Document:

EX-10.2

 Exhibit 10.2 

TheraCoat Ltd. 
 THE
2010 ISRAELI SHARE OPTION PLAN 
 (IN COMPLIANCE WITH AMENDMENT
NO. 132 OF THE ISRAELI TAX ORDINANCE, 2002) 

  

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 This plan, as amended from time to time, shall be known as TheraCoat Ltd. 2010 Israeli Share Option Plan (the
“ISOP”). 
  

	1.	PURPOSE OF THE ISOP 

 The ISOP is intended to provide an incentive to retain, in the
employ of the Company (as defined below) and its Affiliates (as defined below), persons of training, experience, and ability, to attract new employees, directors, consultants, service providers and any other entity which the Board shall decide their
services are considered valuable to the Company (as defined below), to encourage the sense of proprietorship of such persons, and to stimulate the active interest of such persons in the development and financial success of the Company (as defined
below) by providing them with opportunities to purchase shares in the Company (as defined below), pursuant to the ISOP. 
  

	2.	DEFINITIONS 

 For purposes of the ISOP and related documents, including the Option
Agreement, the following definitions shall apply: 
 2.1. “Affiliate” means any “employing company” within the
meaning of Section 102(a) of the Ordinance. 
 2.2. “Applicable Laws” means the requirements relating to the administration
of share option plans under applicable corporate laws, securities laws, any stock exchange or quotation system on which the Shares (as defined below) are listed or quoted and the applicable laws of any other country or jurisdiction where Options are
granted under the ISOP. 
 2.3. “Approved 102 Option” means an Option granted pursuant to Section 102(b) of the Ordinance
and held in trust by a Trustee for the benefit of the Optionee. 
 2.4. “Board” means the Board of Directors of the
Company. 
 2.5. “Capital Gain Option” or “CGO” as defined in Section 5.4 below. 

2.6. “Cause” means any of the following: (a) the Optionee’s theft, dishonesty, or falsification of any Company documents
or records; (b) the Optionee’s improper use or disclosure of the Company’s confidential or proprietary information; (c) any deliberate action by the Optionee which has a detrimental effect on the Company’s reputation or business; (d)
the Optionee’s failure or inability to perform any reasonable assigned duties after written notice from the Company of, and a reasonable opportunity to cure, such failure or inability; (e) any material breach of the Optionee of any employment
agreement between the Optionee and the Company, which breach is not cured pursuant to the terms of such agreement; or (f) the Optionee’s conviction of any criminal act which impairs the Optionee’s ability to perform his, her or its duties
with the Company. For purposes of the definition of Cause, with respect to an Optionee employed by or providing services to an Affiliate of the Company, “Company” shall include Affiliate employing or engaging the services of the Optionee.

 2.7. “Chairman” means the chairman of the Committee. 

2.8. “Committee” means a share option compensation committee appointed by the Board, which shall consist of no fewer than two
members of the Board. 
 2.9. “Company” means TheraCoat Ltd., an Israeli company. 

2.10. “Companies Law” means the Israeli Companies Law 5759-1999. 

2.11. “Controlling Shareholder” shall have the meaning ascribed to it in Section 32(9) of the Ordinance. 

2.12. “Date of Grant” means, the date of grant of an Option, as determined by the Board and set forth in the Optionee’s
Option Agreement. 

  

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 2.13. “Director” means a member of the Board of Directors of the Company, or
any Affiliate. 
 2.14. “Disability” means physical or mental infirmity which impairs Optionee’s ability to
substantially perform his duties, which continues for a period of at least sixty (60) consecutive days. 
 2.15. “Employee”
means a person who is employed by the Company or its Affiliates, including an individual who is serving as a director or an office holder, but excluding Controlling Shareholder. An Employee’s employment shall not be deemed to have been
terminated in the case of (i) any leave of absence approved by the Company (or by the Affiliate that employs the person) or (ii) transfers between locations of the Company (or Affiliate that employs the person) or between the Company, any of its
Affiliates, or any successor. No such leave may exceed ninety days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. Neither service as a Director nor payment of a director’s fee shall be sufficient to
constitute “employment”. 
 2.16. “Expiration date” means the date upon which an Option shall expire, as
set forth in Section 10.2 of the ISOP. 
 2.17. “Fair Market Value” means as of any date, the value of a Share determined
at the sole discretion of the Board. 
 The Board may adopt, at its sole discretion, the following value determination mechanism: 

2.17.1. If the Shares are listed on any established stock exchange or a national market system, the Fair Market Value shall be the closing
sales price for such Shares (or the closing bid, if no sales were reported), as quoted on such exchange or system for the last market trading day prior to time of determination, as reported, or such other source as the Board deems reliable. Without
derogating from the above, solely for the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Ordinance, if at the Date of Grant the Company’s shares are listed on any established’ stock exchange or a national
market system or if the Company’s shares will be registered for trading within ninety (90) days following the Date of Grant, the Fair Market Value of a Share at the Date of Grant shall be determined in accordance with the average value of the
Company’s shares on the thirty (30) trading days preceding the Date of Grant or on the thirty (30) trading days following the date of registration for trading, as the case may be; 

2.17.2. If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value shall
be the mean between the high bid and low asked prices for the Shares on the last market trading day prior to the day of determination, or; 

2.17.3. In the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith by the Board
at its sole discretion. 
 2.18. “IPO” means the initial public offering of the Company’s shares. 

2.19. “ISOP” means this 2010 Israeli Share Option Plan. 

2.20. “ITA” means the Israeli Tax Authorities. 

2.21. “Non-Employee” means a consultant, adviser, service provider, Controlling Shareholder or any other person who is not an
Employee. 
 2.22. “Ordinary Income Option” or “OIO” as defined in Section 5.5 below. 

2.23. “Option” means an option to purchase one or more Shares of the Company pursuant to the ISOP. 

2.24. “102 Option” means any Option granted to Employees pursuant to Section 102 of the Ordinance. 

  

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 2.25. “3(i) Option” means an Option granted pursuant to Section 3(i) of the
Ordinance to any person who is Non-Employee. 
 2.26. “Optionee” means a person who receives or holds an Option under the
ISOP. 
 2.27. “Option Agreement” means the share option agreement between the Company and an Optionee that sets out the
terms and conditions of an Option. 
 2.28. “Ordinance” means the Israeli Income Tax Ordinance [New Version] 1961 as now in
effect or as hereafter amended. 
 2.29. “Purchase Price” means the price for each Share subject to an Option. 

2.30. “Section 102” means Section 102 of the Ordinance as now in effect or as hereafter amended. 

2.31. “Share” means the ordinary shares, NIS 0.01 par value each, of the Company. 

2.32. “Successor Company” means any entity the Company is merged into or is acquired by, in which the Company is not the
surviving entity. 
 2.33. “Transaction” means (i) merger, acquisition or reorganization of the Company with one or more
other entities in which the Company is not the surviving entity, (ii) a sale of all or substantially all of the assets of the Company. 

2.34. “Trustee” means any individual appointed by the Company to serve as a trustee and approved by the ITA, all in
accordance with the provisions of Section 102(a) of the Ordinance. 
 2.35. “Unapproved 102 Option” means an Option granted
pursuant to Section 102(c) of the Ordinance and not held in trust by a Trustee. 
 2.36. “Vested Option” means any Option,
which has already been vested according to the Vesting Dates. 
 2.37. “Vesting Dates” means, as determined by the Board or
by the Committee, the date as of which the Optionee shall be entitled to exercise the Options or part of the Options, as set forth in Section 11 of the ISOP. 
  

	3.	ADMINISTRATION OF THE ISOP 

 3.1. The Board shall have the power to administer the ISOP
either directly or upon the recommendation of the Committee, all as provided by applicable law and in the Company’s Articles of Association. Notwithstanding the above, the Board shall automatically have residual authority if no Committee shall
be constituted or if such Committee shall cease to operate for any reason. 
 3.2. The Committee shall select one of its members as its
Chairman and shall hold its meetings at such times and places as the Chairman shall determine. The Committee shall make such rules and regulations for the conduct of its business as it shall deem advisable. 

3.3. The Committee shall have the power to recommend to the Board and the Board shall have the full power and authority to: (i) designate
participants; (ii) determine the terms and provisions of the respective Option Agreements, including, but not limited to, the number of Options to be granted to each Optionee, the number of Shares to be covered by each Option, provisions concerning
the time and the extent to which the Options may be exercised and the nature and duration of restrictions as to the transferability or restrictions constituting substantial risk of forfeiture and to cancel or suspend awards, as necessary; (iii)
determine the Fair Market Value of the Shares covered by each Option; (iv) make an election as to the type of Approved 102 Option; and (v) designate the type of Options(vi) alter any restrictions and conditions of any Options or Shares subject to
any Options (vii) interpret the provisions and supervise the administration of the ISOP; (viii) accelerate 

  

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the right of an Optionee to exercise in whole or in part, any previously granted Option; (ix) determine the Purchase Price of the Option; (x) prescribe, amend and rescind rules and regulations
relating to the ISOP; and (xi) make all other determinations deemed necessary or advisable for the administration of the ISOP. 
 3.4.
Notwithstanding the above, the Committee shall not be entitled to grant Options to the Optionees, however, it will be authorized to issue Shares underlying Options which have been granted by the Board and duly exercised pursuant to the provisions
herein in accordance with Section 112(a)(5) of the Companies Law. 
 3.5. The Board shall have the authority to grant, at its discretion, to
the holder of an outstanding Option, in exchange for the surrender and cancellation of such Option, a new Option having a purchase price equal to, lower than or higher than the Purchase Price of the original Option so surrendered and canceled and
containing such other terms and conditions as the Committee may prescribe in accordance with the provisions of the ISOP. 
 3.6. The
interpretation and construction by the Committee of any provision of the ISOP or of any Option Agreement thereunder shall be final and conclusive unless otherwise determined by the Board. 

 

	4.	DESIGNATION OF PARTICIPANTS 

 4.1. The persons eligible for participation in the ISOP as
Optionees shall include any Employees and/or Non-Employees of the Company or of any Affiliate; provided, however, that (i) Employees may only be granted 102 Options; (ii) Non-Employees may only be granted 3(i) Options; and (iii) Controlling
Shareholders may only be granted 3(i) Options. 
 4.2. The grant of an Option hereunder shall neither entitle the Optionee to participate
nor disqualify the Optionee from participating in, any other grant of Options pursuant to the ISOP or any other option or share plan of the Company or any of its Affiliates. 

4.3. Anything in the ISOP to the contrary notwithstanding, all grants of Options to directors and office holders shall be authorized and
implemented in accordance with the provisions of the Companies Law or any successor act or regulation, as in effect from time to time. 
  

	5.	DESIGNATION OF OPTIONS PURSUANT TO SECTION 102 

 5.1. The Company may designate Options
granted to Employees pursuant to Section 102 as Unapproved 102 Options or Approved 102 Options. 
 5.2. The grant of Approved 102 Options
shall be made under this ISOP adopted by the Board as described in Section 16 below, and shall be conditioned upon the approval of this ISOP by the ITA. 

5.3. Approved 102 Option may either be classified as Capital Gain Option or Ordinary Income Option. 

5.4. Approved 102 Option elected and designated by the Company to qualify under the capital gain tax treatment in accordance with the
provisions of Section 102(b)(2) shall be referred to herein as CGO. 
 5.5. Approved 102 Option elected and designated by the Company to
qualify under the ordinary income tax treatment in accordance with the provisions of Section 102(b)(1) shall be referred to herein as OIO. 

5.6. The Company’s election of the type of Approved 102 Options as CGO or OIO granted to Employees (the “Election”), shall be
appropriately filed with the ITA before the Date of Grant of an Approved 102 Option. Such Election shall become effective beginning the first Date of 

  

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Grant of an Approved 102 Option under this ISOP and shall remain in effect until the end of the year following the year during which the Company first granted Approved 102 Options. The Election
shall obligate the Company to grant only the type of Approved 102 Option it has elected, and shall apply to all Optionees who were granted Approved 102 Options during the period indicated herein, all in accordance with the provisions of Section
102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent the Company from granting Unapproved 102 Options simultaneously. 

5.7. All Approved 102 Options must be held in trust by a Trustee, as described in Section 6 below. 

5.8. For the avoidance of doubt, the designation of Unapproved 102 Options and Approved 102 Options shall be subject to the terms and
conditions set forth in Section 102 of the Ordinance and the regulations promulgated thereunder. 
 5.9. With regards to Approved 102
Options, the provisions of the ISOP and/or the Option Agreement shall be subject to the provisions of Section 102 and the Tax Assessing Officer’s permit, and the said provisions and permit shall be deemed an integral part of the ISOP and of the
Option Agreement. Any provision of Section 102 and/or the said permit which is necessary in order to receive and/or to keep any tax benefit pursuant to Section 102, which is not expressly specified in the ISOP or the Option Agreement, shall be
considered binding upon the Company and the Optionees. 
  

	6.	TRUSTEE 

 6.1. Approved 102 Options which shall be granted under the ISOP and/or any
Shares allocated or issued upon exercise of such Approved 102 Options and/or other shares received subsequently following any realization of rights, including without limitation bonus shares, shall be allocated or issued to the Trustee and held for
the benefit of the Optionees for such period of time as required by Section 102 or any regulations, rules or orders or procedures promulgated thereunder (the “Holding Period”). In the case the requirements for Approved 102 Options
are not met, then the Approved 102 Options may be treated as Unapproved 102 Options, all in accordance with the provisions of Section 102 and regulations promulgated thereunder. 

6.2. Notwithstanding anything to the contrary, the Trustee shall not release any Shares allocated or issued upon exercise of Approved 102
Options prior to the full payment of the Optionee’s tax liabilities arising from Approved 102 Options which were granted to him and/or any Shares allocated or issued upon exercise of such Options. 

6.3. With respect to any Approved 102 Option, subject to the provisions of Section 102 and any rules or regulation or orders or procedures
promulgated thereunder, an Optionee shall not sell or release from trust any Share received upon the exercise of an Approved 102 Option and/or any share received subsequently following any realization of rights, including without limitation, bonus
shares, until the lapse of the Holding Period required under Section 102 of the Ordinance. Notwithstanding the above, if any such sale or release occurs during the Holding Period, the sanctions under Section 102 of the Ordinance and under any rules
or regulation or orders or procedures promulgated thereunder shall apply to and shall be borne by such Optionee. 
 6.4. Upon receipt of
Approved 102 Option, the Optionee will sign an undertaking to release the Trustee from any liability in respect of any action or decision duly taken and bona fide executed in relation with the ISOP, or any Approved 102 Option or Share granted to him
thereunder. 
  

	7.	SHARES RESERVED FOR THE ISOP; RESTRICTION THEREON 

 7.1. The Company shall from time to
time reserve, out of its authorized but unissued share capital, such number of Shares as the Board deems appropriate (subject to the Articles of Association) for the purposes of this ISOP and/or for the purposes of any other share option plans which
have 

  

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previously been, or may in the future be, adopted by the Company, subject to adjustment as set forth in Section 9 below. Any Shares which remain unissued and which are not subject to then
outstanding Options at the termination or expiration of this ISOP shall cease to be reserved for the purpose of this ISOP, but may continue to be reserved for other share option plans then in effect, and in any event, until termination of this ISOP
the Company shall at all times reserve sufficient number of Shares to meet the requirements of any then outstanding Options. Should any Option for any reason expire or be canceled prior to its exercise or relinquishment in full, the Shares subject
to such Option may again be subjected to a new Option under this ISOP or under the Company’s other share option plans, provided, however, that Shares that have actually been issued under this ISOP shall not be returned to the pool under this
ISOP and shall not become available for future distribution under this ISOP. 
 7.2. Each Option granted pursuant to the ISOP, shall be
evidenced by a written Option Agreement between the Company and the Optionee, in such form as the Board or the Committee shall from time to time approve. Each Option Agreement shall state, among other matters, the number of Shares to which the
Option relates, the type of Option granted thereunder (whether a CGO, OIO, Unapproved 102 Option or a 3(i) Option), the Vesting Dates, the Purchase Price per share, the Expiration Date and such other terms and conditions as the Committee or the
Board in its discretion may prescribe, provided that they are consistent with this ISOP. 
 7.3. Until the consummation of an IPO, such
Shares shall be voted by an irrevocable proxy (the “Proxy”) pursuant to the directions of the Board, such Proxy to be assigned to the Trustee, who will abstain from any and all votes. The Trustee shall be indemnified and held
harmless by the Company against any cost or expense (including counsel fees) reasonably incurred by him/her, or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to
act in connection with the voting of such Proxy unless arising out of such member’s own fraud or bad faith, to the extent permitted by applicable law. Such indemnification shall be in addition to any rights of indemnification the person(s) may
have as a director or otherwise under the Company’s Articles of Association, any agreement, any vote of shareholders or disinterested directors, insurance policy or otherwise. Without derogating from the above, with respect to Approved 102
Options, such shares shall be voted in accordance with the provisions of Section 102 and any rules, regulations or orders promulgated thereunder. 
  

	8.	PURCHASE PRICE 

 8.1. The Purchase Price of each Share subject to an Option shall be
equal to the Share’s Fair Market Value or as otherwise determined by the Board in its sole and absolute discretion in accordance with applicable law, subject to any guidelines as may be determined by the Board from time to time. Each Option
Agreement will contain the Purchase Price determined for each Option covered thereby (but in any event, not less than the nominal value of the Share issuable upon exercise thereof). 

8.2. The Purchase Price shall be payable upon the exercise of the Option in a form satisfactory to the Committee, including without
limitation, by cash, check or wire transfer. The Committee shall have the authority to postpone the date of payment on such terms as it may determine. 

8.3. The Purchase Price shall be denominated in the currency of the primary economic environment of, either the Company or the Optionee (that
is the functional currency of the Company or the currency in which the Optionee is paid) as determined by the Company. 

  

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	9.	ADJUSTMENTS 

 Upon the occurrence of any of the following described events,
Optionee’s rights to purchase Shares under the ISOP shall be adjusted as hereafter provided: 
 9.1. In the event of a Transaction, or
if the Company is voluntarily liquidated or dissolved while unexercised Options remain outstanding under the ISOP, the Company shall immediately notify all unexercised Option holders of such event, and the Option holders shall then have twenty (20)
days to exercise any unexercised Vested Option held by them at that time, in accordance with the exercise procedure set forth herein, or in the case of a merger or acquisition - to convert such Options into options in the acquiring or merging
entity, all pursuant to the Board’s determination and full discretion. Notwithstanding the above and subject to any applicable law, the Board shall have full power and authority to determine different mechanisms with respect to unexercised
Options outstanding under the ISOP. 
 9.2. If the outstanding shares of the Company shall at any time be changed or exchanged by
declaration of a share dividend (bonus shares), share split, combination or exchange of shares, recapitalization, or any other like event by or of the Company, and as often as the same shall occur, then the number, class and kind of the Shares
subject to the ISOP or subject to any Options therefore granted, and the Purchase Prices, shall be appropriately and equitably adjusted so as to maintain the proportionate number of Shares without changing the aggregate Purchase Price, provided,
however, that no adjustment shall be made by reason of the distribution of subscription rights (rights offering) on outstanding shares. Upon happening of any of the foregoing, the class and aggregate number of Shares issuable pursuant to the ISOP
(as set forth in Section 7 hereof), in respect of which Options have not yet been exercised, shall be appropriately adjusted, all as will be determined by the Board whose determination shall be final. 

9.3. Anything herein to the contrary notwithstanding, if prior to the completion of the IPO all or substantially all of the shares of the
Company are to be sold, or in case of a Transaction, all or substantially all of the shares of the Company are to be exchanged for securities of another Company, then each Optionee shall be obliged to sell or exchange, as the case may be, any Shares
such Optionee purchased under the ISOP, in accordance with the instructions issued by the Board in connection with the Transaction, whose determination shall be final. 
  

	10.	TERM AND EXERCISE OF OPTIONS 

 10.1. Options shall be exercised by the Optionee by giving
written notice to the Company, in such form and method as may be determined by the Company and when applicable, by the Trustee in accordance with the requirements of Section 102, which exercise shall be effective upon receipt of such notice by the
Company and the payment of the Purchase Price at the Company’s principal office. The notice shall specify the number of Shares with respect to which the Option is being exercised. 

10.2. Options, to the extent not previously exercised, shall terminate forthwith upon the earlier of: (i) the date set forth in the Option
Agreement; (ii) the expiration of seven (7) years from the Date of Grant, or (iii) the expiration of any extended period in any of the events set forth in Section 10.5 below. 

10.3. The Options may be exercised by the Optionee in whole at any time or in part from time to time, to the extent that the Options become
vested and exercisable, prior to the Expiration Date, and provided that, subject to the provisions of section 10.5 below, the Optionee is employed by or providing services to the Company or any of its Affiliates, at all times during the period
beginning with the granting of the Option and ending upon the date of exercise. 
 10.4. Subject to the provisions of Section 10.5 below, in
the event of termination of Optionee’s employment or services, with the Company or any of its Affiliates, all Options granted to such Optionee will immediately expire. A notice of termination of employment or service shall be deemed to
constitute termination of employment or service. For the avoidance of doubt, in case of such termination of employment or service, the unvested portion of the Optionee’s Option shall not vest and shall not become exercisable. 

  

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 10.5. Notwithstanding anything to the contrary hereinabove and unless otherwise determined in
the Optionee’s Option Agreement, an Option may be exercised after the date of termination of Optionee’s employment or service with the Company or any Affiliates during an additional period of time beyond the date of such termination, but
only with respect to the number of Vested Options at the time of such termination according to the Vesting Dates, if: 
 10.5.1. termination
is without Cause, in which event any Vested Option still in force and unexpired may be exercised within a period of ninety (90) days after the date of such termination; or- 

10.5.2. termination is the result of death or Disability of the Optionee, in which event any Vested Option still in force and unexpired may be
exercised within a period of twelve (12) months after the date of such termination; or - 
 10.5.3. prior to the date of such termination,
the Committee shall authorize an extension of the terms of all or part of the Vested Options beyond the date of such termination for a period not to exceed the period during which the Options by their terms would otherwise have been exercisable.

 10.5.4. For avoidance of any doubt, if termination of employment or service is for Cause, any outstanding unexercised Option (whether
vested or non-vested), will immediately expire and terminate, and the Optionee shall not have any right in connection to such outstanding Options. 

10.6. To avoid doubt, the Optionees shall not have any of the rights or privileges of shareholders of the Company in respect of any Shares
purchasable upon the exercise of any Option, nor shall they be deemed to be a class of shareholders or creditors of the Company for purpose of the operation of Sections 350 and 351 of the Companies Law or any successor to such section, until
registration of the Optionee as holder of such Shares in the Company’s register of shareholders upon exercise of the Option in accordance with the provisions of the ISOP, but in case of Options and Shares held by the Trustee, subject to the
provisions of Section 6 above. 
 10.7. Any form of Option Agreement authorized by the ISOP may contain such other provisions as the
Committee may, from time to time, deem advisable. 
 10.8. With respect to Unapproved 102 Option, if the Optionee ceases to be employed by
the Company or any Affiliate, the Optionee shall extend to the Company and/or its Affiliate a security or guarantee for the payment of tax due at the time of sale of Shares, all in accordance with the provisions of Section 102 and the rules,
regulation or orders promulgated thereunder. 
  

	11.	VESTING OF OPTIONS 

 11.1. Subject to the provisions of the ISOP, each Option shall vest
following the Vesting Dates and for the number of Shares as shall be provided in the Option Agreement. However, no Option shall be exercisable after the Expiration Date. Unless the Committee provides otherwise, vesting of Options granted hereunder
shall be tolled during any unpaid leave of absence. 
 11.2. Unless otherwise stated in the Optionee’s Option Agreement, all Options
granted pursuant to this ISOP, shall vest annually, in eight (4) equal portions, over a 4-year period from its Date of Grant, with twenty five percent (25%) of such Option becoming vested at the end of each twelve (12) month period following the
Date of Grant. 
 11.3. An Option may be subject to such other terms and conditions on the time or times when it may be exercised, as the
Board may deem appropriate. The vesting provisions of individual Options may vary. 

  

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	12.	SHARES SUBJECT TO RIGHT OF FIRST REFUSAL AND BRING ALONG 

 12.1. Notwithstanding anything
to the contrary in the Articles of Association of the Company, none of the Optionees shall have a right of first refusal in relation with any sale of shares in the Company. 

12.2. Unless otherwise determined by the Committee, until such time as the Company shall complete an IPO, an Optionee shall not have the right
to sell Shares issued upon the exercise of an Option within six (6) months and one day of the date of exercise of such Option or issuance of such Shares. Unless otherwise determined by the Committee, until such, time as the Company shall complete an
IPO, the sale of Shares issuable upon the exercise of an Option shall be subject to a right of first refusal on the part of the Repurchaser(s), in accordance with the applicable provision set forth in the Company Articles of Association, in effect
at the pertinent time and as amended from time to time. 
 12.3. Repurchaser(s) means (i) the Company, if permitted by applicable law, (ii)
if the Company is not permitted by applicable law, then any affiliate of the Company designated by the Committee; or (iii) if no decision is reached by the Committee, then the Company’s existing shareholders (save, for avoidance of doubt, for
other Optionees who already exercised their Options), pro rata in accordance with their shareholding. 
 12.4. Any sale of Shares issued
under the ISOP by the Optionee that is not made in accordance with the ISOP or the Option Agreement or the Articles of Association of the Company, shall be null and void. 

12.5. Prior to an IPO, and in addition to the right of first refusal, any transfer of Shares by an Optionee shall require the approval of the
Board as to the identity of the transferee and as may be required under the Articles of Association. The Board may refuse to approve the transfer of Shares by an Optionee to any other person or entity the Board determined, in its discretion, may be
detrimental to the Company, including without limitation to a competitor of the Company. 
 12.6. Notwithstanding anything herein to the
contrary, the Optionee shall be bound by the “bring along” provisions of the Articles of Association and/or any agreement among the Company and all or substantially all of its shareholders, as in effect from time to time, to the effect
that if, prior to the completion of the IPO, shareholders holding a certain percentage of the Company’s share capital (as set forth in such agreement) (“Proposing Holders”), elect to sell all of their equity securities in the
Company to a third party, or agree to merge or consolidate the Company with or into another entity, and such sale or merger is conditioned upon the sale of all remaining stock of the Company to such third party, or to the agreement of all of the
shareholders, the Optionees shall be required, if so demanded by the Proposing Holders, to sell or transfer all of their equity securities in the Company to such third party as stipulated in the Articles of Association or such other shareholders
agreement referred to herein. If no specific percentage of Proposing Holders is stipulated in the Articles of Association or such a shareholders agreement, then the percentage for the purposes of this Section and for the purposes of Section 341 of
the Companies Law shall be seventy percent (70%). 
  

	13.	DIVIDENDS 

 With respect to all Shares (but excluding, for avoidance of any doubt, any
unexercised Options) allocated or issued upon the exercise of Options purchased by the Optionee and held by the Optionee or by the Trustee, as the case may be, the Optionee shall be entitled to receive dividends in accordance with the quantity of
such Shares, subject to the provisions of the Company’s Articles of Association (and all amendments thereto) and subject to any applicable taxation on distribution of dividends, and when applicable subject to the provisions of Section 102 and
the rules, regulations or orders promulgated thereunder. 

  

 THERACOAT LTD. 

ISRAELI 2010 SHARE OPTION PLAN 

PAGE
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	14.	CONDITIONS UPON ISSUANCE OF SHARES 

 14.1. Legal Compliance. Shares shall not be
issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such Shares shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to
such compliance. 
 14.2. Investment Representations. As a condition to the exercise of an Option, the Committee may require the
person exercising such Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the
Company, such a representation is required. 
 14.3. Lock Up. As a condition to the exercise of an Option the Optionee will sign and
execute a lock up agreement, prohibiting the Optionee from, pledging, selling, contracting to sell, or otherwise dispose of or transfer any with respect to the Shares for such a period, and on such terms and conditions, as determined by the Board at
its sole and absolute discretion. 
  

	15.	RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS 

 15.1. Options may not be sold,
pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee, or by his guardian or legal
representative to the extent provided for herein. An Optionee may file with the Board a written designation of the beneficiary on such form as may be prescribed by the Board and may from time to time amend or revoke such designation. If no
designated beneficiary survives the Optionee, then the executor or administrator of the Optionee estate shall be deemed to be the Optionee’s beneficiary. 

15.2. As long as Options and/or Shares are held by the Trustee on behalf of the Optionee, all rights of the Optionee over the Shares are
personal, can not be transferred, assigned, pledged or mortgaged, other than by will or pursuant to the laws of descent and distribution. 
  

	16.	EFFECTIVE DATE AND DURATION OF THE ISOP 

 The ISOP shall be effective as of the day it
was adopted by the Board and shall terminate at the end of ten (10) years from such day of adoption. 
 The Company shall obtain the
approval of the Company’s shareholders for the adoption of this ISOP or for any amendment to this ISOP, if shareholders’ approval is necessary or desirable to comply with any applicable law, or if shareholders’ approval is required by
any authority or by any governmental agencies or national securities exchanges. 
  

	17.	PURCHASE FOR INVESTMENT, REPRESENTATIONS 

 17.1. Upon the grant of Options to an Optionee
or the issuance of Shares upon the exercise thereof, the Company shall obtain from the Optionee the representations and undertakings as follows, and any other representations and warranties that the Committee may deem advisable, and the giving of
such representations and warranties by the Optionee shall be a condition precedent to Optionee’s right to receive the Option and/or be issued the Shares upon exercise thereof: 

 

	 	(a)	That the Optionee knows that there is no certainty that the exercise of the Options will be financially worthwhile. The Optionee thereby undertakes not to have any claim against the Company or any of its directors,
employees, stockholders or advisors if it emerges, at the time of exercising the Options, that the Optionee’s investment in the Company’s Shares was not worthwhile, for any reason whatsoever. 

  

 THERACOAT LTD. 

ISRAELI 2010 SHARE OPTION PLAN 

PAGE
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 OF 14 
  

	 	(b)	That the Optionee knows and understands that his rights regarding the Options and the Shares are subject for all intents and purposes to the instructions of the Company’s documents of incorporation and to the
agreements of the shareholders in the Company. 

  

	 	(c)	That the Optionee knows that in addition to the allocations set forth above, the Company has allocated and/or is entitled to allocate Options and Shares to other employees and other people, and the Optionee shall have
no claim regarding such allocations, their quantity, the relationship among them and between them and the other shareholders in the Company, exercising of the options or any matter related to or stemming from them. 

 

	 	(d)	That the Optionee knows that neither this ISOP nor the grant of Option or Shares thereunder shall impose any obligation on the Company to continue the engagement of the Optionee, and nothing in this ISOP or in any
Option or Shares granted pursuant thereto shall confer upon any Optionee any right to continue being engaged by the Company, or restrict the right of the Company to terminate such engagement at any time. 

17.2. That the Optionee knows and agrees that it is possible that in the next future issuances by the Company of any additional share capital
or other rights or securities convertible into or exchangeable for share capital of the Company, without consideration or for consideration, the price per share will be less than the price determined herein, and that in such event the Optionee will
in no event be entitled to any right to full, ratchet anti-dilution protection. 
  

	18.	INABILITY TO OBTAIN AUTHORITY 

 The inability of the Company to obtain authority from any
regulatory body having jurisdiction, or corporate organ which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the
failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
  

	19.	AMENDMENTS OR TERMINATION 

 The Board may at any time, but when applicable, after
consultation with the Trustee, amend, alter, suspend or terminate the ISOP. No amendment, alteration, suspension or termination of the ISOP shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the
Company, which agreement must be in writing and signed by the Optionee and the Company. Termination of the ISOP shall not affect the Committee’s ability to exercise the powers granted to it hereunder with respect to Options granted under the
ISOP prior to the date of such termination. 
  

	20.	GOVERNMENT REGULATIONS 

 The ISOP, and the granting and exercise of Options hereunder,
and the obligation of the Company to sell and deliver Shares under such Options, shall be subject to all applicable laws, rules, and regulations, whether of the State of Israel or any other state having jurisdiction over the Company and the
Optionee, and the Ordinance and to such approvals by any governmental agencies or national securities exchanges as may be required. Nothing herein shall be deemed to require the Company to register the Shares under the securities laws of any
jurisdiction. 

  

 THERACOAT LTD. 

ISRAELI 2010 SHARE OPTION PLAN 

PAGE
 13
 OF 14 
  

	21.	CONTINUANCE OF EMPLOYMENT OR HIRED SERVICES 

 Neither the ISOP nor the Option Agreement
with the Optionee shall impose any obligation on the Company or an Affiliate thereof, to continue any Optionee in its employ or service, and nothing in the ISOP or in any Option granted pursuant thereto shall confer upon any Optionee any right to
continue in the employ or service of the Company or an Affiliate thereof or restrict the right of the Company or an Affiliate thereof to terminate such employment or service at any time. 

 

	22.	GOVERNING LAW & JURISDICTION 

 The ISOP shall be governed by and construed and
enforced in accordance with the laws of the State of Israel applicable to contracts made and to be performed therein, without giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have sole jurisdiction
in any matters pertaining to the ISOP. 
  

	23.	INTEGRATION OF SECTION 102 AND TAX COMMISSIONER’S PERMIT 

 23.1. With regards to
Approved 102 Options, the provisions of this ISOP and the Option Agreement shall be subject to the provisions of Section 102 and the ITA’s permit, and the said provisions and permit shall be deemed an integral part of this ISOP and of the
individual Option Agreements with each Optionee. 
 23.2. Any provision of Section 102 and/or the said permit which is necessary in order to
receive and/or to keep any tax benefit pursuant to Section 102, which is not expressly specified in this ISOP or the individual Option Agreement of the Optionees, shall be considered binding upon the Company and the Optionees. 

 

	24.	TAX CONSEQUENCES 

 24.1. Any tax consequences arising from the grant or exercise of any
Option, from the payment for Shares covered thereby or from any other event or act (of the Company and/or its Affiliates, the Trustee or the Optionee), hereunder, shall be borne solely by the Optionee. The Company and/or its Affiliates and/or the
Trustee shall withhold taxes according to the requirements under the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, the Optionee shall agree to indemnify the Company and/or its Affiliates and/or the
Trustee and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any
payment made to the Optionee. 
 24.2. The Company and/or, when applicable, the Trustee shall not be required to release any Share
certificate to an Optionee until all required payments have been fully made. 
  

	25.	NON-EXCLUSIVITY OF THE ISOP 

 The adoption of the ISOP by the Board shall not be
construed as amending, modifying or rescinding any previously approved incentive arrangements or as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without
limitation, the granting of Options otherwise than under the ISOP, and such arrangements may be either applicable generally or only in specific cases. 

For the avoidance of doubt, prior grant of options to Optionees of the Company under their employment agreements, and not in the framework of
any previous option plan, shall not be deemed an approved incentive arrangement for the purpose of this Section 25. 

  

 THERACOAT LTD. 

ISRAELI 2010 SHARE OPTION PLAN 

PAGE
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 OF 14 
  

	26.	MULTIPLE AGREEMENTS 

 The terms of each Option may differ from other Options granted
under the ISOP at the same time, or at any other time. The Board may also grant more than one Option to a given Optionee during the term of the ISOP, either in addition to, or in substitution for, one or more Options previously granted to that
Optionee. 

  

 UROGEN PHARMA LTD. 

(“COMPANY”) 

2010 ISRAELI SHARE OPTION PLAN 

(“PLAN”) 

AMENDMENT 

ADOPTED BY THE BOARD OF DIRECTORS
ON MAY 25TH, 2016 
 1. Capitalized terms used herein and not
otherwise defined shall have the respective meaning ascribed to them in the Plan. 
 2. Section 10.5.1 shall be replaced by the following wording: 

 

	 	“10.5.1	termination is without Cause, in which event any Vested Option still in force and unexpired may be exercised within a period of ninety (90) days after the date of such termination, and in case of retiring members
of the board of directors, subject to Section 10.2 above, the earlier of (i) the closing of a Transaction, (ii) 3rd (third) anniversary of the retirement date, and (iii) 9 (nine) months following an IPO; or” 

3. Section 11.4 will be added and shall read, as follows: 
  

	 	“11.4	In the event of Change of Control all unvested options shall immediately become fully vested in their entirety. 

“Change of Control” means any of the following events: (a) sale of all or substantially all of the shares
of the Company; or (b) a merger, consolidation, reorganization of the Company or a similar business combination, in which the Company is not the surviving entity; or (c) the sale, transfer or other disposition of all or substantially all
of the Company’s assets or, all or substantially all of the shares of the Company are to be exchanged for securities of another Company.” 
 4.
Section 11.5 will be added and shall read, as follows: 
  

	 	“11.5	Cashless (Net) Exercise. In the event of Change of Control, in lieu of cash payment method, the Optionee may elect, at any time, to exchange the Options for a number of Shares equal to the increase in value of
the Shares otherwise purchasable hereunder on the date of exchange (“Cashless (Net) Exercise”). If the Optionee elects to exchange the Options as provided in this Section 11.5, the Optionee shall tender to the
Company the Options along with the notice of exercise, and the Company shall issue to the Optionee the number of Shares computed using the following formula: 

 

					
	X =	 	 Y (A-B)
	 	
	 	A	 	

  

					
	Where:	 	 X =
	 	 the number of Shares to be issued to the Optionee.

			
		 	 Y =
	 	a number of Shares purchasable under the Options (as adjusted to the date of such calculation, but excluding those shares already issued under the Options).
			
		 	 A =
	 	the Fair Market Value (as defined below) of one share of the Company’s Shares.
			
		 	 B =
	 	Exercise Price (as adjusted to the date of such calculation).

					
		
		 	“Fair Market Value” of a Share shall mean:
			
		 	 (i)
	 	Except as set forth in paragraph (ii) (below), if the exercise of this Options is immediately prior to a Transaction, then the price per share paid by purchaser of the Company’s securities (or deemed price per share paid for
the Company’s assets).
			
		 	 (ii)
	 	If the Exercise Date is the closing of the IPO then the IPO price per share in such offering.

 5. This Amendment shall apply to all grants made under the Plan. 

6. Except as specifically provided herein, there are no other amendments to the Plan. The Plan, as amended hereby, shall continue in full force and effect. In
the event of contradiction between any provision of the Plan and this Amendment thereto as set forth herein, this Amendment shall prevail. 

  
 2EX-10.3

 Exhibit 10.3 

INVESTORS’ RIGHTS AGREEMENT 

THIS INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is made as of September 18, 2014, by and among TheraCoat Ltd., a
private company incorporated under the laws of the State of Israel of, 13 HaSadna St., P.O. Box 2397, Ra’anana 4365007, Israel (the “Company”), and each of the investors listed on Schedule A hereto, each of which is
referred to in this Agreement as an “Investor.” 
 RECITALS 

WHEREAS, pursuant to a Series A Share Purchase Agreement (the “Purchase Agreement”), of even date herewith, by and among the
Company and the Investors, the Investors are purchasing Series A Preferred Shares of the Company (the “Financing”); and 

WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to induce the Investors to invest funds in the Company
pursuant to the Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares issuable to the Investors and to receive certain information from the
Company, and shall govern certain other matters as set forth in this Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are acknowledged, the Company and the Investors agree as follows: 
 1. Definitions. For purposes of this
Agreement: 
 1.1 “Amended Articles” means the Company’s Amended Articles of Association adopted pursuant to the
Financing, as amended from time to time. 
 1.2 “Affiliate” means, with respect to any specified Person, any other Person
who, directly or indirectly, controls, is controlled by, or is under common control with such specified Person, including without limitation any general partner, managing member, officer or director of such specified Person and any venture capital
fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, such specified Person. 

1.3 “Board” means the Board of Directors of the Company. 

1.4 “Certificate of Incorporation” means the Company’s Certificate of Incorporation, as the same may be amended or
restated from time to time. 
 1.5 “Ordinary Shares” means the Ordinary Shares of the Company, par value NIS 0.01 per
share. 
 1.6 “Competitive Operating Entity” means an operating corporation, partnership, limited liability company or
similar entity actively engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the design, development,
manufacture, marketing or sale of novel drug delivery systems, it being agreed however that Sol-Gel Ltd. is not a Competitive Operating Entity and that Arkin and Pontifax are active life science investors. 

 1.7 “Damages” means any loss, damage, or liability (joint or several) to which a
party hereto may become subject under the Securities Act, the Exchange Act, or other U.S. federal or state law, insofar as such loss, damage, or liability (or any action in respect thereof) arises out of or is based upon (i) any untrue statement or
alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged
omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the
Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.8 “Liquidation Event” has the meaning assigned to such term in the Amended Articles. 

1.9 “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each
case, directly or indirectly), Ordinary Shares, including options and warrants. 
 1.10 “Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 1.11 “Excluded
Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction;
(iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only
Ordinary Shares being registered are Ordinary Shares issuable upon conversion of debt securities that are also being registered. 
 1.12
“Form F-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

1.13 “Form F-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the
Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

1.14 “GAAP” means generally accepted accounting principles in US GAAP. 

1.15 “Holder” means any holder of Registrable Securities who is a party to this Agreement or any assignee thereof in
accordance with Section 2.12. 
 1.16 “Immediate Family Member” means a child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person referred to herein. 

  
 2 

 1.17 “Initiating Holders” means, collectively, Holders who properly initiate a
registration request under this Agreement. 
 1.18 “IPO” means the Company’s first underwritten public offering of its
Ordinary Shares under the Securities Act. 
 1.19 “Major Investor” means any Investor that, individually or together with
such Investor’s Affiliates, holds at least 25,000 Preferred Shares (or such number of Ordinary Shares issued upon conversion of 25,000 Preferred Shares) (as adjusted for any stock split, stock dividend, combination, or other recapitalization or
reclassification effected after the date hereof). 
 1.20 “New Securities” means equity securities of the Company, whether
or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible into or exchangeable into or exercisable for such equity securities.
For the avoidance of doubt, “Excluded Securities” (as defined in the Amended Articles) shall be deemed not to be New Securities. 

1.21 “Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 1.22 “Preferred Shares” means, the Series A Preferred Shares, par value NIS 0.01 per share. 

1.23 “Qualified Financing” means any transaction involving the issuance or sale of New Securities by the Company. 

1.24 “Qualified Public Offering” has the meaning assigned to such term in the Certificate of Incorporation. 

1.25 “Registrable Securities” means (i) the Ordinary Shares issuable or issued upon conversion of the Preferred Shares
now owned or hereafter acquired by the Investors; (ii) any other Ordinary Shares acquired by the Investors after the date hereof; and (iii) any Ordinary Shares issued as (or issuable upon the conversion or exercise of any warrant, right, or other
security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) or (ii) of this Section 1.25,
provided however, that (x) any shares sold by a Person in a transaction in which such Person’s rights under Section 2 hereof are not assigned shall not be deemed Registrable Securities and (y) any shares for which
registration rights have terminated pursuant to Section 2.13 of this Agreement shall not be deemed Registrable Securities. 
 1.26
“Registrable Securities then outstanding” means the number of shares determined by adding the number of Ordinary Shares that are Registrable Securities and the number of Ordinary Shares issuable (directly or indirectly) pursuant to
then exercisable and/or convertible securities that are Registrable Securities. 
 1.27 “Requisite Investors” means the
holders of at least 50% of the Registrable Securities then outstanding. 

  
 3 

 1.28 “Restricted Securities” means the securities of the Company required to
bear the legend set forth in Section 2.12(b) hereof. 
 1.29 “SEC” means the U.S. Securities and Exchange
Commission. 
 1.30 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

1.31 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.32 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 1.33 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes
applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Section 2.6. 

2. Additional Investors. 

2.1 Each Additional Investor (as such term is defined under the Purchase Agreement) that joins the Purchase Agreement shall become a party to
this Agreement upon executing a counterpart signature page to this Agreement in the form set forth as Schedule 2.1 attached hereto. 

3. Registration Rights. The Company covenants and agrees as follows: 

3.1 Demand Registration. 

(a) Form F-1 Demand. If at any time after 180 days after the effective date of the registration statement for the IPO, the Company
receives a request from Holders of at least 30% of the Registrable Securities then outstanding that the Company file a Form F-1 registration statement with respect to Registrable Securities then outstanding having an anticipated aggregate offering
price of at least $5,000,000, then the Company shall (i) within 10 days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (ii) as soon as
practicable, and in any event within 60 days after the date such request is given by the Initiating Holders, file a Form F-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to
be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within 20 days of the date the Demand Notice is given, and in
each case, subject to the limitations of Section 2.1(c) and Section 2.3. 
 (b) Form F-3 Demand. If at any time when
it is eligible to use a Form F-3 registration statement, the Company receives a request from Holders of the Registrable Securities then outstanding that the Company file a Form F-3 registration statement with respect to outstanding Registrable
Securities of such Holders having an anticipated aggregate offering price of at least $3,000,000, then the Company shall (i) within 10 days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders;
and (ii) as soon as practicable, and in any event within 45 days after the date such request is given by the Initiating Holders, file a Form F-3 registration statement 

  
 4 

 
under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company
within 20 days of the date the Demand Notice is given, and in each case, subject to the limitations of Section 2.1(c) and Section 2.3. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Section
2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board it would be materially detrimental to the Company and its shareholders for such registration statement to either become
effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar
transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the
Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more
than 60 days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any 12-month period; and provided further that the Company shall not
register any securities for its own account or that of any other shareholder during such 60-day period other than an Excluded Registration. 

(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 2.1(a) (i)
during the period that is 60 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 180 days after the effective date of, a Company-initiated registration, provided, that the Company is
actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two registrations pursuant to Section 2.1(a); or (iii) if the Initiating Holders
propose to dispose of shares of Registrable Securities that may be immediately registered on Form F-3 pursuant to a request made pursuant to Section 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any
registration pursuant to Section 2.1(b) (i) during the period that is 30 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 90 days after the effective date of, a Company-initiated
registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to
Section 2.1(b) within the 12-month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Section 2.1(d) until such time as the applicable registration
statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant
to Section 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Section 2.1(d). 

3.2 Company Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
shareholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give
each Holder notice of such registration. Upon the request of each 

  
 5 

 
Holder given within 20 days after such notice is given by the Company, the Company shall, subject to the provisions of Section 2.3, cause to be registered all of the Registrable Securities
that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 before the effectiveness of such registration, whether
or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 2.6. 

3.3 Underwriting Requirements. 

(a) If, pursuant to Section 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request by
means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Company and
shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with
the Company as provided in Section 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Section 2.3, if the managing
underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would
be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as
practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the
Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the
underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. 
 (b) In connection with any offering
involving an underwriting of shares of the Company’s shares pursuant to Section 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the
terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total
number of securities, including Registrable Securities, requested by shareholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine
is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion
determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included
in such offering shall be allocated among the selling Holders in proportion (as nearly as 

  
 6 

 
practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the
allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. Notwithstanding the foregoing, in no event shall the number of
Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering. For purposes of the provision in this Section 2.3(b)
concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, shareholders, and Affiliates of such Holder, or the estates and Immediate
Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to
such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

(c) For purposes of Section 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the
underwriter’s cutback provision in Section 2.3(a), fewer than 50% of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included. 

3.4 Obligations of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities,
the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration statement with respect to
such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such
registration statement effective for a period of up to 120 days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such 120-day period shall be extended for
a period of time equal to the period the Holder refrains, at the request of an underwriter of Ordinary Shares (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration
of Registrable Securities on Form F-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such 120-day period shall be extended for up to 180 days in the aggregate, if necessary, to keep
the registration statement effective until all such Registrable Securities are sold; 
 (b) prepare and file with the SEC such amendments
and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such
registration statement; 
 (c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus,
as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue sky 

  
 7 

 
laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such
Registrable Securities covered by such registration statement to be listed on the New York Stock Exchange or the Nasdaq Global Market and each securities exchange and trading system (if any) on which similar securities issued by the Company are then
listed; 
 (g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a
CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make
available for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling
Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 
 (j) after such
registration statement becomes effective, notify each Holder of Registrable Securities covered by such registration statement of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

3.5 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such
securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities. 
 3.6 Expenses of
Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and
accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company;
provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 if the registration 

  
 8 

 
request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata
based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Section
2.1(a) or Section 2.1(b), as the case may be; provided further, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of the
Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information, then the Holders shall not be required to pay any of such expenses and shall not
forfeit their right to one registration pursuant to Section 2.1(a) or Section 2.1(b), as the case may be. All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by
the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 
 3.7 Delay of Registration.
No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of
this Section 2. 
 3.8 Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the
partners, members, officers, directors, and shareholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such
Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses
reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this
Section 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company (which consent shall not be unreasonably delayed, conditioned or withheld), nor
shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished expressly for the use in connection with such
registration by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person. 
 (b) To the extent
permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company
within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such
underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based solely upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf
of such selling Holder expressly for use in connection with such registration; and each such selling Holder 

  
 9 

 
will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from
which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such
settlement is effected without the consent of the Holder, which consent shall not be unreasonably delayed, conditioned or withheld; and provided further that in no event shall any indemnity or contribution under Sections 2.8(b) or
2.8(d) exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any
action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, give
the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which
notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the
commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.8, only if that such failure materially prejudices the indemnifying party’s ability to defend such
action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8. 

(d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any party
otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Section 2.8 provides for indemnification in such case, or (ii) contribution under the
Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims,
damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the
statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party
shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; 

  
 10 

 
provided, however, that, in any such case, (x) no such Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities
offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to
Section 2.8(b), exceed the net proceeds from the offering received by such Holder, except in the case of willful misconduct or fraud by such Holder. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.

 3.9 Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form F-3, the Company shall: 

(a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times
after the effectiveness of the registration statement filed by the Company for the IPO; 
 (b) use commercially reasonable efforts to file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a
written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the
Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 (at any time after the Company so qualifies); (ii) a copy of the
most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that
permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form F-3 (at any time after the Company so qualifies to use such
form). 
 3.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not,
without the prior written consent of the Requisite 

  
 11 

 
Investors, enter into any agreement with any holder or prospective holder of any securities of the Company which would allow such holder or prospective holder to (a) include such securities in
any registration unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable
Securities of the Holders that are included or (b) demand registration of any securities held by such holder or prospective holder. 
 3.11
“Market Stand off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus
relating to the IPO and ending on the date specified by the Company and the managing underwriter (such period not to exceed 180 days, which period may be extended upon the request of the managing underwriter, to the extent required by any NASD or
FINRA rules, for an additional period of up to 20 days if the Company issues or proposes to issue an earnings or other public release within 20 days of the expiration of the 180-day lockup period), (i) lend, offer, pledge, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or
exercisable or exchangeable (directly or indirectly) for Ordinary Shares held immediately prior to the effectiveness of the registration statement for the IPO, or (ii) enter into any swap or other arrangement that transfers to another, in whole or
in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) of this Section 2.11 is to be settled by delivery of Ordinary Shares or other securities, in cash, or
otherwise. The foregoing provisions of this Section 2.11 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all
officers, directors and holders of more than one percent of the outstanding Ordinary Shares are subject to similar agreements. The underwriters in connection with the IPO are intended third-party beneficiaries of this Section 2.11 and shall
have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with the IPO that are
consistent with this Section 2.11 or that are necessary to give further effect thereto. 
 3.12 Restrictions on Transfer. 

(a) The Preferred Shares and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Shares and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 
 (b) Each certificate or instrument representing (i) the Preferred
Shares, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall
(unless otherwise permitted by the provisions of Section 2.12(c)) be stamped or otherwise imprinted with a legend substantially in the following form: 

  
 12 

 THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE SHAREHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and giving instructions
to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Section 2.12. 

(c) The holder of each certificate representing Restricted Securities, by acceptance thereof, agrees to comply in all respects with the
provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall
give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably
requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without
registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or
transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the
terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144 or (y) in any transaction in which such Holder
distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 2.12. Each certificate or instrument evidencing the Restricted
Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 2.12(b), except that such certificate shall not bear such restrictive
legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. Notwithstanding anything to the contrary herein, no Holder shall be
permitted to transfer its Restricted Securities to a Competitive Operating Entity (other than in connection with a Purchase Offer made pursuant to the Amended Articles) without the prior written consent of the Company and the Requisite Investors;
provided, however, that an 

  
 13 

 
Investor may transfer its shares to a Competitive Operating Entity that is an Affiliate of such Investor without such consent, provided that such transferee will not be entitled to any rights
provided pursuant to, or to obtain information under, Section 3 of this Agreement. 
 3.13 Termination of Registration Rights. 

(a) No Holder shall be entitled to exercise any right provided for in this Section 2 after, and all such rights shall terminate upon
the earlier to occur of (i) the closing of a Liquidation Event and (ii) the fifth anniversary of the IPO. 
 (b) The rights set forth in
this Section 2 shall terminate as to any shares of Registrable Securities when such shares have been (i) registered under the Securities Act pursuant to an effective registration statement filed thereunder and disposed of in accordance with
the registration statement covering them or (ii) publicly sold pursuant to SEC Rule 144. 
 4. Information Rights. 

4.1 Delivery of Financial Statements to Major Investors. The Company shall deliver to each Major Investor, provided that
the Board has not reasonably determined that such Major Investor is a Competitive Operating Entity: 
 (a) as soon as practicable, but in
any event (i) no later than 180 days following the end of each fiscal year of the Company (beginning with the fiscal year ended December 31, 2014), (a) a balance sheet as of the end of such year, (b) statements of income and of cash flows for
such year and a comparison between (x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined in Section 3.1(e)) for such year, with an explanation of any
material differences between such amounts and a schedule as to the sources and applications of funds for such year, and (c) a statement of shareholders’ equity as of the end of such year, all such financial statements, comparisons and
explanations to be in reasonable detail, prepared in accordance with GAAP and such financial statements audited and certified by independent public accountants of nationally or regionally recognized standing selected by the Company; 

(b) as soon as practicable, but in any event within 45 days after the end of each of the first three quarters of each fiscal year of the
Company, unaudited statements of income and of cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of shareholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that
such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c) as soon as practicable, but in any event within 45 days after the end of each of the first three quarters of each fiscal year of the
Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Ordinary Shares issuable upon conversion
or exercise of any outstanding securities convertible or exercisable for Ordinary Shares and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for
issuance, if any, all in sufficient detail as to permit such Major Investor to calculate its respective percentage equity ownership in the Company, and certified by the chief financial officer or chief executive officer of the Company as being true,
complete, and correct; 

  
 14 

 (d) as soon as practicable, but in any event 30 days before the end of each fiscal year, a
budget and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and,
promptly after prepared, any other budgets or revised budgets prepared by the Company; 
 (e) with respect to the financial statements
called for in Section 3.1(a), Section 3.1(b) and Section 3.1(d), an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial statements were prepared in
accordance with GAAP consistently applied with prior practice for earlier periods (except as otherwise set forth in Section 3.1(b) and Section 3.1(d)) and fairly present the financial condition of the Company and its results of
operation for the periods specified therein; and 
 (f) such other information relating to the financial condition, business, prospects, or
corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section 3.1 to provide information (i) that the Company
reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company) or (ii) the disclosure of which would adversely affect the
attorney-client privilege between the Company and its counsel. 
 If, for any period, the Company has any subsidiary whose accounts are
consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated
subsidiaries. 
 Notwithstanding anything else in this Section 3.1 to the contrary, the Company may cease providing the information
set forth in this Section 3.1 during the 60-day period before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such
registration statement and related offering; provided that the Company’s covenants under this Section 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such
registration statement to become effective. 
 4.2 Inspection. The Company shall permit each Major Investor (provided that the Board
has not reasonably determined that such Major Investor is a Competitive Operating Entity), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the
Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to
this Section 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the
Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

  
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 4.3 Termination of Information and Inspection Covenants. The covenants set forth in
Section 3.1 and Section 3.2 shall terminate and be of no further force or effect (i) immediately prior to the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g)
or 15(d) of the Exchange Act, or (iii) upon the closing of a Liquidation Event, whichever event occurs first. 
 4.4 Confidentiality.
Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms
of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section
3.4 by such Investor), (b) as evidenced by written documents is or has been independently developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the
Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants,
consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, provided
that (y) such prospective purchaser agrees to be bound by the provisions of this Section 3.4 and (z) the Board has not reasonably determined that such prospective purchaser is a Competitive Operating Entity; (iii) to any existing or
prospective Affiliate, partner, member, shareholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such
Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of
any such required disclosure. 
 5. Additional Covenants. 

5.1 Insurance. The Company shall maintain, from financially sound and reputable insurers Directors and Officers liability insurance in
an amount US$3,000,000 (three million United States Dollars) and on terms and conditions satisfactory to the Board. The Company will use commercially reasonable efforts to cause such insurance policies to be maintained until such time as the Board
determines that such insurance should be discontinued. 
 5.2 Board Matters. Unless otherwise provided for in the Amended Articles or
determined by the vote of a majority of the directors then in office, the Board shall meet at least quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the directors for all reasonable out-of-pocket travel expenses
incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board. 
 5.3 Successor
Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary,
proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such
obligations are contained in the Company’s Amended Articles, separate agreement, or elsewhere, as the case may be. 
 5.4
Termination of Covenants. The covenants set forth in this Section 5, except for Section 5.4, shall terminate and be of no further force or effect upon the earliest of (a) immediately prior to the consummation of the IPO, (b)
when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, and (c) upon the closing of a Liquidation Event. 

  
 16 

 6. Miscellaneous. 

6.1 Successors and Assigns. Except as provided in Section 2.12(c), the rights under this Agreement may be assigned (but only with all
related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s
Immediate Family Members; or (iii) after such transfer, holds at least 500,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided,
however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred;
(y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Section 2.11; and (z) such transfer occurs in compliance with
Section 2.12(c). For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or shareholder of a Holder; (2) who is a Holder’s Immediate Family
Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify
individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and
are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted
assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 
 6.2
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Israel, regardless of the laws that might otherwise govern under applicable principles of conflicts of law. 

6.3 Counterparts; Facsimile. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. 
 6.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for
convenience only and are not to be considered in construing or interpreting this Agreement. 
 6.5 Notices. All notices and other
communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given and received upon the earliest of (a) actual receipt, (b) personal delivery to the party to be notified, (c)

  
 17 

 
when sent, if sent by electronic mail or confirmed facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next
business day, (d) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, and (e) four business days after deposit with an internationally recognized overnight courier (it being agreed that DHL
and FedEx are internationally recognized overnight couriers), freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their facsimile number or
address (and with such copies, which shall not constitute notice) as set forth herein, on a signature page hereto or on Schedule A hereto, as the case may be, or to such facsimile number or address as subsequently modified by written notice
given in accordance with this Section 6.5. If notice is given to the Company, it shall be sent to TheraCoat Ltd., 13 HaSadna St., P.O. Box 2397, Ra’anana 4365007, Israel; fax: +972-77-4171410; e-mail: gil.hakim@theracoat.com, with
a copy to: Yaron Sobol, Adv., Hamburger Evron & Co., The Museum Tower, 4 Berkowitz St., Tel Aviv 6423806, Israel; fax: +972-3-607-4004; e-mail: yaron.sobol@evronlaw.com. 

6.6 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the Requisite Investors; provided, that the Company may in its sole discretion waive compliance with
Section 2.12(c); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Any amendment or waiver effected in accordance with this
paragraph shall be binding upon each holder of any Registrable Securities then outstanding, each future holder of all such Registrable Securities, the Company, and all of their respective successors and permitted assigns. Notwithstanding the
foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to
all Investors in the same fashion, including, for the avoidance of doubt, that this sentence may not be amended, terminated or waived as to such Investor without the written consent of such Investor. The Company shall give prompt notice of any
amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Section 6.6 shall be binding on
all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or
continuing waiver of any such term, condition, or provision. 
 6.7 Severability. In case any one or more of the provisions contained
in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable
provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 6.8
Aggregation of Shares. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such affiliated persons may
apportion such rights as among themselves in any manner they deem appropriate. 

  
 18 

 6.9 Entire Agreement. This Agreement (including any exhibits and schedules hereto), the
Amended Articles and the other Transaction Agreements (as defined in the Purchase Agreement) and the agreements, documents and instruments referenced therein constitute the full and entire understanding and agreement between the parties with respect
to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled. 

6.10 Submission to Jurisdiction. The parties hereto (a) hereby irrevocably and unconditionally submit to the jurisdiction of the
appropriate courts in the Tel Aviv Jaffa District for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this
Agreement except in the appropriate courts in the Tel Aviv Jaffa District, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding
is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the appropriate courts in the Tel
Aviv Jaffa District having subject matter jurisdiction. 
 6.11 Delays or Omissions. No delay or omission to exercise any right,
power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to
be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

6.12 Acknowledgment. The Company acknowledges that at least some of the Investors are in the business of venture capital and private
equity investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which are adverse to or compete directly or indirectly with those of the
Company. Nothing in this Agreement shall otherwise preclude or in any way restrict any Investor or any Affiliate thereof from investing or participating in any particular enterprise whether or not such enterprise has products or services which are
adverse to or compete, directly or indirectly, with those of the Company. Notwithstanding, the preceding sentence shall not release or relieve any Investor from its obligations and undertaking pursuant to Section 4.4 above. 

[signature page follows] 

  
 19 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	COMPANY:
	
	THERACOAT LTD.
		
	By:	 	 /s/ Gil Hakim

	Name:	 	Gil Hakim
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Yossi Yavin

	Name:	 	Yossi Yavin
	Title:	 	Director

			
	THE INVESTORS:
	
	  

	
	M. ARKIN (1999) LTD.
		
	By:	 	 /s/ Nir Arkin

	Name:	 	Nir Arkin
	Title:	 	Director

					
	  

	
	PONTIFAX (ISRAEL) III L.P.
		
	By:	 	Pontifax Ltd., its General Partner
			
		 	By:	 	 /s/ Ran Nussbaum

			
		 	Title:	 	 Director

	
	  

	
	PONTIFAX (CAYMAN) III L.P.
		
	By:	 	Pontifax Ltd., its General Partner
			
		 	By:	 	 /s/ Ran Nussbaum

			
		 	Title:	 	 Director

 SCHEDULE A 

M. ARKIN (1999) LTD. 
 PONTIFAX (ISRAEL) III L.P. 

PONTIFAX (CAYMAN) III L.P. 

 AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT (this “Amendment”) is entered into effective as of October 1st, 2015 (“Effective Date”), by and among TheraCoat Ltd. (“Company”), Arkin Communications Ltd. (“Arkin”), Pontifax (Israel) III Limited Partnership (“Pontifax
IL”) and Pontifax Cayman III Limited Partnership (“Pontifax CM”). 
 WHEREAS, on September 18, 2014, the Company entered
into that certain Investors’ Right Agreement with each of the investors listed on Schedule A thereto (“IRA); and 

WHEREAS, Arkin, Pontifax IL and Pontifax CM hold at least 50% (fifty percent) of the Registrable Securities outstanding and qualify as
Requisite Investors; and 
 WHEREAS, pursuant to Section 6.6 of the IRA any term of the IRA may be amended and the observance of any
term of the IRA may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the Requisite Investors; and 

WHEREAS, the Company and the Requisite Investors desire to amend the IRA as provided herein; 

NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties,
and covenants herein contained, and intending to be legally bound hereby, the parties hereby agree as follows: 
 1.    
Capitalized terms used herein (including in the preamble to the Amendment) and not otherwise defined shall have the respective meaning ascribed to them in the IRA. 

2.     As of the Effective Date Section 1.6 of the IRA shall be deleted and replaced by the following section: 

 

	 	“1.6	“Competitive Operating Entity” means an operating corporation, partnership, limited liability company or similar entity actively engaged, directly or indirectly (including through any partnership,
limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the design, development, manufacture, marketing or sale of novel drug delivery systems, it being agreed however that Sol-Gel
Ltd. is not a Competitive Operating Entity and that Arkin, Pontifax and ProQuest Investments IV, L.P. are active life science investors.” 

3.     As of the Effective Date Section 3.12(a) of the IRA shall be deleted and replaced by the following section:

  

	 	“(a)	The Preferred Shares and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect
to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. It is clarified that a transfer made in accordance with Rule
144 shall not be restricted and shall be deemed to be made in accordance with the conditions specified in this Agreement. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Shares and the Registrable
Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement.” 

 4.     All references in Section 3 of the IRA to various Sub-Sections in
Section 2 of the IRA, or references to Section 2 of the IRA itself should be references to the corresponding Sub-Section in Section 3 of the IRA, or to Section 3 of the IRA itself. 

5.     Except as specifically provided herein, there are no other amendments to the IRA. The IRA, as amended hereby, shall
continue in full force and effect and is hereby ratified and affirmed by the parties thereto. In the event of contradiction between any provision of the IRA and an amendment thereto as set forth herein, such amendment shall prevail. 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to
execute this Amendment, as of the date first stated above. 
  

					
			
	/s/ Ron Bentsur	 	  
	 	/s/ Nir Arkin
	 TheraCoat Ltd.
 By: Ron Bentsur

Title: CEO
	 		 	 Arkin Communications Ltd.
 By: Nir Arkin

Title: Director

			
	  
	 	  
	 	/s/ Ran Nussbaum
		 	 Pontifax (Israel) III Limited Partnership

By: Ran Nussbaum

		 	Title: Managing Partner
			
	  
	 	  
	 	/s/ Ran Nussbaum
		 		 	 Pontifax Cayman III Limited Partnership
 By:
Ran Nussbaum
 Title: Managing Partner

 AMENDMENT No. 2 TO INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDMENT No. 2 TO INVESTORS’ RIGHTS AGREEMENT (“Amendment No. 2”) is entered into effective as of
April 12, 2016 (“Effective Date”), by and among UroGen Pharma Ltd. (“Company”), Arkin Communications Ltd. (“Arkin”), Pontifax (Israel) III Limited Partnership (“Pontifax IL”), Pontifax Cayman III Limited
Partnership (“Pontifax CM”) and ProQuest Investments IV, L.P. (“ProQuest”). 
 WHEREAS, on September 18, 2014, the
Company entered into that certain Investors’ Right Agreement with each of the investors listed on Schedule A thereto (“IRA”); and 

WHEREAS, on October 1, 2015, the Company and the Requisite Investors (as such term is define under the IRA) entered into that certain
Amendment to Investors’ Right Agreement (“Amendment No. 1”); and 
 WHEREAS, Arkin, Pontifax IL, Pontifax CM and
ProQuest hold at least 50% (fifty percent) of the Registrable Securities outstanding and qualify as Requisite Investors; and 
 WHEREAS,
pursuant to Section 6.6 of the IRA any term of the IRA may be amended and the observance of any term of the IRA may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written
consent of the Company and the Requisite Investors; and 
 WHEREAS, the Company and the Requisite Investors desire to amend the IRA as
provided herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the
representations, warranties, and covenants herein contained, and intending to be legally bound hereby, the parties hereby agree as follows: 

1. Capitalized terms used herein (including in the preamble to the Amendment No. 2) and not otherwise defined shall have the respective
meaning ascribed to them in the IRA and Amendment No. 1. 
 2. As of the Effective Date Section 3.2 of the IRA shall be deleted and
replaced by the following section: 
  

	 	“3.2	Company Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for shareholders other than the Holders) any of its securities under the Securities
Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given
within 20 days after such notice is given by the Company, the Company shall, subject to the provisions of Section 3.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such
registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 3.2 before the effectiveness of such registration, whether or not any Holder has elected to include Registrable
Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 3.6. 

 This Section 3.2 shall not apply in the event of an IPO.” 

3. All references in Section 4 of the IRA to various Sub-Sections in Section 3 of the IRA, or references to Section 3 of the
IRA itself should be references to the corresponding Sub-Section in Section 4 of the IRA, or to Section 4 of the IRA itself. 
 4.
Except as specifically provided herein, there are no other amendments to the IRA and Amendment No. 1. The IRA and Amendment No. 1, as amended hereby, shall continue in full force and effect and is hereby ratified and affirmed by the
parties thereto. In the event of contradiction between any provision of the IRA and an amendment thereto as set forth herein, such amendment shall prevail. 

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to execute this Amendment, as of the date first
stated above. 
  

									
	UroGen Pharma Ltd.	 		 	Arkin Communications Ltd.
					
	By:	 	 /s/ Ron Bentsur
	 		 	By:	 	 /s/ Moshe Arkin

	Title:	 	Chief Executive Officer	 		 	Title:	 	Director
				
		 		 		 	 Pontifax (Israel) III Limited Partnership

					
		 		 		 	By:	 	 /s/ Ran Nussbaum

		 		 		 	Title:	 	Managing Partner
				
		 		 		 	 Pontifax Cayman III Limited Partnership

					
		 		 		 	By:	 	 /s/ Ran Nussbaum

		 		 		 	Title:	 	Managing Partner
				
		 		 		 	 ProQuest Investments IV, L.P.

					
		 		 		 	By:	 	 /s/ Pasquale DeAngelis

		 		 		 	Title:	 	Managing Member of the General Partner

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