Document:

Exhibit 10.21

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of March [__], 2020, between Kitov Pharma Ltd.,
a company organized under the laws of Israel (the “Company”), and each purchaser identified on the signature
pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

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

 

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

 

ARTICLE
I.

DEFINITIONS

 

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

 

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

 

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

 

“ADS(s)”
means American Depositary Shares issued pursuant to the Deposit Agreement (as defined below), each representing one (1) Ordinary
Share.

 

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

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

“Class
A Units” means each Class A unit consisting of (a) one Share, and (b) one Ordinary Warrant to purchase one (1) Ordinary
Warrant Share.

 

“Class
A Unit Purchase Price” equals $[___] per each Class A Unit, subject to adjustment for reverse and forward share splits,
share dividends, share combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement
and prior to the Closing Date.

 

     

     

    

 

“Class
B Units” means each Class B unit consisting of (a) one Pre-Funded Warrant to initially purchase one Pre-Funded Warrant
Share, and (b) one Ordinary Warrant to purchase one (1) Ordinary Warrant Share.

 

“Class
B Unit Purchase Price” equals $[___] per each Class B Unit, subject to adjustment for reverse and forward share splits,
share dividends, share combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement
and prior to the Closing Date.

 

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

 

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

 

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

 

“Company
Counsel” means Haynes and Boone, LLP, with offices located at 30 Rockefeller Plaza, 26th Floor, New York, New York
10112.

 

“Company
Israeli Counsel” means the Law Office of Avraham Ben-Tzvi, Adv., of Jerusalem, Israel.

 

“Deposit
Agreement” means the Deposit Agreement dated as of November 25, 2015, among the Company, The Bank of New York Mellon
as Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.

 

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

 

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

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time)
and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following
the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed
between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York
City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.

 

“Enemy
of Israel” has the meaning ascribed to it in the Israeli Trading with the Enemy Ordinance of 1939.

 

    2

     

    

 

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

 

“Exempt
Issuance” means the issuance of (a) ADSs, Ordinary Shares or options to employees, officers, or directors of the Company
pursuant to any stock or option plan duly adopted for such purpose, which issuance was approved by a majority of the non-employee
members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose,
for services rendered to the Company (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder
and/or other securities exercisable or exchangeable for or convertible into ADSs or Ordinary Shares issued and outstanding on
the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the
number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than
in connection with stock splits or combinations) or to extend the term of such securities, (c) securities issued pursuant to or
in connection with acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company,
provided that such securities (i) are issued as “restricted securities” (as defined in Rule 144) and carry no registration
rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in
Section 4.11(a) herein; and provided that any such issuance shall only be made for the purpose of acquiring an operating
company, asset or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company
additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing
securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities unless
the primary purpose of such sale of securities is to generate capital to reinvest in the newly acquired business or asset, (d) securities
issued as part of any future agreement under which the Company sells or transfers all or a portion of its royalty receivables
to a third party or a similar transaction based on future royalties of the Company provided that such securities are issued as
“restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing
of any registration statement in connection therewith during the prohibition period in Section 4.11(a) herein; and
(e) up to $[_____ of Units, including the shares of Common Stock, Pre-Funded Warrants and Ordinary Warrants issued to other purchasers
pursuant to the Prospectus concurrently with the Closing at the applicable Class A Unit Purchase Price or Class B Unit Purchase
Price, less such aggregate dollar amount of Units sold pursuant to this Agreement.

 

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

 

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

 

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

 

“Greenberg
Traurig” means Greenberg Traurig P.A., with offices located at 333 S.E. 2nd Avenue, Suite 4400, Miami, FL 33131.

 

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

 

    3

     

    

 

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

 

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

 

“Israeli
Securities Laws” means the Securities Law, the rules and regulations promulgated under the Securities Law and any rules
and regulations of the Tel Aviv Stock Exchange.

 

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

 

“Lock-Up
Agreement” means the Lock-Up Agreement for a period of 90 days following the Closing Date, executed by each of the directors
and officers of the Company.

 

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

 

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

 

“Money
Laundering Laws” has the meaning ascribed to such term in Section 3.1(kk).

 

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

 

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

 

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

 

“Pharmaceutical
Product” shall have the meaning ascribed to such term in Section 3.1(gg).

 

“Placement
Agent” means H.C. Wainwright & Co., LLC.

 

“Pre-Funded
Warrants” means, collectively, the Pre-Funded Ordinary Share purchase warrants delivered to the Purchasers at the
Closing in accordance with Section 2.2 hereof, which Pre-Funded Warrants shall be exercisable immediately and will expire as
set forth in the Pre-Funded Warrants, in the form of Exhibit A-2 attached
hereto.

 

    4

     

    

 

“Pre-Funded
Warrant Shares” means the ADSs and the Ordinary Shares issuable upon exercise of the Pre-Funded Warrants.

 

“Preliminary
Prospectus” means the preliminary prospectus dated March [__], 2020.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the final prospectus filed pursuant to the Registration Statement.

 

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

 

“Registration
Statement” means the effective registration statement on Form F-1, with Commission (File No. 333-235729) which registers
the sale of the Securities to the Purchasers, including all information, documents and exhibits filed with or incorporated by
reference into such registration statement.

 

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

 

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

 

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

 

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

 

“Securities”
means the Units, Shares, the Warrants, the Warrant ADSs, the Warrant Shares and ADSs.

 

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

 

“Securities
Law” means the Israeli Securities Law. 5728-1968.

 

“Ordinary
Warrants” means, collectively, the Ordinary Ordinary Shares purchase warrants delivered to the Purchasers at the Closing
in accordance with Section 2.2 hereof, which Ordinary Warrants shall be exercisable immediately upon issuance and have a term
of exercise equal to five (5) years following the initial exercise date, in the form of Exhibit A-1 attached hereto.

 

    5

     

    

 

“Ordinary
Warrant Shares” means the ADSs and the Ordinary Shares issuable upon exercise of the Ordinary Warrants.

 

“Shares”
means the Ordinary Shares, as represented by ADSs issued pursuant to the Deposit Agreement, each ADS representing one (1) Ordinary
Share, issued and issuable to each Purchaser pursuant to this Agreement.

 

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

 

 

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for the Class A Units and/or Class B Units purchased
hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription
Amount,” in United States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth in the SEC Reports, and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof.

 

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

 

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

 

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

 

“Units”
means, collectively, the Class A Units and the Class B Units.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.11(b).

 

“Warrants”
means, collectively, the Ordinary Warrants and the Pre-Funded Warrants.

 

“Warrant
Shares” means, collectively, the Ordinary Warrant Shares and the Pre-Funded Warrant Shares.

 

    6

     

    

 

ARTICLE
II.

PURCHASE AND SALE

 

2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell,
and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of approximately $[__] million of Class A
Units as determined pursuant to Section 2.2; provided, however, that, to the extent that a Purchaser determines, in its sole
discretion, that such Purchaser (together with such Purchaser’s Affiliates, and any Person acting as a group together with
such purchaser or any of such Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation,
or as such Purchaser may otherwise choose, in lieu of purchasing Class A Units such Purchaser may elect to purchase Class B Units
at the Class B Unit Purchase Price in lieu of Class A Units in such manner to result in the same aggregate purchase price being
paid by such Purchaser to the Company. The “Beneficial Ownership Limitation” shall be 4.99% (or, at the election of
the Purchaser, 9.99%) of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of the Securities
on the Closing Date. Each Purchaser’s Subscription Amount, as set forth on the signature page hereto executed by such Purchaser
shall be made available for “Delivery Versus Payment” (“DVP”) settlement with the Company or its
designees. The Company shall deliver to each Purchaser its respective Shares or Pre-Funded Warrants (as applicable to such Purchaser)
and Ordinary Warrants as determined pursuant to Section 2.2, and the Company and each Purchaser shall deliver the
other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions
set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of the Placement Agent or such other
location as the parties shall mutually agree. Each Purchaser acknowledges that, concurrently with the Closing and pursuant to
the Prospectus, the Company may sell up to $[______ of additional Units to purchasers not party to this Purchase Agreement, less
such aggregate dollar amount of Units sold pursuant to this Agreement and will issue to each such purchaser such additional ADSs
and Ordinary Warrants or Pre-Funded Warrants and Ordinary Warrants in the same form and at the same Class A Unit Purchase Price
or Class B Unit Purchase Price, as issued to a Purchaser hereunder. The Company covenants that, if the Purchaser delivers a Notice
of Exercise (as defined in the Pre-Funded Warrant) no later than 12:00 p.m. (New York City time) on the Trading Day prior to the
Closing Date to exercise any Pre-Funded Warrants between the date hereof and the Closing Date, the Company shall deliver Pre-Funded
Warrant Shares to the Purchaser on the Closing Date in connection with such Notice of Exercise. Unless otherwise directed by the
Placement Agent, settlement of the Shares shall occur via DVP (i.e., on the Closing Date, the Company shall issue the Shares registered
in the Purchasers’ names and addresses and released by the Transfer Agent directly to the account(s) at the Placement Agent
identified by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically deliver such Shares
to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer
to the Company).

 

2.2
Deliveries.

 

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

 

	 	i.	this
    Agreement duly executed by the Company;

 

	 	ii.	a
    legal opinion of Company Counsel, directed to the Placement Agent and the Purchasers in form and substance reasonably acceptable
    to the Placement Agent and Purchasers;

 

    7

     

    

 

	 	iii.	a
    legal opinion of Company Israeli Counsel, directed to the Placement Agent and the
Purchasers in form and substance reasonably acceptable to the Placement Agent and Purchasers;

 

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

 

	 	v.	the
    Lock-Up Agreements;

 

	 	vi.	subject
    to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Depositary instructing the
    Depositary to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”)
    Shares equal to the portion of such Purchaser’s Subscription Amount applicable to Class A Units divided by the Class
    A Unit Purchase Price, registered in the name of such Purchaser;

 

	 	vii.	for
    each Purchaser of Class B Units, a Pre-Funded Warrant registered in the name of such Purchaser to purchase up to a number
    of Ordinary Shares equal to the portion of such Purchaser’s Subscription Amount applicable to Class B Units divided
    by the Class B Unit Purchase Price, with an exercise price equal to $0.0001, subject to adjustment therein;

 

	 	viii.	an
    Ordinary Warrant registered in the name of each such Purchaser to purchase up to a number of Ordinary Shares equal to 100%
    of the aggregate number of Shares and the Pre-Funded Warrant Shares underlying the Pre-Funded Warrants initially issuable
    on the date hereof, if any, purchased by such Purchaser with an exercise price equal to $[___], subject to adjustment therein;
    and

 

	 	ix.	with
    respect to purchasers in the United States of America, the Preliminary Prospectus and the Prospectus (which may be delivered
    in accordance with Rule 172 under the Securities Act).

 

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

 

	 	i.	this
    Agreement duly executed by such Purchaser;

 

	 	ii.	such
    Purchaser’s Subscription Amount with regard to the Pre-Funded Warrants purchased by such Purchaser, if any, by wire
    transfer to the account specified by the Company in Section 2.2(iv) above, or as otherwise agreed by the Company and the
    Placement Agent; and

 

	 	iii.	with
    respect to Purchasers in the State of Israel, written confirmation that as of the date of any offer of securities, and as
    of the Closing Date, they fall within the scope of one of the criteria of Classified Investor pursuant to the First Addendum
    of the Securities Law, that they are fully aware of the significance of being a Classified Investor pursuant to such criteria
    and that they have given their consent, in form and substance reasonably satisfactory in all respects to the Company.

 

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

 

    8

     

    

 

2.3
Closing Conditions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	 	iii.	the
    delivery by the Company of the items set forth in Section 2.2 of this Agreement;

 

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

 

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

 

    9

     

    

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

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

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth in the SEC Reports. The Company
owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens,
and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other
references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

(b)
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing, and, if applicable under the laws of the jurisdiction in which they are formed, in good standing under the laws
of the jurisdiction of its incorporation or organization (if the concept of good standing exists in such jurisdiction), with the
requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither
the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles
of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature
of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect
on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations,
assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a
material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under
any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been
instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

    10

     

    

 

(c) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the
Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all
necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the
Company’s shareholders in connection herewith or therewith other than in connection with the Required Approvals. This
Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed
by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding
obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions
may be limited by applicable law.

 

(d)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents
to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon
any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution
or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the
Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected,
or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject
(including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary
is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to
result in a Material Adverse Effect.

 

(e)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other
than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the
Prospectus, (iii) application(s) to each applicable Trading Market for the listing of the applicable Securities for trading thereon
in the time and manner required thereby, and (iv) such filings as are required to be made under applicable state securities laws
and the Israeli Securities Authority and the Tel Aviv Stock Exchange, (v) filings required by the Israeli Registrar of Companies
(collectively, the “Required Approvals”).

 

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(f)
Issuance of the Securities; Registration. The Shares and Warrant Shares are duly authorized and, when issued and paid for
in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and
clear of all Liens imposed by the Company. The Warrants are duly authorized and, when issued in accordance with this Agreement,
will be duly and validly issued, fully -paid and nonassessable, free and clear of all Liens imposed by the Company. The Company
has reserved from its duly authorized share capital the maximum number of Ordinary Shares issuable pursuant to this Agreement
and the Warrants. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities
Act, which became effective on March [__], 2020, including the Prospectus, and such amendments and supplements thereto as may
have been required to the date of this Agreement. The Company and the Depositary have prepared and filed with the Commission a
registration statement relating to ADSs on Form F-6 (File No. 333-207858) for registration under the Securities Act (the “ADS
Registration Statement”) which is effective as of the date hereof. The Registration Statement and the ADS Registration
Statement are effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration
Statement or suspending or preventing the use of the Preliminary Prospectus or the Prospectus has been issued by the Commission
and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission.
The Company, if required by the rules and regulations of the Commission, shall file the Preliminary Prospectus or the Prospectus
with the Commission pursuant to Rule 424(b). At the time the Registration Statement, ADS Registration Statement and any amendments
thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments
thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at the time the Preliminary
Prospectus, the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform
in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

 

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

 

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

 

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(i)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements
included within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development
that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any
liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business
consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant
to IFRS or disclosed in the SEC Reports, (iii) the Company has not altered its method of accounting, (iv) the Company has not
declared or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made any
agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any
officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before
the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by
this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has
occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective
businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company
under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at
least one (1) Trading Day prior to the date that this representation is made.

 

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

 

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

 

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

 

(m) Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to
pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface
or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”)
into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters,
injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered,
promulgated or approved thereunder (“Environmental Laws”); (ii) have received all permits licenses or
other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are in
compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii),
the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse
Effect.

 

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

 

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

 

(p)
Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or required for use in connection with their respective businesses as described in
the SEC Reports and which the failure to so could have a Material Adverse Effect (collectively, the “Intellectual Property
Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any
of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned,
within two (2) years from the date of this Agreement except as would not reasonably be expected to have a Material Adverse Effect.
Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within
the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe
upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the
knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another
Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to
protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(q)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage as described in the SEC Reports. Neither
the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business
without a significant increase in cost.

 

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

 

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

 

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(t)
Certain Fees. Except as set forth in the Preliminary Prospectus and the Prospectus, no brokerage or finder’s fees
or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder,
placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents.
Other than for Persons engaged by any Purchaser, if any, the Purchasers shall have no obligation with respect to any fees or with
respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in
connection with the transactions contemplated by the Transaction Documents.

 

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

 

(v)
Registration Rights. Except as set forth on Schedule 3.1(v), no Person has any right to cause the Company or any
Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

 

(w)
Listing and Maintenance Requirements. The ADSs are registered pursuant to Section 12(b) or 12(g) of the Exchange Act,
and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the ADSs under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. Except as set forth on Schedule 3.1(w), the Company has not, in the 12 months preceding the date hereof,
received notice from any Trading Market on which the ADSs or Ordinary Shares are or have been listed or quoted to the effect that
the Company is not in compliance with the listing or maintenance requirements of such Trading Market. Except as set forth on Schedule
3.1(w), the Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements. The ADSs are currently eligible for electronic transfer through The Depository
Trust Company or another established clearing corporation and the Company is current in payment of the fees to The Depository
Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

 

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

 

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

 

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

 

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(aa) Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by
the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other
liabilities (including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute
unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital
needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and
projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together
with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all
anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts
are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature
(taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge
of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the
bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(aa) sets
forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which
the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means
(x) any liabilities for borrowed money or amounts owed by the Company in excess of $100,000 (other than trade accounts
payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in
respect of indebtedness of others to third parties, whether or not the same are or should be reflected in the Company’s
consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in
excess of $100,000 due under leases required to be capitalized in accordance with IFRS. Neither the Company nor any
Subsidiary is in default with respect to any Indebtedness.

 

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

 

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

 

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

 

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

 

(ff)
Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary
notwithstanding (except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company
that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing
or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by
the Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any Purchaser,
specifically including, without limitation, Short Sales or “derivative” transactions, before or after the closing
of this or future private placement transactions, may negatively impact the market price of the Company’s publicly-traded
securities; (iii) any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser
is a party, directly or indirectly, presently may have a “short” position in the Ordinary Shares and/or ADSs, and
(iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in any
“derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage
in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during
the periods that the value of the Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging
activities (if any) could reduce the value of the existing shareholders' equity interests in the Company at and after the time
that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute
a breach of any of the Transaction Documents.

 

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

 

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(hh)
FDA. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”)
under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is
manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such
product, a “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled,
tested, distributed, sold and/or marketed by the Company in compliance with all applicable requirements under FDCA and similar
laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval,
good manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising,
record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There
is no pending, completed or, to the Company’s knowledge, threatened, action (including any lawsuit, arbitration, or legal
or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries,
and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA
or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses
of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any
Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders
the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical
hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company
or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or
any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its
Subsidiaries, and which, either individually or in the aggregate, would have a Material Adverse Effect. The properties, business
and operations of the Company have been and are being conducted in all material respects in accordance with all applicable laws,
rules and regulations of the FDA. The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale,
license or use in the United States of any product proposed to be developed, produced or marketed by the Company. The FDA has
not expressed any concern as to approving or clearing for marketing any product being developed or proposed to be developed by
the Company which would have a Material Adverse Effect.

 

(ii)
Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

    22

     

    

 

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

 

(kk)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding
Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve
System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls,
directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent
(25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.
Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies
of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

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

 

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

 

(a) Organization;
Authority. Such Purchaser is either a natural person or an entity duly incorporated or formed, validly existing and in
good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership,
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the
Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the
Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have
been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on
the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and
when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding
obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions
may be limited by applicable law.

 

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(b)
Understandings or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no
direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities
(this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration
Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities
hereunder in the ordinary course of its business.

 

(c)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on
each date on which it exercises any Warrants, it will be either:

 

(i)
an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act;

 

(ii)
a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act;

 

(iii)
if the Purchaser is located in the State of Israel, (A) an Israeli investor which falls within the scope of one of the criteria
of Classified Investor pursuant to the First Addendum of the Securities Law, purchasing for itself, and (B) located outside the
United States and not a “U.S. Person” as defined in Rule 902 under the Securities Act, and

 

(iv)
if the Purchaser is located in another non-U.S. jurisdiction, (A) a non-USA and non-Israeli investor qualifying as a “Qualified
Investor” listed under the First Schedule of the Israeli Securities Law 5728-1968, or the foreign equivalent thereof, purchasing
for itself, and (B) located outside the United States and not a “U.S. Person” as defined in Rule 902 under the Securities
Act;

 

and
undertakes that it will provide the Company with appropriate documentation to such effect, as required under applicable Israeli
or other relevant law and regulation.

 

At
the time such Purchaser was offered the Securities, it was not, and as of the date hereof it is not, and on each date on which
it exercises any Warrants, it will not be an Enemy of Israel (as such term is defined under the Israeli Trading with the Enemy
Ordinance of 1939) nor acting on behalf of or for the benefit of such. Purchaser further acknowledges that no action will be taken
in Israel that would permit the offering of the Securities or the distribution of any prospectus or other offering document to
the public in Israel, and that the Securities were and are issued by way of a private placement and that the Securities are subject
to the resale restrictions under Section 15C of the Israel Securities Law and Section 5 of the Israeli Securities Regulations
(Details Regarding Sections 15A-15C of the Securities Law-1968) – 2000.

 

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(d)
Experience of Such Purchaser. Such Purchaser, either alone or together with his, her or its representatives, has such knowledge,
sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the
prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able
to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such
investment.

 

(e)
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents
(including all exhibits and schedules thereto) and the SEC Reports and has been afforded (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the
Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.
Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided
such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired.
Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities
and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser
agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement
Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

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

 

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The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or
affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement
or any representations and warranties contained in any other Transaction Document or any other document or instrument executed
and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby.

 

ARTICLE
IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1
Warrant Shares. If all or any portion of a Warrant is exercised at a time when there is an effective registration statement
to cover the issuance or resale of the Warrant Shares or if the Warrant is exercised via cashless exercise, the Warrant Shares
issued pursuant to any such exercise shall be issued free of all legends. If at any time following the date hereof the Registration
Statement (or any subsequent registration statement registering the sale or resale of the Warrant Shares) is not effective or
is not otherwise available for the sale or resale of the Warrant Shares, the Company shall immediately notify the holders of the
Warrants in writing that such registration statement is not then effective and thereafter shall promptly notify such holders when
the registration statement is effective again and available for the sale or resale of the Warrant Shares (it being understood
and agreed that the foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant
Shares in compliance with applicable federal and state securities laws). The Company shall use commercially reasonable best efforts
to keep a registration statement (including the Registration Statement) registering the issuance or resale of the Warrant Shares
effective during the term of the Warrants.

 

4.2
Furnishing of Information.

 

(a)
Public Information. Until no Purchaser owns Securities, the Company covenants to maintain the registration of the ADSs
under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within
the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act
even if the Company is not then subject to the reporting requirements of the Exchange Act.

 

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

 

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

 

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

 

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

 

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

 

4.8 Indemnification
of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each
Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a
functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each
Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with
a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of
such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court
costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a
result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the
Company in this Agreement or in the other Transaction Documents or (b) any action instituted against a Purchaser Party in any
capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate of such
Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is
solely based upon a material breach of such Purchaser Party’s representations, warranties or covenants under the
Transaction Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any
violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is
finally judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought
against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party
shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel
of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the
expense of such Purchaser Party except to the extent that (x) the employment thereof has been specifically authorized by the
Company in writing, (y) the Company has failed after a reasonable period of time to assume such defense and to employ counsel
or (z) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the
position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the
reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party
under this Agreement (1) for any settlement by a Purchaser Party effected without the Company’s prior written consent,
which shall not be unreasonably withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage
or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or
agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required
by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be
in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities
the Company may be subject to pursuant to law.

 

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4.9
Reservation of ADSs and Ordinary Shares. As of the date hereof, the Company has reserved and the Company shall continue
to reserve and keep available at all times, free of preemptive rights, a sufficient number of ADSs and shares of Common Stock
for the purpose of enabling the Company to issue ADSs and Ordinary Shares pursuant to this Agreement and Warrant Shares pursuant
to any exercise of the Warrants.

 

4.10
Listing of ADSs. The Company hereby agrees to use commercially reasonablebest efforts to maintain the listing or quotation
of the ADSs, Warrant ADSs and Ordinary Shares on each Trading Market on which each is currently listed, and concurrently with
the Closing, the Company shall, to the extent required by the applicable Trading Market, apply to list or quote all of the Shares,
Warrant ADSs, Warrant Shares and/or ADSs on such Trading Markets and promptly secure the listing of all of the Warrant ADSs, ADSs
and Shares on such Trading Markets. The Company further agrees, if the Company applies to have the Ordinary Shares or ADSs traded
on any other Trading Market, it will then include in such application all of the ADSs, Warrant ADSs, Shares and Warrant Shares,
and will take such other action as is necessary to cause all of the ADSs, Warrant ADSs, Shares and Warrant Shares to be listed
or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to
continue the listing and trading of its ADSs and Ordinary Shares on a Trading Market and will comply in all respects with the
Company’s reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to
maintain the eligibility of the ADSs for electronic transfer through the Depository Trust Company or another established clearing
corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established
clearing corporation in connection with such electronic transfer.

 

4.11
Subsequent Equity Sales.

 

(a)
From the date hereof until thirty (30) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter
into any agreement to issue or announce the issuance or proposed issuance of any ADSs, Ordinary Shares or Ordinary
Share Equivalents.

 

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(b)
From the date hereof until three hundred sixty five (365) days after the Closing Date, the Company shall be prohibited from effecting
or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of ADSs, Ordinary Shares or Ordinary
Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction”
means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable
or exercisable for, or include the right to receive additional ADSs or Ordinary Shares either (A) at a conversion price, exercise
price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the ADSs or
Ordinary Shares at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or
exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or
upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market
for ADSs or the Ordinary Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited
to, an equity line of credit, “at-the-market” offering or similar transactions whereby the Company may issue securities
at a future determined price, except that following the date that is thirty (30) days after the Closing Date the company may issue
ADSs and/or Ordinary Shares pursuant to an “at-the-market” or “ATM” offering program with the Placement
Agent as the sales agent. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such
issuance, which remedy shall be in addition to any right to collect damages.

 

(c)
Notwithstanding the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance, except that no Variable
Rate Transaction shall be an Exempt Issuance; provided, however, that in the event that the closing price of the ADSs on the Company’s
principal Trading Market equals or exceeds 200% of the Class A Unit Purchase Price for ten (10) consecutive Trading Days Section 4.11(b)
shall be void and of no further force or effect.

 

4.12
Reserved.

 

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

 

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4.14
Lock-Up Agreements. The Company shall enforce the terms of the Lock-Up Agreements and not agree to any amendment to, or
modification of, the Lock-Up Agreements absent the prior written consent of the Placement Agent.

 

4.15
Exercise Procedures. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required
of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required
of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be
required in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares
in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

 

ARTICLE
V.

MISCELLANEOUS

 

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

 

5.2
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Depositary
fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company
and any exercise notice delivered by a Purchaser). The Company shall pay stamp taxes and other taxes and duties levied in connection
with the delivery of any Securities to the Purchasers and shall reimburse the Purchasers for any fees charged to Purchasers by
the Depositary in connection with holding the ADSs.

 

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5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Preliminary Prospectus
and the Prospectus, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and
supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge
have been merged into such documents, exhibits and schedules.

 

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

 

5.5
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed, in the case of an amendment, by the Company and the Purchasers who purchased at least 50.1% in interest of
the sum of (i) the Shares and (ii) the Pre-Funded Warrant Shares initially issuable upon exercise of the Pre-Funded Warrants based
on the initial Subscription Amounts hereunder, or, in the case of a waiver, by the party against whom enforcement of any such
waived provision is sought; provided, that if any amendment, modification or waiver disproportionately and adversely impacts a
Purchaser (or group of Purchasers), the consent of at least 50.1% in interest of such disproportionately impacted Purchaser (or
group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement
of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of
any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder
in any manner impair the exercise of any such right.

 

5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.

 

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

 

    32

     

    

 

5.8
No Third-Party Beneficiaries. The Placement Agent shall be the third-party beneficiary of the representations and warranties
of the Company in Section 3.1, the representations and warranties of the Purchasers in Section 3.2 and
the covenant of the Company in Section 4.14. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced or waived by, any other
Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

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

 

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

 

5.11
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

    33

     

    

 

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

 

5.13
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under
a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then
such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights; provided, however,
that in the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any ADSs or
Ordinary Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate
exercise price paid to the Company for such ADSs and the restoration of such Purchaser’s right to acquire such shares pursuant
to such Purchaser’s Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

 

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

 

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

 

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

 

    34

     

    

 

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

 

5.18
Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under
the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated
damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial
liquidated damages or other amounts are due and payable shall have been canceled.

 

5.19
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

5.20
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to
be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share prices, ADSs, and shares of Ordinary Shares in any Transaction Document
shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions
of the ADSs and Ordinary Shares that occur after the date of this Agreement.

 

    35

     

    

 

5.21
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature
Pages Follow)

 

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

  

	KITOV
PHARMA LTD. 

         
	Address
    for Notice:
	By:__________________________

        Name:

        Title:

         

        With
        a copy to (which shall not constitute notice):
	Fax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    36

     

    

 

[PURCHASER
SIGNATURE PAGES TO KTOV SECURITIES PURCHASE AGREEMENT]

 

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

 

Name
of Purchaser: ________________________________________________________

 

Signature
of Authorized Signatory of Purchaser: _________________________________

 

Name
of Authorized Signatory: _______________________________________________

 

Title
of Authorized Signatory: ________________________________________________

 

Email
Address of Authorized Signatory:_________________________________________

 

Facsimile
Number of Authorized Signatory: __________________________________________

 

Address
for Notice to Purchaser:

  

Address
for Delivery of Warrants to the Purchaser (if not same address for notice):

 

DWAC
for Shares:

 

Subscription
Amount: $_________________

 

Class
A Units: _________________

 

Shares:
_________________

 

Class
B Units: _______________

 

Pre-Funded
Warrants:_________________

 

Ordinary
Warrant Shares: ______________

 

EIN
Number: ____________________

  

☐ Notwithstanding
anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to
purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to sell such

 

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

 

[SIGNATURE
PAGES CONTINUE]

 

 

37Exhibit 10.22

 

KITOV PHARMA LTD.

 

LOCK-UP AND REGISTRATION RIGHTS AGREEMENT

 

DATED [__], 2019

 

LOCK-UP AND REGISTRATION RIGHTS AGREEMENT

 

This LOCK-UP AND REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made as of the last date set forth on the signature page hereof
by and between Kitov Pharma Ltd., an Israeli corporation (the “Company”), and the sellers listed in Schedule
A hereto (each a “Seller” and together the “Sellers”).

 

WITNESSETH:

 

WHEREAS, the Company
and the Seller are parties to a Stock Purchase Agreement, dated as of March ___, 2019 (the “SPA”), pursuant
to which the Seller will transfer its Shares to Company in exchange for the Consideration Shares, in accordance with the terms
and conditions of the SPA, and certain Seller, as Investors, agree to purchase from Buyer the Investor Shares, (each defined term
above as defined in the SPA);

 

WHEREAS, as additional
consideration for Seller’s purchase of the Consideration Shares and the Investor Shares, the Company has agreed to provide
the Seller with certain registration rights with respect to Seller’s Registrable Shares (as defined herein) on the terms
set forth herein; and

 

WHEREAS, capitalized
terms used and not otherwise defined herein have the respective meanings given to them in the SPA.

 

NOW, THEREFORE, in
consideration of the premises and the mutual representations and covenants hereinafter set forth, the parties hereto do hereby
agree as follows:

 

Section
1. GENERAL.

 

1.1. Definitions.
As used in this Agreement the following terms shall have the following respective meanings:

 

(a) “ADS”
means American Depositary Shares representing Ordinary Shares, each ADS as of the date hereof representing twenty Ordinary Shares.

 

(b) “Affiliate”
(including, with a correlative meaning, “affiliated”) means, when used with respect to a specified Person, a Person
that directly or indirectly, through one or more intermediaries, Controls, is Controlled by or is under common Control with such
specified Person.

 

     

     

    

 

(c) “Business
Day” means any day except (i) any Friday, Saturday, Sunday, (ii) any day which is a federal legal holiday in the
United States, (iii) any day which is a statutory or civic holiday in Israel, or (IV) any day on which banking institutions in
either the State of New York or the State of Israel are authorized or required by law or other governmental action to close. 

 

(d) “Common
Stock” means the Ordinary Shares of the Company issued as Consideration Shares and/or Investor Shares or underlying
any Kitov Options.

 

(e) “Control”,
“Controlled” and “Controlling” mean, when used with respect to any specified
Person, the power to vote at least 25% of the voting power of a Person, or the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities
or other interests, by Contract or otherwise, and the terms “Controlled by” and “under common Control with”
shall be construed accordingly.

 

(f)  “Current
Directors” means the directors serving on the Board as of the date of this Undertaking.

 

(g) “Depositary”
means the depositary with respect to the ADSs, which as of the date hereof is BNY Mellon

 

(h) “Effectiveness
Deadline” means, with respect to the Registration Statement, the end of the Lock-Up Period; provided, however,
that if the Effectiveness Deadline falls on a Saturday, Sunday or other day that the Commission is closed for business, the Effectiveness
Deadline shall be extended to the next Trading Day on which the Commission is open for business. 

 

(i) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(j) “Filing
Deadline” means, with respect to the Registration Statement required to be filed pursuant to Section 2(a),
120 calendar days prior to the end of the Lock-Up Period.

 

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

 

(l) “Governmental
Authority” means any (a) nation, region, state, county, city, town, village, district or other jurisdiction, (b)
federal, state, local, municipal, foreign or other government, (c) department, agency or instrumentality of a federal, state, local,
municipal, foreign or other government, including any state-owned or state controlled instrumentality of a foreign or other government,
(d) governmental or quasi-governmental entity of any nature (including any governmental agency, branch, department or other entity
and any court or other tribunal), (e) international or multinational organization formed by states, governments or other international
organizations, (f) organization that is designated by executive order pursuant to Section 1 of the United States International
Organizations Immunities Act (22 U.S.C. 288 of 1945), as amended, and the rules and regulations promulgated thereunder or (g) other
body (including any industry or self-regulating body) exercising, or entitled to exercise, any administrative, executive, judicial,
legislative, police or regulatory authority or power of any nature.

 

(m) “Hedging
Arrangement” means any transaction or arrangement, including through the creation, purchase or sale of any security,
including any security-based swap, swap, cash-settled option, forward sale agreement, exchangeable note, total return swap or other
derivative, in each case, the effect of which is to hedge the risk of owning Kitov Securities.

 

    2

     

    

 

(n) “Holder”
means any person owning of record the Kitov Securities, that has executed and delivered to the Company this Agreement at or prior
to the Closing with respect to such Kitov Securities.

 

(o) “Incumbent
Directors” means (a) the Current Directors, (b) new directors nominated or appointed by a majority of the Current
Directors and (c) other directors nominated or appointed by a majority of the Current Directors and other Incumbent Directors.

 

(p)  “Israeli
Companies Law” means the Israeli Companies Law, 5759-1999, as amended from time to time, including regulations thereunder
and successor provisions and regulations thereto.

 

(q) “Israeli
Securities Laws” means the Israeli Securities Law, 5728-1968, the rules and regulations promulgated under thereunder,
and any listing rules and regulations of the TASE.

 

(r) “Lock-Up
Period” means, the 12-month period commencing on the date of issuance of the Kitov Securities; provided, however, that
notwithstanding anything to the contrary herein, during the period following 6 months after the date of issuance of the Kitov Securities
and until the end of the such 12-month period, the Holder will be allowed to sell Kitov Securities, subject to any statutory resale
restrictions or limitations, including as such may apply to shares held by affiliates of the Company, but only if (i) the Company
has not publicly announced clinical data related to FameWave Ltd.’s products, and (ii) the market price for Company ADSs on NASDAQ
at the close of the preceding trading day was above $3 per ADS.

 

(s) “Ordinary
Shares” means the ordinary shares of the Company, no par value.

 

(t) “Ordinary
Share Equivalents” means (i) in the case of an Ordinary Share, one Ordinary Share or (ii) in the case of an ADS,
the number of Ordinary Shares represented by such ADS. For purposes of calculating the number of Ordinary Share Equivalents outstanding,
Ordinary Shares underlying ADSs shall not be counted separately as being outstanding (i.e., such Ordinary Shares shall be counted
only once).

 

(u) “Permitted
Transferee” means the Holder and any direct or indirect wholly owned Subsidiary of the Shareholder or another entity
under common control with the Shareholder; provided that if any such transferee of Kitov Securities ceases to be a direct or indirect
wholly owned Subsidiary of the Holder or another entity under common control with the Holder, (a) such transferee shall, and the
Holder shall procure that such transferee shall, immediately Transfer back the transferred Shares to the applicable transferor,
or, if such transferor by that time is no longer a Permitted Transferee, to the Holder, as if such Transfer of such Kitov Securities
had not taken place ab initio, and (b) the Company shall no longer, and shall instruct its transfer agent, Israeli registration
company, the Depositary and other third parties to no longer, record or recognize such Transfer of such Kitov Securities on the
shareholders’ register and/or register of convertible securities of the Company and/or the register of ADS holders of the
Depositary.

 

(v) “Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated association,
corporation, firm or other entity or group (as defined in the Exchange Act) or any Governmental Authority.

 

    3

     

    

 

(w) “Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon rules promulgated under
the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any
portion of the Registrable Shares covered by a Registration Statement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such
Prospectus.

 

(x) “Registrable
Shares” means the shares of Common Stock underlying any Kitov Securities held by the Holder that are issued and outstanding
represented by ADS; provided, that any such shares of Common Stock shall cease to be Registrable Shares on the date which
such shares of Common Stock would be able to be sold or otherwise transferred, without volume or manner-of-sale restrictions, pursuant
to either (i) SEC Rule 144 in the absence of any Registration (as defined herein), or (ii) any other applicable rule permitting
such shares of Common Stock to be sold or otherwise transferred, in any Trading Market, without volume or manner-of-sale restrictions.

 

(y) “Registration
Expenses” means all expenses incurred by the Company in complying with Section 2.1 hereof, including, without limitation,
all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses
and the expense of any special audits incident to or required by any such registration (but excluding any transfer taxes, and Selling
Expenses applicable to the sale).

 

(z) “SEC”
or “Commission” means the Securities and Exchange Commission.

 

(aa) “SEC
Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

 

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

 

(cc) “Securities
Laws” means the Securities Act, the Exchange Act and the Israeli Securities Laws.

 

(dd) “Selling
Expenses” means all discounts and selling commissions applicable to the sale.

 

(ee) “Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which
a majority of the total voting power or control of such entity is at the time owned or controlled, directly or indirectly, by that
Person or one or more of the other Subsidiaries of that Person or a combination thereof.

 

(ff) “Trading
Day” means a day on which a Trading Market is open for trading.

 

(gg) “Trading
Market” has the meaning set forth in the SPA

 

1.2. Any
other term used in this Agreement and not otherwise defined shall have the meaning ascribed to such term in the SPA. 

 

    4

     

    

 

Section
2. REGISTRATION; RESTRICTIONS ON TRANSFER.

 

2.1. Registration.

 

(a) On
or prior to the Filing Deadline, the Company shall prepare and file with the SEC a registration statement (including any related
prospectus, amendments and supplements to such registration statement, and including pre- and post-effective amendments, and all
exhibits and all material incorporated by reference in such registration statement, the “Registration Statement”)
to register, in accordance with the Securities Act, a number of shares of Common Stock represented by ADS equal to the number of
Registrable Shares (a “Registration”). The Registration Statement shall be on Form F-3 (except if the
Company is then ineligible to register for resale the Registrable Shares on Form F-3, in which case such registration shall be
on such other form available to register for resale the Registrable Shares as a secondary offering) subject to the provisions of
Section 2.1(c). Notwithstanding the registration obligations set forth in this Section 2.1, in the event the SEC informs the Company
that all of the Registrable Shares cannot, as a result of the application of Rule 415 promulgated under the Securities Act, as
such Rule may be amended from time to time, be registered for resale as a secondary offering on a single registration statement,
the Company agrees to promptly (i) inform the Holder thereof and use its commercially reasonable efforts to file amendments to
the Registration Statement as required by the SEC and/or (ii) withdraw the Registration Statement and file an alternative registration
statement (the “Alternative Registration Statement”), in either case, covering the maximum number of
Registrable Shares permitted to be registered by the SEC on Form F-3 or such other form available to register for resale the Registrable
Shares as a secondary offering; provided, however, that prior to filing such amendment or Alternative Registration Statement,
the Company shall be obligated to use its commercially reasonable efforts to advocate with the SEC for the registration of all
of the Registrable Shares in accordance with the SEC Guidance. Any Registrable Shares excluded or withdrawn from such Registration
Statement shall be withdrawn from the Registration and the Company shall have no obligation to register such securities with the
SEC in such Registration but subject to the subsequent efforts set forth below. For the avoidance of doubt, the Holder is not entitled
to participate in any registration of the Company’s capital stock other than a registration resulting from this Section 2.1.
In the event the Company amends the Registration Statement or files an Alternative Registration Statement, as the case may be,
under clauses (i) or (ii) above, the Company will use its commercially reasonable efforts to file with the Commission, as promptly
as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration
statements on Form F-3 or such other form available to register for resale those Registrable Shares that were not registered for
resale on the Registration Statement, as amended, or the Alternative Registration Statement, as amended (the “Remainder
Registration Statements”).

 

(b) The
Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective by the Commission
as soon as practicable and, with respect to the Registration Statement or the Alternative Registration Statement, as applicable,
no later than the Effectiveness Deadline, and shall use its commercially reasonable efforts to and keep such Registration Statement
effective for at least 12 months (or such shorter period as will terminate when all the Kitov Securities covered by the Registration
Statement have been sold or withdrawn) (the “Effectiveness Period”). The Company, in its sole discretion,
may deregister all shares that are no longer Registrable Shares. The Company shall telephonically request effectiveness of the
Registration Statement as of 4:00 P.M. New York City time on a Trading Day. The Company shall promptly notify the Holder via facsimile
or electronic mail file of the effectiveness of the Registration Statement within three (3) Trading Days that the Company telephonically
confirms effectiveness with the SEC. The Company shall, by 5:30 P.M. New York City time on the second Trading Day after the Effective
Date, file a final Prospectus with the SEC, as required by Rule 424(b) promulgated under the Securities Act.

 

(c) In
the event that Form F-3 is not available for the registration of the resale of Registrable Shares hereunder, the Company shall
use commercially reasonable efforts to (i) register the resale of the Registrable Shares on another appropriate form and (ii) undertake
to register the Registrable Shares on Form F-3 after such form is available, provided that the Company shall maintain the effectiveness
of the Registration Statement then in effect until such time as a Registration Statement on Form F-3 covering the Registrable Shares
has been declared effective by the SEC.

 

    5

     

    

 

(d) The
Holder agrees to furnish to the Company the information set forth in the investor questionnaire (the “Seller Questionnaire”)
delivered to the Holder by the Company. The Company will notify the Holder of any information the Company requires from that Holder
other than the information contained in the Seller Questionnaire, if any, which shall be completed and delivered to the Company
promptly upon request and, in any event, within two (2) Trading Days after such notification. The Holder further agrees that it
shall not be entitled to be named as a selling security holder in the Registration Statement or use the Prospectus for offers and
resales of Registrable Shares at any time, unless the Holder has returned to the Company a completed and signed signature page
to this Agreement, a completed Seller Questionnaire and a response to any requests for further information as described in the
previous sentence. The Company has no obligation to include the Holder as a selling security holder in the Registration Statement
or any pre-effective or post-effective amendment or supplement thereto or to include (to the extent not theretofore included) in
the Registration Statement the Registrable Shares identified in such request for further information. The Holder acknowledges and
agrees that the information provided by the Holder in the Seller Questionnaire or in any request for further information as described
in this Section 2(d) will be used by the Company in the preparation of the Registration Statement and hereby consents to
the inclusion of such information in the Registration Statement.

 

(e) If
the Company intends to distribute the Registrable Shares by means of an underwriting or best efforts placement, then unless the
Stockholders Representative requests in writing not to distribute the Registrable Shares by means of an underwriting or best efforts
placement, it shall have sole discretion to select such underwriters or placement agent. In such event, the right of the Holder
to include its Registrable Shares in such Registration shall be conditioned upon the Holder’s participation in such underwriting
or best efforts placement and the inclusion of the Holder’s Registrable Shares in the underwriting to the extent provided
herein. Any Registrable Shares excluded or withdrawn from such underwriting or best efforts placement shall be withdrawn from the
Registration.

 

(f) For
avoidance of doubt, and notwithstanding anything which may be stated elsewhere is this Agreement or in the SPA, it is clarified
and agreed by the holder that the provisions of Section 10.7 of the SPA, including, inter alia, any limitations set forth
therein, shall apply to this Agreement.

 

2.2. Registration
Procedures. In connection with the Company’s registration obligations hereunder,
the Company shall use its commercially reasonable efforts to:

 

(a) Cause
its officers and directors, counsel and independent registered public accountants to respond to such inquiries as shall be necessary,
in the reasonable opinion of the Company, to conduct a reasonable investigation within the meaning of the Securities Act.

 

(b) Not
less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior
to the filing of any related pre-effective Prospectus or any pre-effective amendment or pre-effective supplement thereto (including
any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to each
Holder copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated
by reference) will be subject to the review of such Holder, and (ii) cause its officers and directors, counsel and independent
registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel
to each Holder, to conduct a reasonable investigation within the meaning of the Securities Act. Notwithstanding the above, the
Company shall not be obligated to provide the Holders advance copies of any (i) universal shelf registration statement registering
securities in addition to those required hereunder, or any Prospectus prepared thereto or (ii) any post-effective amendments, supplements
or prospectuses. The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto
to which the Stockholders Representative shall reasonably object in good faith, provided that, the Company is notified of such
objection in writing no later than five (5) Trading Days after the Holders have been so furnished copies of a Registration Statement
or one (1) Trading Day after the Holders have been so furnished copies of any related pre-effective Prospectus or amendments or
supplements thereto. 

 

    6

     

    

 

(c) (i)
Prepare and file with the SEC such amendments (including post-effective amendments) and supplements, to the Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective
as to the applicable Registrable Shares for its Effectiveness Period; (ii) cause the related Prospectus to be amended or supplemented
by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed
pursuant to Rule 424 promulgated under the Securities Act; (iii) respond as promptly as reasonably practicable to any comments
received from the SEC with respect to the Registration Statement or any amendment thereto and, as promptly as reasonably possible,
provide the Holder true and complete copies of all correspondence from and to the Commission relating to such Registration Statement
that pertains to the Holder as “Selling Stockholders” but not any comments that would result in the disclosure to the
Holder of material and non-public information concerning the Company; and (iv) comply with the provisions of the Securities Act
and the Exchange Act with respect to the disposition of all Registrable Shares covered by the Registration Statement until the
Expiration Date (subject to the terms of this Agreement) in accordance with the intended methods of disposition by the Holder thereof
as set forth in such Registration Statement as so amended or in such Prospectus as so supplemented; provided, however, that
if the Holder effects an out of market sale, the Holder shall be responsible for the delivery of the Prospectus to the Persons
to whom such Holder sells any Registrable Shares the Holder agrees to dispose of Registrable Shares in compliance with the “Plan
of Distribution” described in the Registration Statement (which shall be in substantially the form attached hereto as Annex
A) and otherwise in compliance with applicable federal, state and applicable foreign securities laws. In the case of amendments
and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this
Section 2.2(b)) by reason of the Company filing Annual Reports on Form 20-F or Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K or Form 6-k or any analogous report under the Exchange Act, the Company shall have incorporated such report
by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the SEC as promptly
as reasonably practicable.

 

(d) Notify,
as promptly as reasonably practicable, the Holder of Registrable Shares covered by such Registration Statement at any time when
a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of
which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the
light of the circumstances then existing. The Company will use commercially reasonable efforts to amend or supplement such prospectus
in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing.

 

(e) Avoid
the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement,
or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any
jurisdiction, as soon as practicable.

 

    7

     

    

 

(f) If
requested by the Holder, furnish to the Holder, without charge, at least one conformed copy of each Registration Statement and
each amendment thereto and all exhibits to the extent requested by such person (including those previously furnished or incorporated
by reference) promptly after the filing of such documents with the SEC; provided, that the Company shall have no obligation to
provide any document pursuant to this clause that is available on the SEC’s EDGAR system.

 

(g) Prior
to any resale of Registrable Shares by the Holder, register or qualify or cooperate with the selling Holder in connection with
the registration or qualification (or exemption from the registration or qualification) of such Registrable Shares for the resale
by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder reasonably requests
in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to
do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Shares
covered by each Registration Statement; provided, however that the Company shall not be required to qualify generally to
do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction
where it is not then so subject or file a general consent to service of process in any such jurisdiction.

 

(h) If
requested by the Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates or book-entry
statements representing Registrable Shares to be delivered to a transferee pursuant to the Registration Statement.

 

(i) Cooperate
with any registered broker through which a Holder proposes to resell its Registrable Shares in effecting a filing with Financial
Industry Regulatory Authority (“FINRA”) pursuant to FINRA Rule 2710 as requested by any such Holder;
provided, however, that the Holder shall pay the filing fee required.

 

2.3. Expenses
of Registration. Except as specifically provided herein, all Registration Expenses incurred
in connection with any Registration, qualification or compliance pursuant to Section 2.1 herein shall be borne by the Company.
All Selling Expenses incurred in connection with any Registration hereunder, shall be borne by the Holders.

 

2.4. Delay
of Registration; Agreement to Furnish Information; Suspension of Sales.

 

(a) It
shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 2.1 that the selling Holder
shall furnish to the Company such information regarding themselves and the Registrable Shares held by them as shall be required
to effect the Registration of their Registrable Shares, including but not limited to the information required pursuant to Section
2.1(d). The Holder acknowledges and agrees that the information provided to the Company will be used by the Company in the preparation
of the Registration Statement and hereby consents to the inclusion of such information in the Registration Statement.

 

(b) In
addition to this Agreement, the Holder agrees to execute and deliver such other agreements as may be reasonably requested by the
Company or the underwriter or placement agent that are consistent with the Holder’s obligations under Section 2.7 below or
that are necessary to give further effect thereto, including but not limited to powers of attorney and the Seller Questionnaire.
The Company may impose stop-transfer instructions with respect to the shares of Common Stock subject to the foregoing restriction
until one hundred eighty (180) calendar days following the effective date of the Registration Statement.

 

    8

     

    

 

(c) Each
Holder agrees that any transferee who has become such other than pursuant to the Registration Statement of any shares of Registrable
Shares shall be bound by this Section 2.4 and Section 2.7. The underwriters or placement agents of the Company’s stock are
intended third party beneficiaries of this Section 2.4 and Section 2.7 and shall have the right, power and authority to enforce
the provisions hereof as though they were a party hereto.

 

(d) The
Company may require the selling Holder to furnish to the Company a certified statement as to (i) the number of shares of Common
Stock beneficially owned by the Holder and any affiliate thereof, (ii) any FINRA affiliations, (iii) any natural persons who have
the power to vote or dispose of the Common Stock and (iv) any other information as may be requested by the Commission, FINRA or
any state securities commission.

 

(e) Upon
notification by the Company pursuant to Section 2.2(c), the Holder shall suspend all transactions under the Registration Statement
until such time as the Company has amended or supplemented such Registration Statement in accordance with its obligations under
Section 2.2(c).

 

2.5. Assignment
of Registration Rights. The rights to cause the Company to register Registrable Shares
pursuant to Section 2.1 may be assigned by the Holder to a transferee or assignee of Registrable Shares (for so long as such shares
remain Registrable Shares) that (a) is a subsidiary, parent, general partner, limited partner, retired partner, member or retired
member, or stockholder of a Holder that is a corporation, partnership or limited liability company or (b) is a Holder’s
family member or trust for the benefit of an individual Holder; provided, however, (i) the transferor shall, prior to consummating
such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the Securities
with respect to which such registration rights are being assigned, (ii) such transferee shall agree to be subject to all restrictions
and obligations set forth in this Agreement and (iii) such transferee shall agree not to sell such Registrable Shares under the
Registration Statement until such time as the Company has concluded that the transferee is eligible to sell such Registrable Shares
under the Registration Statement.

 

2.6. Market
Stand-Off Agreement. If requested by an underwriter or placement agent, the Holder hereby
agrees that such Holder shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into
any hedging or similar transaction with the same economic effect as a sale, any Common Stock of the Company held by the Holder
for a period specified by the representative of the underwriters or placement agents of Common Stock of the Company not to exceed
one hundred twenty (120) calendar days following the effective date of a Registration Statement of the Company covering the primary
issuance by the Company of equity securities of the Company filed under the Securities Act.

 

Section
3. TRANSFER RESTRICTIONS

 

3.1. Restrictions
on Transfer. The right of the Holder and its Affiliates to directly or indirectly, in any single
transaction or series of related transactions, sell, assign, pledge, hypothecate or otherwise transfer (or enter into any Contract
or other obligation regarding the future sale, assignment, pledge or transfer of) beneficial ownership of (each, a “Transfer”)
any Consideration Shares and Kitov Options is subject to the restrictions set forth in this ‎Section 3, and no Transfer of
Consideration Shares or Kitov Options by the Holder or any of its Affiliates may be effected except in compliance with this ‎Section
3. Any attempted Transfer in violation of this Agreement shall be of no effect and null and void, regardless of whether the purported
transferee has any actual or constructive knowledge of the Transfer restrictions set forth in this Agreement, and shall not be
recorded on the stock transfer books of the Company or the Depositary of the Company’s ADSs or any local custodian or transfer
agent. 

 

    9

     

    

 

3.2. The
Holder shall not directly or indirectly, in any single transaction or series of related transactions, Transfer any Consideration
Shares during the Lock-Up Period without the prior written consent of the Company, other than:

 

(i) a Transfer
of any Kitov Securities in response to a tender or exchange offer by any Person or any acquisition, merger or merger-type transaction
that has been approved or recommended by the Board (unless a representative of the Incumbent Directors has informed the Holder
in writing that a majority of directors at the time of such approval or recommendation are not Incumbent Directors) or a Transfer
of Consideration Shares permitted by Section ‎3.2‎(c)‎3.2 ;

 

(ii) a Transfer
of Consideration Shares to the Company or a Subsidiary of the Company;

 

(iii) a Transfer
of Consideration Shares to a Permitted Transferee, so long as such Permitted Transferee, to the extent it has not already done
so, executes a customary joinder to this Agreement, in form and substance reasonably acceptable to the Company, in which such Permitted
Transferee agrees to be bound by the terms of this Agreement as if such Permitted Transferee was an original party hereto;

 

(iv) a Transfer
of Consideration Shares as a result of any acquisition of outstanding stock of Holder (by merger, consolidation or otherwise) or
any sale of all or substantially all of the assets of Holder; provided that any such Transfer that would result in any Person becoming
the ultimate parent entity of the Holder (such that the Holder is a direct or indirect Subsidiary of another Person or all or substantially
all of the Holder’s assets have been acquired by another Person) shall be subject to Section ‎4.2;

 

(v) a Transfer
by operation of law or by an order of a court or regulatory agency;

 

provided, in each case, that any such Transfer is made
in accordance with all applicable Laws.

 

(b) Following the
Lock-Up Period, the Holder shall be entitled to Transfer the applicable Consideration Shares in its sole discretion, and provided
that Holder shall not directly or indirectly, in any single transaction or series of related transactions, Transfer any Kitov Securities
other than in accordance with all applicable Laws and the other terms and conditions of this Agreement.

 

(c) Notwithstanding
anything to the contrary herein, nothing in this Agreement will prohibit the Holder from agreeing to, and from Transferring, or
causing or permitting the Transfer of, any Consideration Shares in connection with, any “special tender offer” under
Chapter Two of Part VIII of the Israeli Companies Law or any acquisition, merger or merger-type transaction with respect to which
the Board has determined not to express or make a recommendation (whether in favor or against), unless the Incumbent Directors
have informed the Holder in writing that a majority of directors at the time of such approval or recommendation are not Incumbent
Directors.

 

(d) The entry by
the Holder into a Hedging Arrangement with respect to any Consideration Shares shall be deemed to be a Transfer of such Consideration
Shares for purposes of this Agreement and shall be subject to the provisions of this ‎Section 3.

 

    10

     

    

 

Section
4. MISCELLANEOUS.

 

4.1. Governing
Law. This Agreement will be construed and enforced in accordance with, and will be governed
exclusively by, the internal Laws of the State of Israel, without giving effect to any Law or rule that would cause the Laws of
any jurisdiction other than the State of Israel to be applied.

 

4.2. Successors
and Assigns. Nothing in this Agreement will limit the ability of the Company to assign
its rights or obligations hereunder in connection with a merger, consolidation, combination, reorganization or similar transaction
or the transfer, sale, lease, conveyance or disposition of all or substantially all of its assets. The Holder will not enter into
any transaction pursuant to which any Person would become its ultimate parent entity (such that the Holder is a direct or indirect
Subsidiary of another Person or all or substantially all of the Holder’s assets have been acquired by another Person) without
causing such Person to assume all of the Holder’s obligations under this Agreement effective as of the consummation of such
transaction. Any attempted assignment in violation of this Section ‎5.2 will be void ab initio. Except as otherwise
expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their
respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be enforceable by each
person who shall be a holder of Registrable Shares from time to time; provided, however, that prior to the receipt by the
Company of adequate written notice of the transfer of any Registrable Shares specifying the full name and address of the transferee,
the Company may deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder
of such shares for all purposes, including the payment of dividends or any redemption price. For as long at the relevant securities
are subject to transfer restrictions set forth in Section 3 above, before the Company records a stock transfer on its corporate
record books or issues shares of its capital stock to any person following such transfer or issuance and such person is not a
party to this Agreement, such person shall be required to first execute and deliver to the Company a counterpart signature page
to this Agreement pursuant to which such person agrees to be bound by all of the terms and conditions of this Agreement (as it
may have been amended), and the failure of any such person to do so shall preclude the Company from recording such a transfer
or issuance on its corporate record books. 

 

4.3. Entire
Agreement. This Agreement, and the other documents delivered pursuant thereto, constitute
the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable
or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements with respect
to the subject matter hereof except as specifically set forth herein and therein. Each party expressly represents and warrants
that with respect to the subject matter of this Agreement it is not relying on any oral or written representations, warranties,
covenants or agreements outside of this Agreement.

 

4.4. Severability.
If any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid
by a court of competent jurisdiction, the remainder of this Agreement, or the application of such provision to persons or circumstances
other than those to which it is held invalid by such court, shall not be affected thereby.

 

4.5. Amendment
and Waiver. Except as otherwise expressly provided, this Agreement may be amended or
modified only upon the written consent of the Company and the Stockholders Representative (and if for any reason there is no Stockholder
Representative at such time, by Sellers holding at least a majority of the capital stock of the Company held in aggregate by the
Sellers on the Closing Date).

 

4.6. Delays
or Omissions. It is agreed that no delay or omission to exercise any right, power, or
remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any
such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence
therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit,
consent, or approval of any kind or character on any party’s part of any breach, default or noncompliance under the Agreement
or any waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective
only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded
to any party, shall be cumulative and not alternative.

 

    11

     

    

 

4.7. Notices.
Any notice or other communication given hereunder shall be deemed sufficient if sent in accordance with the Notice provisions
of the SPA.

 

4.8. Titles
and Subtitles. The titles of the sections and subsections of this Agreement are for convenience
of reference only and are not to be considered in construing this Agreement.

 

4.9. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
together shall constitute one and the same instrument. Delivery of executed signature pages hereof by facsimile transmission or
pdf shall constitute effective and binding execution and delivery of this Agreement.

 

4.10. Pronouns.
All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or neutral, singular
or plural, as to the identity of the parties hereto may require.

 

By signing below,
the undersigned acknowledges its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act
and the rules and regulations thereunder, including, without limitation, Regulation M, in connection with any offering of Registrable
Securities pursuant to the Registration Statement (including any Alternative Registration Statement).

 

The undersigned hereby
acknowledges and is advised of the following Interpretation A.65 of the July 1997 SEC Manual of Publicly Available Telephone Interpretations
regarding short selling:

 

“An Issuer
filed a Form S-3 registration statement for a secondary offering of common stock which is not yet effective. One of the selling
stockholders wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares
after the effective date. The issuer was advised that the short sale could not be made before the registration statement become
effective, because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore,
be a violation of Section 5 if the shares were effectively sold prior to the effective date.”

 

By returning an executed
copy of this Agreement, the undersigned will be deemed to be aware of the foregoing interpretation and to have confirmed that,
to the best of the undersigned’s knowledge and belief, the foregoing statements (including without limitation the answers
to this Acknowledgment, Notice and Questionnaire) are true, correct and complete.

 

Plan of Distribution:

 

The undersigned has reviewed
the form of Plan of Distribution attached as Annex A to this Agreement, and hereby confirms that, except as set forth below, the
information contained therein regarding the undersigned and its plan of distribution is correct and complete.

 

State any exceptions here:

 

 

 

 

    12

     

    

 

IN WITNESS WHEREOF the undersigned, by
authority duly given, has caused this Agreement to be executed and delivered either in person or by its duly authorized agent.

 

[Holder]

 

 

	Signature	 
	 	 
	 	 
	Name Typed or Printed	 
	 	 
	 	 
	Title (if Seller is an Entity)	 

 

AGREED AND ACCEPTED:

 

KITOV PHARMA LTD.

 

	By:	                      	 
	 	 	 
	Name:  	 	 
	 	 	 
	Title:	 	 

 

Dated: _____________________, 2019

 

     

     

    

 

ANNEX A

 

PLAN OF DISTRIBUTION

 

We are registering the securities issued
to the selling stockholders to permit the resale of these securities by the holders thereof from time to time after the date of
this prospectus, pursuant to the provisions of the Lock-Up and Registration Rights Agreement. As used in this Prospectus, “selling
stockholders” includes donees, pledgees, transferees or other successors-in-interest selling shares received after the date
of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other permitted transfer.

 

We will not receive any of the proceeds
from the sale by the selling stockholders of the securities. We will bear all fees and expenses incident to our obligation to register
the securities.

 

The selling stockholders may sell all or
a portion of the securities beneficially owned by them and offered hereby from time to time directly or through one or more underwriters,
broker-dealers or agents. If the securities are sold through underwriters or broker-dealers, the selling stockholders will be responsible
for underwriting discounts or commissions or agent’s commissions. The securities may be sold on any national securities exchange
or quotation service on which the securities may be listed or quoted at the time of sale, in the over-the-counter market or in
transactions otherwise than on these exchanges or systems or in the over-the-counter market and in one or more transactions at
fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated
prices. These sales may be effected in transactions, which may involve crosses or block transactions. The selling stockholders
may use any one or more of the following methods when selling shares:

 

		●	ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		●	block trades in which the broker-dealer will attempt to
sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

 

		●	purchases by a broker-dealer as principal and resale by
the broker-dealer for its account;

 

		●	an exchange distribution in accordance with the rules of
the applicable exchange;

 

		●	privately
                                         negotiated transactions;

 

		●	settlement of short sales entered into after the effective
date of the registration statement of which this prospectus is a part;

 

		●	broker-dealers may agree with the selling stockholders
to sell a specified number of such securities at a stipulated price per share;

 

		●	through the writing or settlement of options or other hedging
transactions, whether such options are listed on an options exchange or otherwise;

 

		●	a combination of any such methods of sale; and

 

		●	any other method permitted pursuant to applicable law.

 

     

     

    

 

The selling stockholders also may resell
all or a portion of the securities in open market transactions in reliance upon Rule 144 under the Securities Act, as permitted
by that rule, or Section 4(1) under the Securities Act, if available, rather than under this prospectus, provided that they meet
the criteria and conform to the requirements of those provisions.

 

Broker-dealers engaged by the selling stockholders
may arrange for other broker-dealers to participate in sales. If the selling stockholders effect such transactions by selling securities
to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the
form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the securities for
whom they may act as agent or to whom they may sell as principal. Such commissions will be in amounts to be negotiated, but, except
as set forth in a supplement to this Prospectus, in the case of an agency transaction will not be in excess of a customary brokerage
commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with
FINRA Rule 2121.01.

 

In connection with sales of the securities
or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the securities in the course of hedging in positions they assume. The selling stockholders
may also sell securities short and if such short sale shall take place after the date that this Registration Statement is declared
effective by the Commission, the selling stockholders may deliver securities covered by this prospectus to close out short positions
and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge securities
to broker-dealers that in turn may sell such shares, to the extent permitted by applicable law. The selling stockholders may also
enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative
securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus,
which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction). Notwithstanding the foregoing, the selling stockholders have been advised that they may not use shares
registered on this registration statement to cover short sales of our common stock made prior to the date the registration statement,
of which this prospectus forms a part, has been declared effective by the SEC.

 

The selling stockholders may, from time
to time, pledge or grant a security interest in some or all of the securities owned by them and, if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the securities from time to time pursuant to this
prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933,
as amended, amending, if necessary, the list of selling stockholders to include the pledgee, transferee or other successors in
interest as selling stockholders under this prospectus. The selling stockholders also may transfer and donate the securities in
other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial
owners for purposes of this prospectus.

 

The selling stockholders and any broker-dealer
or agents participating in the distribution of the securities may be deemed to be “underwriters” within the meaning
of Section 2(11) of the Securities Act in connection with such sales. In such event, any commissions paid, or any discounts or
concessions allowed to, any such broker-dealer or agent and any profit on the resale of the shares purchased by them may be deemed
to be underwriting commissions or discounts under the Securities Act. Selling Stockholders who are “underwriters” within
the meaning of Section 2(11) of the Securities Act will be subject to the applicable prospectus delivery requirements of the Securities
Act including Rule 172 thereunder and may be subject to certain statutory liabilities of, including but not limited to, Sections
11, 12 and 17 of the Securities Act and Rule 10b-5 under the Securities Exchange Act of 1934, as amended, or the Exchange Act.

 

     

     

    

 

Each selling stockholder has informed the
Company that it is not a registered broker-dealer and does not have any written or oral agreement or understanding, directly or
indirectly, with any person to distribute the securities. Upon the Company being notified in writing by a selling stockholder that
any material arrangement has been entered into with a broker-dealer for the sale of common stock through a block trade, special
offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, a supplement to this prospectus
will be filed, if required, pursuant to Rule 424(b) under the Securities Act, disclosing (i) the name of each such selling stockholder
and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at which such the securities were
sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s)
did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus, and (vi) other
facts material to the transaction. In no event shall any broker-dealer receive fees, commissions and markups, which, in the aggregate,
would exceed eight percent (8.0%).

 

Under the securities laws of some states,
the securities may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the
securities may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration
or qualification is available and is complied with. Subject to the terms of the Registration Rights Agreement, the Company has
no obligation to qualify the resale of any shares in any particular state.

 

There can be no assurance that any selling
stockholder will sell any or all of the securities registered pursuant to the shelf registration statement, of which this prospectus
forms a part.

 

Each selling stockholder and any other
person participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules and regulations
thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing
of purchases and sales of any of the securities by the selling stockholder and any other participating person. To the extent applicable,
Regulation M may also restrict the ability of any person engaged in the distribution of the securities to engage in market-making
activities with respect to the shares of Common Stock. All of the foregoing may affect the marketability of the securities and
the ability of any person or entity to engage in market-making activities with respect to the shares of Common Stock.

 

We will pay all expenses of the registration
of the securities pursuant to the registration rights agreement, including, without limitation, Securities and Exchange Commission
filing fees and expenses of initial compliance with state securities or “blue sky” laws; provided, however, that each
selling stockholder will pay all underwriting discounts and selling commissions, if any and any related legal expenses incurred
by it.

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