Document:

EX-10.23

 Exhibit 10.23 

PLEDGE AND SECURITY AGREEMENT 

(Capital Events) 
 THIS
PLEDGE AND SECURITY AGREEMENT (this “Agreement”) is made as of January 24, 2019, by STRATEGIC STORAGE TRUST II, INC., a Maryland corporation and STRATEGIC STORAGE OPERATING PARTNERSHIP II, L.P., a Delaware limited
partnership (each a “Pledgor”, and collectively, the “Pledgors”), for the benefit of KEYBANK NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the
lenders party thereto from time to time (the “Lenders”) under that certain Credit Agreement dated of even date herewith by and among Pledgor, the Administrative Agent and Lenders (as may be amended, modified, restated, or
supplemented and in effect from time to time, the “Credit Agreement”); and 
 WHEREAS, pursuant to the Credit Agreement,
the Lenders have agreed to make a loan to Pledgor in the aggregate principal amount of up to $87,700,000.00 (the “Loan”); and 

WHEREAS, each Pledgor wishes to grant pledges and security interests in favor of the Administrative Agent for the benefit of the Lenders, as
herein provided. 
 NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1.	 Pledge of Collateral. Each Pledgor hereby pledges and assigns to the Administrative Agent, and grants to
the Administrative Agent, a security interest in, all of such Pledgor’s right, title, and interest in and to the following, whether now owned or hereafter acquired and whether now existing or hereafter arising (singly and collectively, the
“Collateral”): 

  

	 	a.	 All proceeds, payments, contributions, receipts, and other amounts received by any Pledgor or any Subsidiary
thereof in respect of any Capital Event, after deduction of reasonable costs and expenses approved by Agent in its reasonable discretion in connection with such Capital Event and, in respect of asset sales, repayment of Indebtedness secured by such
asset (collectively, “Net Capital Event Proceeds”); 

  

	 	b.	 the right of each Pledgor to receive Distributions made by any Subsidiary thereof in respect of a Capital Event
to the extent of any Pledgor’s Ownership Interests therein; and 

  

	 	c.	 all Proceeds of any of the foregoing. 

Notwithstanding anything to the contrary contained herein, the grant of Collateral hereunder shall not be deemed to require any individual
Subsidiary to distribute such amounts as would result in such Subsidiary violating any covenant in any Mortgage Loan Documents. Each Pledgor acknowledges that (i) value has been given, (ii) it has rights in the Collateral (other than
after-acquired collateral), (iii) it has not agreed to postpone the time of attachment of the security interest, and (iv) it has received a copy of this Agreement. 

	2.	 Certain Definitions. Capitalized terms used herein without definition shall have the respective meanings
provided therefor in the Credit Agreement. Terms (whether or not capitalized) used herein and not defined in the Credit Agreement or otherwise defined herein that are defined in the Uniform Commercial Code as in effect in the State of New York or
other applicable jurisdiction (the “UCC”) have such defined meanings herein, unless the context otherwise indicates or requires. In addition, the following terms used herein shall have the following meanings: 

 

	 	a.	 “Capital Event” means (i) any equity issuance, financing, realization, refinancing
(excluding the Initial Equity Proceeds and any proceeds from the Citigroup CMBS refinancing of the Borrower’s Canadian properties closed in October 2018 and the two CMBS refinancings being consummated by Citigroup and KeyBank National
Association on or about the date hereof), recapitalization, monetization, sale or other transfer of any asset or revenue or income stream of a Pledgor or any Subsidiary thereof, or (ii) any incurrence, issuance, refinancing, replacement, or
similar transaction with respect to Indebtedness of any Pledgor or Subsidiary thereof. For the avoidance of doubt, neither (x) the payment of and receipt by any Pledgor or any Subsidiary thereof or ordinary course cash flows (e.g., cash
dividends permitted by the Credit Agreement) not arising from an event otherwise described above, nor (y) the surrender of the Parent’s insurance policy on the life of its Chief Executive Officer for such policy’s cash surrender
value, shall constitute a Capital Event. 

  

	 	b.	 “Distributions” means any distribution of cash or cash flow on account of a Capital Event.

  

	 	c.	 “Governmental Authority” means any national, state, or local government, any political
subdivision thereof, or any other governmental, quasi-governmental, judicial, public, or statutory instrumentality, authority, body, agency, bureau, or entity or any arbitrator with authority to bind a Person at law, and any agency, authority,
department, commission, board, bureau, or instrumentality of any of them. 

  

	 	d.	 “Lien” means any lien, encumbrance, security interest, mortgage, restriction, charge or
encumbrance of any kind. 

  

	 	e.	 “Loan Documents” means those documents, instruments and agreements delivered pursuant to the
Credit Agreement, and any other document, instrument or agreement executed to further evidence the Loan pursuant to the Credit Agreement, as same may be amended, modified, supplemented, or replaced from time to time. 

  
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	 	f.	 “Mortgage” means any mortgage, deed of trust, deed to secure debt or other encumbrance
pursuant to which a Person’s right, title and interest in, among other things, real property, is conveyed to secure an obligation to repay indebtedness. 

  

	 	g.	 “Mortgage Loan” means a loan secured by a Mortgage. 

 

	 	h.	 “Mortgage Loan Documents” means all agreements executed in connection with a Mortgage Loan.

  

	 	i.	 “Ownership Interests” means: (i) the membership interests of any entity that is a limited
liability company; (ii) the shares of stock of any entity that is a corporation; (iii) the general partnership interest and limited partnership interests of any entity that is a limited partnership; (iv) general partnership interests
in any entity that is a general partnership, and (v) the equivalent ownership or equity interests in any other Person not described in the foregoing. 

  

	 	j.	 “Organizational Documents” means, for any entity, its constituent or organizational documents
and/or any other documents pursuant to which such has been established, organized and operates, including: (a) in the case of any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other
applicable agreement and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation with the secretary of state or other department in the state of its formation, (b) in the case of any limited
liability company, its articles or certificate of formation and its operating/limited liability company agreement; and (c) in the case of a corporation, its certificate or articles of incorporation and its bylaws, in each case as such documents
may be amended from time to time. 

  

	 	k.	 “Proceeds” shall have the meaning ascribed to such term in the Uniform Commercial Code of the
State of New York. 

  

	3.	 Security for Obligations. This Agreement secures, and the Collateral is collateral security for, the
prompt payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand, or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay
under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), of the obligations under the Credit Agreement and other Loan Documents, of every nature, now or hereafter existing under or arising out of or in connection with the
Credit Agreement and the other Loan Documents and all renewals or extensions thereof, whether for principal, interest, fees, expenses, indemnities, or otherwise, whether voluntary or involuntary, direct or indirect, absolute or contingent,
liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased, created, or incurred, and all or any portion of such obligations or liabilities that are paid,
to the extent all or any part of such payment is avoided or recovered directly or indirectly from the Administrative Agent as a preference, fraudulent transfer, or otherwise, and all obligations of every nature of Pledgor now or hereafter
existing under this Agreement, together with any Hedge Obligations (all such obligations of Pledgor, being referred to herein, singly and collectively, as the “Secured Obligations”). 

  
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	4.	 Use of Net Capital Event Proceeds. Promptly upon receipt by any Pledgor of any Net Capital Event
Proceeds, such Pledgor shall pay such amounts to the Agent for application to the Secured Obligations as provided under the terms of the Credit Agreement. 

  

	5.	 Representations and Warranties. Each Pledgor hereby represents and warrants as follows:

  

	 	a.	 Description of Ownership Interests. The Ownership Interests in each of its Subsidiaries are fully paid.
Such Ownership Interests constitute all of the issued and outstanding Ownership Interests of the Subsidiary owned beneficially or of record by such Pledgor. 

  

	 	b.	 Ownership of Collateral. (i) Such Pledgor has a valid and enforceable legal right to receive the
Collateral, free and clear of, and subject to no pledges, Liens, security interests, charges, options, restrictions or other encumbrances, except the pledge and security interest created by this Agreement, Permitted Encumbrances (as defined in the
Credit Agreement) and any restrictions set forth in the organizational documents of each Subsidiary, and (ii) such Pledgor has the legal capacity to execute, deliver and perform Pledgor’s obligations under this Agreement and to pledge and
grant a security interest in all of the Collateral. 

  

	 	c.	 Governmental Authorizations. No authorization, approval, or other action by, and no notice to or filing
with, any Governmental Authority is required for either (i) the pledge by such Pledgor of the Collateral pursuant to this Agreement and the grant by such Pledgor of the security interest granted hereby, (ii) the execution, delivery, or
performance of this Agreement by such Pledgor, or (iii) the exercise by the Administrative Agent of the voting or other rights, or the remedies in respect of the Collateral provided for in this Agreement (except as may be required in connection
with a disposition of Collateral by laws affecting the offering and sale of securities generally). 

  

	 	d.	 Securities. Such Pledgor acknowledges and agrees that the Collateral is not “securities” under
any federal investment company laws or federal or state securities laws. None of the Collateral is dealt with or traded on any securities exchanges or in any securities markets. 

 

	 	e.	 Creation, Perfection and Priority of Security Interest. By reason of the acts taken by such Pledgor, the
Administrative Agent has a first priority, perfected security interest in the Collateral, and no further or additional acts are required to create and perfect the Administrative Agent’s security interest in and lien on the Collateral, and the
security interest in and the lien on the Collateral securing the Administrative Agent is superior in right and priority to any rights or claims of any other Person. This Agreement constitutes an authenticated record, and the Administrative Agent is
authorized at all times to file any and all UCC financing statements determined by the Administrative Agent to be necessary or desirable to perfect its security interest in the Collateral. 

  
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	 	f.	 No Other Financing Statements. Other than the UCC financing statements delivered and filed by such
Pledgor or Administative Agent in connection with securing the Collateral, there is no financing statement (or similar statement or registration under the laws of any jurisdiction) now on file or registered in any public office covering any interest
of such Pledgor or any other Person in the Collateral or intended so to be. 

  

	 	g.	 Other Information. All information heretofore, herein or hereafter supplied to the Administrative Agent
by such Pledgor with respect to the Collateral is accurate and complete in all material respects. 

  

	6.	 Assurances and Covenants of Pledgors. 

 

	 	a.	 Transfers and Other Liens. No Pledgor shall: 

 

	 	i.	 sell, assign (by operation of law or otherwise), pledge, or hypothecate or otherwise dispose of, or grant any
option with respect to, any of the Collateral, except to the Administrative Agent hereunder; or 

  

	 	ii.	 create or suffer to exist any Lien upon or with respect to any of the Collateral, except for the Lien created
hereunder. 

  

	 	b.	 Covenants of Pledgors. Each Pledgor covenants and agrees that so long as any Secured Obligation is
outstanding: 

  

	 	i.	 Such Pledgor shall not vote for, or agree or consent to, the sale, transfer, pledge or encumbrance of the
Collateral except as otherwise explicitly permitted pursuant to Section 6(a). 

  

	 	ii.	 Such Pledgor shall not vote for, or agree or consent to, the discontinuance of the business or the dissolution
or liquidation of the Subsidiary. 

  

	 	iii.	 Such Pledgor shall not vote for, or agree or consent to, any modifications to the Organizational Documents of
any Subsidiary thereof with respect to the timing or amount of any Distributions. 

  

	 	iv.	 Such Pledgor shall within the applicable limitations of any Mortgage Loan Documents or any other Indebtedness
not prohibited under the Credit Agreement cause each Subsidiary thereof to make Distributions in connection with a Capital Event to such Pledgor. 

  

	 	v.	 Such Pledgor shall not enter into any agreements which restrict, limit or otherwise impair the timing or amount
of any Distributions. 

  
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	 	c.	 Pledge Encompasses Additional Collateral Subsequently Acquired. If: (i) any Pledgor obtains the
Ownership Interests of any entity; or (ii) any Subsidiary of any Pledgor grants a Mortgage or other Lien on previously unencumbered property, the Collateral shall automatically and without the need to execute any further documentation, be
deemed and construed to encompass any Collateral that may be derived on account of a Capital Event with respect to such entity and/or Subsidiary and the failure of any Pledgor to execute any additional documents with respect to subsequently
additional Collateral shall not impair, to the greatest extent permitted by law, the security interest of the Administrative Agent therein or otherwise adversely affect the rights and remedies of the Administrative Agent with respect thereto.

  

	 	d.	 Taxes and Assessments. Each Pledgor shall pay promptly when due all taxes, assessments, and governmental
charges or levies imposed upon, and all claims against, the Collateral, except to the extent the validity thereof is being contested in good faith and by appropriate proceedings and in which reserves or other appropriate provisions have been made or
provided therefor; provided that each Pledgor shall in any event pay such taxes, assessments, charges, levies, or claims not later than five (5) days prior to the date of any proposed sale under any judgement, writ, or warrant of
attachment entered or filed against such Pledgor or any of the Collateral as a result of the failure to make such payment. 

  

	 	e.	 Further Assurances. Each Pledgor shall from time to time, at the expense of such Pledgor, promptly
execute and deliver all further instruments and documents, and take all further reasonable action, that may be reasonably necessary or desirable, or that the Administrative Agent may reasonably request, in order to give full effect to this Agreement
and to perfect and protect any security interest granted or purported to be granted hereby or to enable the Administrative Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral, provided that such further
instruments, documents and action are consistent with this Agreement. 

  

	 	f.	 Warranty of Title to Collateral. Each Pledgor covenants that such Pledgor will defend its rights and
title in the Collateral against the claims and demands of all Persons whomsoever. Each Pledgor further covenants that such Pledgor will have the like title to and right to pledge and grant a security interest in the Collateral hereafter pledged or
in which a security interest is granted to the Administrative Agent, hereunder and will likewise defend its rights therein. 

  

	 	g.	 Good Standing. Each Pledgor will at all times be duly organized and is, and will at all times be,
validly existing, in good standing, and qualified to do business in each jurisdiction where required. Each Pledgor will at all times have all requisite power to own its property and conduct its business as now conducted and as presently
contemplated. 

  
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	7.	 Intentionally Omitted. 

 

	8.	 Intentionally Omitted. 

 

	9.	 Standard of Care. The powers conferred on the Administrative Agent hereunder are solely to protect its
interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it
hereunder, the Administrative Agent shall have no duty as to any Collateral, it being understood that the Administrative Agent shall have no responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders, or other matters relating to any Collateral, whether or not the Administrative Agent has or is deemed to have knowledge of such matters, (b) taking any necessary steps (other than steps taken in accordance with the standard
of care set forth above to maintain possession of the Collateral) to preserve rights against any parties with respect to any Collateral, (c) taking any necessary steps to collect or realize upon the Secured Obligations or any guaranty therefor,
or any part thereof, or any of the Collateral, or (d) initiating any action to protect the Collateral against the possibility of a decline in market value. In no event shall the standard of care imposed upon the Administrative Agent hereunder
exceed the minimum applicable standard of care imposed under Section 9-207 of the UCC. 

  

	10.	 Waiver of Defenses; Secured Obligations Not Affected. Each Pledgor hereby waives and agrees not to
assert or take advantage of any defense based on: (i) except for a breach of the standard of care set forth in Section 9, any lack of diligence by the Administrative Agent in collection, protection or realization upon any Collateral;
(ii) the failure to make or give notice of presentment and demand for payment, or failure to make or give protest and notice of dishonor or of default (other than default notices specifically required pursuant to the Credit Agreement) to any
Pledgor or to any other party with respect to the Secured Obligations; (iii) any exculpation of liability of any party contained in the Loan Documents; (iv) the failure of the Administrative Agent to perfect any security or to extend or
renew the perfection of any security; (v) any valuation, stay, moratorium law or other similar law now or hereafter in effect or any right to require the marshalling of assets of any Pledgor; and (vi) any fraudulent, illegal or improper
act by the Subsidiary or any Pledgor. 

  

	11.	 Remedies. 

  

	 	a.	 If any Event of Default shall have occurred and be continuing under the Loan Documents, then the Administrative
Agent may exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies
to the affected Collateral), and the Administrative Agent may also in its sole discretion, without notice except as specified below, sell the Collateral or any part thereof in one or more parts at public or private sale, at any exchange or
broker’s board or at any of the Administrative Agent’s offices or elsewhere, for cash, on credit, or for future delivery, at such time or times and at such price or prices and upon such other terms as the Administrative Agent may deem
commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral. 

  
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The Administrative Agent may be the purchaser of any or all of the Collateral at any such sale and the Administrative Agent shall be entitled, for the purpose of bidding and making settlement or
payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Administrative Agent
at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Pledgor. Each Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten
(10) Business Days’ notice to such Pledgor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make
any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice,
be made at the time and place to which it was so adjourned. 

  

	 	b.	 Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933, as
from time to time amended (the “Securities Act”), and applicable state securities laws, the Administrative Agent may be compelled, with respect to any sale of all or any part of the Collateral conducted without prior registration or
qualification of such Collateral under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the
distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including, without limitation, a public
offering made pursuant to a registration statement under the Securities Act) and, notwithstanding such circumstances, each Pledgor agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the
Administrative Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Collateral for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring
registration under the Securities Act or under applicable state securities laws, even if such issuer would, or should, agree to so register it. 

  

	 	c.	 If the Administrative Agent determines to exercise its right to sell any or all of the Collateral, then, upon
the Administrative Agent’s written request, the Subsidiary shall furnish to the Administrative Agent such information as the Administrative Agent may reasonably request of any Pledgor concerning such Pledgor and the Collateral granted by such
Pledgor. 

  

	12.	 Application of Proceeds. Except as expressly provided elsewhere in this Agreement, all proceeds received
by the Administrative Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Administrative Agent, be held by the Administrative Agent as Collateral for, and/or
then, or at any time thereafter, applied in full or in part by the Administrative Agent against, the Secured Obligations in the following order of priority: 

  
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 FIRST: As provided for in the Loan Documents, and all reasonable amounts for
which the Administrative Agent is entitled to indemnification hereunder and all advances made by the Administrative Agent hereunder for the account of each Pledgor; and 

SECOND: To the payment to or upon the order of each Pledgor, or to whosoever may be lawfully entitled to receive the same or as
a court of competent jurisdiction may direct, of any surplus then remaining from such proceeds. 
  

	13.	 Legal Fees, Costs and Expenses. Each Pledgor further agrees to pay upon demand all costs reasonably
incurred by the Administrative Agent, or its successors or assigns, in connection with enforcing any of the rights or remedies of the Administrative Agent or its successors or assigns, under or with respect to this Agreement including, but not
limited to, attorneys’ reasonable fees and the reasonable out-of-pocket expenses and disbursements of such attorneys. 

 

	14.	 Continuing Security Interest; Transfer of Loan. This Agreement shall create a continuing security
interest in the Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations and the cancellation or termination of the Credit Agreement, (b) be binding upon each Pledgor, and each
Pledgor’s legal representatives, successors and assigns, and (c) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Administrative Agent and its successors, transferees, and assigns.
Without limiting the generality of the foregoing clause (c), the Administrative Agent may assign or otherwise transfer the Loan held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect
thereof granted to the Administrative Agent herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to each Pledgor.
Upon any such termination the Administrative Agent will, at each Pledgor’s expense, execute and deliver to each Pledgor such documents as such Pledgor shall reasonably request to evidence such termination and each Pledgor shall be entitled to
the return, upon such Pledgor’s request and at such Pledgor’s expense, against receipt and without recourse to the Administrative Agent, of such of the Collateral as shall not have been sold or otherwise applied pursuant to the terms
hereof. 

  

	15.	 Amendments, Etc. No amendment, modification, termination, or waiver of any provision of this Agreement,
and no consent to any departure by any Pledgor from the terms and conditions hereof, shall in any event be effective as to such Pledgor unless the same shall be in writing and signed by the Administrative Agent and, in the case of any such amendment
or modification, by Pledgor. Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. 

  

	16.	 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of the
Administrative Agent in the exercise of any power, right, or privilege hereunder shall impair such power, right, or privilege or be construed to be a waiver of any default 

  
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or acquiescence therein, nor shall any single or partial exercise of any such power, right, or privilege preclude any other or further exercise thereof or of any other power, right, or privilege.
All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

  

	17.	 Severability. In case any provision in or obligation under this Agreement shall be invalid, illegal, or
unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

  

	18.	 Headings. Section and subsection headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 

  

	19.	 Counterparts. This Agreement may be executed in one or more counterparts and by different parties hereto
in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. 

  

	20.	 Marshalling. The Administrative Agent shall not be required to marshal any present or future security
for (including, but not limited to, this Agreement and the Collateral), or other assurances of payment of, the Secured Obligations or any of them, or to resort to such security or other assurances of payment in any particular order. All of the
Administrative Agent’s rights hereunder and in respect of such security and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that lawfully permissible, Pledgor
hereby agrees that the Administrative Agent will not invoke any law, doctrine, or principle relating to the marshalling of collateral that might cause delay in or impede the enforcement of the Administrative Agent’s rights under this Agreement
or under any other instrument evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent
that Pledgor lawfully may, Pledgor hereby irrevocably waives the benefits of all such laws. 

  

	21.	 Notices, Etc. Any notice or other communication in connection with this Agreement shall be in writing,
and shall be delivered in accordance with the provisions of the Credit Agreement. 

  

	22.	 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York. 

  

	23.	 Waiver of Trial by Jury. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY 

  
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OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  

	24.	 Jurisdiction; Venue; Consent to Service of Process. (i) EACH PLEDGOR HEREBY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS IN BOSTON, MASSACHUSETTS AND IN NEW YORK, NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST SUCH PLEDGOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

 (ii) EACH
PLEDGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (I) OF THIS SECTION 24. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (iii) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES IN SECTION 9.01 OF THE CREDIT AGREEMENT. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

[Remainder of page intentionally left blank; signature pages follow] 

  
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 IN WITNESS WHEREOF, intending to be legally bound, Pledgor has caused this Agreement to be
executed as of the date first above written. 
  

			
	PLEDGORS:
	
	STRATEGIC STORAGE TRUST II, INC., a Maryland corporation
		
	By:	 	 /s/ Michael S. McClure

	Name:	 	Michael S. McClure
	Title:	 	President
	
	STRATEGIC STORAGE OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership
	
	By: STRATEGIC STORAGE TRUST II, INC., a Maryland corporation, its general partner
		
	By:	 	 /s/ Michael S. McClure

	Name:	 	Michael S. McClure
	Title:	 	President

 [Signatures Continue on the Following Page] 

[Signature Page to Pledge Agreement (Capital Events)] 

 
			
	 AGENT:

	
	 KEYBANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Christopher T. Neil

	 Name:
	 	 Christopher T. Neil

	 Title:
	 	 Vice President

 [Signature Page to Pledge Agreement (Capital Events)]Exhibit 4.2

 

WARRANT
TO PURCHASE ORDINARY SHARES 

REPRESENTED
BY AMERICAN DEPOSITARY SHARES

 

NANO
DIMENSION LTD.

 

	Number of
    American Depositary Shares: _______	Issue
    Date: _________, 2019

 

THIS
WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”) certifies that,
for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to
the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial
Exercise Date”) and on or prior to 5:00 p.m. (New York time) on _____________ (the “Termination Date”),
provided that, if such date is not a Trading Day, the Termination Date should be the immediate following Trading Day but not thereafter,
to subscribe for and purchase from Nano Dimension Ltd., a company organized under the laws of the State of Israel (the “Company”),
up to ______ Ordinary Shares, par value 0.10 NIS per share (the “Ordinary Share(s)”) (as subject to adjustment
hereunder, the “Warrant Shares”)), represented by _____ American Depositary Shares (“ADSs”),
as subject to adjustment hereunder, and the ADSs issuable upon exercise of this Warrant (the “Warrant ADSs”).
The purchase price of one Warrant ADS shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated
in this Section 1:

 

“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.

 

“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.

 

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

 

“Deposit
Agreement” means the Deposit Agreement dated as of March 4, 2016, as amended, among the Company, The Bank of New York
Mellon as Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.

 

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

 

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

 

“Offering
Price” means the price per ADS of $___.

 

“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 shares, 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.

 

“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.

 

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

 

“Subsidiary”
means each subsidiary of the Company (collectively, the “Subsidiaries”).

 

     

     

    

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the 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, OTCQB, OTCQX or the Tel Aviv Stock Exchange (or any successors to any of the foregoing).

 

Section
2. Exercise.

 

(a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such
other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the
Holder appearing on the books of the Company) and the Depositary of a duly executed facsimile copy (or .pdf copy via e-mail attachment)
of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i)
two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i)
herein) following the date of exercise as aforesaid, the Holder shall deliver the unpaid portion of the aggregate Exercise Price
for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United
States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.
No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the Warrant ADSs available hereunder and the Warrant
has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three
(3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant
resulting in purchases of a portion of the total number of Warrant ADSs available hereunder shall have the effect of lowering
the outstanding number of Warrant ADSs purchasable hereunder in an amount equal to the applicable number of Warrant ADSs purchased.
The Holder and the Company shall maintain records showing the number of Warrant ADSs purchased and the date of such purchases.
The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder
and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant ADSs hereunder, the number of Warrant ADSs available for purchase hereunder at any given
time may be less than the amount stated on the face hereof.

 

(b)
Exercise Price. The exercise price per ADS under this Warrant shall be $___, subject to adjustment hereunder (the “Exercise
Price”).

 

(c)
Cashless Exercise. If at any time after the Initial Exercise Date, there is no effective registration statement registering,
or no current prospectus available for, the issuance of the Warrant ADSs to the Holder, then this Warrant may only be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the ADSs on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice
of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

    2

     

    

  

(B)
= the Exercise Price, as adjusted hereunder; and

 

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

 

If
Warrant ADSs are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant ADSs shall take on the registered characteristics of the Warrants being exercised. The Company
agrees not to take any position contrary to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs
are then listed or quoted on a Trading Market, the bid price of the ADSs for the time in question (or the nearest preceding date)
on the Trading Market on which the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then reported in the “Pink Sheets”
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of ADSs so reported, or (d) in all other cases, the fair market value of one ADS as determined
by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities then outstanding
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

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

 

(d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause its registrar to deposit the Warrant Shares subject to
such exercise with Depositary, and cause the Depositary to credit the account of the Holder’s or its designee’s balance
account with The Depository Trust Company (or another established clearing corporation performing similar functions) through its
Deposit/Withdrawal At Custodian system (“DWAC”) if the Depositary is then a participant in such system and
either (A) there is an effective registration statement permitting the issuance of the Warrant ADSs to or resale of the Warrant
ADSs by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant ADSs to
which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise, by the
date that is the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
after the delivery to the Company of the Notice of Exercise (such date, the “Warrant ADS Delivery Date”) provided
that the Warrant ADS Delivery Date shall not be deemed to have occurred until such time that the Company has received the aggregate
Exercise Price. Upon delivery of the Notice of Exercise together with payment to the Company of the aggregate Exercise Price,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant ADSs with respect to
which this Warrant has been exercised, irrespective of the date of delivery of the Warrant ADSs. If the Company fails for any
reason to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company
shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such
exercise (based on the VWAP of the ADSs on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to
$20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise. The Company agrees to maintain a depositary
that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the ADSs as in effect on the date of delivery of the Notice of Exercise.

 

    3

     

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant, which new
Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to
Section 2(d)(i) by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; provided, however,
that the Holder shall be required to return any Warrant ADSs or Ordinary Shares subject to any such rescinded exercise notice
concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant ADSs and the restoration
of Holder’s right to acquire such Warrant ADSs pursuant to this Warrant (including, issuance of a replacement warrant certificate
evidencing such restored right).

 

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

 

v.
No Fractional Shares or Scrip. No fractional Warrant ADSs shall be issued upon the exercise of this Warrant. As to any
fraction of an ADS which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election,
either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise
Price or round up to the next whole ADS.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid
by the Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided , however , that in the event that Warrant ADSs are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all standard Depositary fees required for same-day processing of any Notice of Exercise and all
standard fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required
for same-day electronic delivery of the Warrant ADSs.

 

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vii.
Closing of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

(e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates
and Attribution Parties shall include the number of Ordinary Shares held by the Holder and its Attribution Parties plus the number
of Ordinary Shares represented by ADSs issuable upon exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of Ordinary Shares represented by ADSs which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding
sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely
responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this
Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole
discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of
whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and
the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as
to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares,
a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s most recent Annual Report
on Form 20-F, Report on Form 6-K or other public filings filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Depositary setting forth the number of Ordinary
Shares outstanding. Upon the written or oral request of a Holder, the Company shall within one (1) Trading Day confirm orally
and in writing to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares
shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary Shares was
reported. The “ Beneficial Ownership Limitation “ shall be 4.99% of the number of Ordinary Shares outstanding immediately
after giving effect to the issuance of Ordinary Shares represented by ADSs issuable upon exercise of this Warrant. The Holder,
upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided
that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of the Ordinary Shares outstanding immediately
after giving effect to the issuance of Ordinary Shares represented by ADSs upon exercise of this Warrant held by the Holder and
the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective
until the sixty-first (61st) day after such notice is delivered to the Company. The provisions of this paragraph shall
be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this
paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein
contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
contained in this paragraph shall apply to a successor holder of this Warrant.

 

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(f)
TASE Exercise Limitations. Notwithstanding the above, the Warrants may not be exercised on the Record Date (as such term
is defined under the Tel-Aviv Stock Exchange Ltd. (“TASE”) rules and regulations) of: (i) a distribution of
bonus shares; (ii) a rights offer; (iii) any distribution of dividends; (iv) a consolidation of the share capital of the Company;
(v) a share split; or (vi) a reduction of the share capital of the Company (each of the aforementioned events, a “Corporate
Event”). In addition, if the Ex-Date (as such term is defined under the TASE rules and regulations) of a Corporate Event
occurs before the Record Date of a Corporate Event, then the Warrant shall not be exercised on the Ex-Date.

  

Section
3. Certain Adjustments.

 

(a)
Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or
otherwise makes a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities
payable in Ordinary Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise
of this Warrant), as applicable, (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of shares, as applicable,
(iii) combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number of Ordinary
Shares or ADSs, as applicable, or (iv) issues by reclassification of Ordinary Shares, ADSs or any shares of share capital of the
Company, as applicable, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be
the number of Ordinary Shares or ADSs, as applicable (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of Ordinary Shares or ADSs, as applicable outstanding immediately after such
event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective
immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and
shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. For
the purposes of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any Subsidiary
thereof, as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise dispose of
or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Ordinary Shares or Ordinary Share
Equivalents, at an effective price per share less than the Exercise Price then in effect.

 

(b)
[RESERVED]

 

(c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro
rata to all record holders of any class of Ordinary Shares or ADSs (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of ADSs acquirable upon complete exercise of this Warrant (without regard
to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date
as of which the record holders of Ordinary Shares or ADSs, as applicable, are to be determined for the grant, issue or sale of
such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares or ADSs as a result of such Purchase Right
to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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(d)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return
of capital or otherwise (including, without limitation, any distribution of cash, shares or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for
such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares or ADSs, as applicable,
are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right
to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary Shares
or ADSs as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the
benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation).

 

(e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares (including any Ordinary
Shares underlying ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and has
been accepted by the holders of 50% or more of the outstanding Ordinary Shares (including any Ordinary Shares underlying ADSs),
(iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or
recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization or recapitalization that requires the approval of the shareholders of the Company, spin-off or scheme of arrangement)
with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary
Shares (including any Ordinary Shares underlying ADSs, but not including any Ordinary Shares or ADSs held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Ordinary Share represented by each Warrant ADS
that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option
of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital
stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of Ordinary Shares represented by each Warrant ADS for which this Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise,
the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one Ordinary Share or ADS, as applicable, in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Ordinary Shares or ADSs are given any choice as
to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice
as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company
shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver
to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the Ordinary Shares represented by each Warrant ADS acquirable and receivable
upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the Ordinary Shares or ADSs pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of
this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form
and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every
right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    7

     

    

 

(f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS,
as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a
given date shall be the sum of the number of Ordinary Shares (including Ordinary Shares underlying ADSs but excluding treasury
shares, if any) issued and outstanding.

 

(g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of
the Ordinary Shares or ADSs, (C) the Company shall authorize the granting to all holders of Ordinary Shares or ADSs rights or
warrants to subscribe for or purchase any shares of share capital of any class or of any rights, (D) the approval of any shareholders
of the Company shall be required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or
merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any
compulsory share exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company
shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each
case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address
as it shall appear upon the Warrant Register of the Company, at least 5 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares or
ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their
Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer
or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not
affect the validity of the corporate action required to be specified in such notice and provided, further that no notice shall
be required if the information is disseminated in a press release or document filed with the Securities and Exchange Commission
.. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding
the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report
on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice
to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    8

     

    

 

Section
4. Transfer of Warrant.

 

(a)
Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within two (2) Trading
Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if
properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant ADSs without having a new
Warrant issued.

 

(b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant ADSs issuable pursuant
thereto.

 

(c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

Section
5. Miscellaneous.

 

(a)
No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth
in Section 3.

 

(b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
ADSs, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

(c)
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.

 

(d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary
Shares a sufficient number of shares to provide for the issuance of the Warrant ADSs and underlying Ordinary Shares upon the exercise
of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of issuing the Warrant Shares needed for the Depositary to issue the necessary
Warrant ADSs upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as
may be necessary to assure that such Warrant Shares and Warrant ADSs may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Trading Market upon which the Ordinary Shares and ADSs may be listed.
The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant ADSs in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

 

    9

     

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without
limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant ADSs above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant ADSs upon the exercise
of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in
the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

(e)
Limitation on Certain Offerings. From the date hereof until the earlier to occur of (i) the date that is eighteen (18)
months following the Initial Exercise Date and (ii) the date when the holders of the then-outstanding warrants issued by the Company
concurrently with this Warrant as part of the same offering (the holders of the then outstanding warrants referred to as the “Holders”)
collectively beneficially own less than 25% of the warrants issued in such offering (such period, the “Restricted Period”),
without the prior written consent of the Holders of a majority in interest of the then-outstanding warrants issued by the Company
concurrently with this Warrant as part of the same offering (collectively, the “Majority Holders”), which consent
shall not be unreasonably withheld, the Company shall be prohibited from: (A) effecting or entering into an agreement to effect
any issuance by the Company or any of its Subsidiaries of ADSs, Ordinary Shares or Ordinary Share Equivalents (or a combination
of units thereof) involving a Variable Rate Transaction and (B) selling or granting any option to purchase, or selling or granting
any right to reprice, or otherwise disposing of or issuing (or announcing any offer, sale, grant or any option to purchase or
other disposition of) any ADSs, Ordinary Shares or Ordinary Share Equivalents, other than Exempted Issuances, in each case with
a purchase, exercise, exchange or conversion price less than the Offering Price (such lower price, the “Base Share Price”
and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that (x) if the holder
of the ADSs, Ordinary Shares or Ordinary Share Equivalents so issued shall at any time, whether by operation of purchase price
adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights
per share which are issued in connection with such issuance, be entitled to receive ADSs or Ordinary Shares at an effective price
per share that is less than the Offering Price, such issuance shall be deemed to have occurred for less than the Offering Price
on such date of the Dilutive Issuance at such effective price and (y) if the Company enters into a Variable Rate Transaction,
the Company shall be deemed to have issued ADSs, Ordinary Shares or Ordinary Share Equivalents at the lowest possible conversion
or exercise price at which such securities may be converted or exercised). “Exempted Issuances” means (i) grants
of options to purchase Ordinary Shares pursuant to the Company’s equity incentive plans in place from time to time, and
(ii) an issuance of securities of the Company 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,
and provided, further, 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. “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.  The Holder 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.

 

    10

     

    

 

(f)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant 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 Warrant (whether brought against a party hereto or their 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, 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 this Warrant, the prevailing party in such action,
suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

(g)
Restrictions. The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this Warrant, if not registered
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

(h)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

    11

     

    

 

(i)
Notices. Any notices, consents, waivers or other document or communications required or permitted to be given or delivered
under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally;
(ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept
on file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically
or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s
e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1)
Trading Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed
to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If
to the Company:

 

Nano
Dimension Ltd.

2
Ilan Ramon

Science
Park Ness-Ziona 7403635

 

Attention:
Yael Sandler, Chief Financial Officer

Fax
No: 972.73.750.9421

Email:
yael@nano-di.com

 

With
a copy (for informational purposes only) to:

 

Zysman,
Aharoni, Gayer and Sullivan & Worcester LLP

1633
Broadway

New
York, NY 10019

Attention:
Oded Har-Even, Esq.

Fax
No: 212.660.3001

Email:
ohareven@zag-sw.com

 

If
to a Holder, to its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

(j)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Ordinary Shares or ADSs or as a shareholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

 

(k)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

(l)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant ADSs.

 

(m)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

(n)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

(o)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

(Signature
Page Follows)

 

    12

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

NANO
DIMENSION LTD.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    13

     

    

 

EXHIBIT
A

 

NOTICE
OF EXERCISE

 

TO:
NANO DIMENSION LTD.

 

(1)
The undersigned hereby elects to purchase ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2)
Payment shall take the form of (check applicable box):

 

☐ in
lawful money of the United States; or

 

☐ if
permitted, the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
Please issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:

 

	 	 

  

The
Warrant ADSs shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity:

 

	 

  

Signature
of Authorized Signatory of Investing Entity:

 

	 

 

Name
of Authorized Signatory:

 

	 

 

Title
of Authorized Signatory:

  

	 

 

Date:

 

	 	 

 

    14

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase Warrant ADSs.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

Name:

 

	 	 

(Please
Print)

 

Address:

 

	 	 

(Please
Print)

 

Phone
Number:

 

	 	 

 

Email
Address:

 

	 	 

 

Dated:____________
_____, ______

 

Holder’s

Signature:

 

	 	 

 

Holder’s

Address:

 

	 	 

 

	 	 

 

 

    15

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