Document:

Exhibit 4.2

 

FORM OF WARRANT

 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT
BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD
OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) THINKEQUITY LLC OR AN UNDERWRITER
OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF THINKEQUITY LLC OR OF ANY SUCH UNDERWRITER
OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR
TO [________________] [DATE THAT IS 180 DAYS FROM THE EFFECTIVE DATE OF THE OFFERING]. VOID AFTER 5:00 P.M., EASTERN TIME, [___________________]
[DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

WARRANT TO PURCHASE COMMON STOCK

 

NUVECTIS PHARMA, INC.

 

Warrant Shares: _______

 

Initial Exercise Date: ______, 2022

 

THIS WARRANT TO PURCHASE COMMON
STOCK (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
____, 2022 (the “Initial Exercise Date”) and, in accordance with FINRA Rule 5110(f)(2)(G)(i), prior to at 5:00
p.m. (New York time) on the date that is five (5) years following the Effective Date (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Nuvectis Pharma, Inc., a Delaware corporation (the “Company”),
up to ______ shares of Common Stock, par value $0.00001 per share, of the Company (the “Warrant Shares”), as subject
to adjustment hereunder. The purchase price of one share of Common Stock under this Warrant 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 Agreement, 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 or any day
on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

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

 

     

     

    

 

“Effective
Date” means the effective date of the registration statement on Form S-1 (File No. 333- 260099), including any related
prospectus or prospectuses, for the registration of the Company’s common stock, par value $0.00001 per share that the Company has
filed with the Commission.

 

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

 

“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.

 

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

 

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

 

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

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock
Exchange (or any successors to any of the foregoing).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is 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 a share of Common Stock for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if
Common Stock is not then listed or quoted for trading on the OTCQB or OTCQX and if prices for Common Stock 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 Common Stock so reported, or (d) in all other cases, the fair market value of the
Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

Section 2.
Exercise.

 

a)               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, defined as six months following the Effective 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) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed
hereto. Within two (2) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the shares 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 form 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 Shares 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 five (5) Trading
Days of the date 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 Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise Form within two (2) Business Days 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 Shares hereunder, the number of Warrant Shares 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 share of the Common Stock under this Warrant shall be $_______1, subject
to adjustment hereunder (the “Exercise Price”).

 

c)               Cashless
Exercise. In lieu of exercising this Warrant by delivering the aggregate Exercise Price by wire transfer or cashier’s check,
at the election of the Holder this Warrant may also 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 the number of Warrant Shares 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) the
VWAP on the Trading Day immediately preceding the date 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;

 

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

 

	(X) =  	the number of Warrant Shares 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.

 

 

 

1 125%
of the public offering price per share of common stock and warrant in the offering.

 

     

     

    

 

If
Warrant Shares 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 Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period
of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares.  The Company agrees not to take
any position contrary to this Section 2(c).

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

d)                
Mechanics of Exercise.

 

i.            Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by its
transfer agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The
Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a
participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by Holder, or (B) the Warrant Shares are eligible for resale by the Holder without
volume or manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by the Holder
prior to the Warrant Share Delivery Date (as defined below), 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 Shares 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 two
(2) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery
Date”). If the Warrant Shares can be delivered via DWAC, the transfer agent shall have received from the Company, at the
expense of the Company, any legal opinions or other documentation required by it to deliver such Warrant Shares without legend
(subject to receipt by the Company of reasonable back up documentation from the Holder, including with respect to affiliate status)
and, if applicable and requested by the Company prior to the Warrant Share Delivery Date, the transfer agent shall have received
from the Holder a confirmation of sale of the Warrant Shares (provided the requirement of the Holder to provide a confirmation as to
the sale of Warrant Shares shall not be applicable to the issuance of unlegended Warrant Shares upon a cashless exercise of this
Warrant if the Warrant Shares are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed to
have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record
of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price
(or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to
Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to
the Holder the Warrant Shares subject to a Notice of Exercise by the second Trading Day following the Warrant Share 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 Shares subject
to such exercise (based on the VWAP of the Common Stock 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 the second Trading Day following such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds
such exercise.

 

     

     

    

 

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 Shares, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares 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 its transfer agent to deliver to the Holder the Warrant Shares pursuant to Section 2(d)(i) by
the Warrant Share 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 Shares or Common Stock 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 Shares and the restoration of Holder’s
right to acquire such Warrant Shares 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 Shares Upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the Warrant
Share 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, shares of Common Stock to deliver in satisfaction of a sale by the Holder of
the Warrant Shares 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 shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either
reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such
exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the
Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock 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 shares of Common Stock upon exercise
of the Warrant as required pursuant to the terms hereof.

 

     

     

    

 

v.           No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
this Warrant. As to any fraction of a share 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 share.

 

vi.          Charges,
Taxes and Expenses. Issuance of Warrant Shares 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 Shares, all of which taxes and expenses shall be paid by the Company, and
such Warrant Shares 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 Shares 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 transfer agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

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

 

viii.        Signature.
This Section 2 and the exercise form attached hereto set forth the totality of the procedures required of the Holder in order
to exercise this Purchase Warrant.  Without limiting the preceding sentences, no ink-original exercise form shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any exercise form be required in order to exercise
this Purchase Warrant.  No additional legal opinion, other information or instructions shall be required of the Holder to
exercise this Purchase Warrant.  The Company shall honor exercises of this Purchase Warrant and shall deliver Shares underlying
this Purchase Warrant in accordance with the terms, conditions and time periods set forth herein.

 

     

     

    

 

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), would beneficially own in excess
of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of
this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock 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 and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including,
without limitation, any other Common Stock 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.  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 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 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 shares
of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most
recent periodic or annual report 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 Company’s transfer agent setting forth the number of shares of Common
Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in
writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common
Stock 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 since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect
to the issuance of shares of Common Stock 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 shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock 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 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.

 

     

     

    

 

Section 3.
Certain Adjustments.

 

a)                 
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way
of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of
shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before
such event and of which the denominator shall be the number of shares of Common Stock 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 stockholders 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 sells or grants any option, restricted stock units 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 Common Stock or Common Stock 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 Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of shares of Common Stock (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 shares of Common Stock 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 shares of Common Stock 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
shares of Common Stock 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).

 

     

     

    

 

d)                 Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other
than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by
way of return of capital or otherwise (including, without limitation, any distribution of 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 shares of Common Stock 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 shares of
Common Stock 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
shares of Common Stock 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). To the extent that this Warrant has not been partially or completely exercised at the time of such
Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has
exercised this Warrant.

 

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 Common Stock 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 Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any
reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the
Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or
indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group
of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any
shares of Common Stock 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
Warrant Share 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 Common 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 by holders of Common Stock as a result of
such Fundamental Transaction for each share of Common Stock 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 share of Common Stock 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 Common Stock 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 in accordance with the provisions
of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and
approved by 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 shares of Common Stock 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 shares of Common Stock 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 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 with the same effect as if such Successor Entity had been named as
the Company herein.

 

     

     

    

 

 

f)                  
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as
the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Common Stock (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 mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares 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 Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, 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 Common Stock is 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 mailed a notice to the Holder at its last address as it shall appear
upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified,
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 Common Stock 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 Common
Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to provide such notice or any
defect therein shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice
provided hereunder 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 Current Report on Form 8-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.

 

     

     

    

 

Section 4.
Transfer of Warrant.

 

a)                 
Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this
Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put,
or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately
following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the
transfer of any security:

 

i.                       
by operation of law or by reason of reorganization of the Company;

 

ii.                       
to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject
to the lock-up restriction in this Section 4(a) for the remainder of the time period;

 

iii.                       
if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being offered;

 

iv.                       
that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages
or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the
fund; or

 

v.                       
the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for
the remainder of the time period.

 

     

     

    

 

Subject to the foregoing
restriction, any applicable securities laws and the conditions set forth in Section 4(d), 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 three (3) Trading
Days of the date the Holder delivers an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned
in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares 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 initial issuance date of this Warrant and shall be
identical with this Warrant except as to the number of Warrant Shares 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.

 

d)                
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and,
upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

     

     

    

 

Section 5. Registration
Rights.

 

5.1.
       Demand Registration.

 

5.1.1          Grant
of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Warrants and/or
the underlying Warrant Shares (“Majority Holders”), agrees to register, on one occasion, all or any portion of the Warrant
Shares underlying the Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will file a registration
statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its
commercially reasonable efforts to have the registration statement declared effective promptly thereafter, subject to compliance with
review by the Commission; provided, however, that the Company shall not be required to comply with a Demand Notice if the Company has
filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 5.2
hereof and either: (i) the Holder has elected to participate in the offering covered by such registration statement or (ii) if
such registration statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such
registration statement has been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration may
be made at any time beginning on the Initial Exercise Date and expiring on the fifth anniversary of the Effective Date. The Company covenants
and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Warrants
and/or the Registrable Securities within ten (10) days after the date of the receipt of any such Demand Notice.

 

5.1.2
           Terms. The Company shall bear all fees and expenses attendant to the
registration of the Registrable Securities pursuant to Section 5.1.1, but the Holders shall pay any and all underwriting
commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the
Registrable Securities. The Company agrees to use its commercially reasonable efforts to cause the filing required herein to become
effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested by the
Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State in
which such registration would cause: (i) the Company to be obligated to register or license to do business in such State or
submit to general service of process in such State, or (ii) the principal shareholders of the Company to be obligated to escrow
their shares of capital stock of the Company. The Company shall cause any registration statement filed pursuant to the demand right
granted under Section 5.1.1 to remain effective for a period of at least twelve (12) consecutive months after the date that the
Holders of the Registrable Securities covered by such registration statement are first given the opportunity to sell all of such
securities. The Holders shall only use the prospectuses provided by the Company to sell the Warrant Shares covered by such
registration statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder
that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding the provisions of this
Section 5.1.2, the Holder shall be entitled to a demand registration under this Section 5.1.2 on only one
(1) occasion and such demand registration right shall terminate on the fifth anniversary of the date of the Underwriting
Agreement (as defined below) in accordance with FINRA Rule 5110(f)(2)(G)(iv).

 

5.2       “Piggy-Back” Registration.

 

5.2.1          Grant
of Right. In addition to the demand right of registration described in Section 5.1 hereof, the Holder shall have the right, for a
period of no more than two (2) years from the Initial Exercise Date in accordance with FINRA Rule 5110(f)(2)(G)(v), to include
the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction
contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided,
however, that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof
shall, in its reasonable discretion, impose a limitation on the number of Shares which may be included in the Registration Statement because,
in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution,
then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable Securities
with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable
Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable
Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless
the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such
Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

     

     

    

 

5.2.2           Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 5.2.1 hereof,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of
filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by
the Company during the two (2) year period following the Initial Exercise Date until such time as all of the Registrable Securities
have been sold by the Holder. The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for
herein by giving written notice within ten (10) days of the receipt of the Company’s notice of its intention to file a registration
statement. Except as otherwise provided in this Warrant, there shall be no limit on the number of times the Holder may request registration
under this Section 5.2.2; provided, however, that such registration rights shall terminate on the second anniversary of the Initial
Exercise Date.

 

 5.3       General Terms

 

5.3.1          Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement
hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or
Section 20 (a) of the Exchange Act against all loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever)
to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to
indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters and the Company,
dated as of [___], 2021. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and
their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or
liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or
defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise,
arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific
inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section 5.2
of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company.

 

5.3.2           Exercise
of Warrants. Nothing contained in this Warrant shall be construed as requiring the Holder(s) to exercise their Warrants prior to
or after the initial filing of any registration statement or the effectiveness thereof.

 

     

     

    

 

5.3.3           Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter
of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the
Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort”
letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a
letter dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which
has issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s
counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall
also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to
the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all
memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and
underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration
statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall
include access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent
auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

5.3.4           Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose
Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably satisfactory
to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters,
and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders, their Warrant Shares and their intended methods of distribution.

 

5.3.5           Documents
to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company
a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

5.3.6           Damages.
Should the registration or the effectiveness thereof required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to
the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach
of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of
posting bond or other security.

 

     

     

    

 

Section 6. Miscellaneous.

 

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

 

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 certificate relating to the Warrant Shares, 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 Trading Day, then, such action may be taken or such right may be exercised on the next succeeding
Trading Day.

 

d)                
Authorized Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number
of shares to provide for the issuance of the Warrant 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
necessary Warrant Shares 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 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 Common Stock 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 Shares 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).

 

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 certificate
of incorporation 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 Shares 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 Shares 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 Shares 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)                 
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined
in accordance with the provisions of the underwriting agreement, dated [ ], 2021, by and between the Company and ThinkEquity LLC as representatives
of the underwriters set forth therein (the “Underwriting Agreement”).

 

f)                  
Restrictions. The Holder acknowledges that the Warrant Shares 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.

 

g)                 
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. Without limiting any other provision
of this Warrant or the Underwriting Agreement, 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.

 

h)                 
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall
be delivered in accordance with the notice provisions of the Underwriting Agreement.

 

i)                   
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to
purchase Warrant Shares, 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 Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j)                   
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.

 

k)                 
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 Shares.

 

     

     

    

 

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

 

m)               
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.

 

n)                 
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)

 

     

     

    

 

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.

 

	 	NUVECTIS PHARMA, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

 

NOTICE OF EXERCISE

 

TO:          NUVECTIS
PHARMA, INC.

 

_________________________

 

(1)   The undersigned
hereby elects to purchase ________ Warrant Shares 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 Shares 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 register
and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)   Accredited
Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor” as defined
in Regulation D promulgated under the Securities Act of 1933, as amended

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: _____________________________________________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: _______________________________________________________________________________

 

Name of Authorized Signatory: _________________________________________________________________________________________________

 

Title of Authorized Signatory: __________________________________________________________________________________________________

 

Date: _____________________________________________________________________________________________________________________

 

     

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____] all
of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated: ______________,
_______

 

Holder’s Signature: _____________________________

 

Holder’s Address: _____________________________

 

_____________________________

 

NOTE: The signature to this Assignment Form must
correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers
of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the
foregoing Warrant.Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”) is entered into as of May 1, 2021 (the “Effective Date”) by and between Ron
Bentsur (“Employee”) and Nuvectis Pharma, Inc., a Delaware corporation (the “Company”). The
Employee and the Company are hereinafter referred to individually as a “Party” and together as the “Parties.”

 

WITNESSETH:

 

WHEREAS,
the Company and the Employee entered into an Employment Term Sheet dated May 1, 2021 (attached as Exhibit A), which outlines
the key financial terms of the Employee’s employment by the Company;

 

WHEREAS, the Parties wish
to formalize the Employment Term Sheet into this Employment Agreement;

 

WHEREAS,
the Company desires to employ Employee in the capacity hereinafter stated, and Employee desires to be in the employ of the Company
in such capacity for the period and on the terms and conditions set forth in this Agreement;

 

NOW THEREFORE, in consideration
of the foregoing, and the mutual agreements and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

 

1.            Employment.
Subject to the provisions of Section 6, the Company hereby employs Employee and Employee accepts such employment upon the terms
and conditions hereinafter set forth (the “Employment”).

 

2.            Term
of Employment.  This Agreement shall be effective as of the Effective Date. Employee’s Employment hereunder shall be “at
will” and may be terminated as provided in Section 6.

 

3.            Duties;
Extent of Service.

 

(a)            During
the Employment, Employee shall serve as an employee of the Company with the title and position of Chief Executive Officer. In this capacity,
Employee shall have all the authority and responsibility customarily associated with such position in a company of the size and nature
of the Company. Employee shall report directly to the Board of Directors of the Company (the “Board”). In addition,
Employee may be asked from time to time to serve as a director or officer of one or more of the Company’s current or future direct
and indirect subsidiaries, and Employee shall serve in such capacities without further compensation. Employee agrees to comply with all
applicable laws and the Company’s policies and procedures as may be adopted and changed from time to time and that are provided
to Employee, including those described in the Company’s employee handbook, provided that if this Agreement conflicts with such policies
or procedures, this Agreement will control. Employee hereby accepts such Employment, agrees to serve the Company in the capacity indicated,
and agrees to use Employee’s reasonable efforts in, and devote Employee’s full working time, attention, skill and energies
to, the advancement of the interests of the Company and its direct and indirect subsidiaries (collectively, the “Company Group”)
and the performance of Employee’s duties and responsibilities hereunder.

 

     

     

    

 

(b)            The
foregoing, however, shall not be construed as preventing Employee from engaging in religious, charitable or other community or non-profit
activities, or, with the prior approval of the Board, from serving on the board of directors of other companies, provided such service
does not interfere with or impair Employee’s ability to fulfill Employee’s duties and responsibilities under this Agreement.

 

(c)            During
the Employment, Employee shall be expected to perform his duties from his home or as otherwise agreed by the Company and the Employee,
subject to required travel.

 

4.            Compensation.

 

(a)            During
the Employment, the Company shall pay Employee a salary at the annual rate of $575,000 (the “Base Salary”). The Base
Salary shall be subject to withholding under applicable law, shall be prorated for partial years and shall be payable in semi-monthly
or biweekly installments in accordance with the Company’s usual practice as in effect from time to time. The Base Salary shall be
reviewed by the Board or a committee thereof on an annual basis and may be increased at any time by the Board or a committee thereof in
its sole and absolute discretion. The Base Salary will begin to be paid once the Company raises at least $20 million in aggregate in private
placements or completes an initial public offering. On an annual basis, commencing effective as of January 1, 2022, and as of each
January 1 thereafter, the Base Salary shall be increased by no less than the greater of (1) the amount determined by the Board
or a committee thereof, or (2) the percentage by which the Bureau of Labor Statistics Consumer Price Index for All Urban Consumers
(CPI-U) All Items Index, New York–Northern New Jersey–Long Island, NY-NJ-CT-PA (the “Relevant CPI Index”)
for the calendar year ending December 31 immediately preceding the January 1 in question, increased over the Relevant CPI Index
for the previous calendar year.

 

(b)            During
the Employment, Employee shall be eligible to earn an annual bonus (the “Annual Bonus”), targeted
to be an amount equal to 75% of the Base Salary at target performance (the “Target Bonus”), based upon the Company’s
and the Employee’s achievement of performance goals established by the Board or a committee thereof, with opportunities above (and,
in the Board or such committee’s discretion, below) such amount based on a range of performance goals established by the Board or
a committee thereof. The Annual Bonus, if any, for any year shall be paid by the Company no
later than March 15 of the immediately succeeding fiscal year. The Board or a committee thereof shall
have the discretion to pay the Employee an Annual Bonus in excess of the Target Bonus for performance exceeding goals, however, the Annual
Bonus cannot exceed 100% of the Base Salary. The Board or a committee thereof shall have the discretion to award an Annual Bonus with
or without proration in the event of a partial contract year. Employee shall be eligible to receive a prorated Annual Bonus with respect
to fiscal year 2021.

 

(c)            During
the Employment, Employee will be eligible for grants of equity awards under the Company’s long-term equity incentive plan, as determined
by the Board or a committee thereof in its sole discretion. In addition, upon the Company’s attaining an average market capitalization
of $350 million or more over a thirty-day period, the Company shall grant Employee a number of shares of fully vested common stock equal
to 1% of the Company’s then-current fully diluted share count (the “Market Cap Milestone Shares”).

 

5.            Benefits.

 

(a)            During
the Employment, Employee shall be entitled to participate in any and all benefit plans of general application to the executives of the
Company, as may be in effect from time to time in the discretion of the Board (the “Benefit Plans”), including, by
way of example only, medical, dental and life insurance plans and disability income plans, retirement arrangements and other employee
benefits plans the Board deems appropriate; provided that Employee shall not be entitled to participate in any severance program or policy
of the Company other than as specifically set forth herein. Such participation shall be subject to (i) the terms of the applicable
Benefit Plan documents (including, as applicable, provisions granting discretion to the Board or any administrative or other committee
provided for therein or contemplated thereby) and (ii) generally applicable policies of the Company.

 

    2 

     

    

 

(b)            During
the Employment, Employee shall be entitled to paid vacation annually in accordance with the Company’s vacation policy, as in effect
from time to time; provided that, such vacation entitlement shall not be less than twenty (20) days.

 

(c)            The
Company shall promptly reimburse Employee for all reasonable, documented business expenses incurred by Employee in connection with the
business of the Company, in accordance with the Company’s practices, as in effect from time to time, subject to Section 17(d) (“Expenses”).

 

(d)            Compliance
with the provisions of this Section 5 shall in no way create or be deemed to create any obligation, express or implied, on the part
of the Company Group with respect to the continuation of any particular benefit or other plan or arrangement maintained by them or their
subsidiaries as of or prior to the date hereof or the creation and maintenance of any particular benefit or other plan or arrangement
at any time after the date hereof.

 

6.            Termination
and Termination Benefits. Notwithstanding the provisions of Section 2, the Employment shall terminate under the circumstances
set forth in this Section 6.

 

(a)            Termination
by the Company for Cause. The Employment may be terminated by the Company for Cause (as defined below) without further liability on
the part of the Company Group, effective immediately upon written notice to Employee specifying in reasonable detail the grounds for termination
for Cause (subject to any cure periods expressly provided for in this Section 6(a)). Only the following, as determined by the Board,
shall constitute “Cause” for such termination:

 

(i)            Employee’s
indictment, conviction of or plea of guilty or nolo contendere to, or a judgment against Employee in any quasi-criminal judicial or administrative
proceeding (including without limitation, any proceeding by a federal, state or local regulatory agency or body) with respect to, any
crime constituting a felony, or a crime which involves Employee’s moral turpitude, fraud, theft or embezzlement. For this purpose,
a judgment shall include any consent decree, settlement admitting fault on the part of the Employee, cease and desist order or similar
conclusion to any quasi-criminal judicial or administrative proceeding;

 

(ii)           Employee’s
commission of any other act of theft, dishonesty, fraud, or falsification of an employment record in connection with the performance of
his duties as an employee or director of the Company Group;

 

(iii)          Employee’s
refusal to perform his duties to the Company Group or to obey the lawful and reasonable directives of the Board (so long as such lawful
and reasonable directives are also consistent with Employee’s duties, title and reporting order provided elsewhere this Agreement);

 

(iv)          Employee’s
gross negligence, willful misconduct or willful malfeasance in connection with Employee’s services to the Company Group;

 

(v)           Employee’s
material violation of reasonable business standards, legal requirements or any written policy of the Company applicable to Employee, including
but not limited to those that relate to equal employment opportunity, discrimination, harassment or retaliation; or

 

    3 

     

    

 

(vi)          Employee’s
material breach of this Agreement or any confidentiality or non-disclosure obligations under any other written agreement between Employee
and any member of the Company Group.

 

Notwithstanding the foregoing, in the case of
any conduct described in clauses (iii), (v) or (vi) of the immediately preceding sentence, if such conduct is reasonably susceptible
of being cured, then Employee’s termination shall be for “Cause” only if Employee fails to cure such conduct to the
Board’s reasonable satisfaction within ten (10) days after receiving written notice from Company describing such conduct in
reasonable detail; provided that the conduct in clause (iii) may only be cured by Employee on two separate occasions, and no cure
shall be applicable to such conduct thereafter.

 

(b)            Termination
by the Company Without Cause. The Employment may be terminated without Cause by the Company upon written notice to Employee, and upon
any such termination and subject to Section 17, Employee shall be entitled to the payment of Termination Benefits (as defined below).
It is expressly agreed and understood that if this Agreement is terminated by the Company without Cause as provided in this Section 6(b),
it shall not impair or otherwise affect Employee’s Continuing Obligations (as defined below).

 

(c)            Termination
by Employee for Good Reason. The Employment may be terminated by Employee for Good Reason (as defined below), and upon any such termination
and subject to Section 17, Employee shall be entitled to the payment of Termination Benefits, provided that Employee first
delivers to the Company prior written notice, no later than sixty (60) days after the initial occurrence of any such event, of such intended
termination, and provided further that the Company fails to cure any such events indicated in such notice (to the extent such cure
is reasonably possible) within thirty (30) days from the date of such notice. If such event has not been cured within such 30-day period,
the termination of Employment by Employee for Good Reason shall be effective as of a date chosen by Employee within the sixty (60) day
period immediately following the expiration of the 30-day cure period. Only the following, without Employee’s consent, shall constitute
 “Good Reason:

 

(i)            a
material reduction in the Base Salary or Target Bonus (which, for the avoidance of doubt, shall mean a 5% or greater reduction in the
Base Salary or Target Bonus); provided that a reduction in Base Salary and/or Target Bonus that is made in connection with general
reduction in the base salary and/or target bonus of all senior executives of the Company shall not be considered a reduction in Base Salary
or Target Bonus giving rise to Good Reason;

 

(ii)           any
material diminution in Employee’s title, authority, duties or responsibilities as Chief Executive Officer;

 

(iii)          any
change in the reporting structure of Employee’s position such that Employee is required to report, directly or indirectly, to a
person other than the Board; or

 

(iv)          any
material breach by the Company of this Agreement, including but not limited to a failure to require any successor of the Company to assume
the obligations of the Company under this Agreement pursuant to Section 15.

 

(d)            Termination
by Employee other than for Good Reason. The Employment under this Agreement may be terminated by Employee other than for Good Reason
by written notice to the Board at least sixty (60) days prior to such termination. During the notice period, Employee shall diligently
perform any assigned duties. The Company may make such resignation effective at any point during the notice period.

 

    4 

     

    

 

(e)            Disability.
If Employee shall be disabled so as to be unable to perform the essential functions of Employee’s then-existing position or positions
under this Agreement, with reasonable accommodation, for a period of one non-consecutive hundred twenty (120) days in any twelve-month
period (“Disability”), the Board may terminate the Employment. In the event of such termination on account of Employee’s
Disability, subject to Section 17, Employee shall be entitled to the payment of Termination Benefits. If any question shall arise
as to whether during any period Employee is disabled so as to be unable to perform the essential functions of Employee’s then-existing
position or positions with reasonable accommodation, Employee may, and at the request of the Company shall, submit to the Company a certification
in reasonable detail by a physician mutually acceptable to the Company and Employee or Employee’s guardian as to whether Employee
is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be
conclusive of the issue. Employee shall cooperate with any reasonable request of the physician in connection with such certification.
If such question shall arise and Employee shall fail to submit such certification, the Company’s determination of such issue shall
be binding on Employee. Nothing in this Section 6(e) shall be construed to waive Employee’s rights, if any, under existing
law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities
Act, 42 U.S.C. §12101 et seq.

 

(f)            Death.
The Employment shall terminate in the event of the death of Employee. In the event of such termination on account of Employee’s
death, subject to Section 17, Employee shall be entitled to the payment of Termination Benefits.

 

(g)            Certain
Termination Benefits. Unless otherwise specifically provided in this Agreement or otherwise required by law, all compensation and
benefits payable to Employee under this Agreement shall terminate on the date of termination of the Employment; provided, however,
(a) Employee shall be entitled to receive any earned but unpaid Base Salary through the date of termination, (b) Employee shall
be entitled to receive any earned but unused vacation days for the year of termination, (c) Employee shall be entitled to receive
any Expenses incurred and unpaid through the date of termination, and (d) Employee’s rights under the Benefit Plans shall be
determined under the provisions of such Benefit Plans (the amounts and rights described in clauses (a) through (d), collectively,
the “Accrued Obligations”). Notwithstanding the foregoing, in the event of a termination of the Employment without
Cause pursuant to Section 6(b), a termination of the Employment with the Company for Good Reason pursuant to Section 6(c), or
a termination due to Employee’s Disability or death pursuant to Section 6(e) or Section 6(f), then, subject to Section 17,
the Company shall provide to Employee the following termination benefits (“Termination Benefits”) in addition to the
Accrued Obligations:

 

(i)            an
amount equal to two (2) times Employee’s Base Salary, payable in a single lump sum cash payment following the date of termination,
as provided below;

 

(ii)           an
amount equal to Employee’s Annual Bonus earned in the year immediately prior to the year in which the termination occurs, provided
that such bonus was not already paid prior to the termination date, payable in a single lump sum cash payment following the date of termination,
as provided below;

 

(iii)          payment
of a pro-rated Target Bonus with respect to the fiscal year in which such termination occurs, payable in a single lump sum cash payment
following the date of termination, as provided below;

 

    5 

     

    

 

(iv)          for
a period of eighteen (18) months following Employee’s Termination Date (the “Termination Benefits Period”) in
periodic installments, in accordance with the Company’s usual payroll practice as in effect from time to time, a cash payment equal
to the cost the Company would have incurred had Employee continued group medical, dental, vision and/or prescription drug benefit coverage
for himself and his eligible dependents under the group health plan(s) sponsored by Company covering Employee and his eligible dependents
at the time of the termination of employment (the “Health Coverage”) for the Termination Benefits Period; provided,
however, that (A) the cost of such Health Coverage shall be determined at the same level of benefits as is generally available to
similarly situated employees and is subject to any modifications made to the same coverage provided to similarly situated employees, including
but not limited to termination of the group health plans sponsored by Company; (B) the Company shall pay the excess of the COBRA
cost of such coverage over the amount that Employee would have had to pay for such coverage if he had remained employed during the Termination
Benefits Period and paid the active employee rate for such coverage (the “COBRA Cost”); and (C) the time during
which Employee receives the payments pursuant to this Section 6(g)(iv) shall run concurrently with any period for which Employee
is eligible to elect health coverage under COBRA; and

 

(v)          All
unvested shares of restricted stock, stock options, or other equity awards issued to Employee by the Company, including the Market Cap
Milestone Shares, shall become fully vested and exercisable.

 

The Termination Benefits set forth in (i), (ii),
(iii), (iv) and (v) above shall be conditioned upon Employee’s compliance with Employee’s Continuing Obligations
under this Agreement. Notwithstanding the foregoing, nothing in this Section 6(g) shall be construed to affect Employee’s
right to receive COBRA continuation entirely at Employee’s own cost to the extent that Employee may continue to be entitled to COBRA
continuation after Employee’s right to receive payments under Section 6(g)(iv) ceases.

 

The Company and Employee agree that the Termination
Benefits paid by the Company to Employee under this Section 6(g) shall be in full satisfaction, compromise and release of any
claims arising out of any termination of the Employment pursuant to Section 6(b), 6(c), 6(e), or 6(f).  The payment of the Termination
Benefits shall be contingent upon Employee’s (or Employee’s guardian or estate, a the case may be) timely delivery as provided
below of a separation agreement containing a general release of any and all claims (other than those arising or otherwise provided for
under this Agreement) in a customary form reasonably satisfactory to the Company (and without any additional obligations upon Employee
beyond those provided for in, or otherwise inconsistent with, this Agreement) (the “Release”), it being understood
that no Termination Benefits shall be provided unless and until Employee (or Employee’s guardian or estate, a the case may be) timely
executes and delivers, and does not rescind, the Release, except that the Release shall not require a waiver of any of the Accrued Obligations. 
The Release must be executed, and all revocation periods must have expired, within sixty (60) days after the date of termination of Employment,
failing which such payment or benefit shall be forfeited.  The Company may elect to commence payment of Termination Benefits at any
time during such sixty (60)-day period; provided, however, that if such sixty (60)-day period begins in one taxable year and ends in the
following taxable year, then the Company shall commence payment of Termination Benefits in the second taxable year.  If such payment
or benefit is exempt from Section 409A of the Code, the Company may elect to make or commence payment of Termination Benefits at
any time during such sixty (60)-day period.

 

(h)            Change
in Control. In the event that a “Transaction” (as such term is defined in the Company’s Global Equity Incentive
Plan, as amended from time to time, or a successor plan) occurs during the Employment, then regardless of whether the Employment is terminated,
Employee shall receive payment of the Termination Benefits set forth in Section 6(g)(i), (ii), (iii) and (v) above, as
if the Employment had been terminated pursuant to Section 6(c) on the effective date of the Transaction. Following the Transaction,
Employee shall not be entitled to receive such Termination Benefits upon a future termination of the Employment; provided that Employee
shall remain eligible to receive (i) the Accrued Benefits upon any subsequent termination of the Employment as provided under this
Section 6, and (ii) the Termination Benefits set forth in Section 6(g)(iv) upon a subsequent termination of the Employment
to the extent provided under Section 6(b), 6(c), 6(e) or 6(f), subject to the terms and conditions of this Section 6.

 

    6 

     

    

 

(i)             Continuing
Obligations. Notwithstanding termination of this Agreement as provided in this Section 6 (other than Section 6(f)) or any
other termination of the Employment with the Company, Employee’s obligations under Sections 7 and 8 hereof (the “Continuing
Obligations”) shall survive any termination of the Employment with the Company at any time and for any reason.

 

7.            Restrictive
Covenants. In consideration of the Employment hereunder, Employee agrees to the following restrictions.

 

(a)            Acknowledgments.

 

(i)            Access
to Confidential Information and Relationships. Employee acknowledges and agrees that as a result of Employee’s employment with
the Company, Employee’s knowledge of and access to confidential and proprietary information, and Employee’s relationships
with the Company Group’s customers and employees, Employee would have an unfair competitive advantage if Employee were to engage
in activities in violation of the Restrictive Covenants. Employee also acknowledges and agrees that these Restrictive Covenants are necessary
to protect the trade secrets of Company.

 

(ii)           No
Undue Hardship. Employee acknowledges and agrees that, in the event that his employment with the Company terminates, Employee possesses
marketable skills and abilities that will enable Employee to find suitable employment without violating the Restrictive Covenants.

 

(iii)          Voluntary
Execution. Employee acknowledges and affirms that he is entering into the Agreement voluntarily and that he has read the Agreement
carefully and had a full and reasonable opportunity to consider the Restrictive Covenants (including an opportunity to consult with legal
counsel).

 

(b)            Definitions.
The following capitalized terms used in this Agreement shall have the meanings assigned to them below, which definitions shall apply to
both the singular and the plural forms of such terms:

 

(i)            “Competitive
Services” means the business of conducting research and development or sales and marketing operations specifically in the same
disease(s) that the Company Group is involved in as of Employee’s Termination Date, or during the one (1) year immediately
prior to Employee’s Termination Date.

 

    7 

     

    

 

(ii)            “Confidential
Information” means any and all data and information relating to the Company Group, their activities, business, or clients that
(i) is disclosed to Employee or of which Employee becomes aware as a consequence of his employment with the Company; (ii) has
value to the Company Group; and (iii) is not generally known outside of the Company Group. “Confidential Information”
shall include, but is not limited to the following types of information regarding, related to, or concerning the Company Group: trade
secrets; financial plans and data; management planning information; business plans; operational methods; market studies; marketing plans
or strategies; pricing information; product development techniques or plans; customer lists; customer files, data and financial information;
details of customer contracts; current and anticipated customer requirements; identifying and other information pertaining to business
referral sources; past, current and planned research and development; computer aided systems, software, strategies and programs; business
acquisition plans; management organization and related information (including, without limitation, data and other information concerning
the compensation and benefits paid to officers, directors, employees and management); personnel and compensation policies; new personnel
acquisition plans; and other similar information. “Confidential Information” also includes combinations of information or
materials which individually may be generally known outside of the Company Group, but for which the nature, method, or procedure for combining
such information or materials is not generally known outside of the Company Group. In addition to data and information relating to the
Company Group, “Confidential Information” also includes any and all data and information relating to or concerning a third
party that otherwise meets the definition set forth above, that was provided or made available to the Company Group by such third party,
and that the Company Group has a duty or obligation to keep confidential. This definition shall not limit any definition of “confidential
information” or any equivalent term under state or federal law. “Confidential Information” shall not include information
that (a) is or has become generally available to the public by the act of one who has the right to disclose such information without
violating any right or privilege of the Company Group, or (b) Employee knew without restriction on disclosure before its disclosure
to Employee by the Company. Further, nothing in this Agreement shall be construed to limit or preclude the Employee’s use of any
Confidential Material in any dispute between the Parties, including litigation, arbitration or mediation.

 

(iii)          “Principal
or Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member, trustee, director, officer,
manager, employee, agent, representative or consultant.

 

(iv)          “Protected
Customer” means any Person to whom the Company Group has sold its products or services or actively solicited to sell its products
or services.

 

(v)           “Restrictive
Covenants” means the restrictive covenants contained in Section 7 of this Agreement.

 

(vi)          “Restricted
Period” means any time during Employee’s employment with the Company, as well as one (1) year from Employee’s
Termination Date.

 

(vii)         “Termination”
means the termination of Employee’s employment with the Company, for any reason, whether with or without Cause, Good Reason, death
or Disability, upon the initiative of either party.

 

(viii)        “Termination
Date” means the date of Employee’s Termination.

 

(ix)           “Work
Product” means all ideas, formulas, recipes, discoveries, trade secrets, inventions, innovations, improvements, developments,
methods of doing business, processes, programs, designs, analyses, drawings, reports, blueprints, data, software, source code, object
code, firmware, logos and all similar or related information (whether or not patentable and whether or not reduced to practice) which
relate to the Company Group’s business that are conceived, developed, acquired, contributed to, made or reduced to practice by Employee
during the course of his employment with the Company (either solely or jointly with others).

 

    8 

     

    

 

(c)            Restriction
on Disclosure and Use of Confidential Information. Employee agrees that Employee shall not, directly or indirectly, use any Confidential
Information on Employee’s own behalf or on behalf of any Person other than Company Group, or reveal, divulge, or disclose any Confidential
Information to any Person except on behalf of the Company and under an appropriate obligation of confidentiality and non-use. This obligation
shall remain in effect for as long as the information or materials in question retain their status as Confidential Information. Employee
further agrees that he shall fully cooperate with the Company in maintaining the Confidential Information to the extent permitted by law.
The Parties acknowledge and agree that this Agreement is not intended to, and does not, alter either the Company’s rights or Employee’s
obligations under any state or federal statutory or common law regarding trade secrets and unfair trade practices. Anything herein to
the contrary notwithstanding, Employee shall not be restricted from: (i) disclosing information that is required to be disclosed
by law, court order or other valid and appropriate legal process; provided, however, that in the event such disclosure is required by
law, Employee shall provide the Company with prompt notice of such requirement, if legally able, so that the Company may seek an appropriate
protective order prior to any such required disclosure by Employee; (ii) reporting possible violations of federal, state, or local
law or regulation to any governmental agency or entity, or from making other disclosures that are protected under the whistleblower provisions
of federal, state, or local law or regulation, and Employee shall not need the prior authorization of the Company to make any such reports
or disclosures and shall not be required to notify the Company that Employee has made such reports or disclosures; (iii) disclosing
a trade secret (as defined by 18 U.S.C. § 1839) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney, in either event solely for the purpose of reporting or investigating a suspected violation of law; or
(iv) disclosing a trade secret (as defined by 18 U.S.C. § 1839) in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal.

 

(d)            Work
Product. Employee acknowledges that all Work Product belongs to the Company Group. Any copyrightable work falling within the definition
of Work Product shall be deemed a “work made for hire” under the copyright laws of the United States, and ownership of all
rights therein shall vest in the Company Group. To the extent that any Work Product is not deemed to be a “work made for hire,”
Employee hereby assigns and agrees to assign to the Company Group all right, title and interest, including without limitation, the intellectual
property rights that Employee may have in and to such Work Product. Employee shall during the Restricted Period and thereafter promptly
perform all actions reasonably requested by the Company (whether during or after the term of this Agreement) to establish and confirm
ownership of such Work Product (including, without limitation, assignments, consents, powers of attorney and other instruments) in the
Company Group.

 

(e)            Non-Compete.
Employee agrees that, during the Restricted Period, he shall not, without the prior written consent of the Company, directly or indirectly,
on his own behalf or as a Principal or Representative of any Person, engage in any Competitive Services anywhere in the United States
or in any foreign country in which any member of the Company Group has conducted business or is conducting business on Employee’s
Termination Date.

 

(f)             Non-Solicitation
of Protected Customers. Employee agrees that, during the Restricted Period, he shall not, without the prior written consent of the
Company, directly or indirectly, on his own behalf or as a Principal or Representative of any Person, solicit, divert, take away, or attempt
to solicit, divert, or take away a Protected Customer for the purpose of engaging in, providing, or selling Competitive Services.

 

(g)            Non-Recruitment
of Employees and Independent Contractors. Employee agrees that during the Restricted Period, he shall not, directly or indirectly,
whether on his own behalf or as a Principal or Representative of any Person, recruit, solicit, induce or hire or attempt to recruit, solicit,
induce or hire any employee or independent contractor of the Company Group to terminate his employment or other relationship with the
Company Group or to enter into employment or any other kind of business relationship with the Employee or any other Person.

 

    9 

     

    

 

(h)            Enforcement
of Restrictive Covenants.

 

(i)            Rights
and Remedies Upon Breach. The parties specifically acknowledge and agree that the remedy at law for any breach of the Restrictive
Covenants will be inadequate, and that in the event Employee breaches, or threatens to breach, any of the Restrictive Covenants, the Company
shall have the right and remedy, without the necessity of proving actual damage or posting any bond, to seek to enjoin, preliminarily
and permanently, Employee from violating or threatening to violate the Restrictive Covenants and to petition to have the Restrictive Covenants
specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive
Covenants would cause irreparable injury to the Company Group and that money damages would not provide an adequate remedy to the Company.
Employee understands and agrees that if he violates any of the obligations set forth in the Restrictive Covenants, the period of restriction
applicable to each obligation violated shall cease to run during the pendency of any litigation over such violation, provided that such
litigation was initiated during the period of restriction. Such rights and remedies shall be in addition to, and not in lieu of, any other
rights and remedies available to the Company at law or in equity. Employee understands and agrees that, if the Parties become involved
in legal action regarding the enforcement of the Restrictive Covenants and if the Company prevails in such legal action, the Company will
be entitled, in addition to any other remedy, to recover from Employee its reasonable costs and attorneys’ fees incurred in enforcing
such covenants. The Company’s ability to enforce its rights under the Restrictive Covenants or applicable law against Employee shall
not be impaired in any way by the existence of a claim or cause of action on the part of Employee based on, or arising out of, this Agreement
or any other event or transaction.

 

(ii)           Severability
and Modification of Covenants. Employee acknowledges and agrees that each of the Restrictive Covenants is reasonable and valid in
time and scope and in all other respects. The parties agree that it is their intention that the Restrictive Covenants be enforced in
accordance with their terms to the maximum extent permitted by law. Each of the Restrictive Covenants shall be considered and construed
as a separate and independent covenant. Should any part or provision of any of the Restrictive Covenants be held invalid, void, or unenforceable,
such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or provision of this Agreement
or such Restrictive Covenant. If any of the provisions of the Restrictive Covenants should ever be held by a court of competent jurisdiction
to exceed the scope permitted by the applicable law, such provision or provisions shall be automatically modified to such lesser scope
as such court may deem just and proper for the reasonable protection of the Company’s legitimate business interests and may be
enforced by the Company to that extent in the manner described above and all other provisions of this Agreement shall be valid and enforceable.

 

8.            Cooperation.
During and after the Employment, Employee shall cooperate fully with the Company in the defense or prosecution of any claims or actions
now in existence or which may be brought in the future against or on behalf of the Company that relate to events or occurrences that transpired
while Employee was employed by the Company. Employee’s full cooperation in connection with such claims or actions shall include,
but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the
Company at mutually convenient times. During and after the Employment, Employee also shall cooperate fully with the Company in connection
with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events
or occurrences that transpired while Employee was employed by the Company. Subject to Section 17(d), the Company shall reimburse
Employee for any reasonable fees and reasonable out-of-pocket expenses incurred in connection with Employee’s performance of obligations
pursuant to this Section 8 and such cooperation shall be at reasonable times and upon reasonable advance notice.

 

    10 

     

    

 

Employee agrees, while he is employed by the Company,
to offer or otherwise make known or available to it, as directed by the Board of the Company and without additional compensation or consideration,
any business prospects, contracts or other business opportunities that Employee may discover, find, develop or otherwise have available
to Employee in the Company’s general industry and further agrees that any such prospects, contacts or other business opportunities
shall be the property of the Company Group.

 

9.            Governing
Law; Waiver of Jury Trial. This Agreement shall be governed by and construed under the laws of the State of Delaware, without consideration
of its choice of law provisions, and shall not be amended, modified or discharged in whole or in part except by an agreement in writing
signed by both of the parties hereto. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. Each of the parties hereto expressly submits and consents in advance to the sole
and exclusive jurisdiction of the state and federal courts located in the State of New York for the purposes of any and all suits, actions
or other proceedings or other disputes arising out of, based on or relating to this Agreement. Each of the parties hereto hereby waives,
and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding brought in such courts,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or
proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, in each case, unless
another jurisdiction is required to enforce the rights of the Company under this Agreement. The parties hereto hereby consent to service
of process by mail and any other manner permitted by law or this Agreement. The parties acknowledge that all directions issued by the
forum court, including all injunctions and other decrees, may be filed, and will be binding and enforceable, in all jurisdictions. Except
as otherwise provided in Section 7, if any legal action or other proceeding is brought for the enforcement of this Agreement, or
because of an alleged dispute, breach, default or misrepresentation in connection with any provisions of this Agreement, the successful
or prevailing party or parties shall be entitled to recover reasonable attorney’s fees, court costs and reasonable expenses incurred
in that action or proceeding, in addition to any other relief to which such party or parties may be entitled.

 

10.          Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if
delivered personally or mailed by certified or registered mail (return receipt requested) as follows:

 

		To the Company:	Nuvectis
Pharma, Inc.

1 Bridge Plaza

Suite 275

Fort Lee, NJ, 07024

Attention: Ron Benstur

 

	 	To Employee:	Ron Bentsur

c/o Nuvectis Pharma, Inc.

1 Bridge Plaza

Suite 275

Fort Lee, NJ, 07024

 

or to such other address of which any party may
notify the other parties as provided above. Notices shall be effective as of the date of such delivery or mailing.

 

11.          Indemnification.
During the Employment, Employee shall be entitled to such rights regarding indemnification and advancement of expenses as are provided
under the Company’s Certificate of Incorporation or Bylaws, as they made be amended from time to time. The Company Group shall
cause Employee to be provided coverage under any D&O liability insurance policies that are maintained by the Company Group from time
to time in the same manner as other executive officers of the Company Group are covered.

 

    11 

     

    

 

12.          Scope
of Agreement. The parties acknowledge that the time, scope, geographic area and other provisions of Section 7 have been specifically
negotiated by sophisticated parties and agree that all such provisions are reasonable under the circumstances of the transactions contemplated
hereby and are given as an integral and essential part of the Employment contemplated hereby. Employee has independently consulted with
counsel and has been advised in all respects concerning the reasonableness and propriety of the covenants contained herein, with specific
regard to the business to be conducted by the Company Group, and represents that the Agreement is intended to be, and shall be, fully
enforceable and effective in accordance with its terms.

 

13.          Severability.
The existence of any claim or cause of action which Employee may have against the Company shall not constitute a defense or bar to the
enforcement of any of the provisions of this Agreement. The invalidity, illegality or unenforceability of any provision of this Agreement
shall in no way affect the validity, legality or enforceability of any other provision.

 

14.          Counterparts
Facsimile Signatures. This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one
and the same Agreement. Each party may rely upon the execution of this Agreement by the other party via the facsimile signature as if
such facsimile signature were an original signature.

 

15.          Miscellaneous.
This Agreement shall not be amended, modified or discharged in whole or in part except by an agreement in writing signed by both of the
parties hereto. The failure of either of the parties to require the performance of a term or obligation or to exercise any right under
this Agreement or the waiver of any breach hereunder shall not prevent subsequent enforcement of such term or obligation or exercise of
such right or the enforcement at any time of any other right hereunder or be deemed a waiver of any subsequent breach of the provision
so breached, or of any other breach hereunder. This Agreement shall inure to the benefit of and be binding upon and assignable to, successors
of the Company by way of merger, consolidation or sale and may not be assigned by Employee. This Agreement supersedes and terminates all
prior understandings and agreements between the parties (or their predecessors) relating to the subject matter hereof; provided, however,
this agreement shall not alter or limit the obligations of Employee pursuant to any other confidentiality, noncompetition, nonsolicitation
or similar agreement applicable to Employee.

 

16.          Certain
Definitions. For purposes of this Agreement, except as otherwise provided herein, the term “subsidiary” of a Person
means any corporation more than 50% of whose outstanding voting securities, or any partnership, joint venture or other entity more than
50% of whose total equity interests, is directly or indirectly owned by such Person.

 

17.          Internal
Revenue Code Section 409A.

 

(a)            It
is the intent of the parties that this Agreement shall be interpreted and administered in a manner so that any amount or benefit payable
hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), and applicable Internal Revenue Service guidance and Treasury
Regulations issued thereunder (and any applicable transition relief under Section 409A of the Code). Neither the Company Group, nor
their directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed
by Employee as a result of the application of Section 409A of the Code.

 

    12 

     

    

 

(b)            Notwithstanding
anything in this Agreement to the contrary, to the extent that the severance payments under Section 6(e) and any other amount
or benefit under this Agreement, constitutes non-exempt “deferred compensation” for purposes of Section 409A of the Code
(“Non-Exempt Deferred Compensation”) and that would otherwise be payable or distributable hereunder by reason of Employee’s
termination of the Employment, such amounts will not be payable or distributable to Employee unless the circumstances giving rise to such
termination of the Employment meet any description or definition of “separation from service” in Section 409A of the
Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition). This provision
does not prohibit the vesting of any amount upon Employee’s termination of the Employment or the determination of the amounts owed
to him due to such termination. If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution
shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant “separation from service.”

 

(c)            Whenever
in this Agreement the provision of payment or benefit is conditioned on Employee’s execution and non-revocation of the Release,
provided that the Release has been timely delivered to Employee not later than ten (10) days after the date of termination
of the Employment, such Release must be executed, and all applicable revocation periods shall have expired, within sixty (60) days after
the date of termination of the Employment, failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes
Non-Exempt Deferred Compensation, and if such 60-day period begins in one calendar year and ends in the next calendar year, the payment
or benefit shall not be made or commence before the second such calendar year, even if the Release becomes irrevocable in the first such
calendar year. In other words, Employee is not permitted to influence the calendar year of payment based on the timing of his signing
of the Release.

 

(d)            If
Employee is entitled to be paid or reimbursed for any taxable expenses under this Agreement, and such payments or reimbursements are includible
in Employee’s federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the
amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31
of the year after the year in which the expense was incurred. No right of Employee to reimbursement of expenses under this Agreement shall
be subject to liquidation or exchange for another benefit.

 

(e)            Each
payment of termination benefits under Section 6 of this Agreement, including, without limitation, each payment of COBRA Cost under
Section 6(g)(iv), shall be considered a separate payment, as described in Treas. Reg. Section 1.409A-2(b)(2), for purposes of
Section 409A of the Code.

 

(f)             Notwithstanding
anything in this Agreement to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred Compensation would otherwise
be payable or distributable under this Agreement by reason of Employee’s separation from service during a period in which he is
a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic
relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such
Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following Employee’s separation
from service will be accumulated through and paid or provided on the first day of the seventh month following Employee’s separation
from service (or, if Employee dies during such period, within 30 days after his death) (in either case, the “Required Delay Period”);
and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required
Delay Period. For purposes of this Agreement, the term “Specified Employee” has the meaning given such term in Code
Section 409A and the final regulations thereunder.

 

    13 

     

    

 

18.          Limitation
of Benefits.

 

(a)            Anything
in this Agreement to the contrary notwithstanding, in the event it shall be determined that any benefit, payment or distribution by the
Company or any of its direct and/or indirect subsidiaries to or for the benefit of Employee (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required
under this Section 18) (such benefits, payments or distributions are hereinafter referred to as “Payments”) would,
if paid, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then, prior to the
making of any Payments to Employee, a calculation shall be made comparing (i) the net after-tax benefit to Employee of the Payments
after payment by Employee of the Excise Tax, to (ii) the net after-tax benefit to Employee if the Payments had been limited to the
extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated
under (ii) above, then the Payments shall be limited to the extent necessary to avoid being subject to the Excise Tax (the “Reduced
Amount”). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then,
to the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual present value of such Payments
as of the date of the change of control, as determined by the Determination Firm (as defined in Section 18(b) below). For purposes
of this Section 18, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of
this Section 18, the “Parachute Value” of a Payment means the present value as of the date of the change of control
of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined
by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.

 

(b)            All
determinations required to be made under this Section 18, including whether an Excise Tax would otherwise be imposed, whether the
Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be used in arriving at such determinations, shall
be made by an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and
Employee (the “Determination Firm”) which shall provide detailed supporting calculations both to the Company and Employee.
All fees and expenses of the Determination Firm shall be borne solely by the Company. Any determination by the Determination Firm shall
be binding upon the Company and Employee. As a result of the uncertainty in the application of Section 4999 of the Code at the time
of the initial determination by the Determination Firm hereunder, it is possible that Payments hereunder will have been unnecessarily
limited by this Section 18 (“Underpayment”), consistent with the calculations required to be made hereunder. The
Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by
the Company to or for the benefit of Employee, but no later than March 15 of the year after the year in which the Underpayment is
determined to exist, which is when the legally binding right to such Underpayment arises.

 

19.          Non-exclusivity
of Rights. Nothing in this Agreement shall prevent or limit Employee’s continuing or future participation in any employee benefit
plan, program, policy or practice provided by the Company and for which Employee may qualify, except as specifically provided herein.
Amounts that are vested benefits or which Employee is otherwise entitled to receive under any plan, policy, practice or program of the
Company at or subsequent to the date of termination of the Employment shall be payable in accordance with such plan, policy, practice
or program except as explicitly modified by this Agreement. For the avoidance of doubt, no provision of this Agreement is meant to modify
or limit Employee’s right to receive his vested supplemental executive retirement plan benefits, if any, and to exercise his vested
options, if any, in accordance with the terms of the applicable plan documents, related agreements and operative prior elections.

 

20.          Full
Settlement; No Mitigation. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform
its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which
the Company may have against Employee or others. In no event shall Employee be obligated to seek other employment or take any other action
by way of mitigation of the amounts payable to Employee under any of the provisions of this Agreement and such amounts shall not be reduced
whether or not Employee obtains other employment.

 

[Remainder
of Page Intentionally Left Blank]

 

    14 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement under seal as of the date first set forth above.

 

	 	COMPANY

 

	 	NUVECTIS PHARMA, INC.

 

		By:	 /s/ Ron Bentsur

		Name:	 Ron Bentsur

		Title:	 President and Chief Executive Officer

 

	 	EMPLOYEE

 

		 /s/ Ron Bentsur
	 	Ron Bentsur

 

    15

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