Document:

Exhibit 4.22

 

 

Dr.
Amnon Mandelbaum- President

Telephone
(212) 421-1616 , Facsimile (212) 750-7277

 

Dr.
Fernando de la Vega CEO

PV
Nano Cell Ltd.

8
Hamster Street

Migdal
HaEmek 2310 I 02 Israel

 

FINANCIAL
ADVISORY AGREEMENT

 

Dear
Nando:

 

This
agreement (“Agreement”) is made and entered into this January 9, 2017, between Sunrise Securities LLC (hereafter “Sunrise”)
and PV Nano cell Ltd. (together with all subsidiaries, affiliates, successors and other controlled units, either existing or formed
subsequent to the execution of this engagement, the “Company”).

 

In
consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	The
                                         Company hereby engages Sunrise upon the terms and conditions as set forth herein as its
                                         exclusive Financial Advisor with respect to Transactions with Digiflex Limited and any
                                         of its shareholders (including but not limited to its shareholders, affiliates, subsidiaries
                                         and successors “Digiflex” and similar matters upon the terms and conditions
                                         set forth herein. In that regard, Sunrise will assist the Company in arranging, identifying,
                                         analyzing, structuring and negotiating suitable business opportunities which the Company
                                         may take advantage of by purchase or sale of stock or assets, assumption of liabilities
                                         , merger , acquisitions, equity swap, consolidation, tender offer, joint venture, or
                                         any similar transaction or combination thereof. Sunrise understands that the Company
                                         seeks financial advisory service. It is acknowledged and agreed that any advisory is
                                         on a best efforts basis only. This Agreement should not be construed as a firm commitment
                                         or guarantee of any Transaction. Sunrise and the Company agree and acknowledge that the
                                         decision to consummate a Transaction shall be in the Company’s sole and absolute discretion.
                                         For the avoidance of the doubt it is agreed and acknowledge that financing is not covered
                                         under this agreement and if required in the future it will be covered under a separate
                                         agreement.

 

    Sunrise Securities LLC
 1330 Avenue of the Americas, 36th Floor, New York, NY 10019

     

    

  

		2.	Except
                                         as otherwise specified in Paragraph 6 hereof, this Agreement shall be effective for a
                                         period of six (6) months, commencing upon the execution hereof and shall continue thereafter
                                         unless and until terminated on thirty days written notice by either party to the other
                                         party.

 

		3.	During
                                         the term of this Agreement, Sunrise shall provide the Company with such regular and customary
                                         consulting advice as is reasonably requested by the Company, provided that Sunrise shall
                                         not be required to undertake duties not reasonably within the scope of the financial
                                         advisory services contemplated by this Agreement. It is understood and acknowledged by
                                         the parties that the value of Sunrise’s advice is not readily quantifiable, and that
                                         Sunrise shall be obligated to render advice upon the request of the Company, in good
                                         faith, but shall not be obligated to spend any specific amount of time in so doing.

 

		4.	Sunrise
                                         shall render such other financial advisory and investment and/or investment banking services
                                         as may from time to time be agreed upon in writing by Sunrise and the Company.

 

		5.	In
                                         consideration for the services rendered by Sunrise to the Company pursuant to this Agreement,
                                         the Company shall compensate Sunrise as follows:

 

A.
The Company shall pay to Sunrise a nonrefundable cash advisory retainer fee (“Retainer Fee”) of seventy five thousand
dollars ($75,000), out of which twenty-five thousand dollars (US$25,000) shall be paid by the Company by the date of January 25th
2017 and the remaining fifty thousand dollars ($50,000) shall be paid upon the closing of the Transaction with Digiflex.

  

B.
At the first closing of each Transaction with Digiflex, the Company shall pay to Sunrise a Transaction fee (“Transact ion
Fee”) that shall be equal to ten percent (I 0%) of the Aggregate Consideration in the same form paid by the Company (i.e.
securities, cash or otherwise) in such Transaction. In the event the Transaction consideration will be in the form of securities,
Sunrise may elect to either receive its Transaction fee in Company’s shares at no cost to Sunrise or its designees , or
may instruct the Company to issue at no cost to Amnon Mandelbaum and any of its designees Transaction warrants (the “Transaction
Warrants”) to purchase ten percent (10%) of the total Company’s shares that were issued to Digiflex and or to its
shareholders as a Transaction consideration. The above Transaction Warrants shall have an exercise price per share of $0.0001
(Penny warrants). The terms of the Transaction Warrants shall be set fo1ih in one or more agreements (the “Transaction Warrants
Agreements”) in form and substance reasonably satisfactory to Sunrise and the Company., The Transaction Warrants Agreements
shall be for a term of seven years and will contain customary warrants terms (including without limitation, provisions for change
of control, cashless exercise, and customary registration rights as provided to Digiflex’s shareholders and or to Digiflex).

 

For
the purpose of this Agreement “Transaction or Transactions” shall mean merger, spinoff, share exchange, stock swap,
business combination or reorganization, acquisition of some or all of the stock or assets of another company, purchase or sale
of some or all of the stock or assets of the Company, joint venture , licensing agreement, royalty agreement, distribution agreement,
product sales agreement or any similar transaction or combination thereof between the Company and Digifiex and or between the
Company and Digiflex’ s shareholders.

 

    	 	Sunrise
                                         Securities LLC
 1330 Avenue of the Americas, 36th Floor, New York,
                                         NY 10019	
 2

 

     

    

 

“Aggregate
Consideration” shall mean the total consideration (stock, cash, assets and all other property (real or personal, tangible
or intangible) plus debt assumed) exchanged or received, or to be exchanged or received directly or indirectly by the Company
or any of its security holders in connection with any such Transaction, including without limitation any amounts paid or received,
or to be paid or received pursuant to any employment agreement and consulting agreement (paid in connection with the Transaction),
covenant not to compete, earn out or contingent payment right or similar arrangement , agreement or understanding, whether oral
or written, associated with such Transaction. Transaction Fees shall be paid by the Company to Sunrise at the first closing of
any Transaction, provided that the fee due to Sunrise as a result of consideration which is contingent upon the occurrence of
some future event (e.g. earnout or the realization of earnings projections) shall be paid by the Company to Sunrise at the earlier
of: (i) receipt of such consideration, or (ii) the time that the amount of such consideration can be determined.

 

C.
The Company acknowledges and confirms that Sunrise originated and structured the Transaction with Digiflex Ltd. Thus any
Transaction to be closed between the Company and Digiflex Ltd will be subject to the Transaction fee outlined in section
5B.

 

D.
All Transaction fees that are due will be paid by the Company to the bank account of Sunrise Securities LLC.

 

Sunrise
shall be responsible for its own tax liabilities arising as a result of the Transaction Fees and any consideration issued or paid
to it by the Company.

 

		6.	In
                                         the event that this Agreement shall not be renewed or if terminated for any reason, notwithstanding
                                         any such non -renewal or termination, Sunrise shall be entitled to a full fee as provided
                                         under Paragraph 5 hereof, for any Transaction with a Digiflex Ltd. for which communications
                                         were conducted during the term of this Agreement by the Company or by Sunrise on behalf
                                         of the Company which is consummated within a period of eighteen (18) months after non
                                         -renew al or termination of this Agreement. Upon non-renewal or termination of this Agreement,
                                         Sunrise shall provide the Company with a written list of individuals and entities (which
                                         List shall be deemed to include all of such individuals and entities respective subsidiaries,
                                         affiliates, successors and other controlled units, either existing or formed subsequent
                                         to the execution of this Agreement, collectively, the “List”) which List shall
                                         govern the operation of this Paragraph.

 

		7.	In
                                         addition to the fees payable hereunder, and regardless whether any Transaction set forth
                                         in Paragraph 5 hereof is proposed or consummated, the Company shall reimburse Sunrise,
                                         on an as incurred basis, for all pre approved reasonable fees and disbursements of Sunrise’s
                                         outside counsel and Sunrise’s reasonable travel and out-of-pocket expenses incurred in
                                         connection with the services performed by Sunrise pursuant to this Agreement, provided
                                         that such reimbursements referenced in this Paragraph 7 will not exceed $5,000 in the
                                         aggregate, .

  

    	 	Sunrise
                                         Securities LLC
 1330 Avenue of the Americas, 36th Floor, New York,
                                         NY 10019	
 3

 

     

    

 

		8.	The
                                         Company acknowledges that all opinions and advice (written or oral) given by Sunrise
                                         to the Company in connection with Sunrise’s engagement are intended solely for the benefit
                                         and use of the Company in considering the transaction or financing to which they relate,
                                         and the Company agrees that no person or entity other than the Company shall be entitled
                                         to make use of or rely upon the advice of Sunrise to be given hereunder, and no such
                                         opinion or advice shall be used for any other purpose or reproduced, disseminated, quoted
                                         or referred to at any time , in any manner or for any purpose, nor may the Company make
                                         any public references to Sunrise, or use Sunrise’s name in any annual reports or any
                                         other reports or releases of the Company without Sunrise’s prior written consent, which
                                         shall not be unreasonably withheld.

 

		9.	The
                                         Company acknowledges that Sunrise and its affiliates are in the business of providing
                                         financial services and consulting advice to others. Nothing herein contained shall be
                                         construed to limit or restrict Sunrise in conducting such business with respect to others,
                                         or in rendering such advice to others, except as such advice may relate to matters relating
                                         to the Company’s business and properties. In addition, the Company acknowledges and agrees
                                         that Sunrise may use, at Sunrise’s sole discretion, the services of third parties agents
                                         for the purposes of assisting Sunrise with the selling and distribution of the Securities
                                         of the Company; provided however, that the fees for such agents shall be paid by Sunrise
                                         out of its Transaction Fee.

 

		10.	The
Company recognizes and confirms that, in advising the Company and in fulfilling its engagement hereunder, Sunrise will use and
rely on data, material and other information furnished to Sunrise by the Company. The Company acknowledges and agrees that in
performing its services under this engagement, Sunrise may rely upon the data, material and other information supplied by the
Company without independently verifying its accuracy, completeness or veracity, except to the extent Sunrise has actual knowledge
to the contrary. The Company represents and warrants to Sunrise that all such information concerning the Company provided by the
Company in response to requests made by Sunrise or otherwise, will be true and accurate in all material respects and will not
contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein
not misleading in light of the circumstances under which such statements are made. Sunrise shall be under no obligations to make
an independent appraisal of assets or an investigation or inquiry as to any information regarding, or any representations of,
any other participant in a Transaction, and shall have no liability with regard thereto. The Company acknowledges and agrees that
Sunrise will be using and relying upon such information supplied by the Company and its officers, agents and others and any other
publicly available information concerning the Company without any independent investigation or verification thereof or independent
appraisal by Sunrise of the Company or its business or assets. If, in Sunrise’s opinion after completion of its due diligence
process, the condition of the Company, financial or otherwise, and its prospects are not substantially as represented or do not
fulfill Sunrise’s expectations, Sunrise shall have the sole discretion to review and determine its continued interest in
proposed Transaction. The Company further represents and agrees that (i) the Company is not obligated to pay any finder in connection
with any proposed Transaction pursuant to this Agreement and in any and all events that any parties other than Sunrise (“Other
Parties”) seek compensation relating to the closing of any proposed Transaction, Sunrise shall be entitled to receive its
full compensation from the Company as set forth in this Agreement and that Sunrise shall have no obligation whatsoever to pay
any Other Parties, (ii) the Company shall deliver at the closing of each Transaction conducted hereunder (a) a certificate of
each of the Company’s President and Treasurer to the effect that the Company’s information provided to the Investors
does not contain any untrue statement of material fact or fail to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and all necessary corporate approvals have been obtained to enable the Company
to deliver the Securities in accordance with the terms of the Transaction, and (b) an opinion of counsel for the Company satisfactory
to Sunrise to the effect that the Company’s information provided to the Investors does not (except with respect to the financial
statements or forecasts as to which no opinion need be expressed) contain any untrue statement of material fact or fail to state
any material fact required to be stated therein or necessa1y to make the statements therein not misleading, in light of the circumstances
in which they were made, and such other opinions as Sunrise and/or Sunrise’s counsel shall reasonably require, (iii) any
Transaction shall only be conducted and closed, at the sole expense of the Company, through an escrow account and escrow agent
that are both pre-approved by Sunrise, (iv) upon the closing of a Transaction by the Company during the term of this Agreement,
the Company agrees that for a period of eighteen (18) months following expiration or termination of this Agreement, Sunrise shall
have the first right of refusal to act as the Company’ s sole and exclusive agent for all Transaction pursuant to the terms
of this Agreement.

  

    	 	Sunrise
                                         Securities LLC
 1330 Avenue of the Americas, 36th Floor, New York,
                                         NY 10019	
 4

 

     

    

 

		11.	Since
                                         Sunrise will be acting on behalf of the Company in connection with its engagement hereunder,
                                         the Company and Sunrise have entered into a separate indemnification agreement substantially
                                         in the form attached hereto as Schedule A and dated the date hereof, providing for the
                                         indemnification of Sunrise by the Company. Sunrise has entered into this Agreement in
                                         reliance on the indemnities set forth in such indemnification agreement.

 

		12.	Sunrise
                                         shall perform its services hereunder as an independent contractor and not as an employee
                                         of the Company or an affiliate thereof. It is expressly understood and agreed to by the
                                         parties hereto that Sunrise shall have no authority to act for, represent or bind the
                                         Company or any affiliate thereof in any manner, except as may be agreed to expressly
                                         by the Company in writing from time to time.

 

		13.	A.
                                         This Agreement and the Schedule A attached hereto constitute the entire agreement and
                                         understanding of the parties hereto, and supersede any and all previous agreements and
                                         understandings, whether oral or written, between the parties with respect to the matters
                                         set forth herein.

 

B.
Any notice or communication permitted or required hereunder shall be in writing and shall be deemed sufficiently given if hand-delivered
or sent (i) postage prepaid by registered mail, return receipt requested, or (ii) by facsimile to the respective parties as set
forth be low, or to such other address as either party may notify the other of in writing:

 

	 	if
    to the Company, to:	PY
    Nano Cell Ltd 
	 	 	8
    hamsger Street
	 	 	P.O.
    Box 236
	 	 	Migdal
    HaEmek 2310102, Israel

 Attn: Dr Fernando de la Vega

  

    	 	Sunrise
                                         Securities LLC
 1330 Avenue of the Americas, 36th Floor, New York,
                                         NY 10019	
 5

 

     

    

 

	 	if
    to Sunrise, to:	Sunrise
    Securities LLC
	 	 	1330
    Avenue of the Americas, 36th Floor
	 	 	New
    York, New York 10019
	 	 	Attn:
    Dr. Amnon Mandelbaum

 

C.
This Agreement shall be binding upon and inure to the benefit of each of the patties hereto and their respective successors, legal
representatives and assigns.

 

D.
This Agreement may be executed in any number of counterparts, each of which together shall constitute one and the same original
document. This Agreement may be executed and delivered by exchange of facsimile copies showing the parties’ signatures,
and those signatures need not be affixed to the same copy. The facsimile copies showing the signatures of the parties will constitute
originally signed copies of the same Agreement requiring no further execution.

 

E.
No provision of this Agreement may be amended, modified or waived, except in a writing signed by all of the parties hereto.

 

F.
This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect
to its conflict of law principles. The parties hereby agree that any dispute which may arise between them arising out of or in
connection with this Agreement shall be adjudicated before a court located in New York City , and they hereby submit to the exclusive
jurisdiction of the courts of the State of New York located in New York, New York and of the federal courts in the Southern District
of New York with respect to any action or legal proceeding commenced by any party, and irrevocably waive any objection they now
or hereafter may have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that
such court is an inconvenient forum, relating to or arising out of this Agreement, and consent to the service of process in any
such action or legal proceeding by means of registered or certified mail, return receipt requested, in care of the address set
forth in Paragraph 13B hereof.

 

		14.	Anti-Money
Laundering. To help the United States government fight the funding of terrorism and money laundering, the federal laws of
the United States requires all financial institutions to obtain, verify and record information that identifies each person with
whom they do business. This means we must ask you for ce1iain identifying information, including a government-issued identification
number (e.g., a U.S. taxpayer identification number) and such other information or documents that we consider appropriate to verify
your identity, such as certified articles of incorporation, a government-issued business license, a partnership agreement or a
trust instrument.

  

    	 	Sunrise
                                         Securities LLC
 1330 Avenue of the Americas, 36th Floor, New York,
                                         NY 10019	
 6

 

     

    

 

The
Company represents that, to the best of its knowledge, none of (i) the Company, (ii) any person controlling or controlled by
the Company, (iii) any person having a beneficial ownership interest in the Company or (iv) any person for whom the Company
acts as an agent or nominee is (x) a country, ten-itory, individual or entity named on the U.S. Treasury Department’s
Office of Foreign Assets Control (“OFAC”) list, (y) a person or entity prohibited under the programs administered
by OFAC (“OFAC Programs”) or (z) a country, territory, individual or entity named on another international
sanctions list. The Company further represents that, to the best of its knowledge, none of the proceeds of the Transaction
shall be derived from or used for any purpose prohibited under the OFAC Programs or other international sanctions
programs.

 

The
parties hereby waive trial by jury in any action or proceeding involving, directly or indirectly, any matter in any way arising
out of or in connection with this Agreement.

 

If
the foregoing correctly sets forth the understanding between Sunrise and the Company with respect to the foregoing, please so
indicate your agreement by signing in the place provided below, at which time this letter shall become a binding contract.

  

	SUNRISE
    SECURITIES LLC	 
	By Its Authorized
    Signatory:	 
	 	 
	By	/s/
    Amnon Mandelbaum	 
	 	Amnon Mandelbaum	 
	 	President	 

  

	PV
    NANO CELL LTD.	 
	Accepted
    and Agreed:	 
	 	 
	By
    Its Authorized Signatory:	 
	 	 
	By:	/s/
    Dr. Fernando de la Vega	 
	Name:
    	Dr.
    Fernando de la Vega	 
	Title:	CEO	 

  

    	 	Sunrise
                                         Securities LLC
 1330 Avenue of the Americas, 36th Floor, New York,
                                         NY 10019	
 7

 

     

    

 

 

 

SCHEDULE
A

Indemnification
Provisions

 

 

 

In
connection with the engagement of SUNRISE SECURITIES LLC (together ’Sunrise” ) by PV NANO CELL LTD. (together with all subsidiaries
, affiliates, successors and other controlled units , either existing or formed subsequent to the execution of this engagement,
the “Company”) pursuant to a letter agreement dated January 9, 2017 between the Company and Sunrise as it may be amended
from time to time (the “Letter Agreement”), the Company, hereby agrees as follows:

 

		1.	In connection with or arising out of or relating to the
engagement of Sunrise under the Letter Agreement, or any actions taken or omitted, services performed or matters contemplated
by or in connection with the Letter Agreement, the Company agrees to reimburse Sunrise, its affiliates and their respective directors,
officers, employees, agents and controlling persons (each an “Indemnified Party”) promptly upon demand for actual,
out of-pocket expenses (including reasonable fees and expenses for legal counsel) as they are incurred in connection with the
investigation of, preparation for or defense of any pending or threatened claim, or any litigation, proceeding or other action
in respect thereof (collectively, a “Claim”). The Company also agrees (in connection with the foregoing) to indemnify
and hold harmless each Indemnified Party from and against any and all out-of pocket losses, claims, damages and liabilities ,
joint or several, to which any Indemnified Party may become subject, including any amount paid in settlement of any litigation
or other action (commenced or threatened) to which the Company shall have consented in writing (such consent not to be unreasonably
withheld), whether or not any Indemnified Party is a party and whether or not liability resulted; provided, however, that the
Company shall not be liable pursuant to this sentence in respect of any loss, claim , damage or liability to the extent that a
court or other agency having competent jurisdiction shall have determined by final judgement (not subject to further appeal) that
such loss, claim, damage or liability was incurred solely as a direct result of the willful misconduct or gross negligence of
such Indemnified Party.

 

		2.	An
                                         Indemnified Party shall have the right to retain separate legal counsel of its own choice
                                         to conduct the defense and all related matters in connection with any Claim. The Company
                                         shall pay the reasonable fees and expenses of such legal counsel and such counsel shall
                                         to the fullest extent, consistent with its professional responsibilities, cooperate with
                                         the Company and any legal counsel designated by the Company.

 

		3.	The
                                         Company will not, without the prior written consent of each Indemnified Party settle,
                                         compromise or consent to the entry of any judgement in any pending or threatened Claim
                                         in respect of which indemnification may be reasonably sought hereunder (whether or not
                                         any Indemnified Person is an actual or potential party to such Claim), unless such settlement,
                                         compromise or consent includes an unconditional, irrevocable release of each Indemnified
                                         Person against whom such Claim may be brought hereunder from any and all liability arising
                                         out of such Claim.

 

		4.	In
                                         the event the indemnity provided for in paragraphs 1 and 2 hereof is unavailable or insufficient
                                         to hold any Indemnified Party harmless, then the Company shall contribute to amounts
                                         paid or payable by an Indemnified Party in respect of such Indemnified Party’s losses,
                                         claims, damages and liabilities as to which the indemnity provided for in paragraphs
                                         1 and 2 hereof is unavailable or insufficient (i) in such portion as appropriately reflects
                                         the relative benefits received by the Company, on the one hand , and the Indemnified
                                         Party, on the other hand, in c01mection with the matters as to which losses, claims,
                                         damages or liabilities relate, or (ii) if the allocation provided by (i) above is not
                                         permitted by applicable law, in such proportion as appropriately reflects not only the
                                         relative benefits referred to in clause (i) but also the relative fault of the Company,
                                         on the one hand, and the Indemnified Parties, on the other hand, as well as any other
                                         equitable considerations. The amounts paid or payable by a party in respect of losses,
                                         claims, damages and liabilities referred to above shall be deemed to include any reasonable
                                         legal or other out-of-pocket fees and expenses incurred in defending any litigation, proceeding
or other action or claim. Notwithstanding the provisions hereof, Sunrise’s share of the liability hereunder shall not be in excess
of the amount of fees actually received by Sunrise under the Letter Agreement (excluding any amounts received as reimbursement
of expenses by Sunrise).

   

    
	 	Sunrise
                                         Securities LLC
 1330 Avenue of the Americas, 36th Floor, New York,
                                         NY 10019	
 

 

     

    

 

		5.	It
                                         is understood and agreed that, in connection with Sunrise’s engagement by the Company
                                         under the Letter Agreement, Sunrise may also be engaged to act for the Company in one
                                         or more additional capacities, and that the terms of any such additional engagement may
                                         be embodied in one or more separate written agreements. These Indemnification Provisions
                                         shall apply to the engagement under the Letter Agreement and to any such additional engagement
                                         and any modification of such additional engagement; provided, however, that in the event
                                         that the Company engages Sunrise to act as a dealer manager in an exchange or tender
                                         offer or as an underwriter in connection with the issuance of securities by the Company
                                         or to furnish an opinion letter, such further engagement may be subject to separate indemnification
                                         and contribution provisions as may be mutually agreed upon.

 

		6.	These
                                         Indemnification Provisions shall remain in full force and effect in connection with the
                                         transaction contemplated by the Letter Agreement whether or not consummated, and shall
                                         survive the expiration of the period of the Letter Agreement, and shall be in addition
                                         to any liability that the Company might otherwise have to any Indemnified Party under
                                         the Letter Agreement or otherwise.

 

		7.	Each
                                         party hereto consents to personal jurisdiction and service of process and venue in any
                                         court in the State of New York in which any claim for indemnity is brought by any Indemnified
                                         Person.

 

		8.	These
                                         Indemnification Provisions may be executed in any number of counterparts, each of which
                                         shall be deemed an original but all of which when taken together shall constitute one
                                         and the same instrument. These Indemnification Provisions may be delivered by facsimile,
                                         and facsimile signatures shall be treated as original signatures for all applicable purposes.

  

	SUNRISE SECURITIES LLC	 
	By Its Authorized Signatory:	 
	 	 
	By	/s/ Amnon Mandelbaum	 
	 	Amnon Mandelbaum	 
	 	President	 

  

	PV
    NANO CELL LTD.	 
	By
    Its Authorized Signatory:	 
	 	 
	By:	/s/ Dr. Fernando de la Vega	 
	Name:  	Dr. Fernando de la Vega	 
	Title:	 CEOExhibit 4.24

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION
IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING,
THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY
THE SECURITIES. ANY TRANSFEREE OF THIS WARRANT SHOULD CAREFULLY REVIEW THE TERMS OF THIS WARRANT. THE SECURITIES REPRESENTED BY
THIS WARRANT MAY BE LESS THAN THE NUMBER SET FORTH ON THE FACE HEREOF. 

 

PV
Nano Cell Ltd.

 

Warrant
To Purchase Ordinary Shares 

 

Warrant
No.: _____________

Number
of Warrant shares of Ordinary Shares: _____________

Date
of Issuance: _________ (“Issuance Date”)

Date
of Expiration: ___________ (“Expiration Date”)

 

PV
Nano Cell Ltd., a company formed in the State of Israel, (the “Company”), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
_______________, the registered holder hereof, or its permitted assigns (the “Holder”), is entitled,
subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, at
any time or times on or after the Issuance Date, but not after 11:59 p.m., New York time, on ______________ (the “Expiration
Date”, as defined below), ________________ fully paid non-assessable Ordinary Shares (as defined below), subject to
adjustment as provided herein (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in
this Warrant to Purchase Ordinary Shares shall have the meanings set forth in Section 17.

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth
in Section 1(f)), this Warrant may be exercised by the Holder on any Trading Day on or after the Issuance Date, in whole
or in part, by (i) delivery by such Holder to the Company of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant and (ii) (A) payment
by or on behalf of such Holder to the Company, in cash or by wire transfer of immediately available funds, of an amount equal
to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate
Exercise Price”) and/or (B) by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise
(as defined in Section 1(d)). The Holder shall not be required to deliver the original Warrant in order to effect an exercise
hereunder, unless this Warrant is being exercised with respect to all remaining Warrant Shares. Execution and delivery of the
Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original
Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the
first (1st) Trading Day following the date on which the Company has received the Exercise Notice, the Company shall
transmit by facsimile an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder and the Company’s transfer
agent (the “Transfer Agent”). On or before the third (3rd) Trading Day following the date on which the Company
has received the Exercise Notice, so long as the Holder delivers the Aggregate Exercise Price (or notice of a Cashless Exercise)
on or prior to the second (2nd) Trading Day following the date on which the Company has received the Exercise Notice (the “Share
Delivery Date”) (provided that if the Aggregate Exercise Price has not been delivered by such date, the Share Delivery
Date shall be one (1) Trading Day after the Aggregate Exercise Price (or notice of Cashless Exercise) is delivered), the Company
shall (x) provided that the Transfer Agent and the Company are participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program and the Ordinary Shares are eligible for the book-entry delivery and depository services
offered by the DTC, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to
the Holder’s or its designee’s balance account with DTC through its Deposit / Withdrawal At Custodian system, or (y) if the Transfer
Agent or the Company is not participating in the DTC Fast Automated Securities Transfer Program, or the Ordinary Shares are not
eligible for the book-entry delivery and depository services offered by the DTC, issue and deliver to the Holder or, at the Holder’s
instruction pursuant to the Exercise Notice, the Holder’s agent or designee, in each case, sent by reputable overnight courier
to the address as specified in the applicable Exercise Notice, a certificate, registered in the Company’s share register
in the name of the Holder or its designee (as indicated in the applicable Exercise Notice), for the number of Ordinary Shares
to which the Holder is entitled pursuant to such exercise. The Company shall be responsible for all fees and expenses of the Transfer
Agent and all other fees and expenses with respect to the issuance of Warrant Shares via DTC. Upon delivery of the Exercise Notice,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to
which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or
the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If following any exercise pursuant
to this Section 1(a) the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the
number of Warrant Shares being acquired upon such exercise, then the Company shall as soon as practicable and in no event later
than three (3) Trading Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 7(d))
representing the right to purchase the number of Warrant Shares issuable immediately prior to such exercise under this Warrant,
less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional Warrant Shares are to be issued
upon the exercise of this Warrant, but rather the number of Warrant Shares to be issued shall be rounded up to the nearest whole
number. The Company shall pay any and all taxes which may be payable with respect to the issuance and delivery of Warrant Shares
upon exercise of this Warrant. So long as the Holder delivers the items referred to in clauses (i) and (ii) above, and subject
to Section 1(f), the Company’s obligations to issue and deliver Warrant Shares in accordance with the terms and subject
to the conditions hereof are absolute and unconditional (except for the conditions contained herein, including the payment of
the Aggregate Exercise Price), irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent
with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any
setoff, counterclaim, recoupment, limitation or termination. 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. For purposes of this Warrant, “Exercise Price” means the exercise price per share of the
Ordinary Shares under this warrant shall be ______________, subject to adjustment as provided herein.

 

(c)
Company’s Failure to Timely Deliver Securities. If on or prior to the Share Delivery Date the Company shall fail to issue
and deliver a certificate representing the Ordinary Shares to the Holder and register the Ordinary Shares on the Company’s share
register or credit the Holder’s balance account with DTC for the number of Ordinary Shares to which the Holder is entitled upon
the Holder’s exercise hereunder, and if on or after such Share Delivery Date the Holder purchases (in an open market transaction
or otherwise) Ordinary Shares to deliver in satisfaction of a sale by the Holder of Ordinary Shares issuable upon such exercise
that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, (A) within three
(3) Trading Days after the Holder’s request, honor its obligation to deliver to the Holder a certificate or certificates
representing such Ordinary Shares or credit such Holder’s balance account with DTC and (B) pay cash to the Holder in an amount
equal to the excess (if any) of the Holder’s total purchase price (including brokerage commissions and other out-of-pocket
expenses, if any) for the Ordinary Shares so purchased (including, without limitation, by any other Person in respect, or on behalf,
of the Holder) over the product of (1) such number of Warrant Shares and (2) the price at which the sell order giving rise
to the Holder’s purchase obligation was executed. For example, if the Holder purchases Ordinary Shares having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrant Shares with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (B) 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.

 

(d)
Cashless Exercise. The Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making
the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price,
elect instead to receive upon such exercise the “Net Number” of Ordinary Shares determined according to the following
formula (a “Cashless Exercise”):

 

Net
Number = (A x B) - (A x C)

                                      B

 

    	 	- 2 -	 

     

    

 

For
purposes of the foregoing formula:

 

A
= the total number of shares with respect to which this Warrant is then being exercised.

 

B
= the weighted average of the Closing Sale Prices for the five (5) consecutive Trading Days ending on the date immediately
preceding the date of the Exercise Notice.

 

C
= the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

For
purposes of Rule 144(d) promulgated under the 1933 Act, as in effect on the date hereof, it is intended that the Warrant Shares
issued in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares
shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Securities Purchase Agreement.

 

(e)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and seek to resolve
such dispute in accordance with Section 12.

 

(f)
Limitation on Beneficial Ownership. Notwithstanding anything to the contrary contained herein, the Company shall not effect
the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant,
pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never made,
to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would
beneficially own in excess of 4.99% (the “Maximum Percentage”) of the number of Ordinary Shares outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially
owned by the Holder and the other Attribution Parties shall include the number of Ordinary Shares held by the Holder and all other
Attribution Parties plus the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which the determination
of such sentence is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (A) exercise of the
remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B)
exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation,
any convertible notes or convertible preferred stock or warrants,) beneficially owned by the Holder or any other Attribution Party
subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes
of this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). For purposes of this Warrant, in determining the number of Ordinary
Shares the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely
on the number of Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form 20-F, Current Report on Form
6-K or other public filing with the Securities and Exchange Commission (the “SEC”), as the case may be, (y) a
more recent public announcement by the Company or (z) any other written notice by the Company or its transfer agent setting forth
the number of Ordinary Shares outstanding (the “Reported Outstanding Share Number”). For any reason at any time,
upon the written or oral request of the Holder, the Company shall within two (2) Business Days confirm orally and in writing or
by electronic mail to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary
Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant,
by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In
the event that the issuance of Ordinary Shares to the Holder upon exercise of this Warrant results in the Holder and the other
Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding
Ordinary Shares (as determined under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder’s
and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”)
shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer
the Excess Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the
Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice
to the Company, the Holder may from time to time increase (with such increase not effective until the sixty-first (61st)
day after delivery of such notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified
in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st)
day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the
other Attribution Parties. For purposes of clarity, it is the intention of the parties that the Ordinary Shares issuable pursuant
to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for
any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f)
to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with
the intended beneficial ownership limitation contained in this Section 1(f) or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived except as
expressly set forth herein and shall apply to a successor holder of this Warrant.

 

    	 	- 3 -	 

     

    

 

(g)
Insufficient Authorized Shares. If at any time while this Warrant remains outstanding the Company does not have a sufficient
number of authorized and unreserved Ordinary Shares to satisfy its obligation to reserve for issuance upon exercise of this Warrant
at least a number of Ordinary Shares equal to the number of Ordinary Shares (the “Required Reserve Amount”) as
shall from time to time be necessary to effect the exercise of all of this Warrant then outstanding (an “Authorized Share
Failure”), then the Company shall immediately take all action necessary to increase the Company’s authorized Ordinary
Shares to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding.
Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized
Share Failure, but in no event later than one hundred and twenty (120) days after the occurrence of such Authorized Share Failure,
the Company shall hold a meeting of its shareholders for the approval of an increase in the number of authorized Ordinary Shares.
In connection with such meeting, the Company shall provide each shareholder with a proxy statement and shall use its best efforts
to solicit its shareholders’ approval of such increase in authorized Ordinary Shares and to cause its board of directors
to recommend to the shareholders that they approve such proposal. Notwithstanding the foregoing, if any such time of an Authorized
Share Failure, the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding Ordinary
Shares to approve the increase in the number of authorized Ordinary Shares, the Company may satisfy this obligation by obtaining
such consent.

 

(h)
Registration Rights. If, at any time commencing after the Issuance Date, but no later than the Expiration Date, the Company
proposes to register any of its securities under the Act, it will give written notice by registered mail, at least thirty (30)
days prior to the filing of each such registration statement, to the Holder of the Warrants and/or the Warrant Shares of its intention
to do so. If the Holder of the Warrants and/or the Warrant Shares notifies the Company within twenty (20) days after receipt
of any such notice of its or their desire to include any such securities in such proposed registration statement, the Company
shall afford such Holder of the Warrants and/or the Warrant Shares the opportunity to have any such Warrant Securities registered
under such registration statement. The Company shall include the Warrant Shares in said registration statement subject to the
Holder providing the needed documentation and information requested by the Company, and the execution of the needed instruments
requested by the Company with respect to said registration statement.

 

2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be
adjusted from time to time as follows:

 

(a)
Voluntary Adjustment By Company. The Company may at any time during the term of this Warrant reduce the then current Exercise
Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

 

(b)
Adjustment Upon Subdivision or Combination of Ordinary Shares. If the Company at any time on or after the Issuance Date
subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding Ordinary
Shares into a greater number of shares, as applicable, the Exercise Price in effect immediately prior to such subdivision will
be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or
after the Issuance Date combines (by combination, reverse stock split or otherwise) one or more classes of its Ordinary Shares
into a smaller number of shares, as applicable, the Exercise Price in effect immediately prior to such combination will be proportionately
increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 2(b)
shall become effective at the close of business on the date the subdivision or combination becomes effective.

 

    	 	- 4 -	 

     

    

 

(c)
Other Events. If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided
for by such provisions (including, without limitation, the granting of share appreciation rights, phantom share rights or other
rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price
and the number of Warrant Shares, as determined by the Company’s Board of Directors, so as to protect the rights of the
Holder; provided that no such adjustment pursuant to this Section 2(c) will increase the Exercise Price or decrease
the number of Warrant Shares as otherwise determined pursuant to this Section 2.

 

3.
RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend or other distribution of its assets
(or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock 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, provision shall be made so that the Holder shall receive, upon exercise
of the Warrant, in addition to the number of Warrant Shares receivable thereupon, such assets (or rights to acquire its assets)
that such Holder would have been entitled to receive if the Holder had held the number of Ordinary Shares acquirable upon complete
exercise of this Warrant (without regard to any limitations or restrictions on exercise hereof, including without limitation,
the Maximum Percentage) immediately before the date of which a record is taken for such Distribution, or, if no such record is
taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution
(provided, however, that to the extent that the Holder’s right to participate in any such Distribution upon exercise
of this Warrant would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder
shall not be entitled to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership of
such Ordinary Shares as a result of such Distribution (and beneficial ownership) to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time or times as its right thereto would not result in the
Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted
such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held
similarly in abeyance) to the same extent as if there had been no such limitation).

 

4.
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants,
issues or sells any Options, Convertible Securities or rights to purchase shares, warrants, securities or other property pro rata
to the record holders of its Ordinary Shares (the “Purchase Rights”), then provision shall be made so that the
Holder shall receive, upon exercise of the Warrant, in addition to the number of Warrant Shares receivable thereupon, 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 Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions
on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
that to the extent that the Holder’s right to participate in any such Purchase Right upon exercise of this Warrant would result
in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such Ordinary Shares as a result of
such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent shall be held in abeyance
for the benefit of the Holder until such time or times as its right thereto would not result in the Holder and the other Attribution
Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such right (and any Purchase Right
granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to
the same extent as if there had been no such limitation).

 

    	 	- 5 -	 

     

    

 

(b)
Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor
Entity assumes in writing all of the obligations of the Company under this Warrant and the other Transaction Documents (as defined
in the Securities Purchase Agreement) in accordance with the provisions of this Section 4(b) pursuant to written agreements
in form and substance satisfactory to the Holder and approved by the Holder prior to such Fundamental Transaction, including agreements
to 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 equivalent
to the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise
of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant to such Fundamental
Transaction and the value of such share capital, such adjustments to the 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). Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of the applicable Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation of each Fundamental Transaction,
the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any
time after the consummation of the applicable Fundamental Transaction, in lieu of the Ordinary Shares (or other securities, cash,
assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue
to be receivable thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such
Ordinary Shares (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled
to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the
applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant), as adjusted in accordance
with the provisions of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of each Fundamental Transaction pursuant to which holders of Ordinary Shares are entitled to receive securities or other assets
with respect to or in exchange for Ordinary Shares (a “Corporate Event”), the Company shall make appropriate
provision to ensure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after
the consummation of the applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the Ordinary Shares (or
other securities, cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above,
which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction,
such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription
rights) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had
this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on
the exercise of this Warrant). Provision made pursuant to the preceding sentence shall be in form and substance reasonably satisfactory
to the Holder.

 

    	 	- 6 -	 

     

    

 

(c)
Notwithstanding the foregoing and the provisions of Section 4(b) above, at the request of the Holder delivered at any time
commencing on the earliest to occur of (x) the public disclosure of any Fundamental Transaction, (y) the consummation of any Fundamental
Transaction and (z) the Holder first becoming aware of any Fundamental Transaction through the date that is ninety (90) days after
the public disclosure of the consummation of such Fundamental Transaction by the Company pursuant to a Current Report on Form
6-K filed with the SEC (or, if the Company is not then subject to such requirement, 90 days after the earlier of such date referenced
in (x), (y) and (z)), the Company or the Successor Entity (as the case may be) shall purchase this Warrant from the Holder on
the date of such request by paying to the Holder cash in an amount equal to the Black Scholes Value.

 

5.
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Articles of Association,
or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, 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,
and will at all times in good faith carry out all the provisions of this Warrant. Without limiting the generality of the foregoing,
the Company (i) shall not increase the par value of the Ordinary Shares receivable upon the exercise of this Warrant above
the Exercise Price then in effect, (ii) shall take all such actions as may reasonably be necessary or appropriate in order
that the Company may validly and legally issue fully paid and non-assessable shares Ordinary Shares upon the exercise of this
Warrant, and (iii) shall, so long as any of the Warrants are outstanding, take all action reasonably necessary to reserve and
keep available out of its authorized and unissued Ordinary Shares, solely for the purpose of effecting the exercise of the Warrants,
the number of Ordinary Shares as shall from time to time be necessary to effect the exercise of the Warrants then outstanding
(without regard to any limitations on exercise).

 

6.
WARRANT HOLDER NOT DEEMED A SHAREHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital
of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in
such Person’s capacity as the Holder of this Warrant, any of the rights of a shareholder of the Company or any right to vote,
give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to
the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant.
In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the
Company or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies
of the same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving
thereof to the stockholders.

 

    	 	- 7 -	 

     

    

 

7.
REISSUANCE OF WARRANTS.

 

(a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)),
registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the
Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in
accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(b)
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of
this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.

 

(c)
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the
right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right
to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided,
however, that no Warrants for fractional Ordinary Shares shall be given.

 

(d)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of Ordinary
Shares underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares
then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same
as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

 

    	 	- 8 -	 

     

    

 

8.
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall
be given in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide the Holder with
prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action
and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder
(i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation
of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record
(A) with respect to any dividend or distribution upon the Ordinary Shares, (B) with respect to any grants, issuances or sales
of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to holders of Ordinary
Shares or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation; provided
in each case that such information shall be made known to the public prior to or in conjunction with such notice being provided
to the Holder. It is expressly understood and agreed that the time of execution specified by the Holder in each Exercise Notice
shall be definitive and may not be disputed or challenged by the Company.

 

9.
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived and
the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the
Company has obtained the written consent of the Holder.

 

10.
GOVERNING LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with,
and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by,
the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than
the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. The Company
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to the Company at its regular address and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit
or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder,
to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor
of the Holder. The Company hereby appoints Vcorp Agent Services, Inc., with offices at 25 Robert Pitt Drive, Suite 204, Monsey
NY 10952, as its agent for service of process in New York. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND
AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS
WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	 	- 9 -	 

     

    

 

11.
CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and all the Holder and shall
not be construed against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall
not form part of, or affect the interpretation of, this Warrant.

 

12.
DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile within two
(2) Business Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder
and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within
three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company
shall, within two (2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price to an independent,
reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the
Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank or
the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the
results no later than ten (10) Business Days from the time it receives the disputed determinations or calculations. Such investment
bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable
error.

 

13.
REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative
and in addition to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity (including
a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue
actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may
be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant
shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity
of showing economic loss and without any bond or other security being required.

 

14.
TRANSFER. Subject to any transfer restrictions under applicable law (including the 1933 Act) this Warrant and the Warrant
Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company.

 

15.
SEVERABILITY. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

    	 	- 10 -	 

     

    

 

16.
DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant and provided
that the Company’s shares are quoted or traded on the Principal Market, unless either (A) the Company has in good faith
determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Company
or its Subsidiaries or (B) the Company has determined that it would be materially detrimental to the Company to publicly disclose
such information at such time, the Company shall within one (1) Business Day after any such receipt or delivery publicly disclose
such material, nonpublic information on a Current Report on Form 6-K or otherwise. In the event that the Company believes that
a notice contains material, nonpublic information relating to the Company or its Subsidiaries, the Company so shall indicate to
such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed
to presume that all matters relating to such notice do not constitute material, nonpublic information relating to the Company
or its Subsidiaries.

 

17.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“1933 Act” means the Securities Act of 1933, as amended.

 

(b)
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the
election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by
contract or otherwise.

 

(c)
“Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including,
any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed
or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of
the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder
or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Ordinary Shares would or could
be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the Exchange Act. For clarity,
the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

    	 	- 11 -	 

     

    

 

(d)
“Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained
from the “OV” function on Bloomberg determined as of the day immediately following the public announcement of the applicable
Fundamental Transaction, or, if the Fundamental Transaction is not publicly announced, the date the Fundamental Transaction is
consummated, for pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period
equal to the remaining term of this Warrant as of such date of request, (ii) an expected volatility equal to the 100 day volatility
obtained from the HVT function on Bloomberg as of the day immediately following the public announcement of the applicable Fundamental
Transaction, or, if the Fundamental Transaction is not publicly announced, the date the Fundamental Transaction is consummated,
(iii) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if
any, plus the value of any non-cash consideration, if any, being offered in the Fundamental Transaction, (iv) a zero cost of borrow
and (v) a 360 day annualization factor.

 

(e)
“Bloomberg” means Bloomberg Financial Markets.

 

(f)
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in New York,
New York or Tel Aviv, Israel are authorized or required by law to remain closed.

 

(g)
“Closing Sale Price” means, for any security as of any date, the last closing trade price for such security on
the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does
not designate the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported
by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last
trade price of such security on the principal securities exchange or trading market where such security is listed or traded as
reported by Bloomberg, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market
on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security
by Bloomberg, the average of the ask prices of any market makers for such security as reported in the OTC Link or “pink sheets”
by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Closing Sale Price cannot be calculated for a security on a
particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value
as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value
of such security, then such dispute shall be resolved pursuant to Section 12. All such determinations to be appropriately
adjusted for any stock dividend, stock split, stock combination, reclassification or other similar transaction during the applicable
calculation period.

 

(h)
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for Ordinary Shares.

 

(i)
“Eligible Market” means the NYSE MKT LLC, The NASDAQ Global Market, The NASDAQ Global Select Market, The NASDAQ
Capital Market, The New York Stock Exchange, Inc., or the Tel Aviv Stock Exchange.

 

    	 	- 12 -	 

     

    

 

(j)
“Expiration Date” means the seventh anniversary of the Issuance Date, or, if such date falls on a day other than
a Business Day or on which trading does not take place on the Principal Market, if any (a “Holiday”), the next
day that is not a Holiday.

 

(k)
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of
Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company
to be subject to or have its Ordinary Shares be subject to or party to one or more Subject Entities making, a purchase, tender
or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding Ordinary Shares, (y) 50% of the
outstanding Ordinary Shares calculated as if any Ordinary Shares held by all Subject Entities making or party to, or Affiliated
with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number
of Ordinary Shares such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party to,
such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange
Act) of at least 50% of the outstanding Ordinary Shares, or (iv) consummate a stock purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject
Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding
Ordinary Shares, (y) at least 50% of the outstanding Ordinary Shares calculated as if any Ordinary Shares held by all the Subject
Entities making or party to, or Affiliated with any Subject Entity making or party to, such stock purchase agreement or other
business combination were not outstanding; or (z) such number of Ordinary Shares such that the Subject Entities become collectively
the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding Ordinary Shares, or
(v) reorganize, recapitalize or reclassify its Ordinary Shares such that such modified Ordinary Shares no longer have the residual
right to dividends or distributions form the Company or the residual right to vote on matters given to the shareholders under
Israeli law, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one
or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, whether through acquisition,
purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding Ordinary Shares, merger, consolidation,
business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification
or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued
and outstanding Ordinary Shares, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding
Ordinary Shares not held by all such Subject Entities as of the date of this Warrant calculated as if any Ordinary Shares held
by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued
and outstanding Ordinary Shares or other equity securities of the Company sufficient to allow such Subject Entities to effect
a statutory short form merger or other transaction requiring other stockholders of the Company to surrender their Ordinary Shares
without approval of the stockholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates
or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured
in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct
this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument
or transaction.

 

    	 	- 13 -	 

     

    

 

(l)
“Group” means a “group” as that term is used in Section 13(d) of the Exchange Act and as defined in
Rule 13d-5 thereunder.

 

(m)
“Options” means any rights, warrants or options to subscribe for or purchase Ordinary Shares or Convertible Securities.

 

(n)
“Ordinary Shares” means (i) the Company’s ordinary shares, par value $0.0001 NIS per share, and (ii) any
share capital into which such Ordinary Shares shall have been changed or any share capital resulting from a reclassification of
such Ordinary Shares.

 

(o)
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person, including
such entity whose shares or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one
such Person or such entity, the Person or Parent Entity designated by the Holder or in the absence of such designation, such Person
or entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(p)
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization, any other entity and a government or any department or agency thereof.

 

(q)
“Principal Market” means, as of the date of determination, the principal market on which the Ordinary Shares
are then traded, if any.

 

(r)
“Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons
or Group.

 

(s)
“Successor Entity” means one or more Person or Persons (or, if so elected by the Holder, the Company or Parent
Entity) formed by, resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected
by the Holder, the Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

(t)
“Trading Day” means any day on which the Ordinary Shares are traded on the Principal Market; provided
that “Trading Day” shall not include any day on which the Ordinary Shares are scheduled to trade on such exchange or
market for less than 4.5 hours or any day that the Ordinary Shares are suspended from trading during the final hour of trading
on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange
or market, then during the hour ending at 4:00:00 p.m., New York time). So long as the Ordinary Shares are not traded on a Principal
Market, then any reference herein to a Trading Day shall be deemed to be a reference to a Business Day.

 

[Signature
Page Follows]

 

    	 	- 14 -	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to Purchase Ordinary Shares to be duly executed as of the Issuance Date
set out above.

 

	 	PV NANO CELL LTD
	 	 	 
	 	By:	 
	 	Name:  	Dr. Fernando de la Vega
	 	Title: 	CEO

 

     

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE ORDINARY SHARES 

 

PV
NANO CELL Ltd.

 

The
undersigned holder hereby exercises the right to purchase _________________ of the Ordinary Shares (“Warrant Shares”)
of PV Nano Cell Ltd., a company formed in the State of Israel, (the “Company”), evidenced by the attached Warrant
to Purchase Ordinary Shares (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have
the respective meanings set forth in the Warrant.

 

1.
Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________
a “Cash Exercise” with respect to _________________ Warrant Shares; or

 

____________
a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

2.
Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the
Warrant Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________
to the Company in accordance with the terms of the Warrant.

 

3.
Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms
of the Warrant.

 

Date:
_______________ __, ______

 

	 	 
	    Name of Registered Holder	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:

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