money or amounts owed by the Company in excess of $50,000 (other than trade accounts payable incurred
in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness
of others to third parties, whether or not the same are or should be reflected in the Company’s consolidated balance sheet
(or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions
in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required
to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

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(aa)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such
returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material
taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in
any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary
know of no basis for any such claim.

 

(bb) Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent
or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any
unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns
from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person
acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any
provision of FCPA.

 

(cc) Accountants.
The Company’s independent registered public accounting firm is as set forth in the Prospectus. To the knowledge and belief
of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall
express its opinion with respect to the financial statements to be included in the Company’s Annual Report on Form 20-F for
the fiscal year ended December 31, 2019.

 

(dd) Acknowledgment
Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is acting
solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given
by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions
contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to
each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based
solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(ee) Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding
(except for Sections 3.2(f) and 4.12 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers
has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short,
securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Shares
for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without
limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement
transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii) any Purchaser, and
counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, presently
may have a “short” position in the Ordinary Shares and/or ADSs, and (iv) each Purchaser shall not be deemed to have
any affiliation with or control over any arm’s length counter-party in any “derivative” transaction. The Company
further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the
period that the ADSs and Shares are outstanding, and (z) such hedging activities (if any) could reduce the value of the existing
stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted.  The
Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

 

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(ff) Regulation
M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the ADSs or Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases
of, any of the ADSs or Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase
any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s
placement agent in connection with the placement of the ADSs and Shares.

  

(gg) Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent,
employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department (“OFAC”) and the Company will not, directly or indirectly,
use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S.
sanctions administered by OFAC.

 

(hh) U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the
meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(ii) Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act
of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or
more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(jj) Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge
of the Company or any Subsidiary, threatened.

 

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(kk) PFIC
Status. The Company does not believe it is a Passive Foreign Investment Company (“PFIC”) within the meaning
of Section 1296 of the United States Internal Revenue Code of 1986, as amended, and does not believe it is likely to become a PFIC.

 

(ll) Stamp
or Other Tax. No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes
are payable by or on behalf of the Placements Agents or any Purchaser to Israel or any political subdivision or taxing authority
thereof or therein in connection with the sale and delivery by the Company of the American Depositary Shares to or for the sale
and delivery by the American Depositary Shares to the Purchasers.

 

(mm) Environmental
Laws. The handling, use, treatment, disposal, discharge, emission, contamination, release or other activity involving any kind
of hazardous, toxic or other wastes, pollutants, contaminants, petroleum products or other hazardous or toxic substances, chemicals
or materials (“Hazardous Substances”) by, due to, on behalf of, or caused by the Company or any Subsidiary (or,
to the Company’s knowledge, any other entity for whose acts or omissions the Company is or may be liable) upon any property
now or previously owned, operated, used or leased by the Company or any Subsidiary, or upon any other property, which would be
a violation of or give rise to any liability under any applicable law, rule, regulation, order, judgment, decree or permit, common
law provision or other legally binding standard relating to pollution or protection of human health and the environment (“Environmental
Law”), except for violations and liabilities which, individually or in the aggregate, would not have a Material Adverse
Effect. There has been no disposal, discharge, emission contamination or other release of any kind at, onto or from any such property
or into the environment surrounding any such property of any Hazardous Substances with respect to which the Company or any Subsidiary
has knowledge, except as would not, individually or in the aggregate, have a Material Adverse Effect. There is no pending or, to
the best of the Company’s knowledge, threatened administrative, regulatory or judicial action, claim or notice of noncompliance
or violation, investigation or proceedings relating to any Environmental Law against the Company or any Subsidiary, except as would
not, individually or in the aggregate, have a Material Adverse Effect. No property of the Company or any Subsidiary is subject
to any Lien under any Environmental Law. Except as disclosed in the Prospectus, neither the Company nor any Subsidiary is subject
to any order, decree, agreement or other individualized legal requirement related to any Environmental Law, which, in any case
(individually or in the aggregate), would have a Material Adverse Effect. The Company and each Subsidiary has all permits, authorizations
and approvals required under any applicable Environmental Laws and are each in compliance with their requirements. In the ordinary
course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and properties
of the Company and the Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including,
without limitation, any capital or operating expenditures required for clean-up, closure or remediation of properties or compliance
with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential
liabilities to third parties). On the basis of such review, the Company has reasonably concluded that such associated costs and
liabilities would not, individually or in the aggregate, have a Material Adverse Effect.

 

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(nn) Regulatory.
Except as described in the Registration Statement and the Prospectus, as applicable, the Company and its Subsidiaries (i) are and
at all times have been in material compliance with all statutes, rules and regulations applicable to its business (collectively,
the “Applicable Laws”); (ii) have not received any notice from any court or arbitrator or governmental
or regulatory authority or third party alleging or asserting noncompliance with any Applicable Laws or any licenses, exemptions,
certificates, approvals, clearances, authorizations, permits, registrations and supplements or amendments thereto required by any
such Applicable Laws (“Authorizations”); (iii) possess all material Authorizations and such Authorizations are
valid and in full force and effect and are not in violation of any term of any such Authorizations; (iv) have not received written
notice of any claim, action, suit, proceeding, hearing, enforcement, investigation arbitration or other action from any court or
arbitrator or governmental or regulatory authority or third party alleging that any product operation or activity is in violation
of any Applicable Laws or Authorizations nor is any such claim, action, suit, proceeding, hearing, enforcement, investigation,
arbitration or other action threatened; (v) have not received any written notice that any court or arbitrator or governmental or
regulatory authority has taken, is taking or intends to take, action to limit, suspend, materially modify or revoke any Authorizations
nor is any such limitation, suspension, modification or revocation threatened; (vi) have filed, obtained, maintained or submitted
all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required
by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions
and supplements or amendments were complete and accurate on the date filed (or were corrected or supplemented by a subsequent submission);
and (vii) are not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or
similar agreements with or imposed by any governmental or regulatory authority.

 

3.2 Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they
shall be accurate as of such date):

 

(a) Organization;
Authority. Such Purchaser 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 right, corporate, partnership limited liability
company or similar 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 and performance by such Purchaser
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 such Purchaser. Each Transaction Document to which it is a party has been
duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the
valid and legally binding obligation of such Purchaser, 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. Such Purchaser is acquiring the Securities 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 Securities (this representation
and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise
in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Shares hereunder in the ordinary
course of its business. Such Purchaser is acquiring such Shares as principal for his, her or its own account and not with a view
to or for distributing or reselling such Shares or any part thereof in violation of the Securities Act or any applicable state
securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable
state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding
the distribution of such Shares in violation of the Securities Act or any applicable state securities law (this representation
and warranty not limiting such Purchaser’s right to sell such Shares pursuant to a registration statement or otherwise in
compliance with applicable federal and state securities laws).

 

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(c) Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, either: (i) an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified
institutional buyer” as defined in Rule 144A(a) under the Securities Act.

 

(d) Experience
of Such Purchaser. Such Purchaser, 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 Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e) Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) 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 offering
of the Securities and the merits and risks of investing in the Securities; (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. 
Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such
Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. 
Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities
and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser
agrees need not be provided to it.  In connection with the issuance of the Securities to such Purchaser, neither the Placement
Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

(f) Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof.
Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth
above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision
to purchase the ADSs covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s
representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents
and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares order
to effect Short Sales or similar transactions in the future.

 

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(g) General
Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

  

The Company acknowledges and agrees that
the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the
Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any
other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the
consummation of the transaction contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in
order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1 Shares.
The ADSs shall be issued free of legends.

 

4.2 Furnishing of
Information; Public Information. Until no Purchaser owns Securities, the Company covenants to maintain the registration of
the ADSs under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file
within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange
Act even if the Company is not then subject to the reporting requirements of the Exchange Act. As long as any Purchaser owns Securities,
if the Company is not required to file reports pursuant to the Exchange Act, it will prepare and furnish to the Purchasers and
make publicly available in accordance with Rule 144(c) such information as is required for the Purchasers to sell the Securities,
including without limitation, under Rule 144. The Company further covenants that it will take such further action as any holder
of Securities may reasonably request, to the extent required from time to time to enable such Person to sell such Securities without
registration under the Securities Act, including without limitation, within the requirements of the exemption provided by Rule
144.

 

4.3 Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would be
integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it
would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before
the closing of such subsequent transaction.

 

4.4 Securities Laws
Disclosure; Publicity. The Company shall (a) by 9:00 a.m. (New York City time) on the Trading Day of execution hereof, issue
a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Report on Form 6-K, including
the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after
the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material,
non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective
officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition,
effective upon the issuance of such 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, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the
other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with
respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor
otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser,
or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide
the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not
publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory
agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law
in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required
by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure
permitted under this clause (b).

 

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4.5 Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any
Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company,
or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving ADSs or
Shares under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.6 Non-Public Information.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall
be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf
will provide any Purchaser or its agents or counsel with any information that the Company believes constitutes material non-public
information, unless prior thereto such Purchaser shall have entered into a written agreement with the Company regarding the confidentiality
and use of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant
in effecting transactions in securities of the Company. To the extent that the Company delivers any material, non-public information
to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that such purchaser shall not have
any duty of confidentiality to Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees
or Affiliates, or a duty to the Company, and of its Subsidiaries or any of their respective officers, directors, agents, employees
or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject
to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material,
non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission
pursuant to a Current Report on Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing
covenant in effecting transactions in securities of the Company.

  

4.7 Use of Proceeds.
The Company shall use the net proceeds from the sale of the ADSs hereunder for working capital purposes and shall not use such
proceeds: (a) for the satisfaction of any portion of the Company’s debt (other than payment of trade payables in the ordinary
course of the Company’s business and prior practices), (b) for the redemption of any ADSs, Ordinary Shares or Ordinary Share
Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation of FCPA or OFAC regulations.

 

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4.8 Indemnification
of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or
agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against a Purchaser
Party in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate
of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action
is based upon a material breach of such Purchaser Party’s representations, warranties or covenants under the Transaction
Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such
Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined
to constitute fraud, gross negligence or willful misconduct), the Company will indemnify each Purchaser Party, to the fullest extent
permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation,
reasonable attorneys’ fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement
of a material fact contained in such registration statement, any prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any prospectus or supplement thereto,
in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that
such untrue statements or omissions are based solely upon information regarding such Purchaser furnished in writing to the Company
by such Purchaser expressly for use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the
Exchange Act or any state securities law, or any rule or regulation thereunder in connection therewith. If any action shall be
brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party
shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of
its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel
in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of
such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing,
(ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action
there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and
the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no
more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement
by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed;
or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s
breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in
the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements
contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others
and any liabilities the Company may be subject to pursuant to law.

 

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4.9 Listing of Shares.
The Company hereby agrees to use commercially reasonable best efforts to maintain the listing or quotation of the ADSs, and Ordinary
Shares on each Trading Market on which each is currently listed, and concurrently with the Closing, the Company shall apply to
list or quote all of the Shares and/or ADSs on such Trading Markets and promptly secure the listing of all of the ADSs and Shares
on such Trading Markets. The Company further agrees, if the Company applies to have the Ordinary Shares or ADSs traded on any other
Trading Market, it will then include in such application all of the ADSs, Shares, and will take such other action as is necessary
to cause all of the ADSs, Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will
then take all action reasonably necessary to continue the listing and trading of its ADSs and Ordinary Shares on a Trading Market
and will comply in all material respects with the Company’s reporting, filing and other obligations under the bylaws or rules
of the Trading Market. The Company agrees to use commercially reasonable efforts to maintain the eligibility of the ADSs for electronic
transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely
payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic
transfer.

 

4.10 Subsequent
Equity Sales.

 

(a) From
the date hereof until 90 days after the Closing Date, the Company shall not issue, enter into any agreement to issue or announce
the issuance or proposed issuance of any ADSs, Ordinary Shares or Ordinary Share Equivalents.

 

(b) From
the date hereof until 90 days after the Closing Date (the “Restriction Period”), the Company shall be prohibited
from effecting or entering into an agreement to effect any issuance by the Company of any Shares or Ordinary Share Equivalents
(or a combination of units thereof) involving an at-the-market offering or Variable Rate Transaction; provided, however,
that subsequent to the period set forth in Section 4.10(a) above, the Company is permitted effect or enter into any agreement with
the Placement Agent to conduct an offering of its securities.  “Variable Rate Transaction” means a
transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable
for, or include the right to receive additional ADSs or Ordinary Shares either (A) at a conversion price, exercise price or exchange
rate or other price that is based upon and/or varies with the trading prices of or quotations for ADSs or Ordinary Shares at any
time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is
subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of
specified or contingent events directly or indirectly related to the business of the Company or the market for ADSs or Ordinary
Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit,
whereby the Company may issue securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief
against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

(c) Notwithstanding
the foregoing, this Section 4.10 shall not apply in respect of an Exempt Issuance.

 

4.11 Equal Treatment
of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person
to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is
also offered to all of the parties to such Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to
treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of the ADSs, the Shares or otherwise.

 

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4.12 Certain Transactions
and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor any
Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales
of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time
that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described
in Section 4.4.  Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the
transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described
in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information
included in the Disclosure Schedules.  Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement
to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant
hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions
contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4,
(ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance
with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly
announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality
or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press
release as described in Section 4.4.  Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment
vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers
have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s
assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that
made the investment decision to purchase the ADSs covered by this Agreement.

 

4.13 Transfer Restrictions.
The Securities may only be disposed of in compliance with state and federal securities laws.

 

ARTICLE V.

MISCELLANEOUS

 

5.1 Termination. 
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect
whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing
has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however,
that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2 Fees and Expenses.
Except as expressly set forth in the Transaction Documents to the contrary, 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 Depositary fees (including, without limitation,
any fees required for same-day processing of any instruction letter delivered by the Company), stamp taxes and other taxes and
duties levied in connection with the delivery of any ADSs or Shares to the Purchasers.

 

5.3 Entire Agreement.
The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement, contain
the entire understanding of the parties with respect to the subject matter hereof and thereof 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.

 

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5.4 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto
at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth
on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second (2nd)Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices
and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K.

 

5.5 Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and the Purchasers who purchased at least 51% in interest of the ADSs (based on initial
Subscription Amounts hereunder) or, in the case of a waiver, by the party against whom enforcement of any such waived provision
is sought; provided, that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser
(or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required.
No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

5.6 Headings.
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.

 

5.7 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.
The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser
(other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser
assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred
Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8 No Third-Party
Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties of the Company
in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit
of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision
hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

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5.9 Governing Law.
All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense
of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively
in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action,
suit or proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company
under Section 4.8, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action
or proceeding.

  

5.10 Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities for the applicable
statute of limitations.

 

5.11 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 each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, 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 or “.pdf”
signature page were an original thereof.

 

5.12 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.13 Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights; .

 

5.14 Replacement
of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu
of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the
Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also
pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Shares.

 

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5.15 Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

5.16 Payment Set
Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or
a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged
by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any
law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to
the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued
in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

  

5.17 Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each
Purchaser and its respective counsel have chosen to communicate with the Company through the legal counsel of the Placement Agent.
The legal counsel of the Placement Agent does not represent any of the Purchasers and only represents the Placement Agent. The
Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company
and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each
provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and
not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

5.18 Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

5.19 Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices, ADSs, and shares of Ordinary Shares in any Transaction Document shall be subject to adjustment
for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the ADSs and Ordinary
Shares that occur after the date of this Agreement.

 

5.20 WAIVER OF
JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature Pages Follow)

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	FORESIGHT AUTONOMOUS HOLDINGS LTD.	 	Address for Notice:
	 	 	 
	By:	            	 	Email:
	 	Name:	 	Fax:
	 	Title:	 	 
	 	 	 
	With a copy to (which shall not constitute notice):

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

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[PURCHASER SIGNATURE PAGES TO FORESIGHT
AUTONOMOUS HOLDINGS LTD.

SECURITIES PURCHASE AGREEMENT]

 

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

 

 

Name of Purchaser: ________________________________________________________

Signature of Authorized Signatory of
Purchaser : _________________________________

Name of Authorized Signatory: _______________________________________________

Title of Authorized Signatory: ________________________________________________

Email Address of Authorized Signatory:_________________________________________

Facsimile Number of Authorized Signatory: __________________________________________

Address for Notice to Purchaser:

 

Subscription Amount: $_________________

 

ADSs: _________________

 

EIN Number: ____________________

 

☐ Notwithstanding anything contained
in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set
forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities
to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur by
the second (2nd) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement
(but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement,
instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional
obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or
purchase price (as applicable) to such other party on the Closing Date.

 

30

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