Document:

EXECUTION COPY

 

Exhibit 4.1

 

SYNCHRONY CREDIT CARD MASTER NOTE TRUST,

 

as Issuer

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

Series
2018-1 INDENTURE SUPPLEMENT

 

Dated as of March 20, 2018

 

    	 	 	 

     

    

 

Table
of Contents

 

	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I	Definitions	 
	 	 	 	 	 
	 	SECTION 1.1.	Definitions	1
	 	SECTION 1.2.	Incorporation of Terms	14
	 	 	 	 	 
	ARTICLE II	Creation of the Series 2018-1 Notes	 
	 	 	 	 	 
	 	SECTION 2.1.	Designation	14
	 	SECTION 2.2.	Transfer Restrictions	15
	 	 	 	 	 
	ARTICLE III	REPRESENTATIONS, WARRANTIES and Covenants	 
	 	 	 	 	 
	 	SECTION 3.1.	Representations, Warranties and Covenants with respect to Receivables	16
	 	SECTION 3.2.	Representations, Warranties and Covenants with respect to ERISA	16
	 	 	 	 	 
	ARTICLE IV	Rights of Series 2018-1 Noteholders and Allocation and Application of Collections	 
	 	 	 	 	 
	 	SECTION 4.1.	Determination of Interest and Principal	17
	 	SECTION 4.2.	Establishment of Accounts	19
	 	SECTION 4.3.	Calculations and Series Allocations	20
	 	SECTION 4.4.	Application of Available Finance Charge Collections and Available Principal Collections	21
	 	SECTION 4.5.	Distributions	24
	 	SECTION 4.6.	Investor Charge-Offs	25
	 	SECTION 4.7.	Reallocated Principal Collections	25
	 	SECTION 4.8.	Excess Finance Charge Collections	25
	 	SECTION 4.9.	Shared Principal Collections	26
	 	SECTION 4.10.	Reserve Account	26
	 	SECTION 4.11.	[Reserved]	27
	 	SECTION 4.12.	Investment of Accounts	27
	 	SECTION 4.13.	Controlled Accumulation Period	28
	 	SECTION 4.14.	[Reserved]	29
	 	SECTION 4.15.	Deposit of Collections	29
	 	 	 	 	 
	ARTICLE V	Delivery of Series 2018-1 Notes; Reports to Series 2018-1 Noteholders	 
	 	 	 	 	 
	 	SECTION 5.1.	Delivery and Payment for the Series 2018-1 Notes	29
	 	SECTION 5.2.	Reports and Statements to Series 2018-1 Noteholders	29
	 	 	 	 	 
	ARTICLE VI	Series 2018-1 Early Amortization Events	 
	 	 	 	 	 
	 	SECTION 6.1.	Series 2018-1 Early Amortization Events	30
	 	 	 	 	 
	ARTICLE VII	Redemption of Series 2018-1 Notes; Final
    Distributions; Series Termination	 

 

    	 	-i-	 

     

    

 

Table
of Contents

(continued)

 

	 	 	 	 	Page
	 	 	 	 
	 	SECTION 7.1.	Optional Redemption of Series 2018-1 Notes; Final Distributions	31
	 	SECTION 7.2.	Series Termination	32
	 	SECTION 7.3.	Sale of Collateral	33
	 	 	 	 	 
	ARTICLE VIII	Miscellaneous Provisions	 
	 	 	 	 	 
	 	SECTION 8.1.	Ratification of Indenture; Amendments	33
	 	SECTION 8.2.	Form of Delivery of the Series 2018-1 Notes	33
	 	SECTION 8.3.	Counterparts	33
	 	SECTION 8.4.	GOVERNING LAW	33
	 	SECTION 8.5.	Limitation of Liability	34
	 	SECTION 8.6.	Rights of the Indenture Trustee	35
	 	SECTION 8.7.	Notice Address for Rating Agencies	35
	 	SECTION 8.8.	Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	35
	 	SECTION 8.9.	Notes to be Treated as Debt for Tax	35
	 	SECTION 8.10.	Deemed Consent	35

 

EXHIBITS

 

	EXHIBIT A-1	FORM OF CLASS A NOTE
	 	 
	EXHIBIT A-2	FORM OF CLASS B NOTE
	 	 
	EXHIBIT A-3	FORM OF CLASS C NOTE
	 	 
	EXHIBIT B	FORM OF MONTHLY NOTEHOLDER’S STATEMENT
	 	 
	SCHEDULES	 
	 	 
	SCHEDULE I	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS (With Respect to Receivables)

 

    	 	-ii-	 

     

    

  

SERIES 2018-1 INDENTURE
SUPPLEMENT, dated as of March 20, 2018 (this “Indenture Supplement”), between SYNCHRONY CREDIT CARD MASTER NOTE
TRUST, a Delaware statutory trust (herein, the “Issuer” or the “Trust”), and DEUTSCHE BANK
TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity, but solely as indenture trustee (herein,
together with its successors as provided in the Master Indenture referred to below, the “Indenture Trustee”)
under the Master Indenture, dated as of September 25, 2003 (the “Indenture”), between the Issuer and the Indenture
Trustee, as amended by the Omnibus Amendment No. 1 to Securitization Documents, dated as of February 9, 2004, among RFS Holding,
L.L.C., RFS Funding Trust, the Issuer, Deutsche Bank Trust Company Delaware, as trustee of RFS Funding Trust, RFS Holding, Inc.
and the Indenture Trustee, as further amended by the Second Amendment to Master Indenture, dated as of June 17, 2004, between the
Issuer and the Indenture Trustee, as further amended by the Third Amendment to Master Indenture, dated as of August 31, 2006, between
the Issuer and the Indenture Trustee, as further amended by the Fourth Amendment to Master Indenture, dated as of June 28, 2007,
between the Issuer and the Indenture Trustee, as further amended by the Fifth Amendment to Master Indenture, dated as of May 22,
2008, between the Issuer and the Indenture Trustee, as further amended by the Sixth Amendment to Master Indenture, dated as of
August 7, 2009, between the Issuer and the Indenture Trustee, as further amended by the Seventh Amendment to Master Indenture,
dated as of January 21, 2014, between the Issuer and the Indenture Trustee, as further amended by the Eighth Amendment to
Master Indenture and Omnibus Supplement to Specified Indenture Supplements, dated as of March 11, 2014, between the Issuer
and the Indenture Trustee, as further amended by the Ninth Amendment to Master Indenture, dated as of November 24, 2015, between
the Issuer and the Indenture Trustee, as further amended by the Tenth Amendment to Master Indenture, dated as of March 3, 2016,
between the Issuer and the Indenture Trustee, and as further amended by the Eleventh Amendment to Master Indenture, dated as of
April 21, 2017, between the Issuer and the Indenture Trustee (the Indenture, together with this Indenture Supplement, the “Agreement”).

 

The Principal Terms of
this Series are set forth in this Indenture Supplement to the Indenture.

 

ARTICLE
I

Definitions

 

SECTION 1.1.   Definitions.

 

(a)          Capitalized
terms used and not otherwise defined herein are used as defined in Section 1.1 of the Indenture. This Indenture Supplement
shall be interpreted in accordance with the conventions set forth in Section 1.2 and Section 1.3 of the Indenture.

 

(b)          Each
capitalized term defined herein relates only to Series 2018-1 and to no other Series. Whenever used in this Indenture Supplement,
the following words and phrases shall have the following meanings:

 

“Accumulation
Shortfall” means (a) for the first Payment Date during the Controlled Accumulation Period, zero; and (b) thereafter,
for any Payment Date during the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for the previous
Payment Date over the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) for the previous
Payment Date.

 

    	 	 	 

     

    

  

“Addition Date”
means an “Addition Date” as such term is defined in the Transfer Agreement.

 

“Additional Interest”
means, for any Payment Date, Class A Additional Interest, Class B Additional Interest and Class C Additional Interest for
such Payment Date.

 

“Administration
Agreement” means the Administration Agreement, dated as of September 25, 2003, between the Administrator and the Issuer.

 

“Administrator”
means SYNCHRONY FINANCIAL, in its capacity as Administrator under the Administration Agreement or any other Person designated as
an Administrator under the Administration Agreement.

 

“Advisers Act”
is defined in Section 3.2(b)(i).

 

“Agreement”
is defined in the preamble.

 

“Allocation Percentage”
means, with respect to any date of determination in any Monthly Period, the percentage equivalent of a fraction:

 

(a)          the
numerator of which shall be equal to:

 

(i)          for Principal
Collections during the Revolving Period and for Finance Charge Collections and Default Amounts at any time, the Collateral Amount
at the end of the last day of the prior Monthly Period (or, in the case of the first Monthly Period, on the Closing Date); or

 

(ii)         for Principal
Collections during the Early Amortization Period and the Controlled Accumulation Period, the Collateral Amount at the end of the
last day of the Revolving Period; provided, that on and after the date on which the Principal Accumulation Account Balance
equals the Note Principal Balance, the numerator shall equal zero; and

 

(b)          the
denominator of which shall be the greater of (x) the Aggregate Principal Receivables determined as of the close of business
on the last day of the prior Monthly Period (or, in the case of the first Monthly Period, on the Closing Date) and (y) the
sum of the numerators used to calculate the allocation percentages for allocations with respect to Finance Charge Collections,
Principal Collections or Default Amounts, as applicable, for all outstanding Series on such date of determination; provided,
that if one or more Reset Dates occur in a Monthly Period, the denominator determined pursuant to clause (x) of this clause (b)
shall be (A) the Aggregate Principal Receivables as of the close of business on the last day of the prior Monthly Period for the
period from and including the first day of the current Monthly Period, to but excluding such Reset Date and (B) the Aggregate Principal
Receivables as of the close of business on such Reset Date, for the period from and including such Reset Date to the earlier of
the last day of such Monthly Period (in which case such period shall include such day) or the next succeeding Reset Date (in which
case such period shall not include such succeeding Reset Date); and provided, further, that notwithstanding the preceding
proviso, if a Reset Date occurs during any Monthly Period and the Issuer makes a single monthly deposit of Collections to the Collection
Account pursuant to Section 8.4 of the Indenture for such Monthly Period and has not elected to make daily deposits to the
Collection Account, then the denominator determined pursuant to clause (x) of this clause (b) for each day during such Monthly
Period shall equal the Average Principal Balance for such Monthly Period.

 

    	 	2	 

     

    

  

“Available Finance
Charge Collections” means, for any Monthly Period, an amount equal to the sum of (a) the Investor Finance Charge Collections
for such Monthly Period, (b) the Series 2018-1 Excess Finance Charge Collections for such Monthly Period, (c) Principal Accumulation
Investment Proceeds, if any, with respect to the related Transfer Date, (d) interest and earnings on funds on deposit in the Reserve
Account which will be treated as Available Finance Charge Collections pursuant to Section 4.10(a) and (e) amounts, if any,
to be withdrawn from the Reserve Account which will be deposited into the Finance Charge Account on the related Transfer Date to
be treated as Available Finance Charge Collections pursuant to Section 4.10(c); provided, that for purposes of the statement
to be delivered pursuant to Section 5.2(a), the Servicer may estimate the amount of interest, earnings and expenses on any
Series Account based on the most recent statement delivered by the related deposit bank.

 

“Available
Principal Collections” means, for any Monthly Period, an amount equal to the sum of (a) the Investor Principal Collections
for such Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such Monthly Period
which pursuant to Section 4.7 are required to be applied on the related Payment Date, plus (c) the sum of (i)
any Shared Principal Collections with respect to other Principal Sharing Series (including any amounts on deposit in the Excess
Funding Account that are allocated to Series 2018-1 for application as Shared Principal Collections), (ii) the aggregate amount
to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vii), (viii) and (xi) and
(iii) during an Early Amortization Period, the amount of Available Finance Charge Collections used to pay principal on the Notes
pursuant to Section 4.4(a)(xiv) for the related Payment Date.

 

“Available Reserve
Account Amount” means, for any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account (after taking
into account any interest and earnings retained in the Reserve Account pursuant to Section 4.10(a) on such date, but before
giving effect to any deposit made or to be made pursuant to Section 4.4(a)(ix) to the Reserve Account on such date) and
(b) the Required Reserve Account Amount.

 

“Average Principal
Balance” means for any Monthly Period in which a Reset Date occurs, the sum of (i) the Aggregate Principal Receivables
determined as of the close of business on the last day of the prior Monthly Period, multiplied by a fraction, the numerator
of which is the number of days from and including the first day of such Monthly Period, to but excluding the related Reset Date,
and the denominator of which is the number of days in such Monthly Period and (ii) for each such Reset Date, the product of the
Aggregate Principal Receivables determined as of the close of business on such Reset Date, multiplied by a fraction, the
numerator of which is the number of days from and including such Reset Date, to the earlier of the last day of such Monthly Period
(in which case such period shall include such date) or the next succeeding Reset Date (in which case such period shall exclude
such date), and the denominator of which is the number of days in such Monthly Period.

 

    	 	3	 

     

    

  

“Base Rate”
means, for any Monthly Period, the annualized percentage (based on a 360-day year of twelve 30-day months, or in the case of the
initial Monthly Period, the actual number of days and a 360-day year) equivalent of a fraction, the numerator of which is equal
to the sum of (a) the Monthly Interest, (b) the amount required to be paid pursuant to Section 4.4(a)(i) and (c) the Noteholder
Servicing Fee, each with respect to the related Payment Date, and the denominator of which is the Collateral Amount plus amounts
on deposit in the Principal Accumulation Account, each as of the close of business on the last day of such Monthly Period.

 

“Benefit Plan”
means (i) an “employee benefit plan” as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (ii)
a “plan” as defined in Section 4975 of the Code that is subject to Section 4975 of the Code, or (iii) an entity whose
underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity.

 

“Business Day”
means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New
York or the State of Connecticut.

 

“Class A Additional
Interest” is defined in Section 4.1(a).

 

“Class A Deficiency
Amount” is defined in Section 4.1(a).

 

“Class A Monthly
Interest” is defined in Section 4.1(a).

 

“Class A Note
Initial Principal Balance” means $525,000,000.

 

“Class A Note
Interest Rate” means a per annum rate of 2.97%.

 

“Class A Note
Principal Balance” means, on any date of determination, an amount equal to (a) the Class A Note Initial Principal Balance,
minus (b) the aggregate amount of principal payments made to the Class A Noteholders on or prior to such date.

 

“Class A Noteholder”
means the Person in whose name a Class A Note is registered in the Note Register.

 

“Class A Notes”
means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in
the form of Exhibit A-1.

 

“Class A Required
Amount” means, for any Payment Date, an amount equal to the excess of the amounts described in Sections 4.4(a)(i),
(ii) and (iii) over Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

 

“Class B Additional
Interest” is defined in Section 4.1(b).

 

“Class B Deficiency
Amount” is defined in Section 4.1(b).

 

“Class B Monthly
Interest” is defined in Section 4.1(b).

 

    	 	4	 

     

    

  

“Class B Note
Initial Principal Balance” means $50,342,466.

 

“Class B Note
Interest Rate” means a per annum rate of 3.17%.

 

“Class B Note
Principal Balance” means, on any date of determination, an amount equal to (a) the Class B Note Initial Principal Balance,
minus (b) the aggregate amount of principal payments made to the Class B Noteholders on or prior to such date.

 

“Class B Noteholder”
means the Person in whose name a Class B Note is registered in the Note Register.

 

“Class B Notes”
means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in
the form of Exhibit A-2.

 

“Class B Required
Amount” means, for any Payment Date, an amount equal to the excess of the amount described in Section 4.4(a)(iv)
over Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

 

“Class C Additional
Interest” is defined in Section 4.1(c).

 

“Class C Deficiency
Amount” is defined in Section 4.1(c).

 

“Class C Monthly
Interest” is defined in Section 4.1(c).

 

“Class C Note
Initial Principal Balance” means $ 43,150,685.

 

“Class C Note
Interest Rate” means a per annum rate of 3.36%.

 

“Class C Note
Principal Balance” means, on any date of determination, an amount equal to (a) the Class C Note Initial Principal Balance,
minus (b) the aggregate amount of principal payments made to the Class C Noteholders on or prior to such date.

 

“Class C Noteholder”
means the Person in whose name a Class C Note is registered in the Note Register.

 

“Class C Notes”
means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in
the form of Exhibit A-3.

 

“Class C Required
Amount” means, for any Payment Date, an amount equal to the excess of the amount described in Section 4.4(a)(v)
over Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

 

“Closing Date”
means March 20, 2018.

 

“Collateral Amount”
means, as of any date of determination, an amount equal to the excess of (a) the Initial Collateral Amount, over (b) the
sum of (i) the amount of principal previously paid to the Series 2018-1 Noteholders, (ii) reductions in the Collateral Amount pursuant
to Section 4.4(f), (iii) the Principal Accumulation Account Balance and (iv) the excess, if any, of the aggregate amount
of Investor Charge-Offs and Reallocated Principal Collections over the reimbursements of such amounts pursuant to Section
4.4(a)(viii) prior to such date.

 

    	 	5	 

     

    

  

“Controlled Accumulation
Amount” means, for any Payment Date with respect to the Controlled Accumulation Period, $206,164,384; provided,
however, that if the Controlled Accumulation Period Length is determined to be more than or less than three months pursuant
to Section 4.13, the Controlled Accumulation Amount for each Payment Date with respect to the Controlled Accumulation Period
will be equal to (i) the initial Note Principal Balance divided by (ii) the Controlled Accumulation Period Length; provided,
further, that the Controlled Accumulation Amount for any Payment Date shall not exceed the Note Principal Balance minus
any amount already on deposit in the Principal Accumulation Account on such Payment Date.

 

“Controlled Accumulation
Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period commencing on the first
day of the third Monthly Period preceding the Expected Principal Payment Date or such other date as is determined in accordance
with Section 4.13 and ending on the first to occur of (a) the commencement of the Early Amortization Period and (b) the
Final Payment Date.

 

“Controlled Accumulation
Period Length” is defined in Section 4.13.

 

“Controlled Deposit
Amount” means, for any Payment Date with respect to the Controlled Accumulation Period, an amount equal to the sum of
the Controlled Accumulation Amount for such Payment Date and any existing Accumulation Shortfall.

 

“Covered Amount”
means an amount, determined as of each Transfer Date for any Interest Period, equal to the sum of:

 

(a)          product
of (i) the Class A Monthly Interest and (ii) a fraction (A) the numerator of which is equal to the lesser of the Principal Accumulation
Account Balance and the Class A Note Principal Balance, each as of the last day of the calendar month preceding such Transfer Date,
and (B) the denominator of which is equal to the Class A Note Principal Balance as of the last day of the calendar month preceding
such Transfer Date;

 

(b)          product
of (i) the Class B Monthly Interest and (ii) a fraction (A) the numerator of which is equal to the lesser of (x) the excess of
the Principal Accumulation Account Balance over the Class A Note Principal Balance as of the last day of the calendar month preceding
such Transfer Date and (y) the Class B Note Principal Balance as of the last day of the calendar month preceding such Transfer
Date, and (B) the denominator of which is equal to the Class B Note Principal Balance as of the last day of the calendar month
preceding such Transfer Date; and

 

(c)          product
of (i) the Class C Monthly Interest and (ii) a fraction (A) the numerator of which is equal to the lesser of (x) the excess of
the Principal Accumulation Account Balance over the sum of the Class A Note Principal Balance and the Class B Note Principal Balance,
each as of the last day of the calendar month preceding such Transfer Date and (y) the Class C Note Principal Balance as of the
last day of the calendar month preceding such Transfer Date, and (B) the denominator of which is equal to the Class C Note Principal
Balance as of the last day of the calendar month preceding such Transfer Date.

 

    	 	6	 

     

    

  

“Default Amount”
means, as to any Defaulted Account, the amount of Principal Receivables (other than Ineligible Receivables (as such term is defined
in the Transfer Agreement), unless there is an Insolvency Event with respect to the Originator or the Transferor) in such Defaulted
Account on the day it became a Defaulted Account.

 

“Defaulted Account”
means an Account in which there are Charged-Off Receivables.

 

“Dilution”
means any downward adjustment made by Servicer in the amount of any Transferred Receivable (a) because of a rebate, refund or billing
error to an accountholder, (b) because such Transferred Receivable was created in respect of merchandise which was refused or returned
by an accountholder or (c) for any other reason other than receiving Collections therefor or charging off such amount as uncollectible.

 

“Distribution
Account” means the account designated as such, established and owned by the Issuer and maintained in accordance with
Section 4.2.

 

“Early Amortization
Period” means the period commencing on the date on which a Trust Early Amortization Event or a Series 2018-1 Early Amortization
Event is deemed to occur and ending on the Final Payment Date.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Excess Collateral
Amount” means, at any time, the excess of (a) the sum of (i) the Collateral Amount and (ii) the Principal Accumulation
Account Balance, over (b) the Note Principal Balance.

 

“Excess Spread
Percentage” means, for any Monthly Period, a percentage equal to (a) the Portfolio Yield for such Monthly Period, minus
(b) the Base Rate for such Monthly Period.

 

“Expected Principal
Payment Date” means the March 2021 Payment Date.

 

“Final Payment
Date” means the earliest to occur of (a) the date on which the Note Principal Balance is paid in full, (b) the date on
which the Collateral Amount is reduced to zero and (c) the Series Maturity Date.

 

“Finance Charge
Account” means the account designated as such, established and owned by the Issuer and maintained in accordance with
Section 4.2.

 

“Finance Charge
Shortfall” is defined in Section 4.8.

 

“Group One”
means Series 2018-1 and each other outstanding Series previously or hereafter specified in the related Indenture Supplement to
be included in Group One.

 

“Hague Securities
Convention” means The Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary
(Concluded 5 July 2006), which became effective in the United States of America on April 1, 2017.

 

“Indenture”
is defined in the preamble.

 

    	 	7	 

     

    

  

“Indenture Trustee”
is defined in the preamble.

 

“Initial Collateral
Amount” means $719,178,083, which equals the sum of (i) the Class A Note Initial Principal Balance, (ii) the Class B
Note Initial Principal Balance, (iii) the Class C Note Initial Principal Balance and (v) the Initial Excess Collateral Amount.

 

“Initial Excess
Collateral Amount” means $100,684,932.

 

“Interest Period”
means, for any Payment Date, the period from and including the Payment Date immediately preceding such Payment Date (or, in the
case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date.

 

“Investor Charge-Offs”
is defined in Section 4.6.

 

“Investor Default
Amount” means, for any Monthly Period, the sum for all Accounts that became Defaulted Accounts during such Monthly Period,
of the following amount: the product of (a) the Default Amount with respect to each such Defaulted Account and (b) the Allocation
Percentage on the day such Account became a Defaulted Account.

 

“Investor Finance
Charge Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Finance Charge Collections
allocated to the Series issued pursuant to this Indenture Supplement pursuant to Section 4.3(a) for all Dates of Processing during
such Monthly Period.

 

“Investor Principal
Collections” means, for any Monthly Period, (a) during the Revolving Period, amounts deposited by the holder(s) of the
Transferor Interest to the Collection Account in respect of Reallocated Principal Collections pursuant to Section 4.3(c),
and (b) during the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the lesser of (i) the Required
Principal Deposit Amount for such Monthly Period and (ii) the aggregate amount of Principal Collections allocated to the Series
issued pursuant to this Indenture Supplement pursuant to Section 4.3(b) for all Dates of Processing during such Monthly
Period; provided, that for any Monthly Period in which the Early Amortization Period commences, the amount described in
this clause (ii) shall equal the sum of (x) the lesser of (A) the aggregate amount of Principal Collections allocated to
the Series issued pursuant to this Indenture Supplement pursuant to Section 4.3(b) for all Dates of Processing during any
portion of the Monthly Period preceding the date on which the Early Amortization Period commences and (B) the Required Principal
Deposit Amount during the portion of such Monthly Period preceding the date on which the Early Amortization Period commences, plus
(y) the aggregate amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement pursuant
to Section 4.3(b) for all Dates of Processing during any portion of the Monthly Period on and after the commencement of
the Early Amortization Period.

 

“Investor Uncovered
Dilution Amount” means, for any Monthly Period, an amount equal to the product of (a) the Series Allocation Percentage
for such Monthly Period (which with respect to any Monthly Period in which a Reset Date occurs during that Monthly Period will
be the daily average of the Series Allocation Percentages for all dates during such Monthly Period) and (b) the aggregate Dilutions
occurring during such Monthly Period as to which any deposit is required to be made hereunder but has not been made, provided,
that if the Free Equity Amount is greater than zero at the time the deposit referred to in clause (b) is required to be
made, the Investor Uncovered Dilution Amount shall be deemed to be zero.

 

    	 	8	 

     

    

  

“Issuer”
is defined in the preamble.

 

“Maximum Delinquency
Percentage” means, for purposes of Series 2018-1, 9%.

 

“Minimum Free
Equity Percentage” means, for purposes of Series 2018-1, 5.5%.

 

“Monthly Interest”
means, for any Payment Date, the sum of the Class A Monthly Interest, the Class B Monthly Interest and the Class C Monthly Interest
for such Payment Date.

 

“Monthly Period”
means, (a) with respect to the April 2018 Payment Date, the period beginning on the Closing Date and ending on March 31, 2018,
and (b) with respect to any Payment Date thereafter, the calendar month immediately preceding such Payment Date.

 

“Monthly Principal”
is defined in Section 4.1(d).

 

“Monthly Principal
Reallocation Amount” means, for any Monthly Period, an amount equal to the sum of:

 

(a)          the
lesser of (i) the Class A Required Amount and (ii) 27.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date) and (y) any reductions to the Collateral Amount pursuant to
Section 4.4(f), but not less than zero;

 

(b)          the
lesser of (i) the Class B Required Amount and (ii) 20.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as required in clause (a) above) and (y) any reductions
to the Collateral Amount pursuant to Section 4.4(f), but not less than zero; and

 

(c)          the
lesser of (i) the Class C Required Amount and (ii) 14.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as required in clauses (a) and (b) above)
and (y) any reductions to the Collateral Amount pursuant to Section 4.4(f), but not less than zero.

 

“Note Principal
Balance” means, on any date of determination, an amount equal to the sum of the Class A Note Principal Balance, the Class
B Note Principal Balance and the Class C Note Principal Balance.

 

    	 	9	 

     

    

  

“Noteholder Servicing
Fee” means, for any Transfer Date, an amount equal to one-twelfth of the product of (a) the Series Servicing Fee Percentage
and (b) the Collateral Amount as of the last day of the Monthly Period preceding such Transfer Date; provided, however,
that with respect to the first Transfer Date, the Noteholder Servicing Fee shall be calculated based on the Collateral Amount as
of the Closing Date and shall be pro rated for the number of days in the first Monthly Period.

 

“Payment Date”
means April 16, 2018 and the 15th day of each calendar month thereafter, or if such 15th day is not a Business
Day, the next succeeding Business Day.

 

“Plan Fiduciary”
means any fiduciary purchasing a Series 2018-1 Note (or interest therein) on behalf of a Benefit Plan.

 

“Portfolio Yield”
means, for any Monthly Period, the annualized percentage (based on a 360-day year of twelve 30-day months, or in the case of the
initial Monthly Period, the actual number of days and a 360-day year) equivalent of a fraction, (a) the numerator of which is equal
to the excess of (i) the Available Finance Charge Collections (excluding any Excess Finance Charge Collections), over (ii) the
Investor Default Amount and the Investor Uncovered Dilution Amount for such Monthly Period and (b) the denominator of which is
the Collateral Amount plus amounts on deposit in the Principal Accumulation Account, each as of the close of business on the last
day of such Monthly Period.

 

“Principal Account”
means the account designated as such, established and owned by the Issuer and maintained in accordance with Section 4.2.

 

“Principal Accumulation
Account” means the account designated as such, established and owned by the Issuer and maintained in accordance with
Section 4.2.

 

“Principal Accumulation
Account Balance” means, for any date of determination, the principal amount, if any, on deposit in the Principal Accumulation
Account on such date of determination.

 

“Principal Accumulation
Investment Proceeds” means, with respect to each Transfer Date, the investment earnings on funds in the Principal Accumulation
Account (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but
excluding such Transfer Date; provided, that for purposes of all calculations to be made prior to the related Payment Date
and the statement to be delivered pursuant to Section 5.2(a), the Servicer may estimate the amount of interest, earnings
and expenses on the Principal Accumulation Account based on the most recent statement delivered by the related deposit bank.

 

“Principal Shortfall”
is defined in Section 4.9.

 

“QIB”
means a qualified institutional buyer, within the meaning of Rule 144A under the Securities Act.

 

    	 	10	 

     

    

  

“Quarterly Excess
Spread Percentage” means (a) with respect to the June 2018 Payment Date, the percentage equivalent of a fraction the
numerator of which is the sum of (i) the Excess Spread Percentage for the Monthly Period relating to the May 2018 Payment Date
and (ii) the Excess Spread Percentage for the Monthly Period relating to the June 2018 Payment Date and the denominator of which
is two and (b) with respect to the July 2018 Payment Date and each Payment Date thereafter, the percentage equivalent of a fraction
the numerator of which is the sum of the Excess Spread Percentages determined with respect to the Monthly Periods relating to such
Payment Date and the immediately preceding two Payment Dates and the denominator of which is three.

 

“Rating Agency”
means, as of any date and with respect to any Class of the Series 2018-1 Notes, the nationally recognized statistical rating organizations
that have been requested by the Transferor to provide ratings of such Class and that are rating the Series 2018-1 Notes on such
date.

 

“Rating Agency
Condition” means, with respect to Series 2018-1 and any action, (i) with respect to any Class of the Series 2018-1 Notes
with respect to which S&P is a Rating Agency, if any, that S&P shall have notified the Issuer in writing that such action
will not result in a reduction or withdrawal of the rating, if any, of such Class (ii) with respect to any outstanding Class of
the Series 2018-1 Notes rated by any other Rating Agency, ten (10) days’ prior written notice (or, if ten (10) days’
advance notice is impracticable, as much advance notice as is practicable) is delivered electronically to each applicable Rating
Agency as provided in Section 8.7.

 

“Reallocated Principal
Collections” is defined in Section 4.7.

 

“Reassignment
Amount” means, with respect to Series 2018-1, the Redemption Amount.

 

“Redemption Amount”
means, for any Transfer Date, after giving effect to any deposits and payments otherwise to be made on the related Payment Date,
the sum of (i) the Note Principal Balance on such Payment Date, (ii) Monthly Interest for such Payment Date and any Monthly Interest
previously due but not distributed to the Series 2018-1 Noteholders and (iii) the amount of Additional Interest, if any, for the
related Payment Date and any Additional Interest previously due but not distributed to the Series 2018-1 Noteholders on a prior
Payment Date.

 

“Removal Date”
means a “Removal Date” as such term is defined in the Transfer Agreement.

 

“Required Deposit
Amount” means, with respect to the Series issued pursuant to this Indenture Supplement, for any Monthly Period, the sum
of (a) the Required Finance Charge Deposit Amount on such Date of Processing and (b) the Required Principal Deposit Amount on such
Date of Processing.

 

“Required Excess
Collateral Amount” means, at any time, 14.00% of the Collateral Amount; provided, that:

 

(a)          except
as provided in clause (c), the Required Excess Collateral Amount shall never be less than 3.00% of the Initial Collateral
Amount;

 

(b)          except
as provided in clause (c), the Required Excess Collateral Amount shall not decrease during an Early Amortization Period;
and

 

    	 	11	 

     

    

  

(c)          the
Required Excess Collateral Amount shall never be greater than the excess of the Note Principal Balance over the balance on deposit
in the Principal Accumulation Account.

 

“Required Finance
Charge Deposit Amount” means, with respect to the Series issued pursuant to this Indenture Supplement, for any Monthly
Period, the sum of (a) the fees payable to the Indenture Trustee, the Trustee and the Administrator on the related Payment Date,
(b) the Monthly Interest on the related Payment Date, (c) the Noteholder Servicing Fee, (d) if on such Date of Processing the Free
Equity Amount is less than the Minimum Free Equity Amount after giving effect to all transfers and deposits on that Date of Processing,
the Investor Default Amount and (e) any amount required to be deposited in the Reserve Account on the related Payment Date. To
the extent any data needed to calculate the Required Finance Charge Deposit Amount is not available on any Date of Processing,
the Issuer shall use the corresponding data as most recently determined or other reasonable estimate of such data until the required
data is available (which shall be no later than the Transfer Date in the following Monthly Period). Without limiting the foregoing,
for purposes of determining the Investor Default Amount on any Date of Processing, the Investor Default Amount shall be estimated
based on the assumption that the Investor Default Amount for the current Monthly Period will equal the Investor Default Amount
for the prior Monthly Period multiplied by 1.25.

 

“Required Principal
Deposit Amount” means, with respect to the Series issued pursuant to this Indenture Supplement, for any Monthly Period,
an amount equal to (a) during the Revolving Period, zero, (b) during the Controlled Accumulation Period, the Controlled Deposit
Amount for the related Payment Date, and (c) during the Early Amortization Period, the Note Principal Balance, minus any amount
already on deposit in the Principal Accumulation Account.

 

“Required Reserve
Account Amount” means, for any Transfer Date on or after the Reserve Account Funding Date, an amount equal to (a) 0.50%
of the Note Principal Balance or (b) any other amount designated by the Issuer; provided, however, that if such designation
is of a lesser amount, the Issuer shall (i) provide the Indenture Trustee with evidence that the Rating Agency Condition shall
have been satisfied and (ii) deliver to the Indenture Trustee a certificate of an Authorized Officer to the effect that, based
on the facts known to such officer at such time, in the reasonable belief of the Issuer, such designation will not cause an Early
Amortization Event or an event that, after the giving of notice or the lapse of time, would cause an Early Amortization Event to
occur with respect to Series 2018-1; provided, further, however, that at any time during which the Controlled
Accumulation Period Length is equal to one month, the Required Reserve Account Amount shall be equal to $0.00.

 

“Reserve Account”
means the account designated as such, established and owned by the Issuer and maintained in accordance with Section 4.2.

 

“Reserve Account
Funding Date” means the Payment Date selected by the Servicer on behalf of the Issuer which occurs not later than the
earliest of the Payment Date with respect to the Monthly Period which commences three months prior to the commencement of the Controlled
Accumulation Period (which commencement shall be subject to postponement pursuant to Section 4.13); provided, however,
that if the Rating Agency Condition is satisfied, the Issuer may postpone the Reserve Account Funding Date.

 

    	 	12	 

     

    

  

“Reserve Account
Surplus” means, as of any Transfer Date following the Reserve Account Funding Date, the amount, if any, by which the
amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount, after giving effect to all deposits to and
withdrawals from the Reserve Account to occur on or prior to the related Payment Date.

 

“Reserve Draw
Amount” means, with respect to each Transfer Date relating to the Controlled Accumulation Period or the first Transfer
Date relating to the Early Amortization Period, the amount, if any, by which the Principal Accumulation Investment Proceeds for
such Payment Date are less than the Covered Amount determined as of such Transfer Date.

 

“Reset Date”
means:

 

(a)          each
Addition Date;

 

(b)          each
Removal Date on which, if any Series of Notes has been paid in full, Principal Receivables for that Series are removed from the
Trust;

 

(c)          each
date on which there is an increase in the outstanding balance of any Variable Interest; and

 

(d)          each
date on which a new Series or Class of Notes is issued.

 

“Revolving Period”
means the period beginning on the Closing Date and ending at the close of business on the day immediately preceding the earlier
of the day the Controlled Accumulation Period commences or the day the Early Amortization Period commences.

 

“Series Accounts”
means, collectively, the Finance Charge Account, the Principal Account, the Principal Accumulation Account, the Distribution Account
and the Reserve Account.

 

“Series Allocation
Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction, the numerator of which
is the numerator used in determining the Allocation Percentage for Finance Charge Collections for that Monthly Period and the denominator
of which is the sum of the numerators used in determining the Allocation Percentage for Finance Charge Collections for all outstanding
Series on such date of determination; provided, that if one or more Reset Dates occur in a Monthly Period, the Series Allocation
Percentage for the portion of the Monthly Period falling on and after each such Reset Date and prior to any subsequent Reset Date
will be determined using a denominator which is equal to the sum of the numerators used in determining the Allocation Percentage
for Finance Charge Collections for all outstanding Series as of the close of business on the subject Reset Date.

 

“Series Maturity
Date” means, with respect to Series 2018-1, the March 2024 Payment Date.

 

“Series Servicing
Fee Percentage” means 2% per annum.

 

    	 	13	 

     

    

  

“Series 2018-1”
means the Series of Notes the terms of which are specified in this Indenture Supplement.

 

“Series 2018-1
Early Amortization Event” is defined in Section 6.1.

 

“Series 2018-1
Excess Finance Charge Collections” means Excess Finance Charge Collections allocated from other Series in Group One to
Series 2018-1 pursuant to Section 8.6 of the Indenture.

 

“Series 2018-1
Note” means a Class A Note, a Class B Note or a Class C Note.

 

“Series 2018-1
Noteholder” means a Class A Noteholder, a Class B Noteholder or a Class C Noteholder.

 

“Similar Law”
means any applicable law that is substantially similar to the fiduciary responsibility provisions of ERISA or Section 4975 of the
Code.

 

“Surplus Collateral
Amount” means, with respect to any Payment Date, the excess, if any, of the Excess Collateral Amount over the Required
Excess Collateral Amount, in each case calculated after giving effect to any deposits into the Principal Accumulation Account and
payments of principal on such Payment Date, but before giving effect to any reduction in the Collateral Amount on such Payment
Date pursuant to Section 4.4(f).

 

“Transaction Parties”
is defined in Section 3.2(b)(i).

 

“Trust”
is defined in the preamble.

 

SECTION 1.2.   Incorporation
of Terms. The terms of the Indenture are incorporated in this Supplement as if set forth in full herein. As supplemented by
this Supplement, the Indenture is in all respects ratified and confirmed and both together shall be read, taken and construed as
one and the same agreement. If the terms of this Supplement and the terms of the Indenture conflict, the terms of this Supplement
shall control with respect to the Series 2018-1.

 

ARTICLE
II

Creation
of the Series 2018-1 Notes

 

SECTION 2.1.   Designation.

 

(a)          There
is hereby created and designated a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known
as “Synchrony Credit Card Master Note Trust, Series 2018-1” or the “Series 2018-1 Notes.”
The Series 2018-1 Notes shall be issued in three Classes, known as the “Class A Series 2018-1 Fixed Rate Asset Backed
Notes”, the “Class B Series 2018-1 Fixed Rate Asset Backed Notes” and the “Class C Series
2018-1 Fixed Rate Asset Backed Notes.”

 

(b)          Series
2018-1 shall be included in Group One and shall be a Principal Sharing Series. Series 2018-1 shall be an Excess Allocation Series
with respect to Group One only. Series 2018-1 shall not be subordinated to any other Series.

 

    	 	14	 

     

    

  

(c)          The
Series 2018-1 Class A Notes shall be issued in minimum denominations of $10,000 and in integral multiples of $1,000 and the Class
B Notes and the Class C Notes shall be issued in minimum denominations of $10,000 and in integral multiples of $1.

 

SECTION 2.2.   Transfer
Restrictions.

 

(a)          Each
Class A Note, Class B Note and Class C Note will bear a legend to the effect of the following unless determined otherwise by the
Administrator (as certified to the Indenture Trustee in an Officer’s Certificate) consistent with applicable law:

 

THE HOLDER OF
THIS NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT
THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO
LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT
PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”))
THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED
TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) ABOVE (EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH
PLAN OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION
OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SIMILAR LAW AND (B) IF IT IS A BENEFIT PLAN, ITS DECISION TO ACQUIRE SUCH NOTE (OR INTEREST THEREIN) HAS BEEN MADE BY A FIDUCIARY
WHICH IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE” AS DESCRIBED IN 29 C.F.R. 2510.3-21(c)(1). BENEFIT PLANS
OR PLANS SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THIS NOTE DOES NOT HAVE A CURRENT INVESTMENT GRADE RATING
FROM A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION.

 

(b)          Any
Notes that were beneficially owned by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes
as of the Closing Date, may not be transferred for U.S. federal income tax purposes to another Person (other than the single beneficial
owner of the Issuer for U.S. federal income tax purposes) unless the Administrator shall cause an opinion of nationally recognized
tax counsel to be delivered to the Administrator and Indenture Trustee to the effect that such Notes will be treated as debt for
U.S. federal income tax purposes. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the
Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may
be required by the Administrator as a condition to such transfer.

 

    	 	15	 

     

    

  

ARTICLE
III

REPRESENTATIONS,
WARRANTIES and Covenants

 

SECTION 3.1.   Representations,
Warranties and Covenants with respect to Receivables. The parties hereto agree that the representations, warranties and covenants
set forth in Schedule I shall be a part of this Indenture Supplement for all purposes.

 

SECTION 3.2.   Representations,
Warranties and Covenants with respect to ERISA.

 

(a)          By
acquiring a Series 2018-1 Note (or interest therein), each purchaser and subsequent transferee shall be deemed to represent and
warrant that either (i) it is not (and for so long as it holds such Series 2018-1 Note will not be), is not acting on behalf of
(and for so long as it holds such Series 2018-1 Note will not be acting on behalf of), and is not investing the assets of a Benefit
Plan or a governmental plan, church plan or non-U.S. plan that is subject to any Similar Law or (ii) its acquisition, continued
holding and disposition of such Series 2018-1 Note will not result in a non-exempt prohibited transaction under ERISA or Section
4975 of the Code or a violation of any Similar Law. Benefit Plans may not acquire the Series 2018-1 Notes at any time that the
Series 2018-1 Notes do not have a current investment grade rating from a nationally recognized statistical rating organization.

 

(b)          By
acquiring a Series 2018-1 Note (or interest therein), each purchaser and subsequent transferee that is a Benefit Plan, and any
Plan Fiduciary, shall be deemed to represent and warrant that the decision to acquire the Series 2018-1 Note (or interest therein)
has been made by the Plan Fiduciary and the Plan Fiduciary is an “independent fiduciary with financial expertise” as
described in 29 C.F.R. Sec. 2510.3-21(c)(1). Specifically, this requires the Benefit Plan and Plan Fiduciary to represent and warrant
that:

 

(i)          The
Plan Fiduciary is independent of the Transferor, the Trust, any underwriter of such Series 2018-1 Note and their respective Affiliates
(for purposes of this Section, the “Transaction Parties”), and such Plan Fiduciary either (A) is a bank as defined
in Section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or similar institution
that is regulated and supervised and subject to periodic examination by a U.S. state or U.S. federal agency, (B) is an insurance
carrier which is qualified under the laws of more than one U.S. state to perform the services of managing, acquiring or disposing
of assets of an employee benefit plan described in Section 3(3) of ERISA or any plan described in Section 4975(e)(1)(A) of the
Code; (C) is an investment adviser registered under the Advisers Act, or, if not registered as an investment advisor under the
Advisers Act by reason of paragraph (1) of Section 203A of the Advisors Act, is registered as an investment advisor under the laws
of the U.S. state in which it maintains its principal office and place of business, (D) is a broker-dealer registered under the
Securities Exchange Act or (E) holds or has under its management or control, total assets of at least $50,000,000; provided, that
this clause (E) shall not be satisfied if such Plan Fiduciary is either (1) an individual directing his or her own individual
retirement account or a relative of such individual or (2) a participant or beneficiary of such Benefit Plan purchasing such Series
2018-1 Note or a relative of such participant or beneficiary;

 

    	 	16	 

     

    

  

(ii)         the
Plan Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies, including the acquisition by such Benefit Plan of such Series 2018-1 Note;

 

(iii)        the
Plan Fiduciary is a “fiduciary” with respect to such Benefit Plan within the meaning of Section 3(21) of ERISA, Section
4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating such Benefit Plan’s acquisition
of such Series 2018-1 Note;

 

(iv)        none
of the Transaction Parties has exercised any authority to cause such Benefit Plan to invest in the Series 2018-1 Notes or to negotiate
the terms of such Benefit Plan’s investment in the Series 2018-1 Notes; and

 

(v)         the
Plan Fiduciary has been informed by the Transaction Parties (A) that none of the Transaction Parties is undertaking to provide
impartial investment advice or to give advice in a fiduciary capacity, and no such entity has given investment advice or otherwise
made a recommendation, in connection with such Benefit Plan’s acquisition of such Series 2018-1 Note (other than advice,
if any, given by an underwriter to an independent fiduciary that meets the requirements of Section 3.1(b)(i) above) and
(B) of the existence and nature of the Transaction Parties’ financial interests in such Benefit Plan’s acquisition
of such Series 2018-1 Note, as described in the prospectus with respect to the Series 2018-1 Notes.

 

ARTICLE
IV

Rights
of Series 2018-1 Noteholders and Allocation and Application of Collections

 

SECTION 4.1.   Determination
of Interest and Principal.

 

(a)          The
amount of monthly interest (“Class A Monthly Interest”) due and payable with respect to the Class A Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 25) and the denominator of which is 360, (ii) the Class A Note Interest Rate in effect with respect to
the related Interest Period and (iii) the Class A Note Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Payment Date, the Class A Note Initial Principal Balance).

 

With respect to each Payment
Date, the Issuer shall determine the excess, if any (the “Class A Deficiency Amount”), of (x) the aggregate
amount of Class A Monthly Interest payable pursuant to this Section 4.1(a) as of the prior Payment Date over (y)
the amount of Class A Monthly Interest actually paid on such Payment Date. If the Class A Deficiency Amount for any Payment Date
is greater than zero, on each subsequent Payment Date until such Class A Deficiency Amount is fully paid, an additional amount
(“Class A Additional Interest”) equal to the product of (i) a fraction, the numerator of which is 30 and the
denominator of which is 360, (ii) the Class A Note Interest Rate in effect with respect to the related Interest Period plus
2% per annum and (iii) such Class A Deficiency Amount (or the portion thereof which has not been paid to the Class A Noteholders)
shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, Class A
Additional Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law.

 

    	 	17	 

     

    

  

(b)          The
amount of monthly interest (“Class B Monthly Interest”) due and payable with respect to the Class B Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 25) and the denominator of which is 360, (ii) the Class B Note Interest Rate in effect with respect to
the related Interest Period and (iii) the Class B Note Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Payment Date, the Class B Note Initial Principal Balance).

 

With respect to each Payment
Date, the Issuer shall determine the excess, if any (the “Class B Deficiency Amount”), of (x) the aggregate
amount of Class B Monthly Interest payable pursuant to this Section 4.1(b) as of the prior Payment Date over (y)
the amount of Class B Monthly Interest actually paid on such Payment Date. If the Class B Deficiency Amount for any Payment Date
is greater than zero, on each subsequent Payment Date until such Class B Deficiency Amount is fully paid, an additional amount
(“Class B Additional Interest”) equal to the product of (i) a fraction, the numerator of which is 30 and the
denominator of which is 360, (ii) the Class B Note Interest Rate in effect with respect to the related Interest Period plus
2% per annum and (iii) such Class B Deficiency Amount (or the portion thereof which has not been paid to the Class B Noteholders)
shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B
Additional Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law.

 

(c)          The
amount of monthly interest (“Class C Monthly Interest”) due and payable with respect to the Class C Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 25) and the denominator of which is 360, (ii) the Class C Note Interest Rate in effect with respect to
the related Interest Period and (iii) the Class C Note Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Payment Date, the Class C Note Initial Principal Balance).

 

With respect to each Payment
Date, the Issuer shall determine the excess, if any (the “Class C Deficiency Amount”), of (x) the aggregate
amount of Class C Monthly Interest payable pursuant to this Section 4.1(c) as of the prior Payment Date over (y)
the amount of Class C Monthly Interest actually paid on such Payment Date. If the Class C Deficiency Amount for any Payment Date
is greater than zero, on each subsequent Payment Date until such Class C Deficiency Amount is fully paid, an additional amount
(“Class C Additional Interest”) equal to the product of (i) a fraction, the numerator of which is 30 and the
denominator of which is 360, (ii) the Class C Note Interest Rate in effect with respect to the related Interest Period plus
2% per annum and (iii) such Class C Deficiency Amount (or the portion thereof which has not been paid to the Class C Noteholders)
shall be payable as provided herein with respect to the Class C Notes. Notwithstanding anything to the contrary herein, Class C
Additional Interest shall be payable or distributed to the Class C Noteholders only to the extent permitted by applicable law.

 

    	 	18	 

     

    

  

(d)          The
amount of monthly principal to be transferred from the Principal Account with respect to the Notes on each Payment Date (the “Monthly
Principal”), beginning with the Payment Date in the Monthly Period following the Monthly Period in which the Controlled
Accumulation Period or, if earlier, the Early Amortization Period, begins, shall be equal to the least of (i) the Available Principal
Collections on deposit in the Principal Account with respect to the related Monthly Period, (ii) for each Payment Date with respect
to the Controlled Accumulation Period, the Controlled Deposit Amount for such Payment Date, (iii) the Collateral Amount (after
taking into account any adjustments to be made on such Payment Date pursuant to Sections 4.6 and 4.7) prior to any
deposit into the Principal Accumulation Account on such Payment Date and (iv) the Note Principal Balance, minus any amount already
on deposit in the Principal Accumulation Account on such Payment Date.

 

SECTION 4.2.   Establishment
of Accounts.

 

(a)          As
of the Closing Date, the Issuer covenants to have established and shall thereafter maintain the Finance Charge Account, the Principal
Account, the Principal Accumulation Account, the Distribution Account and the Reserve Account, each of which shall be an Eligible
Deposit Account.

 

(b)          If
the depositary institution wishes to resign as depositary of any of the Series Accounts for any reason or fails to carry out the
instructions of the Issuer for any reason, then the Issuer shall promptly notify the Indenture Trustee on behalf of the Noteholders.

 

(c)          On
or before the Closing Date, the Issuer shall enter into a depositary agreement to govern the Series Accounts pursuant to which
such accounts are continuously identified in the depositary institution’s books and records as subject to a security interest
in favor of the Indenture Trustee on behalf of the Noteholders and, except as may be expressly provided herein to the contrary,
in order to perfect the security interest of the Indenture Trustee on behalf of the Noteholders under the UCC, the Indenture Trustee
on behalf of the Noteholders shall have the power to direct disposition of the funds in the Series Accounts without further consent
by the Issuer; provided, however, that prior to the delivery by the Indenture Trustee on behalf of the Noteholders
of notice otherwise, the Issuer shall have the right to direct the disposition of funds in the Series Accounts; provided,
further, that the Indenture Trustee on behalf of the Noteholders agrees that it will not deliver such notice or exercise
its power to direct disposition of the funds in the Series Accounts unless an Event of Default has occurred and is continuing.

 

(d)          The
Issuer shall not close any of the Series Accounts unless it shall have (i) received the prior consent of the Indenture Trustee
on behalf of the Noteholders, (ii) established a new Eligible Deposit Account with the depositary institution or with a new depositary
institution satisfactory to the Indenture Trustee on behalf of the Noteholders, (iii) entered into a depositary agreement to govern
such new account(s) with such new depositary institution which agreement is satisfactory in all respects to the Indenture Trustee
on behalf of the Noteholders (whereupon such new account(s) shall become the applicable Series Account(s) for all purposes of this
Indenture Supplement) and (iv) taken all such action as the Indenture Trustee on behalf of the Noteholders shall reasonably require
to grant and perfect a first priority security interest in such account(s) under this Indenture Supplement.

 

    	 	19	 

     

    

  

SECTION 4.3.   Calculations
and Series Allocations.

 

(a)          Allocations
of Finance Charge Collections. On each Date of Processing, the Issuer shall allocate to the Noteholders of the Series issued
pursuant to this Indenture Supplement an amount equal to the product of (A) the Allocation Percentage and (B) the aggregate Finance
Charge Collections processed on such Date of Processing. On or prior to 12:00 noon, New York City time, on each Transfer Date,
the Issuer shall transfer from the Collection Account to the Finance Charge Account, an amount equal to the lesser of the Investor
Finance Charge Collections for the preceding Monthly Period and the Required Finance Charge Deposit Amount for the preceding Monthly
Period.

 

(b)          Allocations
of Principal Collections. On each Date of Processing, the Issuer shall allocate to the Noteholders of the Series issued pursuant
to this Indenture Supplement an amount equal to the product of (A) the Allocation Percentage and (B) the aggregate amount of Principal
Collections processed on such Date of Processing. Principal Collections allocated to the Series issued pursuant to this Indenture
Supplement in excess of the Investor Principal Collections shall be treated as Shared Principal Collections. On or prior to 12:00
noon, New York City time, on each Transfer Date, the Issuer shall transfer from the Collection Account to the Principal Account,
an amount equal to the Available Principal Collections to the extent such funds have not been deposited into the Principal Account
pursuant to Section 4.4(a) or any other provision of this Agreement.

 

(c)          Calculations
and Additional Deposits. With respect to each Monthly Period falling in the Revolving Period, to the extent that Principal
Collections allocated to the Noteholders of the Series issued pursuant to this Indenture Supplement pursuant to Section 4.3(b)
are paid to the holders(s) of the Transferor Interest, the Issuer shall cause the holder(s) of the Transferor Interest to make
an amount equal to the Reallocated Principal Collections for the related Transfer Date available on or prior to the related Payment
Date for application in accordance with Section 4.7. Notwithstanding the provisions of Section 8.4(a) of the Indenture
allowing Collections for any Monthly Period in excess of the Aggregate Required Deposit Amount for such Monthly Period to be distributed
to the holder(s) of the Transferor Interest, (1) “Reallocated Principal Collections” for the related Transfer
Date shall be calculated as if the full amount of Finance Charge Collections allocated to the Series issued pursuant to this Indenture
Supplement during that Monthly Period had been deposited in the Collection Account and applied as Available Finance Charge Collections
on the related Payment Date in accordance with Section 4.4(a) and (2) Collections of Finance Charge Receivables allocated
to the Series issued pursuant to this Indenture Supplement during that Monthly Period that were released to the holder(s) of the
Transferor Interest pursuant to Section 8.4(a) of the Indenture shall be deemed, for purposes of all calculations under this Indenture
Supplement, to have been applied as Available Finance Charge Collections to the items specified in Section 4.4(a) to which
such amounts would have been applied (and in the priority in which they would have been applied) had such amounts been available
in the Collection Account on the related Payment Date. To avoid doubt, the calculations referred to in clause (2) of the preceding
sentence include the calculations required by clause (b)(iv) of the definition of Collateral Amount. If on any Transfer
Date the Free Equity Amount is less than the Minimum Free Equity Amount after giving effect to all transfers and deposits to occur
on or prior to the related Payment Date, the Issuer shall cause the holder(s) of the Transferor Interest, on or prior to the related
Payment Date, to deposit into the Principal Account funds in an amount equal to the amounts of Available Finance Charge Collections
that are required to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vii), (viii) and (xi)
but are not available from funds in the Finance Charge Account as a result of the release of Collections to the holder(s) of the
Transferor Interest pursuant to Section 8.4(a) of the Indenture.

 

    	 	20	 

     

    

  

(d)          Notwithstanding
anything to the contrary contained in the Agreement, (i) funds required to be deposited into the Finance Charge Account or Principal
Account pursuant to this Indenture Supplement that would be subsequently transferred to the Distribution Account may instead be
directly deposited to the Distribution Account, and (ii) any funds required to be deposited into the Finance Charge Account or
Principal Account pursuant to this Indenture Supplement that would be subsequently transferred to the Issuer or the holder(s) of
the Transferor Interest shall not be required to be transferred to any Series Account and may be directly paid to the Issuer or
the holder(s) of the Transferor Interest pursuant to the priority of payments set forth in this Indenture Supplement.

 

(e)          Allocations
of Interchange. Notwithstanding anything to the contrary in Section 4.3(a) or the Indenture, Interchange for each Monthly Period
shall be allocated to the Noteholders of the Series issued pursuant to this Indenture Supplement based on the daily average of
the Allocation Percentages for Finance Charge Collections for all dates during such Monthly Period, and shall be deposited into
the Collection Account not later 12:00 noon, New York City time, on the Payment Date following the related Monthly Period.

 

SECTION 4.4.   Application
of Available Finance Charge Collections and Available Principal Collections. On or prior to each Transfer Date or related Payment
Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the
Finance Charge Account, the Principal Accumulation Account, the Principal Account and the Distribution Account as follows:

 

(a)          On
or prior to each Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Monthly
Period will be paid or deposited in the following priority:

 

(i)          to
pay, on a pari passu basis, the following amounts, to the extent allocated to Series 2018-1 pursuant to Section 8.4(d) of
the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture
Trustee up to a maximum amount of $25,000 for each calendar year, (B) the payment to the Trustee of the accrued and unpaid fees
and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year and (C) the payment to the Administrator
of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar
year;

 

    	 	21	 

     

    

  

(ii)         an
amount equal to the Noteholder Servicing Fee for the related Transfer Date, plus the amount of any Noteholder Servicing
Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;

 

(iii)        an
amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount
of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously
due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;

 

(iv)        an
amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount
of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously
due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;

 

(v)         an
amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount
of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously
due but not paid to Class C Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;

 

(vi)        [Reserved];

 

(vii)       (A)
first, an amount equal to the Investor Default Amount for such Payment Date shall be treated as a portion of Available Principal
Collections for such Payment Date and (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment
Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available
Principal Collections pursuant to subclause (A) or (B) of this clause (vii) during the Controlled Accumulation
Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;

 

(viii)      an
amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which
have not been previously reimbursed pursuant to this Section 4.4(a)(viii) shall be treated as a portion of Available Principal
Collections for such Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited
into the Principal Account on the related Payment Date;

 

(ix)         on
each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates
as described in Section 4.10(e), an amount up to the excess, if any, of the Required Reserve Account Amount over
the Available Reserve Account Amount shall be deposited into the Reserve Account;

 

(x)          [Reserved]

 

    	 	22	 

     

    

  

(xi)         without
duplication of the amount specified in clause (vii)(B) of this Section 4.4(a), an amount equal to the Series Allocation
Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the
Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall
be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period
or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;

 

(xii)        [Reserved];

 

(xiii)       unless
an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed
in clause (i) above that have been allocated to Series 2018-1 pursuant to Section 8.4(d) of the Indenture and that
have not been paid pursuant to clause (i) above shall be paid to such Persons; and

 

(xiv)      the
balance, if any, will constitute a portion of Excess Finance Charge Collections for such Payment Date and will be applied in accordance
with Section 8.6 of the Indenture; provided, that during an Early Amortization Period, if any such Excess Finance
Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such
Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly
Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without
regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiv)), second,
shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated
to Series 2018-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i)
and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed
to such Persons listed in clause (i) above shall be paid to the Issuer.

 

(b)          On
or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for
the related Monthly Period shall be treated as Shared Principal Collections and allocated in accordance with Section 8.5
of the Indenture.

 

(c)          On
or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early
Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be paid or deposited
in the following order of priority:

 

(i)          during
the Controlled Accumulation Period, an amount equal to the Monthly Principal for each Transfer Date shall be deposited into the
Principal Accumulation Account on the related Payment Date;

 

(ii)         during
the Early Amortization Period, an amount equal to the Monthly Principal for each Transfer Date shall be deposited into the Distribution
Account on the related Payment Date and on such Payment Date shall be paid, first to the Class A Noteholders on the related
Payment Date until the Class A Note Principal Balance has been reduced to zero; second to the Class B Noteholders until
the Class B Note Principal Balance has been reduced to zero; and third to the Class C Noteholders until the Class C Note
Principal Balance has been reduced to zero; and

 

    	 	23	 

     

    

  

(iii)        the
balance of such Available Principal Collections remaining after application in accordance with clauses (i) and (ii)
above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.

 

(d)          On
each Payment Date, the Issuer shall pay in accordance with Section 4.5 to the Class A Noteholders from the Distribution
Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(iii) on such Payment Date, to the
Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(iv)
on such Payment Date and to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account
pursuant to Section 4.4(a)(v) on such Payment Date.

 

(e)          On
the earlier to occur of (i) the first Payment Date with respect to the Early Amortization Period and (ii) the Expected Principal
Payment Date, the Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account the amount
deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay such
amount first to the Class A Noteholders, until the Class A Note Principal Balance is paid in full; second to the
Class B Noteholders, until the Class B Note Principal Balance is paid in full; and third to the Class C Noteholders until
the Class C Note Principal Balance is paid in full.

 

(f)          As
of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Principal Collections allocated
to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall
be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant
to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.

 

SECTION 4.5.   Distributions.

 

(a)          On
each Payment Date, the Issuer shall pay to each Class A Noteholder of record on the related Record Date such Class A Noteholder’s
pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Payment Date
and as are payable to the Class A Noteholders pursuant to this Indenture Supplement.

 

(b)          On
each Payment Date, the Issuer shall pay to each Class B Noteholder of record on the related Record Date such Class B Noteholder’s
pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Payment Date
and as are payable to the Class B Noteholders pursuant to this Indenture Supplement.

 

(c)          On
each Payment Date, the Issuer shall pay to each Class C Noteholder of record on the related Record Date such Class C Noteholder’s
pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Payment Date
and as are payable to the Class C Noteholders pursuant to this Indenture Supplement.

 

    	 	24	 

     

    

  

(d)          The
payments to be made pursuant to this Section 4.5 are subject to the provisions of Section 7.1 of this Indenture Supplement.

 

(e)          All
payments to Noteholders hereunder shall be made by (i) check mailed to each Series 2018-1 Noteholder (at such Noteholder’s
address as it appears in the Note Register), except that for any Series 2018-1 Notes registered in the name of the nominee of a
Clearing Agency, such payment shall be made by wire transfer of immediately available funds and (ii) except as provided in Section
2.7(b) of the Indenture, without presentation or surrender of any Series 2018-1 Note or the making of any notation thereon.

 

SECTION 4.6.   Investor
Charge-Offs. On each Determination Date, the Issuer shall calculate the Investor Default Amount and any Investor Uncovered
Dilution Amount for the preceding Monthly Period. If, on any Transfer Date, the sum of the Investor Default Amount and any Investor
Uncovered Dilution Amount for the preceding Monthly Period exceeds the amount of Available Finance Charge Collections allocated
with respect thereto pursuant to Section 4.4(a)(vii) with respect to such Transfer Date, the Collateral Amount will be reduced
(but not below zero) by the amount of such excess (such reduction, an “Investor Charge-Off”).

 

SECTION 4.7.   Reallocated
Principal Collections. On each Transfer Date, the Issuer shall allocate Investor Principal Collections with respect to that
Transfer Date, to fund any deficiency pursuant to and in the priority set forth in Sections 4.4(a)(i), (ii), (iii),
(iv) and (v) on the related Payment Date (any such Investor Principal Collections so allocated, “Reallocated
Principal Collections”); provided, that for any Monthly Period, Reallocated Principal Collections may not exceed
the Monthly Principal Reallocation Amount for such Monthly Period. On each Transfer Date, the Collateral Amount shall be reduced
by the amount of Reallocated Principal Collections for such Transfer Date.

 

SECTION 4.8.   Excess
Finance Charge Collections. Series 2018-1 shall be an Excess Allocation Series with respect to Group One only. Subject to Section 8.6
of the Indenture, Excess Finance Charge Collections with respect to the Excess Allocation Series in Group One with respect to any
Monthly Period will be allocated to Series 2018-1 in an amount equal to the product of (x) the aggregate amount of Excess Finance
Charge Collections with respect to all the Excess Allocation Series in Group One for such Monthly Period and (y) a fraction, the
numerator of which is the Finance Charge Shortfall for Series 2018-1 for such Monthly Period and the denominator of which is the
aggregate amount of Finance Charge Shortfalls for all the Excess Allocation Series in Group One, in each case with respect to payments
to be made on or prior to the Payment Date following such Monthly Period. The “Finance Charge Shortfall” for
Series 2018-1 for any date on which Excess Finance Charge Collections are allocated pursuant to Section 8.6 of the Indenture
will be equal to the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to Sections
4.4(a)(i) through (xiii) with respect to the next following Payment Date over (b) the Available Finance
Charge Collections with respect to the related Monthly Period (excluding any portion thereof attributable to Excess Finance Charge
Collections).

 

    	 	25	 

     

    

  

SECTION 4.9.   Shared
Principal Collections. Subject to Section 8.5 of the Indenture, Shared Principal Collections allocable to Series
2018-1 with respect to any Monthly Period will be equal to the product of (x) the aggregate amount of Shared Principal Collections
with respect to all Principal Sharing Series for such Monthly Period and (y) a fraction, the numerator of which is the Principal
Shortfall for Series 2018-1 for such Monthly Period and the denominator of which is the aggregate amount of Principal Shortfalls
for all the Series which are Principal Sharing Series, in each case with respect to payments to be made on or prior to the Payment
Date following such Monthly Period. The “Principal Shortfall” for Series 2018-1 for any date on which Shared
Principal Collections are allocated pursuant to Section 8.5 of the Indenture will be equal to (a) for any allocation date
with respect to the Revolving Period or any allocation date during the Early Amortization Period prior to the earlier of (i) the
end of the Monthly Period immediately preceding the Expected Principal Payment Date and (ii) the date on which all outstanding
Series are in early amortization periods, zero, (b) for any allocation date with respect to the Controlled Accumulation Period,
the excess, if any, of the Controlled Deposit Amount with respect to the next following Payment Date over the amount of
Available Principal Collections for the related Monthly Period (excluding any portion thereof attributable to Shared Principal
Collections or amounts available to be treated as Available Principal Collections pursuant to clause (ix) of Section
4.4(a)) and (c) for any allocation date on or after the earlier of (i) the end of the Monthly Period immediately preceding
the Expected Principal Payment Date and (ii) the date on which all outstanding Series are in early amortization periods, the Note
Principal Balance.

 

SECTION 4.10.  Reserve
Account.

 

(a)          On
each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date
on funds on deposit in the Reserve Account shall be retained in the Reserve Account (to the extent that the Available Reserve Account
Amount is less than the Required Reserve Account Amount). Any remaining interest and earnings (net of losses and investment expenses)
shall be (i) deposited on or prior to the related Payment Date into the Finance Charge Account (to the extent such funds are needed
for distributions pursuant to Section 4.4(a)) and (ii) included in Available Finance Charge Collections for the related Monthly
Period. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Indenture
Supplement, except as otherwise provided in the preceding sentence, investment earnings on such funds shall be deemed not to be
available or on deposit.

 

(b)          On
or before each Transfer Date with respect to the Controlled Accumulation Period and on or before the first Transfer Date with respect
to the Early Amortization Period, the Issuer shall calculate the Reserve Draw Amount; provided, however, that such
amount will be reduced to the extent that funds otherwise would be available for deposit in the Reserve Account under Section 4.4(a)(ix)
on the following Payment Date.

 

(c)          If
for any Transfer Date the Reserve Draw Amount is greater than zero, the Reserve Draw Amount, up to the Available Reserve Account
Amount, shall be withdrawn from the Reserve Account on or prior to the related Payment Date by the Issuer and deposited into the
Finance Charge Account for application as Available Finance Charge Collections on the following Payment Date.

 

    	 	26	 

     

    

  

(d)          If
the Reserve Account Surplus on any Transfer Date is greater than zero, on or prior to the related Payment Date, the Indenture Trustee,
acting in accordance with the written instructions of the Issuer, shall withdraw from the Reserve Account an amount equal to such
Reserve Account Surplus and distribute any such amounts to the holders of the Transferor Interest.

 

(e)          Upon
the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the
first Transfer Date relating to the Early Amortization Period and (iii) the Expected Principal Payment Date, the Issuer, after
the prior payment of all amounts owing to the Series 2018-1 Noteholders that are payable from the Reserve Account as provided herein,
shall withdraw from the Reserve Account all amounts, if any, on deposit in the Reserve Account and distribute any such amounts
to the holders of the Transferor Interest. The Reserve Account shall thereafter be deemed to have terminated for purposes of this
Indenture Supplement.

 

SECTION 4.11.  [Reserved]

 

SECTION 4.12.  Investment
of Accounts. (a) Except as provided in the following sentence, to the extent there are uninvested amounts deposited in the
Series Accounts, the Issuer shall cause such amounts to be invested in Permitted Investments selected by the Issuer that mature
no later than the following Transfer Date. To the extent there are uninvested amounts deposited into any Series Account on a Transfer
Date for distribution on the related Payment Date, the Issuer shall cause such amounts to be invested overnight in Permitted Investments
described in clause (b) of the definition of “Permitted Investments” held at the Indenture Trustee or at a depository
institution or trust company that has entered into an agreement with the Issuer and the Indenture Trustee in accordance with the
Custody and Control Agreement.

 

(b)          To
the extent that there are any other agreements with the Indenture Trustee or Custodian governing the Series Accounts (any or each
of such agreements, also an “Account Agreement”), the parties agree that each and every such agreement is hereby amended
to provide that with respect to the Series Accounts, the law applicable to all issues specified in Article 2(1) of the Hague Securities
Convention shall be the laws of the State of New York.

 

(c)          On
each Transfer Date with respect to the Controlled Accumulation Period and on the first Transfer Date with respect to the Early
Amortization Period, the Issuer shall transfer from the Principal Accumulation Account to the Finance Charge Account the Principal
Accumulation Investment Proceeds on deposit in the Principal Accumulation Account for application as Available Finance Charge Collections
in accordance with Section 4.4.

 

(d)          Principal
Accumulation Investment Proceeds (including reinvested interest) shall not be considered part of the amounts on deposit in the
Principal Accumulation Account for purposes of this Indenture Supplement.

 

(e)          To
the extent that the Indenture Trustee or Custodian shall hold Permitted Investments that constitute investment property through
a securities intermediary, such securities intermediary shall agree with the Indenture Trustee or Custodian, as applicable, that
(i) the account agreement establishing a securities account with such institution shall provide that the account agreement is governed
solely by the law of New York and that the law of the State of New York shall govern all issues specified in Article 2(1) of the
Hague Securities Convention; and (ii) such institution acting as securities intermediary shall have and shall continue to have
at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America
which satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities
Convention. Terms used in the preceding sentence that are defined in the New York UCC and not otherwise defined herein shall have
the meaning set forth in the New York UCC.

 

    	 	27	 

     

    

  

(f)           To
the extent that the Indenture Trustee or the Custodian shall hold Permitted Investments that constitute investment property as
a securities intermediary, the Indenture Trustee or the Custodian, as applicable and in each case in its capacity as securities
intermediary, represents that:

 

(i)          it
is a “securities intermediary,” as such term is defined in Section 8-102(a)(14)(B) of the relevant UCC, that in the
ordinary course of its business maintains "securities accounts" for others, as such term is used in Section 8-501 of
the relevant UCC, and an “intermediary” as defined in the Hague Securities Convention; and

 

(ii)         the
Indenture Trustee is not a “clearing corporation,” as such term is defined in Section 8-102(a)(5) of the relevant UCC.

 

(g)          To
the extent that the Indenture Trustee shall hold Permitted Investments that constitute investment property as a securities intermediary,
the Indenture Trustee, in its capacity as securities intermediary, agrees that:

 

(i)          pursuant
to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC and the Hague Securities Convention, the local law
of the jurisdiction of the Indenture Trustee as securities intermediary is the law of the State of New York. Further, the law of
the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention, the “securities
intermediary's jurisdiction” as defined in the relevant UCC shall be the State of New York;

 

(ii)         the
Indenture Trustee has and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities
Convention) in the United States of America, which satisfies the "qualifying office" condition provided in the second
sentence of Article 4(1) of the Hague Securities Convention.

 

SECTION 4.13. Controlled
Accumulation Period. The Controlled Accumulation Period is scheduled to commence on the first day of the third Monthly Period
preceding the Expected Principal Payment Date; provided, that if the Controlled Accumulation Period Length (determined as
described below) on any Determination Date is less than or more than the number of months in the scheduled Controlled Accumulation
Period, upon written notice to the Indenture Trustee, with a copy to each Rating Agency, the Issuer shall either postpone or accelerate,
as applicable, the date on which the Controlled Accumulation Period actually commences, so that, as a result, the number of Monthly
Periods in the Controlled Accumulation Period will equal the Controlled Accumulation Period Length; provided, that the length
of the Controlled Accumulation Period will not be less than one month. The “Controlled Accumulation Period Length”
will mean a number of whole months such that the amount available for payment of principal on the Notes on the Expected Principal
Payment Date is expected to equal or exceed the Note Principal Balance, assuming for this purpose that (1) the payment rate with
respect to Principal Collections remains constant at the lowest level of such payment rate during the twelve preceding Monthly
Periods, (2) the total amount of Principal Receivables in the Trust (and the principal amount on deposit in the Excess Funding
Account, if any) remains constant at the level on such date of determination, (3) no Early Amortization Event with respect to any
Series will subsequently occur and (4) no additional Series (other than any Series being issued on such date of determination)
will be subsequently issued. Any notice by Issuer modifying the commencement of the Controlled Accumulation Period pursuant to
this Section 4.13 shall specify (i) the Controlled Accumulation Period Length, (ii) the commencement date of the Controlled
Accumulation Period and (iii) the Controlled Accumulation Amount with respect to each Monthly Period during the Controlled Accumulation
Period.

 

    	 	28	 

     

    

  

SECTION 4.14.  [Reserved].

 

SECTION 4.15.  Deposit
of Collections. Notwithstanding anything to the contrary in the Indenture, for any Monthly Period during which the Issuer is
permitted to make a single monthly deposit to the Collection Account pursuant to Section 8.4 of the Indenture for such Monthly
Period, the Issuer need not make the daily deposits of Collections into the Collection Account as provided in Section 8.4
of the Indenture, but may make a single deposit in the Collection Account in immediately available funds not later than 12:00 noon,
New York City time, on the related Payment Date.

 

ARTICLE
V

Delivery
of Series 2018-1 Notes;

Reports
to Series 2018-1 Noteholders

 

SECTION 5.1.   Delivery
and Payment for the Series 2018-1 Notes.

 

The Issuer shall execute
and issue, and the Indenture Trustee shall authenticate, the Series 2018-1 Notes in accordance with Section 2.2 of
the Indenture. The Indenture Trustee shall deliver the Series 2018-1 Notes to or upon the written order of the Issuer when so authenticated.

 

SECTION 5.2.   Reports
and Statements to Series 2018-1 Noteholders.

 

(a)          Not
later than the second Business Day preceding each Payment Date, the Issuer shall deliver or cause the Servicer to deliver to the
Trustee, the Indenture Trustee and each Rating Agency a statement substantially in the form of Exhibit B prepared by the
Servicer; provided, that the Issuer may amend the form of Exhibit B from time to time, with the prior written consent
of the Indenture Trustee.

 

(b)          A
copy of each statement or certificate provided pursuant to Section 5.2(a) may be obtained by any Series 2018-1 Noteholder
by a request in writing to the Issuer.

 

    	 	29	 

     

    

  

(c)          On
or before January 31 of each calendar year, beginning with January 31, 2019, the Issuer shall furnish or cause to be furnished
to each Person who at any time during the preceding calendar year was a Series 2018-1 Noteholder the information for the preceding
calendar year, or the applicable portion thereof during which the Person was a Noteholder, as is required to be provided by an
issuer of indebtedness under the Code to the holders of the Issuer’s indebtedness and such other customary information as
is necessary to enable such Noteholder to prepare its federal income tax returns. Notwithstanding anything to the contrary contained
in this Agreement, the Issuer shall, to the extent required by applicable law, from time to time furnish to the appropriate Persons,
at least five (5) Business Days prior to the end of the period required by applicable law, the information required to complete
a Form 1099-INT.

 

ARTICLE
VI

Series
2018-1 Early Amortization Events

 

SECTION 6.1.   Series
2018-1 Early Amortization Events. If any one of the following events shall occur with respect to the Series 2018-1 Notes:

 

(a)          (i)
failure on the part of Transferor to make any payment or deposit required to be made by it by the terms of the Trust Receivables
Purchase Agreement or the Transfer Agreement on or before the date occurring five (5) Business Days after the date such payment
or deposit is required to be made therein or herein or (ii) failure of the Transferor duly to observe or perform in any material
respect any other of its covenants or agreements set forth in the Trust Receivables Purchase Agreement or the Transfer Agreement
which failure has a material adverse effect on the Series 2018-1 Noteholders and which continues unremedied for a period of sixty
(60) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the
Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series 2018-1 Notes;

 

(b)          any
representation or warranty made by Transferor in the Transfer Agreement or the Trust Receivables Purchase Agreement or any information
contained in an account schedule required to be delivered by it pursuant to Section 2.1 or Section 2.6(c) of
the Transfer Agreement, Trust Agreement or the Bank Receivables Sale Agreement shall prove to have been incorrect in any material
respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty (60) days after
the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by
the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series 2018-1 Notes and as a result
of which the interests of the Series 2018-1 Noteholders are materially and adversely affected for such period; provided,
however, that a Series 2018-1 Early Amortization Event pursuant to this Section 6.1(b) shall not be deemed to have
occurred hereunder if the Transferor has accepted reassignment of the related Transferred Receivable, or all of such Transferred
Receivables, if applicable, during such period in accordance with the provisions of the Transfer Agreement or the Trust Receivables
Purchase Agreement;

 

(c)          a
failure by Transferor under the Transfer Agreement to convey Transferred Receivables in Additional Accounts (as such term is defined
in the Transfer Agreement) or Participation Interests to the Trust when it is required to convey such Transferred Receivables pursuant
to Section 2.6(a) of the Transfer Agreement;

 

(d)          any
Servicer Default or any Indenture Servicer Default shall occur;

 

    	 	30	 

     

    

  

(e)          (i)
the average of the Portfolio Yields for the two Monthly Periods immediately preceding the June 2018 Payment Date is less than the
average of the Base Rates for the same Monthly Periods, or (ii) beginning with the three consecutive Monthly Periods immediately
preceding the July 2018 Payment Date, the average of the Portfolio Yields for three consecutive Monthly Periods is less than the
average of the Base Rates for the same Monthly Periods (for the avoidance of doubt, the Monthly Period preceding the April 2018
Payment Date shall be excluded for purposes of calculating the three-month average Portfolio Yield and Base Rate under this clause
(e)(ii));

 

(f)           the
Note Principal Balance shall not be paid in full on the Expected Principal Payment Date; or

 

(g)          without
limiting the foregoing, the occurrence of an Event of Default with respect to Series 2018-1 and acceleration of the maturity of
the Series 2018-1 Notes pursuant to Section 5.3 of the Indenture;

 

then, in the case of any event described in
subsection (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either
the Indenture Trustee or the holders of Series 2018-1 Notes evidencing more than 50% of the aggregate unpaid principal amount
of Series 2018-1 Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series 2018-1
Noteholders) may declare that a “Series Early Amortization Event” with respect to Series 2018-1 (a “Series
2018-1 Early Amortization Event”) has occurred as of the date of such notice, and, in the case of any event described
in subsection (c), (e), (f) or (g) a Series 2018-1 Early Amortization Event shall occur without any
notice or other action on the part of the Indenture Trustee or the Series 2018-1 Noteholders immediately upon the occurrence of
such event.

 

ARTICLE
VII

Redemption
of Series 2018-1 Notes; Final Distributions; Series Termination

 

SECTION 7.1.   Optional
Redemption of Series 2018-1 Notes; Final Distributions.

 

(a)          On
any day occurring on or after the date on which the outstanding principal balance of the Series 2018-1 Notes is reduced to 10%
or less of the initial outstanding principal balance of Series 2018-1 Notes, Transferor has the option pursuant to the Trust Agreement
to reduce the Collateral Amount to zero by paying a purchase price equal to the greater of (x) the Collateral Amount, plus the
applicable Allocation Percentage of outstanding Finance Charge Receivables and (y) a minimum amount equal to (i) if such day is
a Payment Date, the Redemption Amount for such Payment Date or (ii) if such day is not a Payment Date, the Redemption Amount for
the Payment Date following such day. If Transferor exercises such option, Issuer will apply such purchase price to repay the Notes
in full as specified below.

 

(b)          Issuer
shall give the Indenture Trustee at least thirty (30) days’ prior written notice of the date on which Transferor intends
to exercise such optional redemption. Not later than 12:00 noon, New York City time, on such day Transferor shall deposit into
the Distribution Account in immediately available funds the excess of the Redemption Amount over the amount, if any, on deposit
in the Principal Accumulation Account. Such redemption option is subject to payment in full of the Redemption Amount. Following
such deposit into the Distribution Account in accordance with the foregoing, the Collateral Amount for Series 2018-1 shall be reduced
to zero and the Series 2018-1 Noteholders shall have no further security interest in the Transferred Receivables. The Redemption
Amount shall be paid as set forth in Section 7.1(d).

 

    	 	31	 

     

    

  

(c)          (i)
The amount to be paid by the Transferor with respect to Series 2018-1 in connection with a reassignment of Transferred Receivables
to the Transferor pursuant to Section 6.1(f) of the Transfer Agreement shall not be less than the Redemption Amount
for the first Payment Date following the Monthly Period in which the reassignment obligation arises under the Transfer Agreement.

 

(ii)         The
amount to be paid by the Issuer with respect to Series 2018-1 in connection with a repurchase of the Notes pursuant to Section
10.1 of the Trust Agreement shall not be less than the Redemption Amount for the Payment Date of such repurchase.

 

(d)          With
respect to (i) the Redemption Amount deposited into the Distribution Account pursuant to this Section 7.1 or (ii) the
proceeds of any sale of Transferred Receivables pursuant to Section 5.3 of the Indenture with respect to Series 2018-1,
the Indenture Trustee shall, in accordance with the written direction of the Issuer, not later than 12:00 noon, New York City time,
on the related Payment Date, make payments of the following amounts (in the priority set forth below and, in each case, after giving
effect to any deposits and payments otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Note
Principal Balance on such Payment Date will be paid to the Class A Noteholders and (y) an amount equal to the sum of (A) Class
A Monthly Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class A Deficiency Amount for such
Payment Date and (C) the amount of Class A Additional Interest, if any, for such Payment Date and any Class A Additional Interest
previously due but not paid to the Class A Noteholders on any prior Payment Date, will be paid to the Class A Noteholders, (ii) (x)
the Class B Note Principal Balance on such Payment Date will be paid to the Class B Noteholders and (y) an amount equal to the
sum of (A) Class B Monthly Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class B Deficiency
Amount for such Payment Date and (C) the amount of Class B Additional Interest, if any, for such Payment Date and any Class B Additional
Interest previously due but not paid to the Class B Noteholders on any prior Payment Date, will be paid to the Class B Noteholders,
(iii) (x) the Class C Note Principal Balance on such Payment Date will be paid to the Class C Noteholders and (y) an amount
equal to the sum of (A) Class C Monthly Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class
C Deficiency Amount for such Payment Date and (C) the amount of Class C Additional Interest, if any, for such Payment Date and
any Class C Additional Interest previously due but not paid to the Class C Noteholders on any prior Payment Date, will be paid
to the Class C Noteholders and (iv) any excess shall be released to the Issuer.

 

SECTION 7.2.   Series
Termination.

 

On the Series Maturity
Date, the unpaid principal amount of the Series 2018-1 Notes shall be due and payable.

 

    	 	32	 

     

    

  

SECTION 7.3.   Sale of
Collateral.

 

If the Indenture Trustee
exercises its right to sell any portion of the Collateral in accordance with Section 5.16 of the Indenture upon the occurrence
of an Event of Default with respect to Series 2018-1, SYNCHRONY FINANCIAL shall have a right of first refusal to purchase any portion
of the Collateral for which the Indenture Trustee has received a bona fide offer from a third-party that is not an affiliate of
the Transferor at a price equal to the highest price bid for such Collateral by such third-party bidder.

 

ARTICLE
VIII

Miscellaneous
Provisions

 

SECTION 8.1.   Ratification
of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.
This Indenture Supplement may be amended only by a Supplemental Indenture entered in accordance with the terms of Section 9.1
or 9.2 of the Indenture. For purposes of the application of Section 9.2 to any amendment of this Indenture Supplement,
the Series 2018-1 Noteholders shall be the only Noteholders whose vote shall be required.

 

SECTION 8.2.   Form of
Delivery of the Series 2018-1 Notes. The Class A Notes, the Class B Notes and the Class C Notes shall be Book-Entry Notes and
shall be delivered as provided in Sections 2.1 and 2.2 of the Indenture.

 

SECTION 8.3.   Counterparts.
This Indenture Supplement may be executed in one or more counterparts, and by different parties on separate counterparts, each
of which shall be an original, but all of which shall constitute one and the same instrument.

 

SECTION 8.4.   GOVERNING
LAW. (a) THIS INDENTURE SUPPLEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW
YORK (INCLUDING SECTION 5-1401(1) OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS
THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. THIS INDENTURE SUPPLEMENT IS SUBJECT TO THE TRUST INDENTURE ACT
OF 1939, AS AMENDED, AND SHALL BE GOVERNED THEREBY AND CONSTRUED IN ACCORDANCE THEREWITH.

 

    	 	33	 

     

    

  

(b)          EACH
PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL
HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS INDENTURE SUPPLEMENT OR
TO ANY MATTER ARISING OUT OF OR RELATING TO THIS INDENTURE SUPPLEMENT; PROVIDED,
THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE
BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN THIS INDENTURE SUPPLEMENT SHALL BE DEEMED
OR OPERATE TO PRECLUDE THE INDENTURE TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE
ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE NOTES, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE INDENTURE
TRUSTEE. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT,
AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE
OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY
SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION
OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED
TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 10.4 OF THE INDENTURE AND THAT SERVICE SO MADE SHALL
BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE UNITED
STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS
IN ANY OTHER MANNER PERMITTED BY LAW.

 

BECAUSE DISPUTES ARISING
IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON
AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR
DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE
JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT
TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL
TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS INDENTURE SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

SECTION 8.5.   Limitation
of Liability. Notwithstanding any other provision herein or elsewhere, this Indenture Supplement has been executed and delivered
by BNY Mellon Trust of Delaware, not in its individual capacity, but solely in its capacity as Trustee of the Trust, in no event
shall BNY Mellon Trust of Delaware in its individual capacity have any liability in respect of the representations, warranties
or obligations of the Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets
of the Trust, and for all purposes of this Indenture Supplement and each other document, the Trustee (as such or in its individual
capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement.

 

    	 	34	 

     

    

  

SECTION 8.6.   Rights
of the Indenture Trustee. The Indenture Trustee shall have herein the same rights, protections, indemnities and immunities
as specified in the Master Indenture.

 

SECTION 8.7.   Notice
Address for Rating Agencies. Delivery of any notices required to be delivered to the Rating Agencies by the Issuer, the Indenture
Trustee or the Trustee shall be sufficient for the purposes of this Indenture Supplement and the other Related Documents if sent
to such mailing addresses or such email addresses as may be provided by the Rating Agencies.

 

SECTION 8.8.   Compliance
with Applicable Anti-Terrorism and Anti-Money Laundering Regulations. In order to comply with laws, rules and regulations applicable
to banking institutions, including those relating to the funding of terrorist activities and money laundering, the Indenture Trustee
is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship
with the Indenture Trustee. Accordingly, each of the parties hereto agrees to provide to the Indenture Trustee upon its request
from time to time such identifying information and documentation as may be available for such party in order to enable the Indenture
Trustee to comply with applicable law.

 

SECTION 8.9.  Notes to
be Treated as Debt for Tax. It is the intent of the parties hereto that, for purposes of federal, state and local income and
franchise tax and any other tax measured in whole or in part by income, the Class A Notes, the Class B Notes and the Class C Notes
shall be treated as debt and a person purchasing such Notes agrees to treat such Notes as debt for such purposes. Notwithstanding
the foregoing and the Indenture, no party is bound to treat any Notes beneficially owned during any period of time either by the
Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes as debt for the purposes described in
the preceding sentence.

 

SECTION 8.10.  Deemed
Consent. The Series 2018-1 Noteholders will be deemed to have consented to any amendment to any Related Document that changes
the definition of “Rating Agency Condition” in such Related Document to match the definition of “Rating Agency
Condition” in this Indenture Supplement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	35	 

     

    

 

IN WITNESS WHEREOF, the
undersigned have caused this Indenture Supplement to be duly executed and delivered by their respective duly authorized officers
on the day and year first above written.

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY Mellon Trust of Delaware, not in its individual capacity, but solely as Trustee on behalf of Issuer

 

	 	By:	/s/ Kristine K. Gullo
	 	 	Name: Kristine K. Gullo
	 	 	Title: Vice President

 

    	 	S-1	Indenture Supplement
 Series 2018-1

     

    

  

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
	 	By:	/s/ Louis Bodi
	 	 	Name: Louis Bodi
	 	 	Title: Vice President
	 	 	 
	 	By:	/s/ Maria Inoa
	 	 	Name: Maria Inoa
	 	 	Title: Assistant Vice President
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Custodian
	 	 	 
	 	By:	/s/ Louis Bodi
	 	 	Name: Louis Bodi
	 	 	Title: Vice President
	 	 	 
	 	By:	/s/ Maria Inoa
	 	 	Name: Maria Inoa
	 	 	Title: Assistant Vice President

 

    	 	S-2	 

     

    

 

EXHIBIT A-1

FORM OF CLASS A SERIES 2018-1 FIXED RATE ASSET
BACKED NOTE

 

UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE
INSTITUTED AGAINST THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING
UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN 662⁄3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF
EACH CLASS OF EACH SERIES HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY LIMIT THE NOTEHOLDER’S
RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

 

THE HOLDER OF THIS CLASS
A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES (OTHER THAN
A NOTE beneficially owned during any period of time either by the Issuer or the single
beneficial owner of the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL,
STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

    	 	Exhibit A-1 (Page 1)	 

     

    

  

THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT THAT
EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO LONG
AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN”
(AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT
TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE PLAN ASSETS
OF A PLAN DESCRIBED IN (A) OR (B) ABOVE (EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR NON-U.S.
PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS NOTE
WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW
AND (B) IF IT IS A BENEFIT PLAN, ITS DECISION TO ACQUIRE SUCH NOTE (OR INTEREST THEREIN) HAS BEEN MADE BY A FIDUCIARY WHICH IS
AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE” AS DESCRIBED IN 29 C.F.R. 2510.3-21(c)(1). BENEFIT PLANS OR PLANS
SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THIS NOTE DOES NOT HAVE A CURRENT INVESTMENT GRADE RATING FROM
A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION.

 

    	 	Exhibit A-1 (Page 2)	 

     

    

 

	REGISTERED	$[500,000,000] [25,000,000]
	No. R-                                                      	CUSIP NO. 87165L BZ3 

 

SYNCHRONY
CREDIT CARD

MASTER NOTE
TRUST SERIES 2018-1

  

CLASS A SERIES
2018-1 FIXED RATE ASSET BACKED NOTE

 

Synchrony Credit Card Master
Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed by
a Trust Agreement dated as of September 25, 2003, for value received, hereby promises to pay to Cede & Co., or registered assigns,
subject to the following provisions, the principal sum of [FIVE HUNDRED] [TWENTY-FIVE] MILLION DOLLARS, or such greater or lesser amount
as determined in accordance with the Indenture, on the March 2024 Payment Date, except as otherwise provided below or in the Indenture.
The Issuer will pay interest on the unpaid principal amount of this Note at the Class A Note Interest Rate on each Payment Date
until the Final Payment Date (which is the earlier to occur of (a) the Payment Date on which the Note Principal Balance is paid
in full, (b) the date on which the Collateral Amount is reduced to zero and (c) the March 2024 Payment Date). Interest on this
Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid to but excluding
such Payment Date or, for the initial Payment Date, from and including the Closing Date to but excluding such Payment Date. Interest
will be computed on the basis of a 360-day year and twelve 30-day months (and in the case of the initial interest period following
the Closing Date, for a period of 25 days). Principal of this Note shall be paid in the manner specified in the Indenture Supplement
referred to on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

 

Unless the certificate
of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

 

    	 	Exhibit A-1 (Page 3)	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this Class A Note to be
duly executed.

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Trustee on behalf of Issuer

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:                             ,               

 

    	 	Exhibit A-1 (Page 4)	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A Notes described in the within-mentioned
Indenture.

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	Exhibit A-1 (Page 5)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2018-1

 

CLASS A SERIES 2018-1 FIXED RATE ASSET BACKED
NOTE

 

Summary of Terms and Conditions

 

This Class A Note is one
of a duly authorized issue of Notes of the Issuer, designated as Synchrony Credit Card Master Note Trust, Series 2018-1 (the “Series
2018-1 Notes”), issued under a Master Indenture dated as of September 25, 2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”),
as supplemented by the Indenture Supplement, dated as of March 20, 2018 (the “Indenture Supplement”), and representing
the right to receive certain payments from the Issuer. The term “Indenture,” unless the context otherwise requires,
refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture.
All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.
In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

 

The Class B Notes and the
Class C Notes will also be issued under the Indenture.

 

The Noteholder, by its
acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this Note for
payment hereunder and that neither the Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under
the Notes or the Indenture or, except in the case of the Indenture Trustee as expressly provided in the Indenture, subject to any
liability under the Indenture.

 

This Note does not purport
to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

 

THIS CLASS A NOTE DOES
NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, SYNCHRONY BANK, SYNCHRONY FINANCIAL, RFS HOLDING, L.L.C., OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.
THIS CLASS A NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED
TO THE SERIES 2018-1 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

The Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee shall treat the person in whose name this Class A Note is registered
as the owner hereof for all purposes, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

 

    	 	Exhibit A-1 (Page 6)	 

     

    

 

THIS CLASS A NOTE SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    	 	Exhibit A-1 (Page 7)	 

     

    

 

ASSIGNMENT

 

	Social Security or other identifying number of assignee	 

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto                                  
(name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints
                            
attorney, to transfer said certificate on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:	 

 

 

		**	The signature to this assignment must correspond with the
name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatsoever.

  

    	 	Exhibit A-1 (Page 8)	 

     

    

 

EXHIBIT A-2

FORM OF CLASS B SERIES 2018-1 FIXED RATE ASSET
BACKED NOTE

 

UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED
AGAINST THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER
ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN 662⁄3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF EACH
CLASS OF EACH SERIES HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY LIMIT THE NOTEHOLDER’S
RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

 

THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES (OTHER THAN A NOTE beneficially
owned during any period of time either by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes)
AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER
TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

    	 	Exhibit A-2 (Page 1)	 

     

    

 

THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT THAT
EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO LONG
AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN”
(AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS
SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE
PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) ABOVE (EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN
OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION
OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF
ANY SIMILAR LAW AND (B) IF IT IS A BENEFIT PLAN, ITS DECISION TO ACQUIRE SUCH NOTE (OR INTEREST THEREIN) HAS BEEN MADE BY A FIDUCIARY
WHICH IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE” AS DESCRIBED IN 29 C.F.R. 2510.3-21(c)(1). BENEFIT PLANS
OR PLANS SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THIS NOTE DOES NOT HAVE A CURRENT INVESTMENT GRADE
RATING FROM A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION. 

 

    	 	Exhibit A-2 (Page 2)	 

     

    

 

	
        REGISTERED

        No. R-                                                      
	$50,342,466

CUSIP NO. 87165L CA7

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2018-1

 

CLASS B SERIES 2018-1 FIXED RATE ASSET BACKED
NOTE

 

Synchrony Credit Card Master
Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed by
a Trust Agreement dated as of September 25, 2003, for value received, hereby promises to pay to Cede & Co., or registered assigns,
subject to the following provisions, the principal sum of FIFTY MILLION THREE HUNDRED FORTY-TWO THOUSAND FOUR HUNDRED SIXTY-SIX
DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the March 2024 Payment Date, except
as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the
Class B Note Interest Rate on each Payment Date until the Final Payment Date (which is the earlier to occur of (a) the Payment
Date on which the Note Principal Balance is paid in full, (b) the date on which the Collateral Amount is reduced to zero and (c)
the March 2024 Payment Date). Interest on this Note will accrue for each Payment Date from and including the most recent Payment
Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the
Closing Date to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year and twelve 30-day months
(and in the case of the initial interest period following the Closing Date, for a period of 25 days). Principal of this Note shall
be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

 

Unless the certificate
of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

 

THIS CLASS B NOTE IS SUBORDINATED
TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

    	 	Exhibit A-2 (Page 3)	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this Class B Note to be
duly executed.

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Trustee on behalf of Issuer

 

	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated:                             ,               

 

    	 	Exhibit A-2 (Page 4)	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Class B Notes described in the within-mentioned
Indenture.

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

    	 	Exhibit A-2 (Page 5)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2018-1

 

CLASS B SERIES 2018-1 FIXED RATE ASSET BACKED
NOTE

 

Summary of Terms and Conditions

 

This Class B Note is one
of a duly authorized issue of Notes of the Issuer, designated as Synchrony Credit Card Master Note Trust, Series 2018-1 (the “Series
2018-1 Notes”), issued under a Master Indenture dated as of September 25, 2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”),
as supplemented by the Indenture Supplement, dated as of March 20, 2018 (the “Indenture Supplement”), and representing
the right to receive certain payments from the Issuer. The term “Indenture,” unless the context otherwise requires,
refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture.
All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.
In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

 

The Class A Notes and the
Class C Notes will also be issued under the Indenture.

 

The Noteholder, by its
acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this Note for
payment hereunder and that neither the Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under
the Notes or the Indenture or, except in the case of the Indenture Trustee as expressly provided in the Indenture, subject to any
liability under the Indenture.

 

This Note does not purport
to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

 

THIS CLASS B NOTE DOES
NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, SYNCHRONY BANK, SYNCHRONY FINANCIAL, RFS HOLDING, L.L.C., OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.
THIS CLASS B NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED
TO THE SERIES 2018-1 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

The Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee shall treat the person in whose name this Class B Note is registered
as the owner hereof for all purposes, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

 

    	 	Exhibit A-2 (Page 6)	 

     

    

  

THIS CLASS B NOTE SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 

    	 	Exhibit A-2 (Page 7)	 

     

    

 

ASSIGNMENT 

 

	Social Security or other identifying number of assignee	 

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto                                  
(name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints
                            
attorney, to transfer said certificate on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:

 

 

		**	The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

  

    	 	Exhibit A-2 (Page 8)	 

     

    

 

EXHIBIT A-3

FORM OF CLASS C SERIES 2018-1 FIXED RATE ASSET
BACKED NOTE

 

UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED
AGAINST THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER
ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN 662⁄3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF EACH
CLASS OF EACH SERIES HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY LIMIT THE NOTEHOLDER’S
RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

 

THE HOLDER OF THIS CLASS
C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES (OTHER THAN
A NOTE beneficially owned during any period of time either by the Issuer or the single
beneficial owner of the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL,
STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

    	 	Exhibit A-3 (Page 1)	 

     

    

  

THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT THAT
EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO LONG
AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN”
(AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS
SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE
PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) ABOVE (EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN
OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION
OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF
ANY SIMILAR LAW AND (B) IF IT IS A BENEFIT PLAN, ITS DECISION TO ACQUIRE SUCH NOTE (OR INTEREST THEREIN) HAS BEEN MADE BY A FIDUCIARY
WHICH IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE” AS DESCRIBED IN 29 C.F.R. 2510.3-21(c)(1). BENEFIT PLANS
OR PLANS SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THIS NOTE DOES NOT HAVE A CURRENT INVESTMENT GRADE
RATING FROM A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION. 

 

    	 	Exhibit A-3 (Page 2)	 

     

    

 

	
        REGISTERED

        No. R-                                                      
	$43,150,685

CUSIP NO. 87165L CB5

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2018-1

 

CLASS C SERIES 2018-1 FIXED RATE ASSET BACKED
NOTE

 

Synchrony Credit Card Master
Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed by
a Trust Agreement dated as of September 25, 2003, for value received, hereby promises to pay to Cede & Co., or registered assigns,
subject to the following provisions, the principal sum of FORTY-THREE MILLION ONE HUNDRED FIFTY THOUSAND SIX HUNDRED EIGHTY-FIVE
DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the March 2024 Payment Date, except
as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the
Class C Note Interest Rate on each Payment Date until the Final Payment Date (which is the earlier to occur of (a) the Payment
Date on which the Note Principal Balance is paid in full, (b) the date on which the Collateral Amount is reduced to zero and (c)
the March 2024 Payment Date). Interest on this Note will accrue for each Payment Date from and including the most recent Payment
Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the
Closing Date to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year and twelve 30-day months
(and in the case of the initial interest period following the Closing Date, for a period of 25 days). Principal of this Note shall
be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

 

Unless the certificate
of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

 

THIS CLASS C NOTE IS SUBORDINATED
TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES AND CLASS B NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

    	 	Exhibit A-3 (Page 3)	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this Class C Note to be
duly executed.

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Trustee on behalf of Issuer

 

	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated:                             ,               

 

    	 	Exhibit A-3 (Page 4)	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Class C Notes described in the within-mentioned
Indenture.

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

    	 	Exhibit A-3 (Page 5)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2018-1

 

CLASS C SERIES 2018-1 FIXED RATE ASSET BACKED
NOTE

 

Summary of Terms and Conditions

 

This Class C Note is one
of a duly authorized issue of Notes of the Issuer, designated as Synchrony Credit Card Master Note Trust, Series 2018-1 (the “Series
2018-1 Notes”), issued under a Master Indenture dated as of September 25, 2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”),
as supplemented by the Indenture Supplement, dated as of March 20, 2018 (the “Indenture Supplement”), and representing
the right to receive certain payments from the Issuer. The term “Indenture,” unless the context otherwise requires,
refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture.
All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.
In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

 

The Class A Notes and the
Class B Notes will also be issued under the Indenture.

 

The Noteholder, by its
acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this Note for
payment hereunder and that neither the Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under
the Notes or the Indenture or, except in the case of the Indenture Trustee as expressly provided in the Indenture, subject to any
liability under the Indenture.

 

This Note does not purport
to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

 

THIS CLASS C NOTE DOES
NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, SYNCHRONY BANK, SYNCHRONY FINANCIAL, RFS HOLDING, L.L.C., OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.
THIS CLASS C NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED
TO THE SERIES 2018-1 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

The Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee shall treat the person in whose name this Class C Note is registered
as the owner hereof for all purposes, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

 

    	 	Exhibit A-3 (Page 6)	 

     

    

  

THIS CLASS C NOTE SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 

    	 	Exhibit A-3 (Page 7)	 

     

    

 

ASSIGNMENT

 

	Social Security or other identifying number of assignee	 

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto                                  
(name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints
                            
attorney, to transfer said certificate on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:

 

 

		**	The signature to this assignment must correspond with the
name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatsoever.

 

 

    	 	Exhibit A-3 (Page 8)	 

     

    

 

EXHIBIT B

 

FORM OF MONTHLY NOTEHOLDER’S STATEMENT

 

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust

 

Series 2018-1

Class A 2.97% Notes

Class B 3.17% Notes

Class C 3.36% Notes

 

Pursuant to the Master
Indenture, dated as of September 25, 2003 (as amended and supplemented, the “Indenture”) between Synchrony Credit
Card Master Note Trust (the “Issuer”) and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series 2018-1 Indenture Supplement (the “Indenture Supplement”),
dated as of March 20, 2018, between the Issuer and the Indenture Trustee, the Issuer is required to prepare, or cause the Servicer
to prepare, certain information each month regarding current distributions to the Series 2018-1 Noteholders and the performance
of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of [●], 20[●],
and with respect to the performance of the Trust during the Monthly Period ended [●], 20[●] is set forth below.
Capitalized terms used herein are defined in the Indenture and the Indenture Supplement. The Discount Percentage (as defined in
the Transfer Agreement) remains at 0% for all the Receivables in the Trust until otherwise indicated. The undersigned, an Authorized
Officer of the Servicer, does hereby certify as follows:

 

	Record Date:	[●], 20[●]
	Monthly Period Beginning:	[●], 20[●]
	Monthly Period Ending:	[●], 20[●]
	Previous Payment Date:	[●], 20[●]
	Payment Date:	[●], 20[●]
	Interest Period Beginning:	[●], 20[●]
	Interest Period Ending:	[●], 20[●]
	Days in Monthly Period:	[●]
	Days in Interest Period:	[●]
	Loss Cycles in Period:	[●]
	Is there a Reset Date?	[No][Yes]

 

		I.	Trust Receivables Information

 

		a.	Number of Accounts Beginning

		b.	Number of Accounts Ending

		c.	Average Account Balance (q/b)

		d.	BOP Principal Receivables

 

    	 	Exhibit B (Page 1)	 

     

    

  

		e.	BOP Finance Charge Receivables

		f.	BOP Total Receivables

		g.	Increase in Principal Receivables from Additional
Accounts

		h.	Increase in Principal Activity on Existing Securitized
Accounts

		i.	Increase in Finance Charge Receivables from Additional
Accounts

		j.	Increase in Finance Charge Activity on Existing Securitized
Accounts

		k.	Increase in Total Receivables

		l.	Decrease in Principal Receivables due to Account Removal

		m.	Decrease in Principal Activity on Existing Securitized
Accounts

		n.	Decrease in Finance Charge Receivables due to Account
Removal

		o.	Decrease in Finance Charge Activity on Existing Securitized
Accounts

		p.	Decrease in Total Receivables

		q.	EOP Aggregate Principal Receivables

		r.	EOP Finance Charge Receivables

		s.	EOP Total Receivables

		t.	Excess Funding Account Balance

		u.	Required Principal Balance

		v.	Minimum Free Equity Amount (EOP Aggregate Principal
Receivables * 5.5%)

		w.	Free Equity Amount (EOP Principal Receivables - EOP
Collateral Amount (II.d.ii+II.a.ii+II.b.ii+II.b.iii))

		x.	Risk Retention – Dodd-Frank

		i.	Required Seller’s Interest (as of EOP)

		ii.	Seller’s Interest (as of EOP)

 

		II.	Investor Information (Sum of all Series)

 

		a.	Note Principal Balance

		i.	Beginning of Interest Period

		ii.	Increase in Note Principal Balance due to New Issuance
/ Additional draws

		iii.	Decrease in Note Principal Balance due to Principal
Paid and Notes Retired

		iv.	As of Payment Date

 

		b.	Excess Collateral Amount

		i.	Beginning of Interest Period

		ii.	Change to Excess Collateral Amount in connection with
the Supplemental Indenture

		iii.	Increase in Excess Collateral Amount due to New Issuance

		iv.	Reductions in Required Excess Collateral Amount

 

    	 	Exhibit B (Page 2)	 

     

    

  

		v.	Increase in Unreimbursed Investor Charge-Off

		vi.	Decrease in Unreimbursed Investor Charge-Off

		vii.	Increase in Unreimbursed Reallocated Principal Collections

		viii.	Decrease in Unreimbursed Reallocated Principal Collections

		ix.	As of Payment Date

 

		c.	Principal Accumulation Account Balance

		i.	Beginning of Interest Period

		ii.	Controlled Deposit Amount

		iii.	Withdrawal for Principal Payment

		iv.	As of Payment Date

 

		d.	Collateral Amount

		i.	End of Prior Monthly Period

		ii.	Beginning of Interest Period (a.i + b.i)

		iii.	As of Payment Date

 

		III.	Trust Performance Data (Monthly Period)

 

		a.	Gross Trust Yield (Finance Charge Collections + Recoveries
/ BOP Principal Receivables)

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

		b.	Payment Rate (Principal Collections / BOP Principal
Receivables)

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

		c.	Gross Charge-Off Rate excluding Fraud (Default Amount
for Defaulted Accounts – Fraud Amount / BOP Principal Receivables)

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

		d.	Gross Charge-Off Rate (Default Amount for Defaulted
Accounts / BOP Principal Receivables)

 

		e.	Net Charge-Off Rate excluding Fraud (Default Amount
for Defaulted Accounts – Recoveries – Fraud Amount / BOP Principal Receivables

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period
	 	iv.	Three-Month Average

 

    	 	Exhibit B (Page 3)	 

     

    

  

			

		f.	Net Charge-Off Rate (Default Amount for Defaulted
Accounts – Recoveries / BOP Principal Receivables)

 

		g.	Trust excess spread percentage ((FC Coll – Charged-Off
Rec – Monthly Interest +/- Net Swaps – Monthly Servicing Fee) / BOP Principal Receivables)

 

		h.	Default Amount for Defaulted Accounts

 

		i.	Recovery Amount

 

		j.	Collections

		i.	Total Trust Finance Charge Collections

		ii.	Total Trust Principal Collections

		iii.	Total Trust Collections

 

	k.	Delinquency Data	Percentage	Total Receivables

		i.	1-29 Days Delinquent

		ii.	30-59 Days Delinquent

		iii.	60-89 Days Delinquent

		iv.	90-119 Days Delinquent

		v.	120-149 Days Delinquent

		vi.	150-179 Days Delinquent

		vii.	180 or Greater Days Delinquent

 

		IV.	Series Performance Data

 

		a.	Portfolio Yield (Finance Charge Collections + Recoveries
– Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

		b.	Base Rate (Noteholder Servicing Fee + Admin Fee +
Monthly Interest / + Swap Payments – Swap Receipts / BOP Collateral)

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

		c.	Excess Spread Percentage (Portfolio Yield –
Base Rate)

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Quarterly Excess Spread Percentage

 

    	 	Exhibit B (Page 4)	 

     

    

  

		V.	Investor Information Regarding Distributions to Noteholders

 

		a.	The total amount of the distribution to Class A Noteholders
per $1000 Note Initial Principal Balance.

 

		b.	The amount of the distribution set forth in paragraph
a. above in respect of interest on the Class A Notes, per $1000 Note Initial Principal Balance.

 

		c.	The amount of the distribution set forth in paragraph
a. above in respect of principal on the Class A Notes, per $1000 Note Initial Principal Balance.

 

		d.	The total amount of the distribution to Class B Noteholders
per $1000 Note Initial Principal Balance.

 

		e.	The amount of the distribution set forth in paragraph
d. above in respect of interest on the Class B Notes, per $1000 Note Initial Principal Balance.

 

		f.	The amount of the distribution set forth in paragraph
d. above in respect of principal on the Class B Notes, per $1000 Note Initial Principal Balance.

 

		g.	The total amount of the distribution to Class C Noteholders
per $1000 Note Initial Principal Balance.

 

		h.	The amount of the distribution set forth in paragraph
g. above in respect of interest on the Class C Notes, per $1000 Note Initial Principal Balance.

 

		i.	The amount of the distribution set forth in paragraph
g. above in respect of principal on the Class C Notes, per $1000 Note Initial Principal Balance.

 

		VI.	Investor Information

 

		a.	Class A Note Initial Principal Balance

		b.	Class B Note Initial Principal Balance

		c.	Class C Note Initial Principal Balance

		d.	Initial Excess Collateral Amount (as of Payment Date)

		e.	Initial Collateral Amount (as of Payment Date)

 

		f.	Class A Note Principal Balance

		i.	Beginning of Interest Period

		ii.	Principal Payment

		iii.	As of Payment Date

 

		g.	Class B Note Principal Balance

		i.	Beginning of Interest Period

		ii.	Principal Payment

		iii.	As of Payment Date

 

    	 	Exhibit B (Page 5)	 

     

    

  

		h.	Class C Note Principal Balance

		i.	Beginning of Interest Period

		ii.	Principal Payment

		iii.	As of Payment Date

 

		i.	Excess Collateral Amount

		i.	Beginning of Interest Period

		ii.	Increase in Excess Collateral Amount in connection
with the Supplemental Indenture

		iii.	Reduction in Excess Collateral Amount

		iv.	As of Payment Date

 

		j.	Collateral Amount

		i.	Beginning of Interest Period

		ii.	Increase in Excess Collateral Amount in connection
with the Supplemental Indenture

		iii.	Increase/Decrease in Unreimbursed Investor Charge-Offs

		iv.	Increase/Decrease in Reallocated Principal Collections

		v.	Reduction in Excess Collateral Amount

		vi.	Principal Accumulation Account Deposit

		vii.	As of Payment Date

		viii.	Collateral Amount as a Percentage of Note Trust Principal
Balance

		ix.	Amount by which Note Principal Balance exceeds Collateral
Amount

 

		k.	Required Excess Collateral Amount

 

		VII.	Investor Charge-Offs and Reallocated Principal Collections

(Section
references relate to Indenture Supplement)

 

		a.	Beginning Unreimbursed Investor Charge-Offs

		b.	Current Unreimbursed Investor Defaults

		c.	Current Unreimbursed Investor Uncovered Dilution Amount

		d.	Current Reimbursement of Investor Charge-Offs pursuant
to Section 4.4(a)(viii)

		e.	Ending Unreimbursed Investor Charge-Offs

		f.	Beginning Unreimbursed Reallocated Principal Collections

		g.	Current Reallocated Principal Collections pursuant
to Section 4.7

		h.	Current Reimbursement of Reallocated Principal Collections
pursuant to Section 4.4(a)(viii)

		i.	Ending Unreimbursed Reallocated Principal Collections

 

		VIII.	Investor Percentages –BOP Balance and Series Account
Information

		a.	Allocation Percentage Numerator – for Finance
Charge Collections and Default Amounts

 

    	 	Exhibit B (Page 6)	 

     

    

 

		b.	Allocation Percentage Numerator – for Principal
Collections

		c.	Allocation Percentage Denominator

		i.	Aggregate Principal Receivables Balance as of Prior
Monthly Period

		ii.	Number of Days at Balance

		iii.	Average Principal Balance

		d.	Sum of Allocation Percentage Numerators for all outstanding
Series with respect to Finance Charge Collections and Default Amounts

		e.	Sum of Allocation Percentage Numerators for all outstanding
Series with respect to Principal Collections

		f.	Average Daily Allocation Percentage, Finance Charge
Collections and Default Amount (a./greater of c.iii. or d.)

		g.	Average Daily Allocation Percentage, Principal Collections
(b./ greater of c.iii. or e.)

		h.	Series Allocation Percentage

 

		IX.	Collections and Allocations

	 	Trust	Series

		a.	Finance Charge Collections

		b.	Recoveries

		c.	Principal Collections

		d.	Default Amount

		e.	Dilution

		f.	Investor Uncovered Dilution Amount

		g.	Dilution including Fraud Amount

		h.	Available Finance Charge Collections

		i.	Investor Finance Charge Collections

		ii.	Excess Finance Charge Collections allocable to Series
2018-1

		iii.	Principal Accumulation Account Investment Proceeds

		iv.	Investment earnings in the Reserve Account

		v.	Reserve Account Draw Amount

		vi.	Net Swap Receipts

		vii.	Recoveries

		i.	Available Finance Charge Collections (Sum of h.i through
h.vii)

		j.	Total Collections (c. Series + i.)

		k.	Total Finance Charge Collections deposited in the
Collection Account (net of any amounts distributed to Transferor and owed to Servicer)

 

		X.	Application of Available Funds pursuant to Section 4.4(a)
of the Indenture Supplement

 

		a.	Available Finance Charge Collections

		i.	On a pari passu basis:

 

    	 	Exhibit B (Page 7)	 

     

    

 

		a.	Payment to the Indenture Trustee, to a maximum of
$25,000

		b.	Payment to the Trustee, to a maximum of $25,000

		c.	Payment to the Administrator, to a maximum of $25,000

 

		ii.	To the Servicer:

		a.	Noteholder Servicing Fee

		b.	Noteholder Servicing Fee previously due but not paid

		c.	Total Noteholder Servicing Fee

 

		iii.	On a pari passu basis:

		a.	Class A Monthly Interest

		b.	Class A Deficiency Amount

		c.	Class A Additional Interest

		d.	Class A Additional Interest not paid on prior Payment
Date

 

		iv.	On a pari passu basis:

		a.	Class B Monthly Interest

		b.	Class B Deficiency Amount

		c.	Class B Additional Interest

		d.	Class B Additional Interest not paid on prior Payment
Date

 

		v.	On a pari passu basis:

		a.	Class C Monthly Interest

		b.	Class C Deficiency Amount

		c.	Class C Additional Interest

		d.	Class C Additional Interest not paid on prior Payment
Date

 

		vi.	To be treated as Available Principal Collections

		a.	Aggregate Investor Default Amount

		b.	Aggregate Investor Uncovered Dilution Amount

 

		vii.	To be treated as Available Principal Collections, to
the extent not previously reimbursed

		a.	Investor Charge-offs

		b.	Reallocated Principal Collections

 

		viii.	Excess of Required Reserve Account Amount Over Available
Reserve Account Amount

 

		ix.	Amounts required to be deposited to the Reserve Account

 

		x.	To be treated as Available Principal Collections: Series
Allocation Percentage of Minimum Free Equity Shortfall

 

		xi.	Unless an Early Amortization Event has occurred, amounts
that have not been paid pursuant to (a)(i) above

 

    	 	Exhibit B (Page 8)	 

     

    

  

		xii.	The balance, if any, will constitute a portion of Excess
Finance Charge Collections for such Payment Date and first will be available for allocation to other Series in Group One and,
then:

		a.	Unless an Early Amortization Event has occurred, to
the Transferor; or

		b.	If an Early Amortization Event has occurred, first,
to pay Monthly Principal in accordance with Section 4.4(c) of the Indenture Supplement to the extent not paid in full from Available
Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant
to this clause), second, to pay on a pari passu basis any amounts owed to such Persons listed in clause (a)(i) above that have
been allocated to Series 2018-1 in accordance with Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses
(a)(i) and (a)(xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to
such Persons listed in clause (a)(i) above shall be paid to the Issuer.

 

		XI.	Excess Finance Charge Collections (Group One)

 

		a.	Total Excess Finance Charge Collections in Group One

		b.	Finance Charge Shortfall for Series 2018-1

		c.	Finance Charge Shortfall for all Series in Group One

		d.	Excess Finance Charges Collections Allocated to Series
2018-1

 

		XII.	Available Principal Collections and Distributions (Section
references relate to Indenture Supplement)

 

		a.	Investor Principal Collections

		b.	Less: Reallocated Principal Collections for the Monthly
Period pursuant to Section 4.7

		c.	Plus: Shared Principal Collections allocated to this
Series

		d.	Plus: Aggregate amount to be treated as Available
Principal Collections pursuant to Section 4.4(a)(vii)

		e.	Plus: Aggregate amount to be treated as Available
Principal Collections pursuant to Section 4.4(a)(viii)

		f.	Plus: During an Early Amortization Period, the amount
of Available Finance Charge Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xiv)

 

    	 	Exhibit B (Page 9)	 

     

    

  

		g.	Available Principal Collections (Deposited to Principal
Account)

		i.	During the Revolving Period, Available Principal Collections
treated as Shared Principal Collections pursuant to Section 4.4(b)

		ii.	During the Controlled Accumulation Period, Available
Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i), (ii)

		iii.	During the Early Amortization Period, Available Principal
Collections deposited to the Distribution Account pursuant to Section 4.4(c)

		iv.	Series Shared Principal Collections available to Group
One pursuant to Section 4.4(c)(iii)

		v.	Principal Distributions pursuant to Section 4.4(e)
in order of priority

		a.	Principal paid to Class A Noteholders

		b.	Principal paid to Class B Noteholders

		c.	Principal paid to Class C Noteholders

		vi.	Total Principal Collections Available to Share (Inclusive
of Series 2018-1)

		vii.	Series Principal Shortfall

		viii.	Shared Principal Collections allocated to this Series
from other Series

 

		XIII.	Series 2018-1 Accumulation

 

		a.	Controlled Accumulation Period Length in months (scheduled)

		b.	Controlled Accumulation Amount

		c.	Controlled Deposit Amount

		d.	Accumulation Shortfall

		e.	Principal Accumulation Account Balance

		i.	Beginning of Interest Period

		ii.	Controlled Deposit Amount

		iii.	Withdrawal for Principal Payment

		iv.	As of Payment Date

 

		XIV.	Reserve Account Funding (Section references relate to
Indenture Supplement)

 

		a.	Reserve Account Funding Date (scheduled)

		b.	Required Reserve Account Amount (0.50% of Note Principal
Balance beginning on Reserve Account Funding Date)

		c.	Beginning Available Reserve Account Amount

		d.	Reserve Draw Amount

 

    	 	Exhibit B (Page 10)	 

     

    

  

		e.	Deposit pursuant to 4.4(a)(ix) the excess of b. over
c.

		f.	Withdrawal for Reserve Account Surplus paid to Transferor
pursuant to Section 4.10(d)

		g.	Withdrawal for Reserve Account Surplus paid to Transferor
pursuant to Section 4.10(e)

		h.	Ending Available Reserve Account Amount

 

		XV.	Series Early Amortization Events

 

		a.	The Free Equity Amount is less than the Minimum Free
Equity Amount

 

Free Equity:

 

		i.	Free Equity Amount

		ii.	Minimum Free Equity Amount

		iii.	Excess Free Equity Amount

 

		b.	The Note Trust Principal Balance is less than the
Required Principal Balance Note Trust Principal Balance:

		i.	Note Trust Principal Balance

		ii.	Required Principal Balance

		iii.	Excess Principal Balance

 

		c.	The three-month Average Portfolio Yield is less than
three-month average Base Rate Portfolio Yield:

		i.	Three month Average Portfolio Yield

		ii.	Three month Average Base Rate

		iii.	Three Month Average Excess Spread

 

		d.	The Note Principal Balance is outstanding beyond the
Expected Principal Payment Date

		i.	Expected Principal Payment Date

		ii.	Current Payment Date

		e.	Are there any material modifications, extensions or
waivers to pool asset terms, fees, penalties or payments?

		f.	Are there any material breaches or pool of assets
representations and warranties or covenants?

		g.	Are there any material changes in criteria used to
originate, acquire, or select new pool assets?

		h.	Has an early amortization event occurred?

 

    	 	Exhibit B (Page 11)	 

     

    

  

IN WITNESS WHEREOF, the
undersigned has duly executed this Monthly Noteholder’s Statement as of the ___ day of _____________.

 

	 	SYNCHRONY FINANCIAL, as Servicer

 

	 	By:	 

	 	Name:	 
	 	Title:	 

 

    	 	Exhibit B (Page 12)	 

     

    

  

SCHEDULE I

 

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO RECEIVABLES)

 

(a)          In
addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents, warrants and
covenants to the Indenture Trustee as follows as of the Closing Date:

 

(1)          The
Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the
Indenture Trustee, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers
from the Issuer.

 

(2)          The
Receivables constitute either “accounts” or “general intangibles” within the meaning of the applicable
UCC.

 

(3)          The
Issuer owns and has good and marketable title to the Receivables free and clear of any Lien, claim or encumbrance of any Person.

 

(4)          There
are no consents or approvals required for the pledge of the Receivables to the Indenture Trustee pursuant to the Indenture.

 

(5)          The
Issuer (or the Administrator on behalf of the Issuer) has caused the filing of all appropriate financing statements in the proper
filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the Indenture
Trustee under the Indenture in the Receivables.

 

(6)          Other
than the pledge of the Receivables to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed the Receivables. The Issuer has not authorized the filing of and is not aware
of any financing statements against the Issuer that include a description of the Receivables, except for the financing statement
filed pursuant to the Indenture.

 

(7)          Notwithstanding
any other provision of the Indenture, the representations and warranties set forth in this Schedule I shall be continuing,
and remain in full force and effect, until such time as the Series 2018-1 Notes are retired.

 

(b)          The
Indenture Trustee covenants that it shall not, without satisfying the Rating Agency Condition, waive a breach of any representation
or warranty set forth in this Schedule I.

 

(c)          The
Issuer covenants that in order to evidence the interests of the Issuer and the Indenture Trustee under the Indenture, the Issuer
shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation,
such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first priority interest, the Indenture Trustee’s
security interest in the Receivables.

 

    	 	Schedule I (Page 1)Exhibit 10.1

 

Execution
Version

 

 

 

 

 

 

 

INVESTMENT
AGREEMENT

 

Dated
as of March 6, 2018

 

by
and between

 

REWALK
ROBOTICS LTD. 

 

and

 

TIMWELL
CORPORATION LIMITED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	Article
    I SECURITIES PURCHASE AND SALE; CLOSING	 
	1.1	Securities
    Issuance	1
	1.2	Deliverables
    at Each Closing	2
	1.3	First
    Tranche Purchase and Sale	2
	1.4	Second
    Tranche Purchase and Sale	3
	1.5	Third
    Tranche Purchase and Sale	4
	Article
    II REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	2.1	Organization
    and Authority	5
	2.2	Capitalization	6
	2.3	Authorization,
Enforceability; Consents	6
	2.4	The
    Purchased Shares	8
	2.5	SEC
    Reports	8
	2.6	Brokers;
    Fees and Expenses	9
	2.7	No
    Integrated Offering	9
	2.8	Off-Balance
    Sheet Arrangements	9
	2.9	Internal
    Controls and Procedures	9
	2.10	Absence
    of Changes	9

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.

     

    

 

	2.11	Contracts	10
	2.12	Litigation	11
	2.13	Compliance
    with Applicable Laws; Permits	11
	2.14	Intellectual
    Property	12
	2.15	Labor
    and Employment Matters	14
	2.16	Title
    to Real Property and Tangible Assets	15
	2.17	Tax
    Status	16
	2.18	Exclusive
    Representations and Warranties	17
		 	
	 	Article
    III REPRESENTATIONS AND WARRANTIES OF THE INVESTOR	 
	 	 	 
	3.1	Organization	17
	3.2	Authorization,
    Enforceability; Consents	17
	3.3	Experience;
    Accredited Investor	19
	3.4	Exemption
    from Registration	19
	3.5	Ownership	19
	3.6	Brokers;
    Fees and Expenses	19
	3.7	Exclusive
    Representations and Warranties	20
	 	 	 
	 	Article
    IV CONDITIONS TO CLOSING	 
	 	 	 
	4.1	Conditions
    to the Obligations of the Company and the Investor	20
	4.2	Conditions
    to the Obligations of the Investor	20
	4.3	Conditions
    to the Obligations of the Company	20
	4.4	Conditions
    to the First Tranche Closing	21
	4.5	Conditions
    to the Second Tranche Closing	21
	4.6	Conditions
    to the Third Tranche Closing	22
	4.7	Frustration
    of Closing Conditions	22
	 	 	 
	 	Article
    V AGREEMENTS OF THE COMPANY	 
	 	 	 
	5.1	Proxy
    Statement; Shareholders’ Meeting	22
	5.2	Agreement
    with Yaskawa 	23

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.

     

    

 

	 	Article
    VI ADDITIONAL AGREEMENTS	 
	6.1	Further
    Assurances	24
	6.2	Reservation
    of Shares	24
	6.3	Information
    and Inspection Rights	24
	6.4	Legend	26
	6.5	Transfer
    Restrictions	26
	6.6	Standstill
    Provisions	27
	6.7	Preemptive
    Rights	29
	6.8	Voting	31
	6.9	Director
    Designation and Nomination	31
	6.10	Equal
    Treatment.	33
	6.10	Use
    of Proceeds	33
	6.11	Public
    Announcement	33
	 	 	 
	 	Article
    VII JOINT VENTURE	 
	 	 	 
	7.1	Formation
    of the China JV	34
	 	 	 
	 	Article
    VIII TERMINATION	 
	 	 	 
	8.1	Termination
    Events	34
	8.2	Effect
    of Termination	35
	 	 	 
	 	Article
    IX DEFINITIONS	 
	 	 	 
	 	Article
    X MISCELLANEOUS	 
	 	 	 
	10.1	Amendment	45
	10.2	Waiver
    of Conditions	45
	10.3	Counterparts
    and Facsimile	45
	10.4	Governing
    Law; Jurisdiction	45
	10.5	Notices	46
	10.6	Entire
    Agreement, Etc.	47
	10.7	Assignment	47
	10.8	Costs
    and Expenses	47
	10.9	Failure
to Close	48
	10.10	Severability	48
	10.11	No
    Third Party Beneficiaries	48
	10.12	Israeli
    Regulatory Payments	49
	10.13	Specific
    Performance	49
	10.14	Survival	49
	10.15	Indemnification	50
	10.16	Interpretation	51

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.

     

    

  

LIST
OF ANNEXES

 

	ANNEX
    A:	Form
    of Registration Rights Agreement
	 	 
	ANNEX
    B:	Form
    of Indemnification Agreement
	 	 
	ANNEX
    C:	Form
    of Resignation Letter
	 	 
	ANNEX
    D:	Undertaking
    to the Israel Innovation Authority
	 	 
	ANNEX
    E:	JV
    Framework Agreement
	 	 
	ANNEX
    F:	License
    Agreement Key Terms
	 	 
	ANNEX
    G:	Supply
    Agreement Key Terms
	 	 
	ANNEX
    H:	Description
    of Use of Proceeds
	 	 
	ANNEX
    I	Closing
    Certificate

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.

     

    

 

This INVESTMENT AGREEMENT, dated
as of March 6, 2018 (this “Agreement”), is by and between ReWalk Robotics Ltd., an Israeli limited company (the
“Company”), and Timwell Corporation Limited, a Hong Kong corporation (the “Investor”).

 

RECITALS

 

WHEREAS, the Board of Directors of
the Company (the “Board”) has (i) determined that it is in the best interests of the Company to enter into,
deliver and perform this Agreement and the transactions contemplated hereby, including raising capital by means of issuance of
the Purchased Shares and (ii) approved this Agreement and the transactions contemplated hereby;

 

WHEREAS, the Investor wishes to purchase
from the Company, and the Company wishes to issue and sell to the Investor, the Purchased Shares of an aggregate amount of $20.0
million, under the terms and conditions of this Agreement;

 

WHEREAS, each of the parties wishes
to set forth in this Agreement certain terms and conditions regarding, among other things, the Investor’s ownership of the
Purchased Shares; and

 

WHEREAS, in conjunction with the
transactions contemplated by this Agreement, the Company and the Investor (through its Affiliate, RealCan Ambrum Healthcare Industry
Investment (Shenzhen) Partnership Enterprise (Limited Partnership) and certain other China Parties (as defined in the JV Framework
Agreement)) intend to form a non-U.S. joint venture business, jointly owned by the Company, and the Investor and its related parties,
for the purpose of technology assembly, registration, operations, sales and marketing of the Company products in the Territory
(the “China JV”).

 

NOW, THEREFORE, in consideration
of the premises, and of the representations, warranties, covenants and agreements set forth herein, and intending to be legally
bound, the parties agree as set forth herein.

 

Article
I SECURITIES PURCHASE AND SALE; CLOSING

 

1.1 Securities
Issuance. Subject to the terms and conditions of this Agreement, the Company will issue and sell to the Investor (the “Share
Issuance”), and the Investor will purchase from the Company, an aggregate total of 16,000,000 Ordinary Shares for a purchase
price of $1.25 per share.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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1.2 Deliverables
at Each Closing.

 

(a) At
each Closing, the Company shall deliver the following to the Investor:

 

(i) an
electronic copy of the share certificate representing the Purchased Shares being issued at such Closing registered in the name
of the Investor or a copy of an account statement issued by the Company’s transfer agent evidencing a book entry notification
for such Purchased Shares in the name of the Investor;

 

(ii) a
certificate dated the applicable Closing Date and executed by an authorized officer of the Company to the effect that each of the
conditions set forth in Section 4.2 and Section 4.4(a), 4.5(a) or 4.6(a) (as applicable to each such
Closing) are satisfied in all respects, and, in the case of the First Tranche Closing, with a copy to the Escrow Agent, in the
agreed form attached hereto as Annex I to be executed by the Company; and

 

(iii) a
legal opinion issued by the Israeli counsel of the Company, only at the time of the First Tranche Closing, in respect of the due
incorporation, valid existence of the Company, the capacity and authority of the Company to enter into the Transaction Documents
and perform its obligations thereunder, and the due and valid issuance of the Purchased Shares for all Closings.

 

(b) At
each Closing, the Investor shall deliver to the Company a certificate dated the applicable Closing Date and executed by an authorized
officer of the Investor to the effect that each of the conditions set forth in Section 4.3(a) and Section 4.3(b)
are satisfied in all respects.

 

1.3 First
Tranche Purchase and Sale.

 

(a) Issuance.
Upon satisfaction or waiver of the conditions set forth in Sections 4.1, 4.2 and 4.3, in each case with respect
to the First Tranche Closing, and Section 4.4, the Company will issue and sell to the Investor, and the Investor will purchase
from the Company, 4,000,000 shares (the “First Tranche Purchase”) for the consideration specified in Section
1.3(b).

 

(b) Purchase
Price. The purchase price for the First Tranche Purchase shall be an aggregate of $5,000,000 (the “First Tranche Purchase
Price”). Concurrently with the execution of this Agreement and in any event no later than March 7, 2018, the Investor
wires the First Tranche Purchase Price to an escrow account (the “Escrow Account”) held in the name of U.S.
Bank National Association (the “Escrow Agent”) pursuant to that certain escrow agreement (the “Escrow
Agreement”) entered into concurrently herewith.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(c) Closing.

 

(i) At
the closing of the First Tranche Purchase (the “First Tranche Closing”), the Company shall deliver, or cause
to be delivered, to the Investor:

 

A. A
counterpart of the Registration Rights Agreement by and among the Company, the Investor and the other parties thereto in the form
attached hereto as Annex A (the “Registration Rights Agreement”) duly executed by the Company
and the other parties thereto;

 

B. A
counterpart of the Indemnification Agreement between the Company and the director nominated by the Investor, in the form attached
hereto as Annex B (the “Indemnification Agreement”) duly executed by the Company;

 

C. A
copy of the resolutions of the Board whereby (i) this Agreement, the Related Agreements and the transactions contemplated hereby
and thereby were duly approved and (ii) the Initial Nominee is duly appointed as a Class II director to the Board, effective as
of the First Tranche Closing; and

 

D. Evidence
that the Yaskawa Agreement has been amended in accordance with Section 5.2.

 

(ii) At
the First Tranche Closing, the Investor shall deliver, or cause to be delivered, to the Company:

 

A. A
Letter of Resignation with respect to the Initial Nominee in the form attached as Annex C, duly executed by the Initial
Nominee;

 

B. A
signed Undertaking to the Israel Innovation Authority, substantially in the form of Annex D attached hereto.

 

(iii) At
the First Tranche Closing, the Company and the Investor shall, in accordance with the Escrow Agreement, cause the release of funds
in the Escrow Account in the following manner: (A) the First Tranche Purchase Price shall be wired to an account designated by
the Company upon the receipt of the certificate executed by an authorized officer of the Company as set out in 1.2(a)(ii) and proof
of the Company Shareholder Approval for the transaction contemplated hereunder, and (B) any remaining balance standing to the credit
of the Escrow Account shall be wired to an account designated by the Investor.

 

1.4 Second
Tranche Purchase and Sale.

 

(a) Issuance.
Upon satisfaction or waiver of the conditions set forth in Sections 4.1, 4.2 and 4.3, in each case with respect
to the Second Tranche Closing, and Section 4.5, the Company will issue and sell to the Investor, and the Investor will purchase
from the Company, 8,000,000 shares (the “Second Tranche Purchase”) for the consideration specified in Section
1.4(b).

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(b) Purchase
Price. The purchase price for the Second Tranche Purchase shall be an aggregate of $10,000,000 (the “Second Tranche
Purchase Price”).

 

(c) Closing.
At the closing of the Second Tranche Purchase (the “Second Tranche Closing”), (i) the Investor shall deliver
the Second Tranche Purchase Price to the Company by wire transfer of immediately available funds to an account designated by the
Company in writing no later than three Business Days prior to the date of the Second Tranche Closing, (ii) the Company shall deliver,
or cause to be delivered, to the Investor (A) the items set forth in Section 1.2(a), and (iii) the Investor shall deliver,
or cause to be delivered, to the Company the items set forth in Section 1.2(b).

 

1.5 Third
Tranche Purchase and Sale.

 

(a) Issuance.
Upon satisfaction or waiver of the conditions set forth in Sections 4.1, 4.2 and 4.3, in each case with respect
to the Third Tranche Closing, and Section 4.6, the Company will issue and sell to the Investor, and the Investor will purchase
from the Company, 4,000,000 shares (the “Third Tranche Purchase”) for the consideration specified in Section
1.5(b).

 

(b) Purchase
Price. The purchase price for the Third Tranche Purchase shall be an aggregate of $5,000,000 (the “Third Tranche Purchase
Price” and, together with the First Tranche Purchase Price and the Second Tranche Purchase Price, the “Purchase
Price”).

 

(c) Closing.
At the closing of the Third Tranche Purchase (the “Third Tranche Closing”), (i) the Investor shall deliver the
Third Tranche Purchase Price to the Company by wire transfer of immediately available funds to an account designated by the Company
in writing no later than three Business Days prior to the date of the Third Tranche Closing, (ii) the Company shall deliver, or
cause to be delivered, to the Investor the items set forth in Section 1.2(a), and (iii) the Investor shall deliver, or cause
to be delivered, to the Company the items set forth in Section 1.2(b).

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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Article
II REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Subject to the disclosures set forth in
the disclosure schedule delivered by the Company to the Investor (the “Disclosure Schedule”) (it being agreed
that disclosure of any item in any section of the Disclosure Schedule shall also be deemed disclosure with respect to any other
Section of this Agreement to which the relevance of such item is reasonably apparent) concurrently with the execution of this Agreement,
provided that, subject to the terms and conditions of this Agreement, the Company may update the Disclosure Schedule no
later than five days prior to the First Tranche Closing, Second Tranche Closing and/or the Third Tranche Closing, provided that
the Company may amend and update such updated Disclosure Schedule any time prior to the relevant Closing Date only to the extent
for any matters that take place within the five days prior to the relevant Closing Date in which case the Investor may elect to
extend the relevant Closing Date by no more than five days, only to the extent to reflect circumstances that may have arisen or
changed between the date of this Agreement and the relevant Closing Date (it being agreed that such updates to the Disclosure Schedule
shall not affect the representations and warranties made by the Company as of the execution of this Agreement or applicable First
Tranche Closing, Second Tranche Closing or Third Tranche Closing), and except as otherwise disclosed in the SEC Reports (without
giving effect to any amendment thereto filed on or after the date of this Agreement and excluding disclosures of non-specific risks
faced by the Company included in any forward-looking statement, disclaimer, risk factor disclosure or other similarly non-specific
statements that are predictive, general or forward-looking in nature), the Company represents and warrants as of the date of this
Agreement, as of the date of the First Tranche Closing, and, with respect to Sections 2.1, and 2.3 to 2.8,
as of the Second Tranche Closing and the Third Tranche Closing to the Investor that:

 

2.1 Organization
and Authority.

 

(a) The
Company has been and is a limited company duly organized and validly existing under the laws of the State of Israel. The Company
is not designated as a “violating company” under the Israel Companies Law, 5759-1999 (the “Companies Law”).
Each subsidiary of the Company is duly organized and validly existing under the laws of its jurisdiction of incorporation, and,
to the extent that such jurisdiction recognizes the concept of good standing, is in good standing under the laws of such jurisdiction.

 

(b) The
Company and each of its subsidiaries has the full corporate power and authority to own its properties and conduct its business
as currently conducted, and, except as would not constitute a Material Adverse Effect, has been and is duly qualified as a foreign
corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns
or leases properties, or conducts any business so as to require such qualification.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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2.2 Capitalization.
The authorized share capital of the Company consists of 250,000,000 Ordinary Shares of which, as of the close of business on March
5, 2018, 30,006,575 shares were issued and outstanding. As of the close of business on March 5, 2018, the Company had (i) outstanding
options to purchase 1,343,695 Ordinary Shares, unvested restricted share units with respect to 571,659 Ordinary Shares, and an
additional 2,415,942 Ordinary Shares reserved for grants under compensatory equity plans of the Company or a subsidiary of the
Company in effect as of the date hereof (the “Company Share Plans”), (ii) outstanding and unexercised warrants
with respect to 3,008,316 Ordinary Shares and (iii) 2,523,660 Ordinary Shares issuable upon conversion of a convertible note. The
outstanding Ordinary Shares have been duly authorized and are validly issued and outstanding, fully paid and nonassessable, and
subject to no preemptive rights (and were not issued in violation of any preemptive rights, the Company’s articles of association,
or any applicable laws). Except as set forth above or pursuant to the Transaction Documents, there are no (A) shares of capital
stock or other equity interests or voting securities of the Company authorized, reserved for issuance, issued or outstanding, (B)
options, warrants, calls, preemptive rights, subscription or other rights, instruments, agreements, arrangements or commitments
of any character, obligating the Company or any of its subsidiaries to issue, transfer or sell or cause to be issued, transferred
or sold any shares of capital stock or other equity interest or voting security in the Company or any securities or instruments
convertible into or exchangeable for such shares of capital stock or other equity interests or voting securities, or obligating
the Company or any of its subsidiaries to grant, extend or enter into any such option, warrant, call, preemptive right, subscription
or other right, instrument, agreement, arrangement or commitment, (C) outstanding contractual obligations of the Company or any
of its subsidiaries to repurchase, redeem or otherwise acquire any capital stock or other equity interest or voting securities
of the Company, (D) issued or outstanding performance awards, units, rights to receive any capital stock or other equity interest
or voting securities of the Company on a deferred basis, or rights to purchase or receive any capital stock or equity interest
or voting securities issued or granted by the Company to any current or former director, officer, employee or consultant of the
Company, or other rights that give the holder thereof any economic interest of a nature accruing to the holders of the Ordinary
Shares, or (E) bonds, debentures, notes or other indebtedness of the Company having the right to vote (or convertible into, or
exchangeable for, securities having the right to vote) on any matters on which holders of the Ordinary Shares may vote. No subsidiary
of the Company owns any shares of capital stock or other equity interest or voting securities of the Company. There are no voting
trusts or other agreements or understandings to which the Company or any of its subsidiaries is a party with respect to the voting
of the capital stock or other equity interest or voting securities of the Company.

 

2.3 Authorization,
Enforceability; Consents.

 

(a) The
Company has the full power and authority to execute and deliver this Agreement and the other Transaction Documents, to consummate
the transactions contemplated hereby and thereby, and to carry out its obligations hereunder and thereunder. The execution, delivery
and performance by the Company of this Agreement and the other Transaction Documents to which it is a party and the consummation
of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate (or analogous) action,
except for the Company Shareholder Approval, on the part of the Company and its shareholders, and no further approval or authorization
is required on the part of the Company or its shareholders. This Agreement and the other Transaction Documents, assuming the due
authorization, execution and delivery by the other parties hereto and thereto, are valid and binding obligations of the Company,
enforceable against the Company in accordance with their respective terms, except as the same may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general
equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity (“Bankruptcy
Exceptions”).

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(b) The
execution, delivery and performance by the Company of this Agreement and the other Transaction Documents, and the consummation
of the transactions contemplated hereby and thereby and compliance by the Company with any of the provisions hereof and thereof,
will not (A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with
notice or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance
required by, or result in a right of termination or acceleration of, or result in the creation of, any Encumbrance upon any of
the properties or assets of the Company or any of its subsidiaries under any of the terms, conditions or provisions of (x) the
articles of association or equivalent constituent documents of the Company or any of its subsidiaries, or (y) any note, bond, mortgage,
indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the Company or any of its subsidiaries
is a party or by which it or any of its subsidiaries may be bound, or to which the Company or any of its subsidiaries or any of
the properties or assets of the Company or any of its subsidiaries is subject, or (B) subject to compliance with the statutes and
regulations referred to in the next paragraph, violate any law, statute, rule or regulation or any judgment, ruling, order, writ,
injunction or decree applicable to the Company or any of its subsidiaries or any of their respective properties or assets except,
in the case of clauses (A)(y) and (B), for those occurrences that would not constitute a Material Adverse Effect.

 

(c) Other
than (A) such notices, filings, exemptions, reviews, authorizations, consents or approvals as have been made or obtained as of
the date hereof, and (B) notices, filings, exemptions, reviews, authorizations, consents or approvals as may be required under,
and other applicable requirements of (1) the Exchange Act, (2) the Securities Act, (3) The NASDAQ Stock Market, LLC (“NASDAQ”),
(4) the Israeli Encouragement of Research, Development and Technological Innovation in the Industry Law, 5744-1984 (as amended,
and all rules and regulations promulgated thereunder), (5) the Companies Law, or (6) the Bank of Israel, no notice to, filing with,
exemption or review by, or authorization, consent or approval of (x) any federal, national, state, local, municipal, international
or multinational government or political subdivision thereof, governmental department, commission, board, bureau, agency, taxing
or regulatory authority, judicial or administrative body, official, tribunal or other instrumentality of any government, whether
federal, state or local, domestic or foreign, arbitrator or SRO (each, a “Governmental Entity”), or (y) any
third party pursuant to the agreements, indenture or instrument to which the Company or any of its subsidiaries is a party, is
required to be made or obtained by the Company or any of its subsidiaries in connection with the consummation by the Company of
the Share Issuance and the other transactions contemplated hereby and by the other Transaction Documents, except for any such notices,
filings, exemptions, reviews, authorization, consents or approvals the failure of which to make or obtain would not reasonably
be expected to have a Material Adverse Effect on the Company’s ability to consummate the transactions contemplated by this
Agreement and the Transaction Documents.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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2.4 The
Purchased Shares. The Purchased Shares have been duly authorized and reserved for issuance and will be validly issued, fully
paid and non-assessable, and free and clear of any Encumbrances, other than liens or encumbrances created by the Transaction Documents
or created by or at the direction of the Investor or any of its Affiliates.

 

2.5 SEC
Reports.

 

(a) Since
January 1, 2016, the Company has complied in all material respects with the filing requirements of Sections 13(a), 14(a) and 15(d)
of the Exchange Act, and, as applicable, of the Securities Act.

 

(b) The
SEC Reports, when they became effective or were filed with or furnished to the Commission, as the case may be, complied in all
material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and the rules and regulations
of the Commission promulgated thereunder and none of such documents, when they became effective or were filed with or furnished
to the Commission, as the case may be, contained an untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading.

 

(c) The
financial statements of the Company on a consolidated basis for each of the periods included (or incorporated by reference) 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 Generally
Applicable Accounting Principles in the United States (“US GAAP”) applied on a consistent basis during the periods
involved, except as may be otherwise specified in such financial statements or the notes thereto. Such financial statements fairly
present in all material respects, in accordance with US GAAP, the financial condition, cash flows and results of operations of
the Company on a consolidated basis as of the dates and for the periods indicated therein. Except as set forth in such financial
statements, neither the Company nor its subsidiaries has any material liabilities other than liabilities and obligations that have
arisen in the ordinary course of business and which would not be required to be reflected in financial statements prepared in accordance
with US GAAP.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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2.6 Brokers;
Fees and Expenses. No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s,
financial advisor’s or other similar fee or commission, or the reimbursement of expenses, in connection with the transactions
contemplated by this Agreement or the other Transaction Documents based upon arrangements made by or on behalf of the Company.

 

2.7 No
Integrated Offering. None of the Company, any of its Affiliates, or any Person acting on 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 require registration
of the issuance of any of the Purchased Shares under the Securities Act, whether through integration with prior offerings or otherwise.

 

2.8 Off-Balance
Sheet Arrangements. There are no unconsolidated subsidiaries of the Company or any off-balance sheet arrangements of any type
(including any off-balance sheet arrangement required to be disclosed pursuant to Item 303(a)(4) of Regulation S-K promulgated
under the Securities Act) that have not been so described in the SEC Reports or the financial statements of the Company included
in the SEC Reports nor any obligations to enter into any such arrangements.

 

2.9 Internal
Controls and Procedures. The Company has established and maintains disclosure controls and procedures as such terms are defined
in, and required by, Rule 13a-15 or Rule 15d-15 under the Exchange Act. Such disclosure controls and procedures are effective to
ensure that all material information required to be disclosed by the Company in the reports that it files or furnishes under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Commission.
The Company maintains a system of internal controls over financial reporting sufficient to provide reasonable assurance that (a)
transactions are executed in accordance with management’s general or specific authorizations and (b) transactions are recorded
as necessary to permit preparation of financial statements in conformity with US GAAP. The Company’s management has completed
an assessment of the effectiveness of the Company’s system of internal controls over financial reporting for the fiscal years
ended December 31, 2016 and 2017 in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, and such
assessment concluded that such controls were effective.

 

2.10 Absence
of Changes. Since September 30, 2017, the Company and its subsidiaries have conducted their respective businesses in all material
respects in the ordinary course of business consistent with past practice or its business expansion plans as disclosed in the SEC
Reports and there has not been:

 

(a) any
Material Adverse Effect;

 

(b) (i)
any declaration, setting aside or payment of any dividend or other distribution with respect to any share capital of the Company
or any of its subsidiaries (except for dividends or other distributions by any subsidiary to the Company or to any of the Company’s
wholly owned Subsidiaries or (ii) any redemption, repurchase or other acquisition of any share capital of the Company or any of
its subsidiaries;

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(c) any
material change in any method of accounting or accounting practice by the Company or any of its subsidiaries;

 

(d) any
making or revocation of any material Tax election, any settlement or compromise of any material Tax liability, or any change (or
request to any taxing authority to change) in any material respect of the method of accounting of the Company or any of its subsidiaries
for Tax purposes;

 

(e) any
amendment to the Company’s articles of association;

 

(f) any
incurrence of material Indebtedness for borrowed money or any guarantee of such Indebtedness for another Person or any issue or
sale of debt securities, warrants or other rights to acquire any debt security of the Company or any of its subsidiaries;

 

(g) any
adoption of resolution to approve or petition or similar proceeding or order in relation to a plan of complete or partial liquidation,
dissolution, scheme of arrangement, merger, consolidation, restructuring, recapitalization or other reorganization of the Company
or any of its subsidiaries;

 

(h) any
receiver, trustee, administrator or other similar Person appointed in relation to the affairs of the Company or its property or
any part thereof; or

 

(i) any
agreement to carry out any of the foregoing.

 

2.11 Contracts.
Each indenture, contract, lease, mortgage, deed of trust, note agreement, loan or other agreement or instrument of a character
that is required to be filed, described or summarized by the Company under the Securities Act, the Exchange Act and the rules and
regulations of the Commission promulgated thereunder (collectively, the “Material Contracts”) is valid and in
full force and effect and will continue to be so immediately after the First Tranche Closing. Neither the Company nor any of its
subsidiaries has violated or breached, or committed any default under, any Material Contract in any material respect, and, to the
Company’s knowledge, no other Person has violated or breached, or committed any default under any Material Contract in any
material respect. To the Company’s knowledge, no event has occurred, and no circumstance or condition exists, that (with
or without notice or lapse of time or both) will, or would reasonably be expected to: (A) result in a material violation or breach
of any of the provisions of any Material Contract, (B) give any Person the right to declare a default or exercise any remedy under
any Material Contract, (C) give any Person the right to accelerate the maturity or performance of any Material Contract or (D)
give any Person the right to cancel, terminate or modify any Material Contract.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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2.12 Litigation.
Neither the Company nor any of its subsidiaries, nor any of their directors or officers, is a party to any, and there are no pending
or, to the Company’s knowledge, threatened, (i) legal, administrative, arbitral or other claims, suits, actions or proceedings
or governmental or regulatory investigations (“Proceedings”) of any nature against the Company or any of its
subsidiaries or (ii) any Proceedings to which any of their interests or material properties or assets is subject, except in the
case of (i) or (ii) for any Proceedings which would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect, or (iii) any Proceedings that seek to restrain or enjoin the consummation of the transactions contemplated by the
Transaction Documents. There is no judgment, order, injunction or decree (“Judgment”)
outstanding against Company, any of its subsidiaries, any of their equity interests, material properties or assets, or any of their
directors and officers (in their capacity as directors and officers), except for any Judgment which would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

2.13 Compliance
with Applicable Laws; Permits.

 

(a) The
Company and each of its subsidiaries have conducted their businesses in compliance with all applicable laws (including any applicable
antitrust or competition laws) and applicable requirements of the NASDAQ in all material respects.

 

(b) The
Company and each of its subsidiaries have all material permits, licenses, authorizations, consents, orders and approvals of, and
have made all material filings, applications and registrations with, any Governmental Entities that would be reasonably expected
to be required in order to carry on their business as presently conducted, and all such material permits, licenses, authorizations,
consents, orders and approvals are in full force and effect and, to the knowledge of the Company, no suspension or cancellation
of any of them is threatened, and all such filings, applications and registrations are current.

 

(c) The Company is not in violation
of any listing requirements of the NASDAQ.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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2.14 Intellectual
Property.

 

(a) Schedule
2.14(a) sets forth a complete and accurate list of each item of material Registered Intellectual Property owned by the Company
or its subsidiaries (collectively, the “Company Registered Intellectual Property”). The Company and its subsidiaries
own or possess adequate and sufficient rights or licenses to use all Intellectual Property necessary for the conduct of their businesses
as currently conducted, provided, however, that this sentence shall not constitute (nor be deemed to constitute) a representation
or warranty regarding the infringement or violation of Intellectual Property rights of any third party, which are exclusively addressed
below. To the knowledge of the Company, there are no infringements or other violations of any Intellectual Property owned by the
Company or any of its subsidiaries by any third party, except for such infringements and violations which, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Company, no product or service
marketed or sold (or proposed to be marketed or sold) by the Company, nor the conduct of the business of the Company and its subsidiaries
as currently conducted, infringes or otherwise violates any Intellectual Property rights of any third party. There is no Proceeding
pending or, to the knowledge of the Company, threatened against the Company or any subsidiary: (i) alleging any such infringement
or other violation of any third party’s Intellectual Property rights; or (ii) challenging the Company’s or any subsidiary’s
ownership or use of, or the validity or enforceability of any material Intellectual Property owned by the Company or its subsidiaries,
excluding any office action or other form of preliminary or final refusal of registration in the ordinary course of business.

 

(b) Schedule
2.14(b) sets forth a complete and accurate list of all Encumbrance on any Company Registered Intellectual Property and except for
the Encumbrance listed thereunder, all Company Registered Intellectual Property is owned by the Company or its subsidiaries, free
and clear of Encumbrances of any nature (other than nonexclusive licenses granted by the Company in the ordinary course of business).
All Company Registered Intellectual Property is subsisting and to the knowledge of the Company, valid and enforceable, and not
subject to any outstanding Judgment materially and adversely affecting the Company use thereof or rights thereto or that would
materially impair the validity or enforceability thereof.

 

(c) The
Company and its subsidiaries have taken commercially reasonable measures to protect the secrecy of all of their material trade
secrets and there has been no unauthorized disclosure of any material data or information which, but for any such unauthorized
disclosure, the Company would consider to be a material trade secret owned by the Company or any of its subsidiaries.

 

(d) Each
employee of the Company or any of its subsidiaries in research and development function who have developed any material Intellectual
Property for the Company or any of its subsidiaries have signed an assignment or similar agreement with or otherwise have a binding
legal obligation to the Company or its subsidiaries confirming the Company’s or its subsidiaries’ ownership or, in
the alternate, transferring and assigning to the Company or its subsidiary all right, title and interest in and to such programs,
modifications, enhancements or other inventions including copyright and other Intellectual Property rights therein (or all such
right, title and interest vest in the Company or its subsidiaries by operation of law). Without prejudice to the generality of
the foregoing, each employee of the Company and its subsidiaries has signed a valid and enforceable agreement containing confidentiality
provisions protecting confidential information related to such Intellectual Property. To the knowledge of the Company, no employee
of the Company and its subsidiaries is in material violation of any term of any patent or invention disclosure agreement or any
patent or invention disclosure provisions in any employment agreement or other contract or agreement.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(e) Other
than the Government Grants (as such term is defined under Section 2.14(f) below), no (i) government funding, (ii) facilities of
a university, college, other educational institution or research center or (iii) funding from any Person (other than funds received
in consideration for shares of Company Capital Stock) was used in the development of the Company Owned IP. To the knowledge of
the Company, no current or former employee, consultant or independent contractor who was involved in, or who contributed to, the
creation or development of any Company Owned IP, has performed services for any government, including the Israeli Ministry of Defense
and the Israel Defense Forces, university, college or other educational institution or research center during a period of time
during which such employee, consultant or independent contractor was also performing services for the Company.

 

(f) Section
2.14(f) of the Disclosure Letter provides a true and complete list of all pending and outstanding grants, incentives, exemptions
and subsidies from the Government of the State of Israel or any Governmental Entity thereof, including the Israel Innovation Authority
("OCS") and the BIRD Foundation, or from any non-Israeli Governmental Entity, granted to (or transferred to, assigned
to or purchased by) the Company or any of its Subsidiaries (collectively, “Government Grants”). The Company has made
available to Investor true and correct copies of all documents evidencing Government Grants and of all letters of approval, certificates
of completion, and supplements and amendments thereto and all material correspondence related thereto. Section 2.14(f) of the Disclosure
Letter sets forth: (i) all material undertakings of the Company given in connection with the Government Grants; (ii) the aggregate
amount of each Government Grant indicating OCS projects and files; (iii) the aggregate outstanding obligations of the Company under
each Government Grant with respect to royalties or other payments; and (iv) the outstanding amounts to be paid by any Governmental
Entity to the Company under the Government Grants, if any; and (v) the product or product families that relate to OCS grants as
currently understood by the Company. The Company is in compliance, in all material respects, with the terms and conditions of all
Government Grants and has duly fulfilled, in all material respects, all the undertakings required to be fulfilled thereby prior
to the date hereof. To the Company’s Knowledge, there is no event or other set of circumstances which would reasonably be
expected to lead to the revocation or material modification of any of the Government Grants.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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2.15 Labor
and Employment Matters

 

(a) Neither
the Company nor any of its subsidiaries is a party to or bound by any collective bargaining agreement or other labor union contract
applicable to Persons employed by the Company or any of its subsidiaries as of the date hereof. There are no unfair labor practice
complaints pending, or to the knowledge of the Company, threatened, against the Company or any of its subsidiaries before any Governmental
Entity. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, each of
the Company or its subsidiaries (i) is in compliance with all applicable Laws relating to employment and employment practices,
(ii) has withheld and paid in full to the appropriate Governmental Entity, or is holding for payment not yet due to such Governmental
Entity, all amounts required to be withheld from or paid with respect to the Company’s employees, and (iii) is not liable
for any arrears of wages, taxes, penalties or other sums for failure to comply with any of the foregoing. There is no material
claim with respect to payment of wages, salary, overtime pay, withholding individual income taxes, social security fund or housing
fund that has been asserted and is now pending or, to the knowledge of the Company, threatened before any Governmental Entity,
with respect to any Persons currently or formerly employed by the Company or any of its subsidiaries. There is no Proceeding with
respect to a material violation of any occupational safety or health standards that has been asserted or is now pending or, to
the knowledge of the Company, threatened with respect to the Company or any of its subsidiaries. Except as would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect, to the extent applicable, the Company: (i)
is currently and has at all times been in compliance in all material respects with all Applicable Law, Contracts and Orders relating
to labor, employment, discrimination, wages and hours, labor relations, leaves of absence, work breaks, classification of employees,
occupational health and safety, privacy, harassment, retaliation, immigration, wrongful discharge or violation of the personal
rights of Relevant Service Providers or prospective employees, including, without limitation, the Advance Notice for Dismissal
and Resignation Law, 2001, the Notification to an Employee (Terms of Employment) Law, 2002, the Prevention of Sexual Harassment
Law, 1998, the Hours of Work and Rest Law, 1951, the Annual Leave Law, 1951, The Salary Protection Law, 1958, the Employment by
Human Resources Contractors Law, 1996 and Increased Enforcement of Labor Legislation Law, 2011; (ii) has withheld and reported
all amounts required by any Legal Requirement or Contract to be withheld and reported with respect to wages, salaries and other
payments or compensation to any Relevant Service Provider (including deduction from salaries for income Tax according to the Israeli
Income Tax Ordinance [New Version], 1961 ("ITO"), for national insurance payments according to the National Insurance
Law [Consolidated Version], 1995, for health insurance according to the National Health Insurance Law, 1994, transfers to managers
insurance, pension or provident fund, life insurance, incapacity insurance, education fund or other similar funds and/or required
deductions in connection with vehicle lease programs); (iii) has no Liability for any arrears (other than routine payments to be
timely made on a monthly basis in the normal course of business and consistent with past practice) of wages or any Taxes, social
security contributions or any penalty for failure to comply with any of the foregoing; and (iv) has no Liability for any payment
to any trust or other fund governed by or maintained by or on behalf of any Governmental Authority with respect to unemployment
compensation benefits, social security or other benefits or obligations for any Relevant Service Provider (other than routine payments
to be timely made on a monthly basis in the normal course of business and consistent with past practice).

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(b) Each
Company Share Plan is in compliance in all material respects with its terms and the requirements of all applicable laws. No Proceeding
is now pending or, to the knowledge of the Company, threatened with respect to any Company Share Plan (other than claims for benefits
in the ordinary course). All employer and employee contributions to each Company Share Plan required by applicable Laws or by the
terms of such Company Share Plan have been made, or, if applicable, accrued in accordance with normal accounting practices and
in compliance in all material respects with its terms and the requirements of all applicable Laws. Each Company Share Plan required
to be registered has been registered and has been maintained in good standing with applicable Governmental Entities.

 

2.16 Title
to Real Property and Tangible Assets

 

(a) Each
of the Company and its subsidiaries has good and marketable title to, or a legal and valid right to use, all real property and
tangible assets that it purports to own (including as reflected in its balance sheet) or that it uses, free and clear of any and
all Encumbrances, except for any defects in title or right or any Encumbrances that would not, individually or in the aggregate,
have, or reasonably be expected to have, a Material Adverse Effect.

 

(b) Except
as would not, individually or in the aggregate, have, or reasonably be expected to have, a Material Adverse Effect, (i) all current
leases and subleases of property and assets entered into by the Company or any of its subsidiaries are in full force and effect,
valid and effective in accordance with their terms, (ii) each of the Company and its subsidiaries is in compliance with such leases
and subleases, and (iii) the Company or such subsidiary, as applicable, holds valid leasehold interests in the leased or subleased
property and assets subject thereto, free of any and all Encumbrances. Neither the Company nor any of its subsidiaries owns, holds,
is obligated under or is a party to, any option, right of first refusal or other contractual right to purchase, acquire, sell,
assign or dispose of any real estate or any portion thereof or interest therein.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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2.17 Tax
Status. The Company and each of its subsidiaries (a) has filed (or has caused to be filed) in a timely manner (within any applicable
extension periods) and in the appropriate jurisdictions all material foreign, federal and state income and all other material tax
returns, reports, information statements and other documentation (including any additional or supporting materials) (“Returns”)
required to be filed in connection with the calculation, determination, assessment or collection of any and all federal, state,
local, foreign and other taxes, levies, fees, imposts, duties, governmental fees and charges of whatever kind (including any interest,
penalties or additions to the tax imposed in connection therewith or with respect thereto), including, without limitation, taxes
imposed on, or measured by, income, franchise, profits, gross income or gross receipts, and also ad valorem, value added, sales,
use, service, real or personal property, capital stock, stock transfer, license, payroll, withholding, employment, social security,
workers’ compensation, unemployment compensation, utility, severance, production, excise, stamp, occupation, premium, windfall
profits, environmental, transfer and gains taxes and customs duties (each a “Tax”), including any amended Returns
required as a result of examination adjustments made by any Governmental Entity responsible for the imposition of any Tax, and
such Returns are true, correct and complete in all material respects, and (b) has paid all Taxes and other governmental assessments
and charges that are material in amount, shown as due on such Returns, except those amounts being contested in good faith, or that
are properly accrued or provisioned on the books of the Company. Neither the Company nor any of its subsidiaries has received written
notice regarding unpaid Taxes in any material amount claimed to be due by the taxing authority of any jurisdiction. No Returns
filed by or on behalf of the Company or any of its subsidiaries with respect to Taxes are, to the knowledge of the Company or any
of its subsidiaries, currently being audited or examined by the taxing authority of any jurisdiction. Neither the Company nor any
of its subsidiaries has received written notice of any such audit or examination. The representations and warranties in Section
2.15(a) and this Section 2.17 are the sole and exclusive representations and warranties of the Company and its subsidiaries concerning
Tax matters.

 

(a) All
related party transactions involving the Company are in compliance with applicable transfer pricing laws and regulations, are at
arm’s length and are documented and reported, in each case in accordance with Applicable Law (including Section 85A of the
ITO and the rules and regulations promulgated thereunder).

 

(b) The
Company does not have a permanent establishment or other taxable presence (as determined pursuant to an applicable tax treaty or
applicable foreign Law) in any country other than the country of its formation. There have been no discussions between the Company,
on the one hand, and a tax authority, on the other hand, pertaining to, and no written claim has ever been made by a tax authority
in a jurisdiction in which the Company does not file tax returns, that the Company is subject to Tax in such jurisdiction.

 

(c) The
Company is duly registered for the purposes of Israeli value added tax (“VAT”) and has complied in all material
respects with all requirements concerning value added taxes. There are no circumstances by reason of which there might not be an
entitlement to full credit of all VAT chargeable or paid on inputs, supplies, and other transactions and imports made by the Company;
The Company (i) has collected and timely remitted to the relevant tax authority all material output VAT which it is required to
collect and remit under any Applicable Law; and (ii) has not refunded or deducted any material amount of value added tax that it
was not so entitled to deduct or refund.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(d) The
Company has not undertaken any transaction that required or will require special reporting in accordance with Sections 131D, 131E
and 131(g) of the ITO and the Israeli Income Tax Regulations (Tax Planning Requiring Reporting), 2006.

 

(e) The
Company is in compliance, in all material respects, with all terms and conditions of any tax exemptions, tax holiday or other tax
reduction agreements, approvals or orders of any Taxing Authority.

 

(f) The
Company is not and has never been a real property corporation (Igud Mekarke’in) within the meaning Section 1 of the Israeli
Land Taxation Law (Appreciation and Acquisition), 5723-1963.

 

2.18 Exclusive
Representations and Warranties . Except for the representation and warranties contained in Article II, neither the Company,
nor any other Person on its behalf makes any express or implied representation or warranty with respect to the Company or the transactions
contemplated by this Agreement or the Transaction Documents, and the Company disclaims any other representations or warranties,
express or implied, whether made by the Company or any other Person.

 

Article
III REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

 

The Investor hereby
represents and warrants as of the date of this Agreement, as of the date of the First Tranche Closing, and, with respect to Sections
3.1 to 3.4, 3.6 and 3.7, as of the Second Tranche Closing and the Third Tranche Closing to the Company
that:

 

3.1 Organization.
The Investor has been duly incorporated and is validly existing under the laws of the jurisdiction of its formation with the corporate
power and authority to own its properties and conduct its business in all material respects as currently conducted.

 

3.2 Authorization,
Enforceability; Consents.

 

(a) The
Investor has the corporate or analogous power and authority to execute and deliver this Agreement and the other Transaction Documents
to which it is a party, to consummate the transactions contemplated hereby and thereby, and to carry out its obligations hereunder
and thereunder. The execution, delivery and performance by the Investor of this Agreement and the other Transaction Documents to
which it is a party and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary
corporate or analogous action on its part, and no further approval or authorization is required on its part. This Agreement and
the other Transaction Documents, assuming the due authorization, execution and delivery by the other parties hereto and thereto,
are valid and binding obligations of the Investor enforceable against it, in accordance with their respective terms, except as
the same may be limited by Bankruptcy Exceptions.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(b) The
execution, delivery and performance by the Investor, of this Agreement and the other Transaction Documents to which it is a party
and the consummation of the transactions contemplated hereby and thereby and compliance by it, with any of the provisions hereof
and thereof, will not (A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event
which, with notice or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate
the performance required by, or result in a right of termination or acceleration of, or result in the creation of, any Encumbrance
upon any of its properties or assets under any of the terms, conditions or provisions of (x) its organizational documents, or (y)
any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which it, is
a party or by which it, may be bound, or to which it, or any of its, properties or assets is subject, or (B) subject to compliance
with the statutes and regulations referred to in the next paragraph, violate any statute, rule or regulation or any judgment, ruling,
order, writ, injunction or decree applicable to it, or any of its, properties or assets except, in the case of clauses (A)(y)
and (B), for those occurrences that, individually or in the aggregate, have not had and would not reasonably be expected
to have, a material adverse effect on the ability of the Investor to complete the transactions contemplated by the Transaction
Documents or to perform its obligations under the Transaction Documents.

 

(c) Other
than (A) such notices, filings, exemptions, reviews, authorizations, consents or approvals as have been made or obtained as of
the date hereof, (B) notices, filings, exemptions, reviews, authorizations, consents or approvals as may be required under, and
other applicable requirements of (1) the Exchange Act and (2) the Securities Act, and (C) notices, filings, exemptions, reviews,
authorizations, consents or approvals as may be required, and other applicable requirements, in each case in connection with the
formation of the China JV, no notice to, filing with, exemption or review by, or authorization, consent or approval of, any Governmental
Entity is required to be made or obtained by it in connection with the consummation by the Investor of the Share Issuance and the
other transactions contemplated hereby and by the other Transaction Documents, except for any such notices, filings, exemptions,
reviews, authorizations, consent and approvals the failure of which to make or obtain have not had and would not reasonably be
expected to have, individually or in the aggregate, a material adverse effect on the ability of the Investor to complete the transactions
contemplated by the Transaction Documents or to perform its obligations.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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3.3 Experience;
Accredited Investor. (i) The Investor is knowledgeable, sophisticated and experienced in making, and is qualified to make,
decisions with respect to investments in shares representing an investment decision like that involved in the purchase of the Purchased
Shares; (ii) the Investor is acquiring the Purchased Shares in the ordinary course of its business and for its own account for
investment only and with no present intention of distributing any of such Purchased Shares and does not have any current arrangement
or understanding with any other Persons regarding the distribution of such securities (this representation and warranty not limiting
the Investor’s right to sell or distribute in compliance with the Securities Act and the rules and regulations thereunder);
and (iii) the Investor is either (A) an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated
under the Securities Act or (B) not a “U.S. person” within the meaning of Regulation S under the Securities Act.

 

3.4 Exemption
from Registration. The Investor understands that the Purchased Shares are being offered and sold to it in reliance upon specific
exemptions from the registration requirements of the Securities Act, the rules and regulations thereunder and state securities
laws and that the Company is relying upon the truth and accuracy of, and the Investor’s compliance with, the representations,
warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the availability
of such exemptions and the eligibility of the Investor to acquire the Purchased Shares. Without derogating from the restrictions
contained in Section 6.5, the Investor understands that the Purchased Shares may not be offered or sold within the United
States or to, or for the account or benefit of U.S. persons except pursuant to an exemption from, or in transactions not subject
to, the registration requirements of the Securities Act.

 

3.5 Ownership.
Other than pursuant to this Agreement and the other Transaction Documents, the Investor does not hold, alone or together with any
Person, any Ordinary Shares, any options or warrants or depositary receipts evidencing Ordinary Shares or any other rights to acquire
Ordinary Shares or any securities exchangeable or exercisable for or convertible into Ordinary Shares, or to acquire other securities
or rights ultimately exchangeable or exercisable for, or convertible into, Ordinary Shares, or has any agreements or understanding
with any third party to such effect. The Investor has not entered into any transaction or any contract that transfers or purports
to transfer, in whole or in part, any of the economic consequences of ownership of Ordinary Shares to it except for such transfers
or purported transfers that are permitted under the Transaction Documents.

 

3.6 Brokers;
Fees and Expenses. No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s,
financial advisor’s or other similar fee or commission, or the reimbursement of expenses, in connection with the transactions
contemplated by this Agreement or the other Transaction Documents based upon arrangements made by or on behalf of the Investor.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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3.7 Exclusive
Representations and Warranties. Except for the representation and warranties contained in Article II, neither the Investor,
nor any other Person on its behalf makes any express or implied representation or warranty with respect to the Investor or the
transactions contemplated by this Agreement or the Transaction Documents, and the Investor disclaims any other representations
or warranties, express or implied, whether made by the Investor or any other Person.

 

Article
IV CONDITIONS TO CLOSING

 

4.1 Conditions
to the Obligations of the Company and the Investor. The respective obligations of the Company and the Investor hereunder to
consummate each Closing are subject to fulfillment, prior to or at each Closing, of the following conditions (compliance with which
or the occurrence of which may be waived in whole or in part by either the Company or the Investor in writing with respect to fulfillment
of conditions to its own obligations to the extent permitted by applicable Law):

 

(a) No
Legal Restraint shall be in effect preventing the consummation of the transactions contemplated by this Agreement and the other
Transaction Documents.

 

4.2 Conditions
to the Obligations of the Investor. The obligations of the Investor hereunder to consummate each Closing are subject to fulfillment,
prior to or at such Closing, of the following conditions (compliance with which or the occurrence of which may be waived in whole
or in part by the Investor in writing):

 

(a) The
Company shall have performed and complied in all material respects with all the terms, provisions and conditions of this Agreement
to be complied with and performed by the Company at or before such Closing.

 

(b) Since
the date of this Agreement, there has been no event or occurrence that would have a Material Adverse Effect.

 

4.3 Conditions
to the Obligations of the Company. The obligations of the Company hereunder to consummate each Closing are subject to fulfillment,
prior to or at such Closing, of the following conditions (compliance with which or the occurrence of which may be waived in whole
or in part by the Company in writing):

 

(a) Each
of the representations and warranties of the Investor to be made on the relevant Closing Date shall be true and correct in all
material respects on and as of the relevant Closing Date as if made as of such Closing Date (other than representations and warranties
made as of a specified date, which shall be true and correct as of the date so specified).

 

(b) The
Investor shall have performed and complied in all material respects with all the terms, provisions and conditions of this Agreement
to be complied with and performed by the Investor at or before such Closing.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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4.4 Conditions
to the First Tranche Closing. All of the respective obligations of the Company and the Investor hereunder to consummate the
First Tranche Closing are subject to fulfillment, prior to or at the First Tranche Closing, of the following condition (compliance
with which or the occurrence of which may be waived in whole or in part by either the Company or the Investor in writing with respect
to fulfillment of conditions to its own obligations to the extent permitted by applicable Law):

 

(a) Each
of the representations and warranties of the Company shall be true and correct in all material respects as of the First Tranche
Closing as if made as of such First Tranche Closing other than (i) those representations and warranties qualified by materiality
or Material Adverse Effect which shall be true and correct in all respects, (ii) de minimis inaccuracies in the case of
Section 2.2, and (iii) those representations and warranties made as of a specified date, which shall be true and correct
as of the date specified.

 

(b) At
or prior to (i) the date that is 90 days after the date of this Agreement, or (ii) if the Company receives notification from the
Commission that it will review the Proxy Statement, then 135 days after the date of this Agreement, the Company Shareholder Approval
shall have been obtained.

 

4.5 Conditions
to the Second Tranche Closing. All of the respective obligations of the Company and the Investor hereunder to consummate the
Second Tranche Closing are subject to fulfillment, prior to or at the Second Tranche Closing, of the following condition (compliance
with which or the occurrence of which may be waived in whole or in part by either the Company or the Investor in writing with respect
to fulfillment of conditions to its own obligations to the extent permitted by applicable Law):

 

(a) Each
of the representations and warranties of the Company set forth in Sections 2.1, and 2.3 to 2.8 shall be true
and correct in all material respects as of the Second Tranche Closing as if made as of such Second Tranche Closing other than (i)
those representations and warranties qualified by materiality or Material Adverse Effect which shall be true and correct in all
respects, and (ii) those representations and warranties made as of a specified date, which shall be true and correct as of the
date specified.

 

(b) At
or prior to July 1, 2018, the Company and the Investor (through its Affiliate, RealCan Ambrum Healthcare Industry Investment (Shenzhen)
Partnership Enterprise (Limited Partnership), the China Parties (as defined in the JV Framework Agreement), and its other designated
parties as agreed to by the Company and as determined in the JV Framework Agreement), shall have (i) formed the China JV and (ii)
executed the License Agreement and the Supply Agreement with terms and conditions in consistency with the License Agreement Key
Terms attached here to as Annex F and Supply Agreement Key Terms attached hereto as Annex G.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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4.6 Conditions
to the Third Tranche Closing. All of the respective obligations of the Company and the Investor hereunder to consummate the
Third Tranche Closing are subject to fulfillment, prior to or at the Third Tranche Closing, of the following conditions (compliance
with which or the occurrence of which may be waived in whole or in part by either the Company or the Investor in writing with respect
to fulfillment of conditions to its own obligations to the extent permitted by applicable Law):

 

(a) Each
of the representations and warranties of the Company set forth in Sections 2.1, and 2.3 to 2.8 shall be true
and correct in all material respects as of the Third Tranche Closing as if made as of such Third Tranche Closing other than (i)
those representations and warranties qualified by materiality or Material Adverse Effect which shall be true and correct in all
respects, and (ii) those representations and warranties made as of a specified date, which shall be true and correct as of the
date specified.

 

(b) At
or prior to December 31, 2018, (i) the Company shall have provided to the China JV all documentation reasonably necessary for production,
component supply access, work instructions, know how and use of know how, training, and defined quality system requirements which
is necessary for the local production of Restore Stroke rehabilitation products and (ii) a China based manufacturer or agent defined
by the China JV shall have successfully produced the Restore Stroke rehabilitation design to the quality requirements defined by
the Company; provided, that, if the Third Tranche Closing has not occurred due to a delay in resourcing or establishing
the production site, the Third Tranche Closing may be delayed to a date no later than April 1, 2019.

 

4.7 Frustration
of Closing Conditions. Neither the Company nor the Investor may rely on the failure of any condition set forth in this Article
IV to be satisfied if such failure was caused by (i) such party’s failure to act in good faith or to use its reasonable
best efforts to cause each Closing to occur, or (ii) such party’s own representations and warranties not being true and correct.

 

Article
V AGREEMENTS OF THE COMPANY

 

5.1 Proxy
Statement; Shareholders’ Meeting.

 

(a) The
Company shall use its reasonable best efforts to obtain the approval of its shareholders of this Agreement and the transactions
contemplated hereby in accordance with the requirements of NASDAQ Listing Rule 5635(b) and the Companies Law (the “Company
Shareholder Approval”) as soon as reasonably practicable after the date hereof.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(b) Without
limiting the generality of the foregoing, the Company agrees to (i) as soon as possible after the date of execution of this Agreement
and in any event within seven Business Days after the execution of this Agreement, prepare and cause to be filed with the Commission
a proxy statement (together with any amendments or supplements thereto, the “Proxy Statement”) to be sent to
the Company’s shareholders in connection with a special meeting of holders of the Company’s Ordinary Shares (the “Company
Special Meeting”), to be held for the purpose of seeking the Company Shareholder Approval described herein and for such
other purposes within the sole discretion of the Company, (ii) call and hold the Company Special Meeting as soon as reasonably
practicable and in any event no later than the date that is 90 days after the date hereof, in compliance with applicable law, the
Company’s articles of association and the NASDAQ Marketplace Rules; provided, that if the Company receives notification
from the Commission that it will review the Proxy Statement, such date shall be automatically extended by an additional 45 days
without the requirement of any action by the Company or the Investor and (iii) use its reasonable best efforts to obtain the Company
Shareholder Approval at the Company Special Meeting. The Company shall use its reasonable best efforts to respond as reasonably
promptly as practicable to any comments from the Commission with respect to the Proxy Statement, and the Investor will cooperate
in connection therewith. Notwithstanding the foregoing, prior to filing or mailing the Proxy Statement (or any amendment or supplement
thereto) or responding to any comments of the Commission with respect thereto, the Company (i) shall provide the Investor an opportunity
to review and comment on the Proxy Statement or response (including the proposed final version of the Proxy Statement or response)
and (ii) shall consider in good faith all comments reasonably proposed by the Investor. The Company shall, through the Board, recommend
to its shareholders that they give the Company Shareholder Approval and shall include such recommendation in the Proxy Statement.

 

(c) The
Investor agrees to furnish all information concerning itself and its Affiliates to the Company and provide such other assistance
as may be reasonably requested by the Company, in each case, in connection with the preparation, filing and distribution of the
Proxy Statement.

 

5.2 Agreement
with Yaskawa. The Company shall amend its Exclusive Distribution Agreement entered into between Argo Medical Technologies,
Ltd., the Company’s prior name, and Yaskawa Electric Corporation on September 24, 2013 (the “Yaskawa Agreement”)
so as to terminate the distribution rights granted to Yaskawa Electric Corporation (or any of its Affiliates including Yaskawa
Europe Technology Ltd., if applicable) in China (including Hong Kong and Macau) on or prior to the First Tranche Closing.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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Article
VI ADDITIONAL AGREEMENTS

 

6.1 Further
Assurances. Each the Company and the Investor shall use its reasonable best efforts to fulfill or obtain the fulfillment of
the conditions precedent to the consummation of the transactions contemplated by this Agreement on a timely basis, including the
execution and delivery of any documents, certificates, instruments or other papers that are reasonably required for the consummation
of such transactions, and will cooperate and consult with the other and use its reasonable best efforts to prepare and file all
necessary documentation, to effect all necessary applications, notices, petitions, filings and other documents, and to obtain all
necessary permits of, or any exemption by, all Governmental Entity, necessary or advisable to consummate the transactions contemplated
by this Agreement. During the period from the date of this Agreement through each Closing Date, except as required by applicable
laws or with the prior written consent of the other party, neither party will take any action which, or fail to take any action
the failure of which to be taken, would, or would reasonably be expected to (a) result in any of the representations and warranties
set forth in Article II or III on the part of the party taking or failing to take such action being or becoming untrue or incorrect,
(b) result in any conditions set forth in Article IV not to be satisfied, or (c) result in any material violation of any provision
of this Agreement. After each Closing Date, each party shall execute and deliver such further certificates, agreements and other
documents and take such other actions as the other party may reasonably request to consummate or implement such transactions or
to evidence such events or matters.

 

6.2 Reservation
of Shares. The Company shall maintain a reserve from its duly authorized but unissued share capital, sufficient Ordinary Shares
to enable the Company to comply with its obligations to issue the Purchased Shares.

 

6.3 Information
and Inspection Rights.

 

(a) The
Company shall permit, and shall cause each of its subsidiaries to permit, the Investor, its respective representatives or any independent
auditor or legal counsel appointed by the Investor, during normal business hours following reasonable notice by the Investor to
the Company, to (i) visit and inspect any of the properties of the Company or any of its subsidiaries, (ii) examine the books of
account and records of the Company or any of its subsidiaries, and (iii) discuss the affairs, finances and accounts of the Company
or any of its subsidiaries with the directors, officers, and management employees of the Company or any of its subsidiaries.

 

(b) Nothing
contained in Section 6.3(a) will require the Company to take any action that would, after consultation with counsel, constitute
a waiver of the attorney-client or similar privilege or violate customary confidentiality obligations owing to third parties; provided
that if any information is withheld by the Company or its subsidiaries pursuant to the foregoing, the Company will (i) inform the
Investor as to the general nature of what is being withheld, (ii) to the extent permissible under applicable laws and in a manner
that is same as other directors of the Company, provide such information to the Investor Nominee who then serves as a member of
the Board, provided that such Investor Nominee shall be bound by the same confidentiality obligation as are applicable to the other
members of the Board, and (iii) use its commercially reasonable efforts to accommodate any request from the Investor for information
pursuant to this Section 6.3(a) in a manner that does not result in such a waiver or violation.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(c) The
parties recognize and acknowledge the competitive value and confidential nature of the Confidential Information and the damage
that could result to a Disclosing Party if any information contained therein is disclosed to a third party. Each party hereby agrees
that it and its Representatives shall not use the Confidential Information other than for the purposes of this Agreement, and shall
keep the Confidential Information confidential and that it and its Representatives will not disclose any of the Confidential Information
in any manner whatsoever, except for (i) disclosure of the Confidential Information to which the Disclosing Party gives its prior
written consent; (ii) disclosure to the Receiving Party’s Representatives who need to know such information in connection
with the performance of the Receiving Party’s obligations under this Agreement; (iii) disclosure required by applicable laws,
provided that the party required to make such disclosure shall, to the extent legally permissible and practicable, provide the
other party the opportunity to review and comment such disclosure; and (iv) to the extent required by a certain Exclusive License
Agreement (“Exclusive License Agreement”), dated as of May 16, 2016, by and between Harvard and the Company,
disclosure by the Company to employees and representatives of the President and Fellows of Harvard College (“Harvard”)
of Confidential Information relating to the transactions contemplated by this Investment Agreement or the other Transaction Documents
solely in response to Harvard’s inquiries and/or in connection with discussions regarding Harvard’s rights under such
Exclusive License Agreement. In any event, each party agrees to undertake reasonable precautions to safeguard and protect the confidentiality
of the Confidential Information, including, by cooperating with the Disclosing Party to obtain an appropriate protective order
or other reliable assurance that confidential treatment be accorded to the Confidential Information, to accept responsibility for
any breach of this Section 6.3 by it or any of its Representatives, and to take reasonable measures to restrain itself and
its Representatives from prohibited or unauthorized disclosure or uses of the Confidential Information. The parties hereto agree
and acknowledge that monetary damages would not be an adequate remedy for any breach of this Section 6.3 and that each Disclosing
Party shall be entitled to equitable relief, including, without limitation, injunction and , as a remedy for any such breach. Such
remedies shall not be deemed to be the exclusive remedies for a breach of this Section 6.3 but shall be in addition to all
other remedies available at law or in equity. Each party further agrees to waive any requirements for the securing or posting of
any bond in connection with such remedy.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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6.4 Legend.
The Investor agrees that all certificates or other instruments representing the Purchased Shares shall bear a legend substantially
to the following effect:

 

“THESE SECURITIES HAVE NOT BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT") AND HAVE NOT BEEN REGISTERED WITH THE SECURITIES AUTHORITIES OF ANY STATE OR OTHER JURISDICTION,
AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE OR OTHER JURISDICTION SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION
OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

IN ADDITION, THESE SECURITIES ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER PURSUANT TO AN INVESTMENT AGREEMENT, DATED MARCH 6, 2018, BETWEEN REWALK ROBOTICS LTD. AND TIMWELL CORPORATION
LIMITED.”

 

In the event that any Purchased Shares become registered under
the Securities Act or the Company is presented with an opinion of counsel reasonably satisfactory, in form and substance, to the
Company that the Purchased Shares are eligible to be transferred without restriction in accordance with Rule 144 under the Securities
Act, the Company shall issue new certificates or other instruments representing such Shares which shall not contain such portion
of the above legend that is no longer applicable; provided that the holder of such Purchased Shares surrenders to the Company
the previously issued certificates or other instruments.

 

6.5 Transfer
Restrictions.

 

(a) From
the First Tranche Closing until the earlier of 18 months after (x) the Third Tranche Closing and (y) the date this Agreement shall
terminate, the Investor shall not Transfer, or enter into any Contract to effect a Transfer of, any of the Purchased Shares except:

 

(i) to
any of its Affiliates who agree in writing to become subject to the restrictions contained in this Agreement by signing a joinder
hereto;

 

(ii) with
the prior approval of a majority of the members of the Board excluding any members of the Board nominated or designated by the
Investor;

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(iii) pursuant
to any third-party tender or exchange offer for all of the Company’s shares that has been approved by a majority of the members
of the Board; or

 

(iv) in
the event that any of the JV Agreement, License Agreement and Supply Agreement are either (A) not executed within 12 months following
the First Tranche Closing or (B) terminated pursuant to the terms and conditions set forth therein (other than due to the fault
of the Investor or its Affiliates);

 

provided, that any Transfer of any
Ordinary Shares by the Investor as set forth in Section 6.5(a)(iii) may only be effected in the manner set forth in subsection
(b)(i) through (iii) below.

 

(b) In
addition to the foregoing, commencing on the expiration of the 18-month period set forth in paragraph (a) above, the Investor may
Transfer its Ordinary Shares only (i) in reliance on Rule 144 under the Securities Act (as it applies to affiliates irrespective
of affiliate status), (ii) pursuant to a registered widely distributed bona fide underwritten public offering of the Ordinary Shares,
or (iii) with respect to up to 10% of the then outstanding Ordinary Shares, to a Permitted Third Party Transferee.

 

(c) Any
Transfer or attempted Transfer of Ordinary Shares in violation of this Section 6.5 shall, to the fullest extent permitted
by law, be null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third parties
not to, record or recognize any such purported transaction on the share register or other books and records of the Company.

 

6.6 Standstill
Provisions.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(a) Subject
to the remaining paragraphs of this Section 6.6 and Section 6.7, following the First Tranche Closing, the Investor
hereby agrees that neither it, nor any of its Affiliates, nor any person or entity acting on behalf of, jointly, or in concert
with it or its Affiliates, unless such action shall have been specifically invited by the Company (it being understood that the
execution of this Agreement by the Company does not constitute such an invitation), will in any manner, directly or indirectly:
(i) acquire, seek or offer to acquire, or agree to acquire, by purchase or otherwise, beneficial ownership of any equity securities
of the Company (other than the Ordinary Shares or other equity securities issued by the Company with respect to the Ordinary Shares
purchased by the Investor hereunder) or any other security, including any cash settled option or other derivative security or synthetic
ownership rights, or asserts, Indebtedness or businesses of the Company or any of its subsidiaries; (ii) make any public announcement,
statement, proposal or offer (including, without limitation, any “solicitation” of “proxies” as such terms
are defined or used in Regulation 14A promulgated by the SEC) with respect to, or otherwise solicit or effect, or seek or offer
or propose to effect (whether directly or indirectly) (A) any business combination, merger, tender offer, exchange offer or similar
transaction involving the Company or any of its subsidiaries, (B) any restructuring, recapitalization, liquidation, dissolution
or similar transaction involving the Company or any of its subsidiaries, including any divestiture, break-up or spinoff, or (C)
any acquisition of any of the Company’s or any of its subsidiaries’ equity securities or rights or options to acquire
interests in the Company’s or its subsidiaries’ equity securities; (iii) negotiate, have any discussions with, or act
in concert with, or advise or finance, or knowingly assist or knowingly encourage any other person or entity in connection with
any of the actions set forth in clauses (i) and (ii) above (it being understood that, without limiting the generality
of the foregoing, the Investor and its Affiliates will not be permitted to act as a joint bidder or co-bidder with any other person
or entity with respect to any of the actions set forth in clause (ii) above), or form, join, become a member or in any way
participate in a “group” (within the meaning of Rule 13d-5(b) under the Exchange Act) with respect to the securities
of the Company or any of its subsidiaries; (iv) request, call or seek to call a meeting of the shareholders of the Company, nominate
any individual for election as a member of the Board at any meeting of the Company’s shareholders (except as specifically
permitted in accordance with this Agreement), submit any shareholder proposal (pursuant to Rule 14a-8 promulgated under the Exchange
Act or otherwise) to seek representation on the Board or any other proposal to be considered by the shareholders of the Company,
or recommend that any shareholder vote in favor of, or otherwise comment favorably about, or solicit votes or proxies for, any
such nomination or proposal submitted by another shareholder of the Company, or otherwise seek to Control or publicly influence
the Board, management or policies of the Company (excluding for the avoidance of doubt any such action taken in their capacity
as a commercial counterparty, supplier, customer or the like); (v) deposit any voting shares of the Company in a voting trust or
similar arrangement or subject any Ordinary Shares to any voting agreement, pooling arrangement or similar arrangement; or (vi)
take any action which would reasonably be expected to require the Company or any of its Affiliates to make a public announcement
regarding any of the actions set forth in subsections (i) through (v) of this paragraph.

 

(b) The
restrictions set forth in Section 6.6(a) and 6.6(b) shall terminate and be of no further force and effect if the
Investor and its Affiliates (individually, jointly, and/or in concert with any other person or entity) is no longer the beneficial
owner of 10% or more of the outstanding Ordinary Shares. For the avoidance of doubt, nothing in this Section shall restrict the
Investor from making a proposal regarding a possible transaction directly to the Company on a confidential basis. Unless one of
the above exceptions applies, the Investor shall advise the Company of its intention and shall not submit any proposal or offer
that would obligate the Company to publicly disclose such proposal or offer, if affirmatively requested not to do so pursuant to
a Board request.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(c) Notwithstanding
anything to the contrary in this Section 6.6, (i) if the Company determines to pursue a negotiated transaction or otherwise
explores a possible process for a transaction, in each case, that would, if consummated, result in a Change of Control Event, the
Company shall notify the Investor of such process and allow the Investor to participate therein, on the terms and conditions thereof,
and solely for such purpose, the relevant restrictions set forth in Section 6.6(a)(i) shall not apply, and (ii) following
the Third Tranche Closing, the Investor may acquire Ordinary Shares that result in it beneficially owning at the time of such acquisition
not more than an amount of Ordinary Shares that, when taken together with all other Ordinary Shares beneficially owned by its controlled
Affiliates at the time such transaction is consummated, result in the Investor and its controlled Affiliates being the beneficial
owner of more than 35% of the aggregate number of Ordinary Shares outstanding, as reported in the then most recent report filed
by the Company with the Commission containing such information.

 

6.7 Preemptive
Rights.

 

(a) Following
the First Tranche Closing and for so long as the Investor holds at least seventy five percent (75%) of the aggregate of the Purchased
Shares issued to the Investor at any Closing through the date of determination of the right hereunder, if any, if the Company proposes
to offer or sell any New Securities, the Company shall first offer the Investor the right to purchase its then applicable Preemptive
Pro Rata Fraction of such New Securities, in accordance with the following:

 

(i) the
Company shall give written notice (the “Offer Notice”) to the Investor at least 15 Business Days prior to the
issuance of such New Securities, stating (x) its bona fide intention to offer New Securities and the proposed issuance date, (y)
the number of New Securities to be offered, and (z) the price and terms, if any, upon which it proposes to offer New Securities;

 

(ii) by
written notification to the Company (the “New Securities Exercise Notice”) after the Offer Notice is given thereto,
the Investor may elect to purchase, in cash, at the price and on the terms specified in the Offer Notice, an amount of such New
Securities up to the Investor’s then applicable Preemptive Pro Rata Fraction. A New Securities Exercise Notice shall constitute
a binding agreement of the Investor to purchase the amount of New Securities of the Company so specified (which amount shall be
proportionally reduced in the event the Company actually issues less than all of the New Securities described in the Issuance Notice),
will provide reasonably satisfactory evidence of the Investor’s ownership of Ordinary Shares as of the date of the Offer
Notice (including the amount thereof), at the price and other terms set forth in the Offer Notice (subject to the forms, terms
and conditions of the definitive documentation thereof being reasonably satisfactory to the Investor);

 

(iii) the
closing of the issuance of the portion of New Securities specified in the New Securities Exercise Notice (subject to adjustment
provided in paragraph (ii) above) to the Investor shall take place concurrently with the consummation of the issuance of New Securities
on the terms set forth in the Offer Notice to the other Persons acquiring such New Securities;

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(iv) the
failure of the Investor to respond and deliver a New Securities Exercise Notice within 15 days following delivery of an Offer Notice
shall be deemed a waiver of the Investor’s rights under this Section 6.7 with respect to the offering described in
the applicable Offer Notice;

 

(v) if
the issuance of the New Securities as described in such Offer Notice does not occur within 60 days after the date of the Offer
Notice, the Company shall not issue or sell any such New Securities without again complying with the provisions of this Section
6.7; and

 

(vi) 
the Company shall not issue New Securities in excess of the amount described in such Offer Notice without again complying with
the provisions of this Section 6.7 with respect to such excess portion of New Securities.

 

(b) Notwithstanding
Section 6.7(a), if the Company issues New Securities (i) other than for cash or (ii) in any bona fide public offering, Section
6.7(a) shall not apply and, instead, the Investor will be entitled to purchase, from time to time in one or more transactions,
in the open market or in privately negotiated transactions with holders of outstanding Ordinary Shares, additional Ordinary Shares
(any such shares so acquired, the “Additional Shares”) in an amount not to exceed the Preemptive Pro Rata Fraction
that it would have been entitled to purchase had such issuance been subject to an Offer Notice, without prejudice and in addition
to any purchase of shares permitted under Section 6.6.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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6.8 Voting.
Following the First Tranche Closing and for so long as Investor and its Affiliates (individually, jointly, and/or in concert with
any other person or entity) are the beneficial owners of 5% or more of the outstanding Ordinary Shares, the Investor will vote
the Purchased Shares in accordance with the Board’s recommendations on all Change of Control Events and Included Matters
submitted to shareholders for approval; provided that the action does not have an adverse disproportionate impact on the
Investor’s rights as a shareholder compared to the other shareholders of the Company. With respect to matters other than
Change of Control Events, Included Matters and Reserved Matters, the Investor hereby agrees that if it elects not to vote in accordance
with the recommendation of the Board, then it will refrain from voting, either in Person or by proxy, with respect to such matters.
For the avoidance of doubt, nothing in the foregoing shall restrict the Investor from voting in its sole discretion in connection
with any Reserved Matter.

 

6.9 Director
Designation and Nomination.

 

(a) Following
the First Tranche Closing and for so long as (i) the Investor holds at least 75% of the aggregate of the Purchased Shares issued
to the Investor at each Closing through the date of determination of the right hereunder, if any, and (ii) the Investor is not
in material breach of this Agreement, which breach has not been cured within 45 days after the Investor being notified by the Company
about such breach, the Investor will be entitled to designate, and the Company shall cause to be nominated at any subsequent annual
shareholders meeting at which directors are elected, one member of the Board (collectively with any additional members of the Board
that the Investor is entitled to designate pursuant to paragraph (c) below, each an “Investor Nominee”); provided,
that the identity of each Investor Nominee shall be subject to the prior approval of the Board (which approval may not be unreasonable
withheld, conditioned or delayed), and provided, further, that the Investor Nominee shall satisfy all required legal
and other customary requirements for membership of the board of directors of a NASDAQ-listed public company.

 

(b) Upon
designation by the Investor, the Company shall appoint the first Investor Nominee to the Board effective immediately after the
First Tranche Closing.

 

(c) Following
the Third Tranche Closing and for so long as the shareholding requirements in Section 6.9(a) are satisfied, the Investor
will be entitled to designate, and the Company shall cause to be nominated at the subsequent annual shareholders meeting at which
directors are elected, such aggregate number of members of the Board equal to the higher of (i) one, or (ii) the number of Board
members affiliated or associated with the Company’s next two largest shareholders (or the Company’s next two largest
shareholders have the right to cause the nomination of) at such time (for example, if two members of the Board are affiliated or
associated with the Company’s largest shareholder and two members of the Board are affiliated or associated with the Company’s
second largest shareholder, the Investor will be entitled to designate two Investor Nominees); provided, that such Investor
Nominees shall satisfy all required legal and other customary requirements for membership of the board of directors of a NASDAQ-listed
public company. In the event that the Investor will be entitled to designate more than one member to the Board immediately after
the Third Tranche Closing pursuant to this paragraph (c), upon designation by the Investor, the Company shall appoint such additional
Investor Nominees to the Board effective immediately after the Third Tranche Closing.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(d) In
the event that an Investor Nominee appointed in accordance with this Section 6.9 has ceased to serve as or is unable to
continue to serve as a director, or an Investor Nominee fails to be appointed or elected as a director (or be approved by the Board
for inclusion in the slate of nominees recommended by Board) following the designation by the Investor, the Investor will be entitled
to designate a new individual to fill the resulting director vacancy and, subject to the provisions of this Section 6.9,
such individual shall then be deemed an “Investor Nominee” for all purposes hereunder. The Company shall take all actions
necessary or desirable to appoint or effect the election of any Investor Nominee to the Board (including placing such Person in
the slate of nominees recommended by the Board) in accordance with this Section 6.9.

 

(e) If
the Investor is no longer entitled to designate an Investor Nominee for the reasons set forth in Section 6.9(a), the Investor
will cause any Investor Nominee serving as director to resign from the Board. Solely for use in the event that an Investor Nominee
does not resign from the Board pursuant to the foregoing sentence, prior and as a condition to the nomination of any Investor Nominee,
each Investor Nominee shall, as a condition to such Investor Nominee’s appointment to the Board, tender an executed irrevocable
letter of resignation, substantially in the form attached as Annex C, that shall become effective solely if and when
the Investor is no longer entitled to designate an Investor Nominee (a “Letter of Resignation”). In the event
that the Investor Nominee does not resign from the Board pursuant to the foregoing sentence and, as a result, the Company deems
such letter to be tendered to it.

 

(f) Notwithstanding
anything in this Section 6.9 to the contrary, the Company shall not be required to appoint to the Board, cause to be nominated
for election to the Board, or recommend to shareholders of the Company the election of, any Investor Nominee (i) who fails to timely
submit to the Company a completed directors and officers questionnaire and/or any completed declaration of suitability as the Company
customarily and generally requires of its directors and such other information as the Company may reasonably request in connection
with its customary vetting process (including conducting interviews and a background check) or in connection with the preparation
of its filings or obligations under securities laws or other applicable Legal Requirements, (ii) who fails to qualify to serve
as a director under the Companies Law and the rules and regulations promulgated thereunder (as amended), (iii) who, has been involved
in any of the events enumerated in Item 2(d) or (e) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K under
the Securities Act, in each case, during any applicable time period set forth therein, or is subject to any outstanding order,
decree or judgment of any Governmental Entity prohibiting service as a director or observer of any public company, (iv) if the
Board reasonably determines, in good faith, after consultation with outside legal counsel, that (A) such action would be inconsistent
with its fiduciary duties or any applicable Legal Requirement or (B) such Investor Nominee would not be qualified under any applicable
Legal Requirement to serve as a director of the Company; provided, however, that upon the occurrence of any of the
events set forth in this Section 6.9(f), the Company shall promptly notify the Investor of the occurrence of such event
and permit the Investor to provide an alternative nominee sufficiently in advance of any Board action or the annual meeting of
the shareholders of the Company called with respect to such election of nominees, and the Company shall use reasonable efforts
to perform its obligations under this Agreement with respect to such alternative nominee. Subject to the provisions of this Section
6.9(f), such alternative nominee shall then be deemed an “Investor Nominee” for all purposes hereunder.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(g) The
Company shall as from the First Tranche Closing maintain or procure the maintenance of reasonable director and officer indemnity
insurance policies with one or more reputable insurance companies in respect of all directors and officers of the Company. In all
such insurance policies, the Investor Nominee shall be named as an insured in such a manner as to provide such Investor Nominee
the same rights and benefits as are accorded to the most favorably insured of the Company’s directors.

 

6.10 Equal
Treatment. From and after the First Tranche Closing, except as set forth in this Agreement and other Transaction Documents
or in connection with the transactions contemplated hereby and thereby, the Purchased Shares shall rank pari passu with,
and be treated in the same manner as, other Ordinary Shares that are outstanding as of the date hereof.

 

6.10 Use
of Proceeds. The proceeds of the Share Issuance shall be used by the Company in accordance with the Company’s budget
as approved by the Board and appended to this Agreement as Annex H and as may be amended by the Board from time to
time in accordance with the Company’s needs.

 

6.11 Public
Announcement. Each party shall provide an opportunity for the other party to review and comment upon any press release or other
public statements with respect to the transactions contemplated by this Agreement and other Transaction Documents, and shall not,
and shall cause its Affiliates and their respective directors, officers, employees and Representatives not to, issue any such press
release or make any such public statement prior to providing such opportunity to review and comment, unless such party reasonably
concludes that (i) such press release or public statement is required by applicable laws or any listing agreement with any national
securities exchange or national securities quotation system and (ii) it is not reasonably practicable to provide such opportunity
for the other party to review and comment. Nothing in this Section 6.11 shall limit the ability of any party to make disclosures
or announcements that are consistent in all material respects with the prior public disclosures made by such party in compliance
with this Section 6.11.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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Article
VII JOINT VENTURE

 

7.1 Formation
of the China JV. The Company and the Investor (through its Affiliate, RealCan Ambrum Healthcare Industry Investment (Shenzhen)
Partnership Enterprise (Limited Partnership), the China Parties (as defined in the JV Framework Agreement), and its other designated
parties as agreed to by the Company and as determined in the JV Framework Agreement, and for the purpose of this provision, collectively
referred to as the Investor) shall use their reasonable best efforts to (i) complete the negotiation of the JV Agreement (with
terms and conditions consistent with the JV Framework Agreement attached hereto as Annex E), the License Agreement
(with terms and conditions consistent with the License Agreement Key Terms attached hereto as Annex F attached hereto),
the Supply Agreement (with terms and conditions consistent with the Supply Agreement Key Terms attached hereto as Annex G)
and any other documentation related to the China JV, and (ii) execute and deliver (and/or cause the China JV to execute and deliver,
as applicable) the JV Agreement on a date that allows reasonable time to ensure the establishment of the China JV no later than
July 1, 2018, and execute and deliver (and/or cause the China JV to execute and deliver, as applicable) to each other definitive
versions of such License Agreement, Supply Agreement and any other relevant agreements, within twenty days upon the establishment
of the China JV or, if this deadline is not achieved, as soon thereafter as possible.

 

For purposes of this Section 7.1, Section 4.5(b) and Section
8.1, the Investor shall be deemed to be incorporating its Affiliates, RealCan Ambrum Healthcare Industry Investment (Shenzhen)
Partnership Enterprise (Limited Partnership) and any other China Parties.

 

Article
VIII TERMINATION

 

8.1 Termination
Events. Notwithstanding anything to the contrary in this Agreement, this Agreement may be terminated and the transactions contemplated
by this Agreement may be abandoned at any time prior to any Closing:

 

(a) by
the mutual written consent of the Company and the Investor;

 

(b) by
the Investor if (i) any of the conditions set forth in Section 4.2 or Section 4.4(a), 4.5(a) or 4.6(a) (as applicable) shall
have become incapable of fulfillment and shall not have been waived by the Investor, (ii) 45 days have elapsed since the receipt
by the Company of a written notice from the Investor of such incapability, and (iii) within such 45-day period such condition shall
not have become capable of fulfillment; provided, however, that the Investor is not then in breach of this Agreement
so as to cause any of the conditions to any Closing set forth in Section 4.1 or Section 4.3 not to be satisfied;

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(c) by
the Company if (i) any of the conditions set forth in Section 4.3 shall have become incapable of fulfillment and shall not
have been waived by the Company, (ii) 45 days have elapsed since the receipt by the Investor of a written notice from the Company
of such incapability, and (iii) within such 45-day period such condition shall not have become capable of fulfillment; provided,
however, that the Company is not then in breach of this Agreement so as to cause any of the conditions to any Closing set
forth in Section 4.1 or Section 4.2 or Section 4.4(a), 4.5(a) or 4.6(a) (as applicable) not to be satisfied;

 

(d) by
the Company or the Investor if the Company Shareholder Approval shall not have been received on or before (i) the date that is
90 days after the date of this Agreement, or (ii) if the Company receives notification from the Commission that it will review
the Proxy Statement, then 135 days after the date of this Agreement, at a duly convened meeting of the shareholders of the Company
or at any adjournment or postponement thereof; provided, however, that the terminating party is not then in breach
of this Agreement or any other Transaction Document, including a breach so as to cause any of the conditions to any Closing set
forth in Section 4.1, Section 4.2, Section 4.3 or Section 4.4(a) not to be satisfied;

 

(e) by
the Company or the Investor if any of the conditions to any Closing set forth in Sections 4.5(b) or 4.6(b) have not
been satisfied; provided, however, that the terminating party is not then in breach of this Agreement or any other
Transaction Document, including a breach so as to cause any of the conditions to such Closing set forth in Section 4.2, Section
4.3, Section 4.5 or Section 4.6 not to be satisfied; or

 

(f) by
the Company or the Investor if the First Tranche Closing has not occurred on or prior to July 31, 2018; provided, however,
that the terminating party is not then in breach of this Agreement or any other Transaction Document, including a breach so as
to cause any of the conditions to the First Tranche Closing not to be satisfied.

 

8.2 Effect
of Termination.

 

(a) To
terminate this Agreement as provided in Section 8.1 (except in the case of termination pursuant to Section 8.1(a)),
the terminating party shall have given written notice to the other party specifying the subsection of Section 8.1 pursuant
to which such termination is made, and this Agreement including all obligations of the parties hereunder shall terminate and become
void and of no further force or effect; provided that (i) Sections 6.2 to 6.12 (only in the event the termination
occurs after the Frist Tranche Closing), this Section 8.2 and Article X will survive any such termination and remain in
full force and effect; and (ii) nothing in this Section 8.2 shall relieve any party from liability for any breach of any
terms, conditions, covenants or other provisions of this Agreement that occurred prior to such termination, and the parties’
right to pursue all legal and equitable remedies with respect to any such breach or liability will survive such termination unimpaired.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(b) Release
of Escrow. If any termination of this Agreement occurs prior to the First Tranche Closing, then, within three Business Days
upon such termination, the Investor and the Company shall deliver to the Escrow Agent a joint written instruction in accordance
with the Escrow Agreement, directing the Escrow Agent to release all amounts standing to the credit of the Escrow Account to an
account designated by the Investor.

 

Article
IX DEFINITIONS

 

Capitalized terms when used, whether used
in the singular or the plural, in this Agreement have the meanings specified below.

 

“Affiliate” means, with
respect to any Person, (i) any other Person (for all purposes hereunder, including any entities or individuals) that directly or
indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first Person;
and (ii) in the event that the Person is a natural person, another Person that directly or indirectly, through one or more intermediaries,
is controlled by such first Person, or such first Person’s parents, spouse, siblings and descendants (whether natural or
adopted). It is expressly agreed that, for purposes of this definition, none of the Company or any of its subsidiaries is an Affiliate
of the Investor or any of its subsidiaries (and vice versa).

 

“Agreement” has the meaning
set forth in the preamble.

 

“applicable law” means,
with respect to any Person, any federal, national, state, local, municipal, international, multinational or SRO statute, law, ordinance,
secondary and subordinate legislation, directives, rule (including rules of common law), regulation, ordinance, treaty, Order,
permit, authorization or other requirement applicable to such Person, its assets, properties, operations or business.

 

“Bankruptcy Exceptions”
has the meaning set forth in Section 2.3(a).

 

“Beneficial Owner”, “Beneficially
Own” or “Beneficial Ownership” has the meaning assigned to such term in Rule 13d-3 under the Exchange
Act, and a Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of such Rule
(in each case, irrespective of whether or not such Rule is actually applicable in such circumstance).

 

“Board” has the meaning
set forth in the preamble.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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“Business Day” means
any day, other than a Friday, a Saturday, a Sunday or any other day on which commercial banks in New York, New York or the State
of Israel are authorized or required by applicable law to be closed.

 

“Closing” means the First
Tranche Closing, Second Tranche Closing or the Third Tranche Closing, as applicable.

 

“Closing Date” means
the date of a Closing.

 

“Change of Control Event”
means any of the following: (i) the sale, assignment, transfer, conveyance or other disposition (including by way of grant of a
license or lease) of all or substantially all of the consolidated assets of the Company, (ii) a merger, consolidation, amalgamation
or other combination of the Company or any of its subsidiaries with or into another entity (other than solely for the purpose of
reincorporation in a different jurisdiction), (iii) any other transaction or series of related transactions (including by merger,
consolidation or otherwise) in which, after the consummation of such transaction(s), (A) any Person would (directly or indirectly,
alone or together with others) be deemed a controlling shareholder (baal shlitah) (as defined in Section 268 of the Companies Law)
of the Company (or the surviving or acquiring entity, as applicable), or (B) the shareholders of the Company’s Ordinary Shares
immediately prior to such transaction ceasing to own, directly or indirectly, more than 50% of the Ordinary Shares of the Company
(or any surviving or continuing entity), and (iv) any other matters related or ancillary to, or in connection with, any of the
foregoing.

 

“Commission” means the
U.S. Securities and Exchange Commission.

 

“Company” has the meaning
set forth in the preamble.

 

“Company Group” means
collectively, the Company and its subsidiaries.

 

“Company Special Meeting”
means the meeting of the holders of Ordinary Shares for the purpose of seeking the Company Shareholder Approval, including any
postponement or adjournment thereof.

 

“Company Share Plans”
has the meaning set forth in Section 2.2.

 

“Company Shareholder Approval”
has the meaning set forth in Section 5.1(a).

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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“Confidential Information”
means all information (irrespective of the form of communication, and irrespective of whether obtained prior to or after the date
hereof) obtained by or on behalf of the Investor or its Representatives from the Company, its Affiliates or their respective Representatives,
through the Beneficial Ownership of Equity Securities or through the rights granted pursuant to Sections 6.3(a) and Section
6.3(b), including all information provided to the Investor Nominee as a director of the Company, other than information which
(i) was or becomes generally available to the public other than as a result of a breach of this Agreement by the Investor, its
Affiliates or their respective Representatives, (ii) was or becomes available to the Investor, its Affiliates or their respective
Representatives on a non-confidential basis from a source other than the Company, its Affiliates or their respective Representatives,
provided, that the source thereof is not known by the Investor or such of its Affiliates or their respective Representatives
to be bound by an obligation of confidentiality, or (iii) is independently developed by the Investor, its Affiliates or their respective
Representatives without the use of any such information that would otherwise be Confidential Information hereunder. Subject to
clauses (i)-(iii) above, Confidential Information also includes (a) all non-public information previously provided
by the Company, its Affiliates or their respective Representatives under the provisions of the Confidentiality Agreement, including
all information, documents and reports referred to thereunder, (b) subject to any disclosures permitted by Section 6.4,
all non-public understandings, agreements and other arrangements between and among the Company and the Investor, and (c) all other
non-public information received from, or otherwise relating to, the Company or its subsidiaries.

 

“Confidentiality Agreement”
means the Mutual Nondisclosure Agreement, dated as of January 30, 2018, by and between the Investor and the Company.

 

“Contract” means any
written agreement, contract, subcontract, lease, instrument, note, bond, indenture, option, warranty, purchase order, license,
sublicense, obligation, commitment or undertaking of any nature.

 

“control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through
the ownership of voting securities, by contract or otherwise. “Controlled” and “controlling”
shall be construed accordingly.

 

“conversion” has the
meaning set forth in the definition of Equity Securities.

 

“convertible securities”
has the meaning set forth in the definition of Equity Securities.

 

“Derivative Instruments”
means any and all derivative securities (as defined under Rule 16a-1 under the Exchange Act) that increase in value as the value
of any Equity Securities of the Company increases, including a long convertible security, a long call option and a short put option
position, in each case, regardless of whether (x) such interest conveys any voting rights in such security, (y) such
interest is required to be, or is capable of being, settled through delivery of such security or (z) other transactions
hedge the economic effect of such interest.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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“Disclosing Party” shall
mean the party disclosing or making available Confidential Information (either directly or indirectly through such party’s
Representatives) to the Receiving Party or the Receiving Party’s Representatives.

 

“Disclosure Schedule”
has the meaning set forth in Article II.

 

“Encumbrance” means any
security interest, pledge, mortgage, lien, charge, claim, hypothecation, title defect, right of first option or refusal, right
of pre-emption, third-party right or interests, put or call right, lien, adverse claim of ownership or use, or other encumbrance
of any kind.

 

“Equity Securities” means
any and all (i) shares, interests, participations or other equivalents (however designated) of capital stock or other voting
securities of a corporation, any and all equivalent or analogous ownership (or profit) or voting interests in a Person (other than
a corporation), (ii) securities convertible into or exchangeable for shares, interests, participations or other equivalents
(however designated) of capital stock or voting securities of (or other ownership or profit or voting interests in) such Person,
and (iii) any and all warrants, rights or options to purchase any of the foregoing, whether voting or nonvoting, and, in
each case, whether or not such shares, interests, participations, equivalents, securities, warrants, options, rights or other interests
are authorized or otherwise existing on any date of determination (clauses (ii) and (iii), collectively “convertible securities”
and any conversion, exchange or exercise of any convertible securities, a “conversion”).

 

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

 

“Exclusive License Agreement”
has the meaning set forth in Section 6.3(c).

 

“Governmental Entity”
has the meaning set forth in Section 2.3(c).

 

“Group” has the meaning
assigned to such term in Section 13(d)(3) of the Exchange Act.

 

“Harvard” has the meaning
set forth in Section 6.3(c).

 

“Initial Nominee” means
the first Investor Nominee which the Investor designates as a director to the Board pursuant to the Investor’s director nomination
rights set forth in Section 6.9.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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“Included Matters” means
the following: (i) amendments to the Company’s articles of association, (ii) adoption of, or amendment to, the Company’s
compensation policy with respect to its office holders, (iii) election, reelection and dismissal of directors (including external
directors), (iv) approval of the terms of compensation or service of directors, the CEO and other officers of the Company or its
subsidiaries (including D&O insurance, indemnification, exculpation, remuneration, etc.), (v) appointment/reappointment/ removal
of the Company’s independent auditor and the authorization to determine their annual compensation, (vi) approval of exculpation
and indemnification for directors and officers, (vii) shareholder proposals pursuant to Rule 14a-8 under the Exchange Act, (viii)
any transaction involving a change of control of the Company and matters related thereto, or (ix) any other matters related or
ancillary to, or in connection with, any of the foregoing.

 

“Indebtedness” means
mean any principal, interest, premiums, fees, indemnifications, reimbursement, penalties, damages and other liabilities payable
under the documentation governing any such indebtedness, in respect of all indebtedness of the Company Group for money borrowed
from third parties, including (i) any obligation of, or any obligation guaranteed by, any member of the Company Group for the repayment
of borrowed money or any deferred payment obligations other than trade accounts payable in the ordinary course, in each case, whether
or not evidenced by bonds, debentures, notes or other instruments, (ii) all indebtedness of the Company Group due and owing with
respect to letters of credit, surety bond, or performance bond, or (iii) the obligation of any member of the Company Group under
interest rate and currency swaps, caps, floors, collars or similar agreements or arrangements intended to protect the Company Group
against fluctuations in interest or currency rates.

 

“Intellectual Property”
means any and all rights in any of the following: (a) trademarks and service marks, trade dress, trade names and other indications
of origin, applications or registrations in any jurisdiction pertaining to the foregoing and all goodwill associated therewith;
(b) inventions, discoveries, improvements, ideas, know-how, formula methodology, processes, technology, software (including rights
in password unprotected interpretive code or source code, object code, development documentation, programming tools, drawings,
specifications and data) and patent applications and patents in any jurisdiction pertaining to the foregoing, including re-issues,
continuations, divisions, continuations-in-part, renewals or extensions; (c) trade secrets, including confidential information
and the right in any jurisdiction to limit the use or disclosure thereof; (d) copyrights in writings, designs software, mask works
or other works, applications or registrations in any jurisdiction for the foregoing and all moral rights related thereto; (e) database
rights; (f) rights in Internet websites, domain names and applications and registrations pertaining thereto; (g) books and records
pertaining to the foregoing; and (h) claims or causes of action arising out of past, present or future infringement or misappropriation
of any of the foregoing.

 

“Investor Nominee” has
the meaning set forth in Section 6.9(a).

 

“Investor” has the meaning
set forth in the preamble.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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“JV Agreement” means
the Joint Venture Agreement to be entered into by and between the Company, certain Affiliates of the Investor, RealCan Ambrum Healthcare
Industry Investment (Shenzhen) Partnership Enterprise (Limited Partnership), and certain other China Parties as defined under the
JV Framework Agreement with terms and conditions consistent with the JV Framework Agreement attached here to as Annex E.

 

“JV Framework Agreement”
means the Joint Venture Framework Agreement dated as of March 6, 2018 by and between RealCan Ambrum Healthcare Industry Investment
(Shenzhen) Partnership Enterprise (Limited Partnership) and the Company attached hereto as Annex E.

 

“Legal Requirements”
means any Israeli, U.S. federal, state or municipal or foreign law, statute, constitution, principle of common law, resolution,
ordinance, code, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise
put into effect by or under the authority of any Governmental Entity.

 

“Legal Restraint” means
any temporary restraining order, preliminary or permanent injunction or other judgment or order issued by or under the authority
of any Governmental Entity.

 

“License Agreement” means
the License Agreement to be entered into by and between the China JV and the Company with terms and conditions consistent with
the License Agreement Key Terms attached here to as Annex F.

 

“Material Adverse Effect”
means any change, effect, event, development, circumstance or occurrence (each, an “Effect”) that, taken individually
or when taken together with all other applicable Effects, has been, is or would reasonably be expected to be materially adverse
to (i) the business, assets, condition (financial or otherwise), prospects or results of operations of the Company and its subsidiaries,
taken as a whole, or (ii) the ability of the Company to complete the transactions contemplated by the Transaction Documents or
to perform its obligations under the Transaction Documents; provided, however, that in no event shall any of the
following Effects, alone or in combination, be deemed to constitute, or be taken into account in determining whether there has
been, is or would be, a Material Adverse Effect: (A) any change in general economic, market or political conditions or in financial
and securities markets; (B) conditions generally affecting the industry in which the Company operates; provided that such
conditions do not disproportionately affect the Company in any material respect relative to other similarly situated participants
in such industry; (C) any change in generally accepted accounting principles in the United States or applicable law; (D) any act
of war (whether or not declared), armed hostilities, sabotage or terrorism, or any material escalation or worsening of any such
events, or any national disaster or any national or international calamity; (E) any failure, in and of itself, to meet internal
or published projections, forecasts, targets, guidance or revenue or earnings predictions for any period, as well as any change,
in and of itself, by the Company in any projections, forecasts, targets or revenue or earnings predictions for any period (provided
that the underlying causes of such failures (to the extent not otherwise falling within one of the other exceptions in this proviso)
may constitute or be taken into account in determining whether there has been, is, or would be, a Material Adverse Effect); (F)
any change in the price or trading volume of the Ordinary Shares (provided that the underlying causes of such change (to the extent
not otherwise falling within one of the other exceptions in this proviso) may constitute or be taken into account in determining
whether there has been, is or would be, a Material Adverse Effect); (G) any action taken by the Company to the extent expressly
required by this Agreement or any action taken or omitted to be taken at the written request of the Investor; or (H) the permitted
public announcement of this Agreement or the other Transaction Documents, including, to the extent caused by such announcement,
any loss of or adverse change in the relationship, contractual or otherwise, of the Company and its subsidiaries with their respective
employees, customers, distributors, licensors, licensees, vendors, lenders, investors, partners or suppliers.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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“New Securities” means
all Equity Securities issued by the Company following the date hereof, other than (A) Ordinary Shares issued to all shareholders
on a pro rata basis by reason of a share split or a bonus share issuance, (B) Ordinary Shares, options to purchase Ordinary Shares
or other equity awards, issued or granted to employees or directors of, or consultants, service providers or advisors to, the Company
or any of its subsidiaries pursuant to a Company Share Plan approved by the Board, (C) Ordinary Shares issued in connection with
a transaction which results in a third-party acquiring beneficial ownership of 50% or more of all the outstanding Ordinary Shares
or of all or substantially all of the Company’s consolidated assets, and (D) Ordinary Shares or securities exercisable for
or convertible into Ordinary Shares issued as a “kicker” in connection with a debt or preferred equity financing, so
long as such kicker represents less than 5% of the outstanding Ordinary Shares at the time of issuance of such kicker.

 

“Order” means any judgment,
decision, decree, order, settlement, injunction, writ, stipulation, determination or award issued by any Governmental Entity.

 

“Ordinary Shares” means
the ordinary shares, par value NIS 0.01 per share, of the Company.

 

“Permitted Third Party Transferee”
means a third party who will not, as a result of the relevant sale or transfer contemplated under Section 6.5(b), beneficially
own more than 10% of the outstanding Ordinary Shares or be a member of a “group” (within the meaning of Rule 13d-5(b)
under the Exchange Act) that beneficially owns more than 10% of the Company’s outstanding ordinary shares, and (1) is not
a company that operates in a business that is or to be competing with the Company in the medical exoskeleton or rehabilitation
device sector, (2) is not adverse to the Company in a material litigation or (3) as determined by the Board in good faith, is not
otherwise a Person who would not be in the best interests of the Company if such Person becomes an owner of the Ordinary Shares.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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“Person” means an individual,
company, corporation, partnership, limited liability company, trust, body corporate (wherever located) or other entity, organization
or unincorporated association, including any Governmental Entity.

 

“Preemptive Pro Rata Fraction”
shall be equal to the product obtained by multiplying the total number of New Securities by a fraction, (A) the numerator of which
is the aggregate amount of shares issued to the Investor at any Closing or otherwise acquired by the Investor in accordance with
this Agreement, to the extent such shares are held by the Investor at the date of the relevant Offer Notice, as adjusted for any
share split, bonus shares or similar event, and (B) the denominator of which is the total number of Ordinary Shares issued and
outstanding as of the date of the relevant Offer Notice.

 

“Purchased Shares” means
the 16,000,000 Ordinary Shares that the Investor will purchase from the Company pursuant to and subject to the terms and conditions
of this Agreement. Such shares shall also include any Ordinary Shares or other equity securities of the Company received by the
Investor as a result of any stock split, stock dividend or distribution, other subdivision, reorganization, reclassification or
similar capital transaction.

 

“Receiving Party” means
the party receiving Confidential Information (either directly or indirectly through such party’s Representatives) from the
Disclosing Party or the Disclosing Party’s Representatives.

 

“Registered Intellectual Property”
shall mean Intellectual Property that has been registered, applied for, filed, certified or otherwise perfected, issued, or recorded
with or by any state, government or other public or quasi-public legal authority and is pending or is in effect and unexpired as
of the date hereof, together with any divisions, continuations, renewals, reissuances and extensions of the foregoing, as applicable.

 

“Related Agreements”
means the Registration Rights Agreement and the Indemnification Agreement.

 

“Representatives” means
a Person’s directors, managers, officers, employees and other authorized representatives, including attorneys, accountants,
consultants, bankers and financial advisors.

 

“Reserved Matters” means
any matter that has an adverse disproportionate impact on the Investor’s rights as a shareholder compared to the other shareholders
of the Company.

 

“Return” has the meaning
set forth in Section 2.17.

 

“Share Issuance” has
the meaning set forth in Section 1.1.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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“SEC Reports” means the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 or its other reports, statements and
forms (including exhibits and other information incorporated therein) filed with or furnished to the Commission on or after January
1, 2016 under Sections 13(a), 14(a) or 15(d) of the Exchange Act, or under the Securities Act.

 

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

 

“SRO” means any (i) “self-regulatory
organization” as defined in Section 3(a)(26) of the Exchange Act, (ii) other United States or foreign securities
exchange, futures exchange, commodities exchange or contract market or (iii) other securities exchange.

 

“subsidiary” means, with
respect to such Person, any foreign or domestic entity, whether incorporated or unincorporated, of which (i) such Person or
any other subsidiary of such Person is a general partner, (ii) at least a majority of the voting power to elect a majority
of the directors or others performing similar functions with respect to such other entity is directly or indirectly owned or controlled
by such Person or by any one or more of such Person’s subsidiaries, or (iii) at least 50% of the equity interests
or which are is directly or indirectly owned or controlled by such Person or by any one or more of such Person’s subsidiaries.

 

“Supply Agreement” means
the Supply Agreement to be entered into by and between the China JV and the Company with terms and conditions consistent with the
Supply Agreement Key Terms attached here to as Annex G.

 

“Tax” has the meaning
set forth in Section 2.17.

 

“Territory” means the
People’s Republic of China, Hong Kong Special Administrative Region and Macau Special Administrative Region.

 

“Transaction Documents”
means, collectively, this Agreement, the Registration Rights Agreement, the JV Framework Agreement, the JV Agreement, the License
Agreement, the Supply Agreement, and any other agreement entered into by and among the parties and/or their Affiliates in connection
with the transactions contemplated hereby or thereby, in each case, as amended, modified or supplemented from time to time in accordance
with their respective terms.

 

“Transfer” means (i) any
direct or indirect offer, sale, lease, assignment, encumbrance, pledge, grant of a security interest, hypothecation, disposition
or other transfer (by operation of law or otherwise), either voluntary or involuntary, or entry into any contract, option or other
arrangement or understanding with respect to any offer, sale, lease, assignment, encumbrance, pledge, hypothecation, disposition
or other transfer (by operation of law or otherwise), of any capital stock or interest in any capital stock or (ii) in respect
of any capital stock or interest in any capital stock, the entry into any swap or any other agreement, transaction or series of
transactions that hedges or transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of such
capital stock or interest in capital stock, whether any such swap, agreement, transaction or series of transaction is to be settled
by delivery of securities, in cash or otherwise.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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“Transferor” means a
Person that Transfers or proposes to Transfer.

 

“US GAAP” has the meaning
set forth in Section 2.5(c).

 

“Yaskawa Agreement” has
the meaning set forth in Section 5.2.

 

Where any statement in this Agreement is
qualified by the expression to the Company’ knowledge, to the knowledge of the Company, or any similar expression,
that statement shall be deemed to refer to the actual knowledge of any director of the Company or actual knowledge of the senior
management personnel of the Company (after making due inquiry as a member of the senior management of the Company).

 

Article
X

MISCELLANEOUS

 

10.1 Amendment. No amendment,
modification or supplement of any provision of this Agreement shall be effective unless made in writing and signed by each party.

 

10.2 Waiver of Conditions.
The conditions to any party’s obligation to consummate any transaction contemplated herein are for the sole benefit of such
party and may be waived by such party in whole or in part to the extent permitted by applicable law. No waiver shall be effective
unless it is in writing signed by the waiving party that makes express reference to the provision or provisions subject to such
waiver.

 

10.3 Counterparts and Facsimile.
This Agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument,
and all such counterparts shall together constitute the same agreement. Executed signature pages to this Agreement may be delivered
by facsimile or transmitted electronically by “pdf” file and such facsimiles or pdf files shall be deemed as sufficient
as if actual signature pages had been delivered.

 

10.4 Governing Law; Jurisdiction.
This Agreement shall be governed by and construed solely in accordance with the laws of the State of Israel, regardless of the
laws that might otherwise govern under applicable principles of conflicts of laws thereof. Each of the parties hereto irrevocably
consents to the exclusive jurisdiction and venue of any competent court of the district of Tel-Aviv-Jaffa, in connection with any
matter based upon or arising out of this Agreement or the matters contemplated herein, agrees that process may be served upon them
in any manner authorized by the laws of the State of Israel for such Persons and waives and covenants not to assert or plead any
objection which they might otherwise have to such jurisdiction and such process.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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10.5 Notices. Any notice,
request, instruction or other document to be given hereunder by any party to the other shall be in writing and shall be deemed
to have been duly given (a) if sent by registered or certified mail return receipt requested, upon receipt, (b) if sent
by internationally recognized overnight air courier, upon signing of receipt, (c) if sent by email or facsimile transmission,
when transmitted and receipt is confirmed, or (d) if otherwise actually personally delivered, when delivered. All notices
hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the
party to receive such notice.

 

If to the Company, to:

 

	Name:	ReWalk Robotics Ltd.
	Address:	200 Donald Lynch Boulevard, Marlboro, MA 01752
	Fax:	+508-251-2970
	Email:	larry.jasinski@rewalk.com
	Attn:	Larry Jasinski

 

with a copy to (which copy alone shall not constitute
notice):

 

	Name:	White & Case LLP
	Address:	1221 Avenue of the Americas, New York, NY 10020-1095
	Fax:	+ 1 212 354 8113
	Email:	cdiamond@whitecase.com
	Attn:	Colin Diamond

 

if to the Investor, to:

 

	Name:	CONG NING
	Address:	34/F, Block A, Shenzhen International Innovation Center, 1006 Shennan Road, Futian, Shenzhen, China
	Fax:	 
	Email:	n.cong@ambrumcapital.com
	Attn:	Michelle LI (LI Xiu-Tian)

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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with a copy to (which copy alone shall not constitute
notice)

 

	Name:	Chun-Lin (Allen) Han
	Address:	No. 326 Airport Road, Yantai, Shandong Province
	Fax:	N/A
	Email:	hanchunlin@realcan.cn
	Attn:	 

 

10.6 Entire Agreement, Etc.
This Agreement (including the Schedules, Exhibits and Annexes hereto) and the other Transaction Documents, and the Confidentiality
Agreement constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties,
both written and oral, between the parties, with respect to the subject matter hereof. Subject to the limitations set forth in
the representations and warranties in Article II and Article III, no party shall take, or cause to be taken, including
by entering into agreements or other arrangements with provisions or obligations that conflict, or purport to conflict, with the
terms of the Transaction Documents or any of the transactions contemplated thereby, any action with either an intent or effect
of impairing any such other Person’s rights under any of the Transaction Documents.

 

10.7 Assignment. Neither
this Agreement nor any right, remedy, obligation nor liability arising hereunder or by reason hereof shall be assignable by any
party without the prior written consent of the other party, and any attempt to assign any right, remedy, obligation or liability
hereunder without such consent shall be void. This Agreement shall be binding upon, inure to the benefit of and be enforceable
by the parties and their respective successors and permitted assigns.

 

10.8 Costs and Expenses. Each of
the Company and the Investor shall bear and pay its own costs, fees and expenses incurred in connection with the transactions contemplated
hereby, provided that the Company shall, upon each Closing, reimburse the Investor for reasonable costs and expenses incurred by
the Investor in connection with the financial, legal and business due diligence and the negotiation, execution, delivery and performance
of the term sheet dated January 30, 2018 between the Investor and the Company and the Transaction Documents; provided that such
reimbursement shall not exceed $200,000 in the aggregate and paid pro rata at the time of each Closing. The costs, fees and expenses
incurred in connection with the set-up of the China JV shall be borne within the China JV.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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10.9 Failure to Close.

 

In consideration of the time and resources
that the Investor has devoted and will devote to the transactions contemplated hereby, each party agrees that:(a) if this Agreement
is terminated pursuant to Section 8.1(b), the Company shall, upon the termination of this Agreement, reimburse the Investor for
reasonable costs and expenses incurred by the Investor in connection with the financial, legal and business due diligence and the
negotiation, execution, delivery and performance of the term sheet dated January 30, 2018 between the Investor and the Company
and the Transaction Documents, capped at $200,000;

 

(b) if this Agreement is terminated pursuant
to Section 8.1(c), the Investor shall, upon the termination of this Agreement, reimburse the Company for reasonable costs and expenses
incurred by the Company in connection with the negotiation, execution, delivery and performance of the term sheet dated January
30, 2018 between the Investor and the Company and the Transaction Documents, capped at $200,000; and

 

(c) without limiting paragraph (a) above,
in the event that (i) this Agreement is terminated pursuant to Section 8.1(d), and (ii) the Company or any of its subsidiaries
enters into any binding agreement or arrangement with any Person other than an Affiliate of the Investor in relation to the Company’s
product in the Territory within 90 days upon the termination of this Agreement, the Company shall pay to the Investor an amount
equal to $200,000.

 

10.10 Severability. If
any provision of this Agreement, or the application thereof to any Person or circumstance, is determined by a court of competent
jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons
or circumstances other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect
and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions
contemplated hereby or thereby is not affected in any manner materially adverse to any party. Upon such determination, the parties
shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent
of the parties.

 

10.11 No Third Party Beneficiaries.
Nothing contained in this Agreement, expressed or implied, is intended to confer upon any Person other than the parties any benefits,
rights, or remedies.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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10.12 Israeli Regulatory
Payments. The Company shall be required to pay applicable payments owed to the Israel Innovation Authority (the “IIA)
in connection with the transactions contemplated hereby and, with reasonable assistance from the China JV, obtaining the necessary
consents from the IIA for the grant of the licenses contemplated under the License Agreement; provided, however, that the Company
will coordinate all material communications with and applications made to the IIA with respect to such consent with the China JV
and its designees, including counsel, and the Company and China JV will cooperate in good faith to optimize the amount of applicable
payments due or payable to the IIA solely as a result of the transactions contemplated by the Transaction Documents (including
all incremental IIA payments that result from manufacturing and/or Intellectual Property-related activities in the Territory as
detailed in the JV Agreement and the License Agreement), which amounts shall, for clarity, be paid by the Company but reimbursed
by the China JV in formats that are to be detailed in the JV Agreement, the License Agreement and the Supply Agreement, provided
that such reimbursement shall in all events be capped at $2 million, in the case of an IP transfer, or, in the case of IP licensing
or transfer of manufacturing rights, the royalties reimbursed by the China JV will be 50% of the royalty rate as determined to
be payable by the IIA and such reimbursement shall be capped at a maximum aggregate payment of $2 million. For the avoidance of
doubt, any sums due to the IIA in excess of the foregoing capped amounts shall be solely on the account of the Company.

 

10.13 Specific Performance.
The parties agree that failure of any party to perform its agreements and covenants hereunder, including a party’s failure
to take all actions as are necessary on such party’s part in accordance with the terms and conditions of this Agreement to
consummate the transactions contemplated hereby, will cause irreparable injury to the other party, for which monetary damages,
even if available, will not be an adequate remedy. It is agreed that the parties shall be entitled to equitable relief including
injunctive relief and specific performance of the terms hereof, without the requirement of posting a bond or other security, and
each party hereby consents to the issuance of injunctive relief by any court of competent jurisdiction to compel performance of
a party’s obligations and to the granting by any court of the remedy of specific performance of such party’s obligations
hereunder, this being in addition to any other remedies to which the parties are entitled at law or equity.

 

10.14 Survival.

 

(a) With respect to claims related to the
First Tranche Closing, the representations and warranties contained in this Agreement shall survive the First Tranche Closing for
a period of 90 days after the filing of the Annual Report on Form 10-K of the Company for the fiscal year ending December 31, 2018;
provided that the representations and warranties contained in Sections 2.1 (Organization and Authority), 2.2 (Capitalization),
2.3 (Authorization, Enforceability; Consents), 2.4 (The Purchased Shares) 2.6 (Brokers; Fees and Expenses),
2.11 (Off-Balance Sheet Arrangement), 2.20 (Tax Status), 3.1 (Organization), 3.2 (Authorization, Enforceability;
Consents), 3.5 (Ownership) and 3.6 (Brokers; Fees and Expenses) shall survive the First Tranche Closing until the
expiration of the relevant statute of limitations. Additionally, with respect to claims related to the Second Tranche Closing and
the Third Tranche Closing, the representations and warranties contained in Sections 2.1 (Organization and Authority), 2.3
(Authorization, Enforceability; Consents) to 2.8 (Off-Balance Sheet Obligations) shall survive the Second Tranche Closing
and the Third Tranche Closing, respectively, for 180 days.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(b) All covenants and agreements to be performed
after any Closing shall survive in accordance with their terms.

 

10.15 Indemnification.

 

(a) Each party (the “Indemnitor”)
shall defend, protect, indemnify and hold harmless the other parties and their respective Affiliates, shareholders, partners, members,
officers, directors, employees, agents or other representatives (collectively, the “Indemnitees”) from and against
any and all actions, causes of action, suits, claims, losses, diminution in value, costs, penalties, fees, liabilities and damages,
and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification
hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation
or warranty made by the Indemnitor in this Agreement, (b) any breach of any covenant, agreement or obligation of the Indemnitor
contained in this Agreement and (c) any cause of action, suit or claim brought or made against such Indemnitee by a third party
arising out of or as a result of any breach of any representation or warranty made by the Indemnitor or any breach of any covenant,
agreement or obligation of the Indemnitor under this Agreement.

 

(b) Notwithstanding the foregoing or anything
else in this Agreement, the Company shall have no duty to indemnify the Indemnitees for the Indemnified Liabilities unless and
until the aggregate Indemnified Liabilities for which it would otherwise be liable under this Agreement exceed an amount equal
to 15% of the Purchase Price already paid or should have been paid by the Investor on or prior to the date of calculation of such
threshold, at which point the Company will be liable only for the Indemnified Liabilities in excess of 6% of the Purchase Price
already paid or should have been paid by the Investor on or prior to the date of calculation of such threshold.

 

(c) The indemnification provisions contained
in this Section 10.15 shall be the sole and exclusive remedy with respect to (i) any inaccuracy or breach of any representation
or warranty made by the Company in this Agreement; or (ii) subject to and without prejudice to any remedy provided in Section 10.13,
any breach of covenant, agreement or obligation of the Company contained in this Agreement.

 

(d) The Company shall indemnify and hold
harmless the Investor and its Affiliates, shareholders, partners, members, officers, directors, employees, agents or other representatives
(each an “Investor Indemnitee”) from and against any and all Indemnified Liabilities incurred by any Investor
Indemnitee as a result of, or arising out of, or relating to the Consolidated Massachusetts State Court Actions or the Massachusetts
Federal Court Action, each as defined and disclosed in the Company’s 10-Q for the quarterly period ended June 30, 2017.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(e) Neither the Company nor the Investor
shall be liable for special, punitive, incidental, exemplary or consequential damages, or lost profits, loss of revenue, loss of
production or other damages attributable to business interruption, or losses calculated by reference to any valuation methodology
whether based on contract, tort, strict liability, other law or otherwise and whether or not arising from the other party’s
sole, joint or concurrent negligence, strict liability or other fault for any matter relating to this Agreement and the transactions
contemplated hereby.

 

10.16 Interpretation. When a
reference is made in this Agreement to “Recitals,” “Articles,” “Sections,” “Annexes,”
“Schedules” or “Exhibits” such reference shall be to a Recital, Article or Section of, or Annex, Schedule
or Exhibit to, this Agreement unless otherwise indicated. The terms defined in the singular have a comparable meaning when used
in the plural, and vice versa. References to “herein,” “hereof,” “hereunder” and the like refer
to this Agreement as a whole and not to any particular section or provision, unless the context requires otherwise. References
to parties refer to the parties to this Agreement, unless the context requires otherwise. The table of contents and headings contained
in this Agreement are for reference purposes only and are not part of this Agreement. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed followed by the words “without
limitation.” No rule of construction against the draftsperson shall be applied in connection with the interpretation or enforcement
of this Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by counsel. Any reference
to a wholly owned subsidiary of a Person shall mean such subsidiary is directly or indirectly wholly owned by such Person. All
references to “$” or “dollars” mean the lawful currency of the United States of America, and all references
to “NIS” mean the lawful currency of the State of Israel. Except as expressly stated in this Agreement, all references
to any statute, rule or regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced from time
to time (and, in the case of statutes, include any rules and regulations promulgated under the statute) and all references to any
section of any statute, rule or regulation include any successor to the section. In the event of any share dividend, share split,
bonus share issuance, recapitalization or other similar event, all references to Ordinary Shares, Purchased Shares or other Equity
Securities of the Company (including the amount and type thereof and the share purchase price therefor, as applicable) shall be
appropriately adjusted to take into account the effect of any such event (it being understood that the aggregate purchase price
payable by the Investor in connection with each Closing shall not be affected).

 

* * *

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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IN WITNESS WHEREOF, this Agreement has been
duly executed and delivered by the duly authorized officers of the parties as of the date first herein above written.

 

	 	REWALK ROBOTICS LTD.
	 	 	 	 
	 	By:	/s/ Larry Jasinski
	 	 	Name:	Larry Jasinski
	 	 	Title:	CEO

 

	 	TIMWELL CORPORATION LIMITED
	 	 	 	 
	 	By:	/s/ Xu Han
	 	 	Name:	Xu Han
	 	 	Title:	Director

 

[Signature page to Investment Agreement]

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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ANNEX A

 

Form of Registration Rights Agreement

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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FORM OF

REGISTRATION RIGHTS AGREEMENT 

 

THIS REGISTRATION
RIGHTS AGREEMENT (the “Agreement”) is entered into as of [●], [●] by and among ReWalk Robotics Ltd.,
a company organized under the laws of the State of Israel (the “Company”), and Timwell Corporation Limited (the
“Investor”).

 

RECITALS

 

WHEREAS, on
March 6, 2018, the Company and the Investor entered into that certain investment agreement (the “Investment Agreement),
relating to the sale to the Investor of 16,000,000 ordinary shares, par value NIS 0.01 per share, of the Company (“Ordinary
Shares”), in which the Investor agreed to pay certain consideration for such 16,000,000 Ordinary Shares in three separate
tranches, subject to the satisfaction of certain conditions precedent provided therein, namely, $5 million for 4,000,000 shares
in the first tranche (the “First Tranche Purchased Shares”), $10 million for 8,000,000 shares in the second
tranche (the “Second Tranche Purchased Shares”) and $5 million for 4,000,000 shares in the third tranche (the
“Third Tranche Purchased Shares,” and collectively with the First Tranche Purchased Shares and the Second Tranche
Purchased Shares, the “Purchased Shares”);

 

WHEREAS, the
Purchased Shares, to the extent already issued, have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), and such Purchased Shares may not be offered or sold absent an effective registration statement or an exemption
from the registration requirements under the applicable federal and state securities laws; and

 

WHEREAS, in
connection with the Investment Agreement, the Company and the Investor are entering into this Agreement to facilitate the registration
of the Purchased Shares under the Securities Act.

 

NOW, THEREFORE, THE PARTIES HEREBY AGREE
AS FOLLOWS:

 

1. Definitions. The Company
covenants and agrees as follows:

 

(i) “Blackout
Period” means (a) any regular quarterly period during which directors and executive officers of the Company are
not permitted to trade under the insider trading policy of the Company then in effect; provided, that, the foregoing
restriction shall not apply with respect to the Holder if (I) the Holder or any assignee thereof under the Investment Agreement
no longer has a right to designate any director nominees pursuant to the Investment Agreement and (II) the offering under
the relevant registration statement does not involve an Underwritten Offering and (b) in the event that the Company determines
in good faith that the registration would reasonably be expected to materially adversely affect any bona fide material financing
of the Company or any material transaction under consideration by the Company or would require disclosure of material information
that has not been, and is not otherwise required to be, disclosed to the public.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(ii) The term “Business
Day” means any day other than days on which banks in the State of New York or Israel are required or authorized to close.

 

(iii) The term “Form
S-3” means Form S-3 under the Securities Act, Form F-3 under the Securities Act or any successor form thereto.

 

(iv) The term “Holder”
means the Investor or any assignee thereof in accordance with Section 3 hereof.

 

(v) The terms “register,”
“registered” and “registration” refer to a registration effected by preparing and filing
a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such registration statement or document under the Securities Act.

 

(vi) The term “Registrable
Shares” means (i) the Purchased Shares and (ii) any securities issued or issuable to, any Holder with respect to the
Purchased Shares (including, by way of share dividend, share split, distribution, exchange, combination, merger, amalgamation,
recapitalization, reorganization or otherwise); provided, that, the following shall not be deemed Registrable Shares:
(i) any Ordinary Shares (a) disposed of in a registered sale pursuant to an effective registration statement under the Securities
Act, (b) disposed of pursuant to Rule 144 thereunder;(ii) all Ordinary Shares held by a Holder, in the event that such Holder may
dispose of all such Ordinary Shares without restriction pursuant to Rule 144 under the Securities Act; or (iii) any Ordinary Shares
sold in a transaction in which the transferor’s rights under this Agreement are not assigned in accordance with the provisions
herein or Section 6.5(a) of the Investment Agreement.

 

(vii) The term “Rule
144” means Rule 144 under the Securities Act.

 

(viii) The term “SEC”
means the Securities and Exchange Commission.

 

(ix) The term “Underwritten
Offering” means a sale of securities of the Company to an underwriter or underwriters for reoffering to the public, including
any Piggyback Underwritten Offering.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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2. Registration.

 

Section 2.01. Demand Registration.

 

(i) On or after the
date of the closing of the sale of the First Tranche Purchased Shares (the “First Tranche Closing”), as provided
in Section 1.3 of the Investment Agreement, subject to the lapse or termination of restrictions on transfer in Section
6.5(a) of the Investment Agreement, if the Company shall receive from a Holder a request (the requesting Holder shall be referred
to herein as the “Requesting Holder”) that the Company effect the registration under the Securities Act of all
or any portion of the Requesting Holder’s Registrable Shares, and specifying the intended method of disposition thereof,
then the Company shall promptly give notice of such requested registration (each such request shall be referred to herein as a
“Demand Registration”) at least ten (10) Business Days prior to the anticipated filing date of the registration
statement relating to such Demand Registration to all other Holders and thereupon shall use its reasonable best efforts to effect,
as expeditiously as possible, the registration under the Securities Act of:

 

(a) subject to the restrictions
set forth in Section 2.01(v) hereof (and, during the first 18 months following the Third Tranche Closing, provided that
the Registrable Shares may be transferred in accordance with the restrictions set forth in Section 6.5(a) of the Investment
Agreement), all Registrable Shares for which the Requesting Holder has requested registration under this Section 2.01, and

 

(b)
subject to the restrictions set forth in Sections 2.01(v) and 2.02 hereof, all other Registrable Shares of the
same class as those requested to be registered by the Requesting Holder that any Holder or Holders (all such Holders,
together with the Requesting Holder, the “Registering Holders”) have requested the Company to register
pursuant to Section 2.02, by request received by the Company within seven (7) Business Days after such Holders receive
the Company’s notice of the Demand Registration,

 

all to the extent necessary to permit the disposition (in accordance
with the intended methods thereof as aforesaid) of the Registrable Shares so to be registered; provided, that,
(x) the Company shall not be obligated to effect a Demand Registration unless the aggregate proceeds expected to be received
from the sale of the Registrable Shares requested to be included in such Demand Registration equals or exceeds $5,000,000,
(y) the Company shall not be obligated to effect more than two (2) Demand Registrations, and (z) the Company shall not be
obligated to effect a Demand Registration within less than ninety (90) days after (I) any other completed Demand Registration
or (II) the effective date of a registration statement or the completion of a Piggyback Underwritten Offering pursuant to Section
2.02, in which the Requesting Holders in the Demand Registration had an opportunity to participate, other than a
registration or Piggyback Underwritten Offering pursuant to the provisions of Section 2.02(ii) from which more than
20% of the Registrable Shares of the Requesting Holders that were previously requested to be included were excluded.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(ii) Promptly
after the expiration of the seven (7) Business-Day period referred to in Section 2.01(i)(b), the Company will notify all
Registering Holders of the identities of the other Registering Holders and the number of Registrable Shares requested to be included
therein. At any time prior to the effective date of the registration statement relating to such registration, the Requesting Holder
may revoke such request, without liability to any of the other Registering Holders, by providing a notice to the Company revoking
such request. A request, so revoked, shall be considered to be a Demand Registration unless (a) such revocation arose out of the
fault of the Company (in which case the Company shall be obligated to pay all Registration Expenses in connection with such revoked
request), or (b) the Requesting Holder reimburses the Company for all Registration Expenses of such revoked request.

 

(iii) The
Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration, regardless of whether
such registration is effected, except as set forth in Section 2.01(ii)(b).

 

(iv) A Demand
Registration shall not be deemed to have occurred unless the registration statement relating thereto (I) has become effective under
the Securities Act and (II) has remained effective for a period of at least 180 days (or such shorter period in which all Registrable
Shares of the Registering Holders included in such registration have actually been sold thereunder); provided, that,
such registration statement shall not be considered a Demand Registration if, after such registration statement becomes effective,
such registration statement is interfered with by any stop order, injunction or other order or requirement of the SEC or other
governmental agency or court

 

(v) If a
Demand Registration involves an Underwritten Offering and the managing underwriter advises the Company and the Requesting Holder
that, in its view, the number of Registrable Shares requested to be included in such registration (including any securities that
the Company proposes to be included that are not Registrable Shares) exceeds the largest number of shares that can be sold without
having an adverse effect on such offering, including the price at which such shares can be sold (the “Maximum Offering
Size”), the Company shall include in such registration, in the priority listed below, up to the Maximum Offering Size:

 

(a) first,
all Registrable Shares requested to be included in such registration by all Registering Holders (allocated, if necessary for the
offering not to exceed the Maximum Offering Size, pro rata among the Registering Holders on the basis of the relative number of
Registrable Shares held by each such Holder); and

 

(b) second,
any securities proposed to be registered by the Company (including for the benefit of any other Persons not party to this Agreement).

 

(vi) The Company shall only be obligated
to include the applicable Registrable Shares of the Holder in a registration statement pursuant to this Section 2.01 to
the extent the Holder has duly completed and delivered to the Company a selling shareholder questionnaire in the form reasonably
satisfactory to the Company for such Registration Statement and delivered by the Company to the Holder reasonably in advance (the
“Selling Holder Questionnaire”) as the date that is two (2) Business Days before the proposed filing date for
such registration statement.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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Section 2.02. Piggyback Registration.

 

(a) (i) On or after the date of the First
Tranche Closing as provided in Section 1.3 of the Investment Agreement, other than in connection with a request for registration
pursuant to Section 2.01 or 2.03 of this Agreement, subject to the lapse or termination of restrictions on transfer
in Section 6.5(a) of the Investment Agreement, if at any time the Company, including if the Company qualifies as a well-known
seasoned issuer (within the meaning of Rule 405 under the Securities Act) (a “WKSI”), proposes to file (a) a
prospectus supplement to an effective registration statement on Form S-3 (a “Shelf Registration Statement”),
or (b) a registration statement other than a Shelf Registration Statement for a delayed or continuous offering pursuant to Rule
415 under the Securities Act (a “415 Non-Shelf Registration Statement”), in either case, for the sale of Ordinary
Shares for its own account, or for the benefit of the holders of any of its securities other than the Holders, to an underwriter
on a firm commitment basis for reoffering to the public or in a “bought deal” or “registered direct offering”
with one or more investment banks (collectively, a “Piggyback Registration”), then as soon as practicable but
not less than twenty (20) Business Days prior to the filing of (I) any preliminary prospectus supplement relating to such Piggyback
Registration pursuant to Rule 424(b) under the Securities Act, (II) any prospectus supplement relating to such Piggyback Registration
pursuant to Rule 424(b) under the Securities Act (if no preliminary prospectus supplement is used) or (III) such 415 Non-Shelf
Registration Statement, as the case may be, the Company shall give notice of such proposed Piggyback Registration to the Holders
and such notice (a “Piggyback Notice”) shall offer the Holders the opportunity to include in such Piggyback
Registration such number of Registrable Shares as each such Holder may request in writing. Each such Holder shall then have fifteen
(15) Business Days after receiving such notice to request in writing to the Company inclusion of Registrable Shares in the Piggyback
Registration, except that such Holders shall have two (2) Business Days after such Holder confirms receipt of the notice to request
inclusion of Registrable Shares in the Piggyback Registration in the case of a “bought deal,” “registered direct
offering” or “overnight transaction” where no preliminary prospectus is used. Upon receipt of any such request
for inclusion from a Holder received within the specified time, provided, that, the Registrable Shares may be transferred
in accordance with the restrictions set forth in Section 6.5(a) of the Investment Agreement, the Company shall use reasonable
best efforts to effect the registration in any registration statement of any of the Holders’ Registrable Shares requested
to be included on the terms set forth in this Agreement. Prior to the commencement of any “road show,” any Holder shall
have the right to withdraw its request for inclusion of its Registrable Shares in any registration by giving written notice to
the Company of its request to withdraw and such withdrawal shall be irrevocable and, after making such withdrawal, such Holder
shall no longer have any right to include Registrable Shares in the Piggyback Registration as to which such withdrawal was made.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(b) (ii) If a Piggyback Registration involves
an Underwritten Offering (other than any Demand Registration, in which case the provisions with respect to priority of inclusion
in such offering set forth in Section 2.01(v) shall apply) (a “Piggyback Underwritten Offering”) and
the managing underwriter advises the Company that, in its view, the number of securities that the Company and such Holders intend
to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the following
priority, up to the Maximum Offering Size:

 

(a) first, so much of the
securities proposed to be offered for the account of the Company (or, if such registration is pursuant to a demand by a Person
that is not a Holder, for the account of such other Person) as would not cause the offering to exceed the Maximum Offering Size;

 

(b) second,
all Registrable Shares requested to be included in such registration by any Holders pursuant to Section 2.02 (allocated,
if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Holders on the basis of the relative
number of Registrable Shares so requested to be included in such registration by each); and

 

(c) third,
any securities proposed to be registered for the account of any other Persons with such priorities among them as the Company shall
determine.

 

(iii) Registration
pursuant to this Section 2.02 shall not be deemed to be a Demand Registration or Underwritten Takedown as described in Section
2.01 or Section 2.03. Except as otherwise provided herein, there shall be no limit on the number of times the Holders
may request registration of Registrable Shares under this Section 2.02.

 

(vi) The
Company shall only be obligated to include the applicable Registrable Shares of the Holder in a registration statement or prospectus
supplement pursuant to this Section 2.02 to the extent the Holder has duly completed and delivered to the Company a Selling
Holder Questionnaire for such registration statement as the date that is two (2) Business Days before the proposed filing date
for such registration statement or prospectus supplement, as applicable.

 

(v) The Company
shall be liable for and pay all Registration Expenses in connection with any Piggyback Registration.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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Section
2.03. Shelf Registration.

 

(i) On or
after the date of the First Tranche Closing, as provided in Section 1.3 of the Investment Agreement, if at any time the
Company is eligible to use Form S-3, subject to the lapse or termination of restrictions on transfer in Section 6.5(a) of
the Investment Agreement, any Holder may request the Company to effect a registration of its Registrable Shares on Form S-3 (a
“Shelf Registration Statement”); provided, that, (a) the Registrable Shares may be transferred
in accordance with the restrictions set forth in Section 6.5(a) of the Investment Agreement and (b) the Company shall not
be obligated to effect more than four (4) Underwritten Offerings by a Requesting Holder from such Shelf Registration Statement
(an “Underwritten Takedown”). The provisions of Section 2.01 (other than the proviso in Section 2.01(i)(b)(y))
shall apply mutatis mutandis to each Underwritten Takedown in this Section 2.03, with references to “filing
of the registration statement” or “effective date” being deemed references to filing of a prospectus or supplement
for such offering and references to “registration” being deemed references to the offering; provided, that,
Registering Holders shall only include Holders whose Registrable Shares are included in such Shelf Registration Statement or may
be included therein without the need for an amendment to such Shelf Registration Statement (other than an automatically effective
amendment).

 

(ii) If the
Company shall receive a request from a Holder that the Company effect a Shelf Registration Statement, then the Company shall promptly
give notice of such requested registration at least ten (10) Business Days prior to the anticipated filing date of the Shelf Registration
Statement to the other Holders and thereupon shall use its reasonable best efforts to effect, as expeditiously as possible, the
registration under the Securities Act of:

 

(a) all Registrable
Shares for which the Requesting Holder has requested registration under this Section 2.03, and

 

(b)
all other Registrable Shares of the same class as those requested to be registered by the Requesting Holder that any other
Holders have requested the Company to register by request received by the Company within seven (7) Business Days after such
Holders receive the Company’s notice of the Shelf Registration,

 

all to the extent necessary to permit the registration
of the Registrable Shares so to be registered on such Shelf Registration.

 

(iii) At
any time prior to the effective date of the Shelf Registration Statement, the Requesting Holders may revoke such request, without
liability to any of the other Registering Holders, by providing a notice to the Company revoking such request.

 

(iv) The
Company shall be liable for and pay all Registration Expenses in connection with any Shelf Registration Statement.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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Section 2.04. Lock-Up
Agreements.

 

(i) If any registration
of Registrable Shares shall be effected in connection with an Underwritten Offering, the Company shall not effect any public sale
or distribution of any Registrable Shares or other security of the Company (except as part of such Public Offering) during the
period beginning fourteen (14) days prior to the effective date of the applicable registration statement or, in the case of an
Underwritten Takedown, fourteen (14) days prior to launch of the offering, until ninety (90) days (or such shorter period as agreed
by the underwriters) following the effective date of the applicable registration statement or, in the case of an Underwritten Takedown,
ninety (90) days following the launch of the offering (or such shorter period as agreed by the underwriters).

 

(ii) In connection with
any Underwritten Offering pursuant to Section 2.02, each Holder shall not effect any public sale or distribution of any Registrable
Shares or other security of the Company (except as part of such Public Offering) during the period beginning fourteen (14) days
prior to the effective date of the applicable registration statement or, in the case of an Underwritten Takedown, fourteen (14)
days prior to launch of the offering, until ninety (90) days (or such shorter period as agreed by the underwriters) following the
effective date of the applicable registration statement or, in the case of a Shelf Registration, ninety (90) days following the
launch of the offering (or such shorter period as agreed by the underwriters); provided, that, the Holders shall not be subject
to the provisions of this Section 2.04(ii) unless the Company’s directors and officers shall have signed lock-up agreements
containing substantially similar terms.

 

Section 2.05. Registration
Procedures. Whenever a Holder requests that any Registrable Shares be registered pursuant to Sections 2.01, 2.02 or 2.03 subject
to the provisions of such Sections, the Company shall use reasonable best efforts to effect the registration and the sale of such
Registrable Shares in accordance with the intended method of disposition thereof as quickly as practicable, and, in connection
with any such request, the Company shall:

 

(i) as expeditiously as possible prepare and file with the
SEC a registration statement on any form for which the Company then qualifies or that counsel for the Company shall deem appropriate
and which form shall be available for the sale of the Registrable Shares to be registered thereunder in accordance with the intended
method of distribution thereof, and use reasonable best efforts to cause such filed registration statement to become and remain
effective for a period of not less than one-hundred eighty (180) days, or in the case of a Shelf Registration Statement, three
years (or such shorter period in which all of the Registrable Shares of the Holders included in such registration statement shall
have actually been sold). Any such registration statement shall be an automatically effective registration statement to the extent
permitted by the SEC’s rules and regulations;

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(ii) after the filing of the registration
statement, prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus forming
part thereof as may be necessary to keep such registration statement current and effective for the period specified in Section
2.05(i); provided, that, immediately following such period, the Company shall be permitted to file a post-effective
amendment to such registration statement to deregister outstanding Ordinary Shares previously registered on such registration statement
which are no longer Registrable Shares;

 

(iii) prior to the filing of a registration
statement or prospectus or any amendment or supplement thereto (other than any report filed pursuant to the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) that is incorporated by reference therein), furnish to each applicable
Holder a number of copies of such registration statement covering the Registrable Shares relating to such registration statement,
and any prospectus, preliminary prospectuses and prospectus supplements in conformity with the requirements of the Securities Act
and such other documents as each applicable Holder may reasonably request, in order to facilitate the public sale or other disposition
of all or any of the Registrable Shares relating to such registration statement by each applicable Holder;

 

(iv) use commercially reasonable efforts
to ensure that the Registrable Shares covered by the registration statement are listed for quotation on The Nasdaq Stock Market
LLC (“Nasdaq”) as soon as practicable after their issuance;

 

(v) use commercially reasonable efforts
to register or qualify or cooperate with each applicable Holder in connection with the registration or qualification of the Registrable
Shares covered by such registration statement for offer and sale under the securities or “blue sky” laws of such jurisdictions
in the United States as such Holder reasonably requests in writing and to keep such registration or qualification (or exemption
therefrom) effective during the period such Registration Statement is required to be kept effective pursuant to Section 2.05(i)
above, and to do all other acts or things reasonably necessary or advisable to enable the disposition in such distributions of
the Registrable Shares covered by such Registration Statement; provided, however, that the Company will not be required
to: (a) qualify to do business in any jurisdiction where it would not otherwise be required to qualify, but for this Section
2.05(v); (b) subject itself to general taxation in any such jurisdiction; or (c) file a general consent to service of
process in any such jurisdiction;

 

(vi) notify each applicable Holder holding
Registrable Shares, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared
effective or a supplement to any prospectus forming a part of such Registration Statement has been filed;

 

(vii) cooperate with the applicable
Holders of Registrable Shares and each underwriter or agent participating in the disposition of such Registrable Shares and their
respective counsel in connection with any filings made with the Financial Industry Regulatory Authority or any successor thereto
(“FINRA”) in connection with the relevant registration or offering; and

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(viii) in the case of each Registration
Statement, notify each Holder promptly after it shall receive notice or obtain knowledge of any of the events set forth in Sections
2.07(i)(a) through 2.07(i)(d) and, in the case of the events set forth in Sections 2.07(i)(a) through 2.07(i)(c),
use reasonable best efforts to prevent or address the occurrence of such event so as to permit such Registration Statement to be
used for offers and sales of the applicable Registrable Shares as promptly as practicable.

 

Section 2.06. Holder’s
Obligations With Respect to Registration.

 

(i) Each Holder shall
(i) furnish such additional information as the Company may reasonably request in connection with the preparation of any registration
statement, any prospectus, preliminary prospectuses or prospectus supplements in which such Holder’s Registrable Shares are
being included pursuant hereto in order to permit the Company to comply with all applicable securities laws and rules, regulations
and other requirements of the SEC; and (ii) complete, execute, acknowledge and/or deliver such additional questionnaires and
other documents, certificates and instruments as are reasonably required by the Company in connection with the registration to
be effected under this Agreement.

 

(ii) In the case of
each registration statement, each Holder shall promptly notify the Company of any changes known to such Holder in the information
set forth in such registration statement, or any related prospectus, preliminary prospectuses or prospectus supplements or Selling
Holder Questionnaire regarding such Holder or its plan of distribution. Each Holder shall not use, distribute or otherwise disseminate
any free writing prospectus, as defined in Rule 405 under the Securities Act, in connection with the sale of Registrable Shares
pursuant hereto without the prior written consent of the Company.

 

(iii) Upon receipt
of any Suspension Notice (as defined below), each Holder shall immediately discontinue disposition of Registrable Shares
pursuant to all Registration Statements until such Holder receives copies of each supplemented or amended prospectus
contemplated by Section 2.07 or until such Holder is advised in writing by the Company that the Suspension Period
(as defined below) is no longer in effect, and, if so directed by the Company, deliver to the Company all copies of any
prospectus, any preliminary prospectuses and prospectus supplements covering such Registrable Shares in such Holder’s
possession at the time of receipt of such notice.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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Section 2.07. Suspension;
Sales of Registrable Shares Under the Registration Statements. 

 

(i) In the case of
any registration or offering pursuant to Sections 2.01, 2.02 or 2.03, and in the case of paragraph (a), (b)
or (c) below, provided that the Company shall have complied with its obligations in Section 2.05(viii):

 

(a) in the
event of the issuance by the SEC or any other federal or state governmental authority of any stop order suspending the effectiveness
of such Registration Statement or the initiation of any proceedings for that purpose;

 

(b) in the
event of the receipt by the Company of any notification the SEC or any other federal, state or foreign governmental authority of
the suspension of the qualification or exemption from qualification of any of the Registrable Shares relating to such Registration
Statement for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

 

(c) in the
event of any request by the SEC or any other federal or state governmental authority during the period of effectiveness of such
registration statement for amendments or supplements to such registration statement or prospectus or for additional information,
or any other of any event or circumstance other than those referred to in Section 2.07(d) below which, upon the advice of
the Company’s counsel, necessitates the making of any changes in such registration statement, prospectus or any prospectus
supplement, or any document incorporated or deemed to be incorporated therein by reference, so that neither such registration statement
nor the prospectus or, if applicable, prospectus supplement will contain 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, in the light of the circumstances under
which they were made, not misleading; or

 

(d) the Company
is in a Blackout Period (which, in the event of a Blackout Period under clause (ii) of the definition thereof, the Company shall
declare by delivering to the such Holder or Holders a certificate signed by either the chief executive officer or the chief financial
officer of the Company certifying that the conditions described in clause (ii) of the definition of Blackout Period are met),

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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the Company shall be entitled, from time
to time, to provide written notice to the Holder or Holders, to require such Holder or Holders to suspend the use of the prospectus
for sales of Registrable Shares relating to such Registration Statement (a “Suspension Notice”) for a period
of time at the discretion of the Company (the “Suspension Period”). After the expiration of any Suspension Period
and without any further request from a holder of Registrable Shares, the Company to the extent  necessary shall as promptly
as reasonably practicable prepare a post-effective amendment or supplement to such Registration Statement or prospectus, or any
document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers
of the Registrable Shares included therein, the prospectus will not include an untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided, however, with respect to the right described herein (a “Corporate Suspension”), (x) the
Company shall have the right to invoke no more than two (2) Corporate Suspensions, in the aggregate, in any twelve (12)-month period,
and (y) the duration of all Corporate Suspensions may not exceed one-hundred twenty (120) days in the aggregate in any twelve (12)-month
period.

 

(ii) Provided that
a Corporate Suspension is not then in effect, each applicable Holder may sell the Registrable Shares under the registration statement
as long as, to the extent required by law, it arranges for delivery of a current prospectus and, if applicable, prospectus supplement
or report, to the transferee of such Registrable Shares.

 

(iii) In the event
of a sale of any Registrable Shares by a Holder under a registration statement pursuant to Sections 2.01, 2.02 or
2.03, such Holder shall deliver to the Company’s transfer agent, with a copy to the Company, a certificate of subsequent
sale in the form reasonably satisfactory to the Company so that the Registrable Shares may be properly transferred. Assuming timely
delivery to the Company’s transfer agent of one or more share certificates representing the Registrable Shares in proper
form for transfer and assuming compliance by such Holder with the terms of this Agreement, the Company’s transfer agent will
issue and make appropriate delivery of one or more share certificates in the name of the buyer so as to permit timely compliance
by such Holder with applicable settlement requirements.

 

3. Assignment of
Registration Rights. Subject to the restrictions set forth in Section 6.5(a) of the Investment Agreement and any
other lock-up agreements, any rights referred to in Section 2 may be assigned (but only with all related obligations) by
a Holder only to an Affiliate (as defined in the Investment Agreement) of such Holder, a Permitted Third Party Transferee (as defined
in the Investment Agreement), or, in the event that the a majority of the directors of the Company (excluding any director nominated
or designated by the Investor) approves the transfer of Registrable Shares by the Holder to any other transferee, such other transferee,
provided, that, (a) the Company is, within a reasonable time prior to such assignment, furnished with written
notice of the name and address of such assignee and the securities with respect to which such registration rights are being assigned;
(b) such assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement in the same manner
as the assignor by signing the joinder attached as Exhibit A hereto; and (c) as a result of the transfer, such transferee
comes to beneficially own (as defined in Rule 13d-3 under the Exchange Act) at least 2,000,000 Registrable Shares.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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4. Indemnification.

 

(i) For the purpose
of this Section 4: (i) the term “Selling Holder Indemnified Parties” shall include all Holders and any
individual, firm, corporation, trust, company, government, state or agency of a state or any joint venture, association or partnership
(whether or not having separate legal personality) (each, a “Person”), if any, who controls such Holder within
the meaning of Section 15 of the Securities Act, including any officer, director, employee, trustee or Affiliate (as defined
in the Investment Agreement) of such Holder; and (ii) the term “Registration Statement” shall include any preliminary
prospectus, final prospectus, prospectus supplement, exhibit or amendment included in or relating to any Registration Statement.

 

(ii) Subject to Section
10.15 of the Investment Agreement, the Company shall indemnify and hold harmless each Selling Holder Indemnified Party (and
its officers, directors, employees and Affiliates (as defined in the Investment Agreement)) from and against any losses, claims,
damages, liabilities and expenses to which such Selling Holder Indemnified Party may become subject (under the Securities Act or
otherwise) insofar as such losses, claims, damages, liabilities and expenses (or actions or proceedings in respect thereof) arise
out of, or are based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement, or any omission or alleged omission to state in the Registration Statement a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (ii) any
violation by the Company of the Securities Act, any state securities or “blue sky” laws or any rule or regulation thereunder
in connection with such Registration Statement, and the Company shall reimburse such Selling Holder Indemnified Party (and such
Selling Holder Indemnified Party’s officers, directors, employees and Affiliates (as defined in the Investment Agreement))
for any reasonable legal or other expenses reasonably incurred in investigating, defending or preparing to defend any such action,
proceeding or claim; provided, however, that the Company shall not be liable in any such case to the extent that
such loss, claim, damage or liability arises out of, or is based upon (i) any breach of representation or warranty by such Holder
or Holders in this Agreement, (ii) an untrue statement made in reliance upon and in conformity with written information furnished
to the Company by or on behalf of such Selling Holder Indemnified Party specifically for use in preparation of or for inclusion
in the Registration Statement, or (iii) out of sales of Registrable Shares made during a Suspension Period after notice is given
pursuant to Section 2.07 hereof or the failure of the Selling Holder to comply with its covenants and agreements contained
in this Agreement respecting the sale of the Registrable Shares.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(iii) Each Selling
Holder shall indemnify and hold harmless the Company (and each person, if any, who controls the Company within the meaning of Section 15
of the Securities Act, each officer of the Company who signs the Registration Statement and each director of the Company) from
and against any losses, claims, damages, liabilities and expenses to which the Company (or any such officer, director or controlling
person) may become subject (under the Securities Act or otherwise), insofar as such losses, claims, damages, liabilities and expenses
(or actions or proceedings in respect thereof) arise out of, or are based upon: (i) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement, or any omission or alleged omission to state in the Registration
Statement a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, if such untrue statement or alleged untrue statement or omission or alleged omission
was made in reliance upon and in conformity with written information furnished by or on behalf of such Selling Holder specifically
for use in preparation of or for inclusion in the Registration Statement, and such Selling Holder shall reimburse the Company (or
such officer, director or controlling person, as the case may be), for any reasonable legal or other expenses reasonably incurred
in investigating, defending or preparing to defend any such action, proceeding or claim; provided, however, that
such Selling Holder’s aforesaid obligation to indemnify, hold harmless and reimburse shall be limited to the gross proceeds
(net of any underwriting discount or commissions) received from the sale by such Selling Holder of the Registrable Shares.

 

(iv) Promptly after
receipt by an indemnified party under this Section 4 of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying party under this Section 4, notify the indemnifying
party in writing of the commencement thereof; but the failure to so notify the indemnifying party (i) will not relieve it from
liability under Section 4(ii) or (iii) above unless and to the extent such action and such failure results in material
prejudice to the indemnifying party and forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will
not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in Section 4(ii) or (iii) above. The indemnifying party shall be entitled to participate therein
and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof,
with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party,
be counsel to the indemnifying party), and, except as provided in the next sentence, after notice from the indemnifying party to
such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not be liable to such indemnified
party for any legal expenses of other counsel or any other expenses subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable costs of investigation. Notwithstanding the indemnifying party’s rights in
the prior sentence, the indemnified party shall have the right to employ its own counsel (and one local counsel), and the indemnifying
party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying
party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants
in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be legal defenses available to it which are different from or additional to those available
to the indemnifying party; (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified
party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the
indemnified party to employ separate counsel at the expense of the indemnifying party. No indemnifying party shall, in connection
with any one action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general
circumstances or allegations, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any
local counsel) for all indemnified parties. An indemnifying party shall not be liable under this Section 4 to any indemnified
party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented
to by such indemnifying party. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent
of each indemnified party, consent to entry of any judgment or enter into any settlement or compromise unless such settlement or
compromise (i) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter
of such proceeding and (ii) does not include any statement as to or any admission of fault, culpability or a failure to act by
or on behalf of any indemnified party.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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(v) If the indemnification
provided for in this Section 4 is unavailable to or insufficient to hold harmless an indemnified person under Section
4(ii) or (iii) in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof)
referred to therein, then each indemnifying person shall contribute to the amount paid or payable by such indemnified person as
a result of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) in such proportion as is
appropriate to reflect the relative fault of the Company on the one hand and the Selling Holder, on the other, in connection with
the statements or omissions or other matters which resulted in such losses, claims, damages or liabilities (or actions or proceedings
in respect thereof), as well as any other relevant equitable considerations. The relative fault shall be determined by reference
to, among other things, in the case of an untrue statement, whether the untrue statement relates to information supplied by the
Company on the one hand or a Selling Holder or other Selling Holder on the other and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such untrue statement. The Company and the Holders agree that it would
not be just and equitable if contribution pursuant to this Section 4 were determined by pro rata allocation (even if the
Selling Holder and other Selling Holders were treated as one entity for such purpose) or by any other method of allocation which
does not take into account the equitable considerations referred to above in this Section 4. Notwithstanding the provisions
of this Section 4, no Selling Holder shall be required to contribute any amount in excess of the amount of gross proceeds
(net of any underwriting discounts or commissions) received from the sale by the Holders of the Registrable Shares to which such
loss, claim, damage or liability relates exceeds the amount of any damages which such Holders have otherwise been required to pay
by reason of such untrue statement. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

  

(vi) The provisions
of this Section 4 will remain in full force and effect, regardless of any investigation made by or on behalf of any shareholder
or the Company or any of the officers, directors or controlling Persons referred to in this Section 4 hereof, and will survive
the transfer of Registrable Shares.

 

(vii) To the extent
any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable under Section 4 to the fullest extent permitted
by law; provided, however, that: (i) no Person involved in the sale of Registrable Shares which Person is guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection with such sale shall
be entitled to contribution from any Person involved in such sale of Registrable Shares who was not guilty of fraudulent misrepresentation.

 

5. Underwritten
Offerings. If a Holder intends to distribute Registrable Shares by means of an underwriting, it shall so advise the Company
in writing. In such event, the underwriters of shall be one or more underwriting firms of nationally recognized standing selected
by such Holder and reasonably acceptable to the Company. The right of a Holder to have its Registrable Shares included in an offering
shall be conditioned upon such Holder entering into an underwriting agreement in customary form with the representative of the
underwriter or underwriters selected pursuant hereto.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
A-16

     

    

 

6. Registration
Expenses. The Company shall pay expenses incident to the Company’s performance of or compliance with Section 2
hereof (the “Registration Expenses”) including, all registration, filing and FINRA fees, including fees payable
in connection with the listing of securities on any securities exchange, fees and expenses relating to compliance with securities
or blue sky laws (including reasonable fees and disbursements of legal counsel in connection with blue sky qualifications of any
Registrable Shares), expenses of printing certificates for any Registrable Shares in a form eligible for deposit with the Depository
Trust Company, all word processing, duplicating and printing expenses, messenger and delivery expenses, internal expenses (including,
all salaries and expenses of its officers and employees performing legal or accounting duties), and fees and disbursements of legal
counsel for the Company and of its independent registered public accounting firm (including the expenses of any management review,
special audits or “cold comfort letters” required by or incident to such performance and compliance), securities acts
liability insurance (if the Company elects to obtain such insurance), the reasonable fees and expenses of any special experts retained
by the Company in connection with such registration, fees and expenses of other Persons retained by the Company, the fees and expenses
of one (1) legal counsel and applicable local legal counsel for the Holders of Registrable Shares to be included in each relevant
registration, selected by the Holders of a majority of the Registrable Shares to be included in such registration; but not including
any underwriting fees, discounts or commissions attributable to the sale of securities or fees and expenses of legal counsel representing
the Holders of Registrable Shares included in such Registration (other than such one (1) legal counsel and applicable local legal
counsel) incurred in connection with the sale of Registrable Shares.

 

7. Reports under
the Exchange Act. With a view to making available to the Holder the benefits of Rule 144, the Company agrees that until
the date on which no Registrable Shares are outstanding, the Company shall use its commercially reasonable efforts to: (i) make
and keep public information available, as those terms are understood and defined in Rule 144; (ii) file with the SEC in a timely
manner all reports and other documents required of the Company under Exchange Act, so long as the Company remains subject to such
requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and (iii)
furnish to the Holder, promptly upon request, (a) a written statement by the Company as to the status of its compliance with the
reporting requirements of Rule 144, the Securities Act and the Exchange Act, (b) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the Company, and (c) such other information as may be reasonably
requested to permit the Holder to sell such Registrable Shares pursuant to Rule 144 without registration.

 

8. Governing Law.
This Agreement shall be governed by and construed solely in accordance with the laws of the State of New York, without regard to
principles of conflicts of law thereunder. The parties hereto irrevocably submit to the exclusive jurisdiction of any state or
federal court sitting in the County of New York, in the State of New York over any suit, action or proceeding arising out of or
relating to this Agreement. To the fullest extent they may effectively do so under applicable law, the parties hereto irrevocably
waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction
of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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EACH OF THE PARTIES HERETO
HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO
THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

 

9. Notices.
Any notice, request, instruction or other document to be given hereunder by any party to the other shall be in writing and shall
be deemed to have been duly given (i) if sent by registered or certified mail in the United States return receipt requested,
upon receipt, (ii) if sent by nationally recognized overnight air courier, one Business Day after mailing, (iii) if sent
by email or facsimile transmission, when transmitted and receipt is confirmed, or (iv) if otherwise actually personally delivered,
when delivered. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated
in writing by the party to receive such notice.

 

If to the Company, to:

 

	Name:	ReWalk Robotics Ltd.
	Address:	200 Donald Lynch Boulevard, Marlboro, MA 01752
	Fax:	+508-251-2970
	Email:	larry.jasinski@rewalk.com
	Attn:	Larry Jasinski

 

with a copy to (which copy alone shall not constitute
notice):

 

	Name:	White & Case LLP
	Address:	1221 Avenue of the Americas, New York, NY 10020-1095
	Fax:	+ 1 212 354 8113
	Email:	cdiamond@whitecase.com
	Attn:	Colin Diamond

 

if to the Investor, to:

 

	Name:	CONG NING
	Address:	34/F, Block A, Shenzhen International Innovation Center, 1006 Shennan Road, Futian, Shenzhen, China
	Fax:	 
	Email:	n.cong@ambrumcapital.com
	Attn:	Michelle LI (LI Xiu-Tian)

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
A-18

     

    

 

with a copy to (which copy alone shall not constitute
notice)

 

	Name:	Chun-Lin (Allen) Han
	Address:	No. 326 Airport Road, Yantai, Shandong Province
	Fax:	N/A
	Email:	hanchunlin@realcan.cn
	Attn:	 

 

10. Entire Agreement,
Etc. This Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, between the parties, with respect to the subject matter hereof.

 

11. Amendments
and Waivers. Any term of this Agreement may be amended only with the written consent of the Company and the Holder or Holders
of the majority of Registrable Shares. Any amendment or waiver effected in accordance with this Section 4 shall be binding
upon the Company, the Holder and each transferee of this Agreement.

 

12. Remedies Cumulative.
No remedy herein conferred upon each Holder is intended to be exclusive of any other remedy and each and every such remedy shall
be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or
by statute or otherwise.

 

13. Unconditional
Obligation; Waivers. The obligations of the Company to make the payments provided for in this Agreement are absolute and
unconditional and not subject to any defense, set-off, counterclaim, rescission, recoupment or adjustment whatsoever. No waiver
of any provision of this Agreement made by agreement of the Holder and any other person shall constitute a waiver of any other
terms hereof, or otherwise release or discharge the liability of the Company under this Agreement. No failure to exercise and
no delay in exercising, on the part of the Holder, any right, power or privilege under this Agreement shall operate as a waiver
thereof nor shall partial exercise of any right, power or privilege.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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IN WITNESS WHEREOF, this Agreement has been
duly executed and delivered by the duly authorized officers of the parties as of the date first herein above written.

 

	 	REWALK ROBOTICS LTD.
	 	 
	 	By:	                   
	 	 	Name:	                          
	 	 	Title:	 

 

	 	TIMWELL CORPORATION LIMITED
	 	 
	 	By:	 
	 	 	Name:	                                  
	 	 	Title:	 

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
A-20

     

    

 

EXHIBIT A

 

JOINDER TO REGISTRATION
RIGHTS AGREEMENT

 

This Joinder Agreement
(this “Joinder Agreement”) is made as of the date written below by the undersigned (the “Joining Party”)
in accordance with the Registration Rights Agreement dated as of [●], [●] (as the same may be amended from time to
time, the “Registration Rights Agreement”) among ReWalk Robotics Ltd. and the Holders party thereto. Capitalized
terms used, but not defined, herein shall have the meaning ascribed to such terms in the Registration Rights Agreement.

 

The Joining Party hereby
acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party
to the Registration Rights’ Agreement as of the date hereof and shall have all of the rights and obligations of a “Holder”
thereunder as if it had executed the Registration Rights Agreement. The Joining Party hereby ratifies, as of the date hereof, and
agrees to be bound by, all of the terms, provisions and conditions contained in the Registration Rights Agreement.

 

IN WITNESS WHEREOF,
the undersigned has executed this Joinder Agreement as of the date written below.

 

Date: ___________ ___, ______

 

	 	[NAME OF JOINING PARTY]
	 	 
	 	By:	
	 	 	Name:	                                  
	 	 	Title:	 
	 	 	 	 
	 	 	Address for Notices:

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
A-21

     

    

 

ANNEX B

 

Form of Indemnification Agreement

 

FORM OF

INDEMNIFICATION AGREEMENT 

 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”)
is entered into as of [●], [●] by ReWalk Robotics Ltd., a company incorporated under the laws of the State of Israel,
registration number 51-312137-6 (the “Company”) and [●] (referred herein as “Indemnitee”).

 

WHEREAS, the Company and Indemnitee
recognize the substantial increase in corporate litigation in general, subjecting directors, officers, employees, agents and fiduciaries
to expensive litigation risks at the same time as the availability and coverage of liability insurance have been limited; and

 

WHEREAS, the Company desires to
attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company and, in part, in order
to induce Indemnitee to continue to provide services to the Company, wishes to provide for the indemnification and advancement
of expense to Indemnitee to the maximum extent permitted by law;

 

WHEREAS, the Indemnitee is an office
holder (nose misra) (an “Office Holder”), as such term is defined in the Israeli Companies Law, 5759–1999
(the “Companies Law”); and 

 

WHEREAS, in view of the considerations
set forth above, the Company desires that Indemnitee shall be indemnified by the Company as set forth herein.

 

NOW, THEREFORE, the Company and
Indemnitee hereby agree as follows:

 

1. The Company hereby undertakes to indemnify
Indemnitee to the maximum extent permitted by the Companies Law, on a worldwide basis, in respect of the following:

 

1.1. any financial obligation imposed on
Indemnitee in favor of another person by, or expended by Indemnitee as a result of, a court judgment, including a settlement or
an arbitrator’s award approved by court, in respect of any act or omission (“Action”) taken or made by
Indemnitee in its capacity as a director or office holder of the Company and any subsidiary and/or other affiliated entity thereof
(a “Subsidiary”);

 

1.2. all reasonable litigation expenses,
including reasonable attorney fees, expended by Indemnitee or charged to Indemnitee by a court, in a proceeding instituted against
Indemnitee by the Company or on its behalf or by another person, or in any criminal proceedings in which Indemnitee are acquitted,
or in any criminal proceedings with respect to a crime which does not require proof of criminal intent (mens rea) in which Indemnitee
are convicted, all in respect of actions taken by Indemnitee in its capacity as a director or officer of the Company and a Subsidiary
thereof;

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-1

     

    

 

1.3. all reasonable litigation expenses,
including reasonable attorney fees, expended by Indemnitee due to an investigation or a proceeding instituted against Indemnitee
by an authority qualified to conduct such investigation or proceeding, where such investigation or proceeding is concluded without
the filing of an indictment against Indemnitee (as defined in the Companies Law) and without any financial obligation imposed on
Indemnitee in lieu of criminal proceedings (as defined in the Companies Law), or that is concluded without Indemnitee’s indictment
but with a financial obligation imposed on Indemnitee in lieu of criminal proceedings with respect to a crime that does not require
proof of criminal intent (mens rea), all in respect of actions taken by Indemnitee in its capacity as a director or office holder
of the Company or a Subsidiary thereof. Without derogating from the generality of the foregoing, such expenses will include a payment
imposed on Indemnitee in favor of an injured party as set forth in Section 52(54)(a)(1)(a) of the Israeli Securities Law, 1968
– 5728 (the “Securities Law”), and expenses that Indemnitee incurred in connection with a proceeding under
Chapters H’3, H’4 or I’1 of the Securities Law, including reasonable legal expenses, which term includes attorney
fees.

 

1.4. The Company may give an advance undertaking
to indemnify Indemnitee in respect of the following matters:

 

	 	1.4.1.	Matters as detailed in Section 1.1 herein, provided, however, that the undertaking is restricted to events, which in the opinion of the Company’s Board of Directors (the “Board”), are foreseeable in light of the Company’s actual activity at the time of granting the obligation to indemnify and is limited to a sum or measurement determined by the Board of Directors as reasonable under the circumstances. The indemnification undertaking shall specify the events that, in the opinion of the Board are foreseeable in light of the Company’s actual activity at the time of grant of the indemnification and the sum or measurement, which the Board determined to be reasonable under the circumstances;

 

	 	1.4.2.	Matters as detailed in Sections 1.2 and 1.3 herein; and

 

	 	1.4.3.	Any matter permitted by applicable law.

 

2. Notwithstanding the foregoing, the
Company will not indemnify Indemnitee for any amount for which indemnification is not permitted under the Companies Law, including
but not limited to:

 

2.1. a breach of Indemnitee’s duty
of loyalty to the Company, except, to the extent permitted by Companies Law, for a breach of Indemnitee’s duty of loyalty
to the Company or a Subsidiary thereof while acting in good faith and having reasonable cause to assume that such act would not
prejudice the interests of the Company or a Subsidiary thereof, as applicable;

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-2

     

    

 

2.2. a willful breach of Indemnitee’s
duty of care to the Company or a Subsidiary thereof or reckless disregard for the circumstances or to the consequences of a breach
of Indemnitee’s duty of care to the Company or a Subsidiary thereof, except if such breach of Indemnitee’s duty of
care is solely due to negligence;

 

2.3. an action taken or omission by Indemnitee
with the intent of unlawfully realizing personal gain; and

 

2.4. a fine or penalty imposed upon Indemnitee
for an offense.

 

3. The Company will make available all
amounts payable to Indemnitee in accordance with Section 1 above on the date on which such amounts are first payable by Indemnitee
(“Time of Indebtedness”), including with respect to any claim against Indemnitee initiated by the Company or
in its right, and with respect to items referred to in Sections 1.2 and 1.3 above, not later than the date on which the applicable
court renders its decision. Advances given to cover legal expenses in criminal proceedings will be repaid by Indemnitee to the
Company if Indemnitee is found guilty of a crime, which requires proof of criminal intent. Other advances will be repaid by Indemnitee
to the Company if it is determined by a final judgment of a court of competent jurisdiction that Indemnitee is not lawfully entitled
to such indemnification.

 

As part of the aforementioned Agreement,
the Company will make available to Indemnitee any security or guarantee that Indemnitee may be required to post in accordance with
an interim decision given by a court or an arbitrator, including for the purpose of substituting liens imposed on Indemnitee‘s
assets.

 

4. The Company will indemnify Indemnitee
notwithstanding if at the relevant Time of Indebtedness Indemnitee is no longer a director or office holder of the Company and/or
a Subsidiary provided that the obligations with respect to which Indemnitee will be indemnified hereunder are in respect of actions
taken by Indemnitee while Indemnitee was a director or office holder of the Company and/or a Subsidiary (as applicable) as aforesaid,
and in such capacity.

 

5. The indemnification will be limited
to the matters mentioned in Sections 1.2 and 1.3 (pursuant and subject to Section 3 and insofar as indemnification with respect
thereto is not restricted by law or by the provisions of Section 2 above) and to the matters mentioned in Section 1.1 above insofar
as they result from, or are connected to, events and circumstances set forth in Schedule A attached hereto, which
are currently deemed by the Board, based on the current activities of the Company, to be reasonably foreseeable in any jurisdiction
worldwide.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-3

     

    

 

6. The indemnification that the Company
undertakes towards all persons whom it has resolved to indemnify for the matters and in the circumstances described herein, jointly
and in the aggregate, shall be the greater of: (i) an amount equal to fifty percent (50%) of the shareholders’ equity in
the Company, as set forth in the Company’s most recent financial statements before such payment as of the date of actual
payment by the Company of the indemnification amount; (ii) US $40,000,000 (forty million US Dollars); and (iii), solely in connection
with or arising out of a public offering of the Company’s securities, the aggregate amount of proceeds from the sale by the
Company and/or any shareholder of Company’s securities in such offering (the greater of (i), (ii) and, if applicable, (iii),
the “Maximum Indemnification Amount”); provided, that if such amount is found insufficient to cover all
amounts to which such persons are entitled pursuant to such mentioned agreement by the Company, the Maximum Indemnification Amount
shall be allocated to such persons pro rata to the amounts to which they are so entitled. At the end of each calendar year, the
Maximum Indemnification Amount shall be automatically increased in proportion with the Directors and Officers Insurance held by
the Company, unless otherwise approved by the Board.

 

7. Notwithstanding anything contained
herein to the contrary, the Company will not indemnify Indemnitee for any liability with respect to which Indemnitee has received
payment by virtue of an insurance policy or another indemnification agreement other than for amounts which are in excess of the
amounts actually paid to Indemnitee pursuant to any such insurance policy or other indemnity agreement (including deductible amounts
not covered by insurance policies), within the limits set forth in Section 6 above.

 

8. Subject to the provisions of Sections
6 and 7 above, the indemnification hereunder will, in each case, cover all sums of money that Indemnitee will be obligated to pay,
in those circumstances for which indemnification is permitted under the law and under this Agreement.

 

9. Subject to Section 11 below (to the
extent applicable), the Company will be entitled to retain any amount collected from a third party in connection with liabilities
indemnified hereunder.

 

10. In all indemnifiable circumstances,
indemnification will be subject to the following:

 

10.1. Indemnitee shall promptly notify
the Company of any legal proceedings initiated against Indemnitee and of all possible or threatened legal proceedings without delay
following your first becoming aware thereof. Indemnitee shall deliver to the Company, or to such person as it shall advise Indemnitee,
without delay all documents Indemnitee receives in connection with such proceedings.

 

Similarly, Indemnitee hereby commits to
advise the Company on an ongoing and current basis concerning all events which Indemnitee suspects may give rise to the initiation
of legal proceedings against Indemnitee in connection with Indemnitee’s actions or omissions as a director or office holder
of the Company or a Subsidiary thereof.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-4

     

    

 

10.2. Other than with respect to proceedings
that have been initiated against Indemnitee by the Company or in its name, the Company shall be entitled to undertake the conduct
of Indemnitee’s defense in respect of such legal proceedings and/or to hand over the conduct thereof to any attorney which
the Company may choose for that purpose, except to an attorney who is not, upon reasonable grounds, acceptable to Indemnitee; provided
that the Indemnitee shall be entitled to employ his own attorney at the reasonable expense of the Company if there is a conflict
of interest between the Company and the Indemnitee in the conduct of Indemnitee’s defense. The Company shall notify Indemnitee
of any such decision to defend within ten (10) calendar days of receipt of notice of any such proceeding.

 

The Company and/or the attorney as aforesaid
shall be entitled, within the context of the conduct as aforesaid, to conclude such proceedings, all as it shall see fit, including
by way of settlement, subject to the exceptions described below. As a condition of Indemnitee’s entitlement to be indemnified,
at the request of the Company, Indemnitee shall execute all documents required to enable the Company and/or its attorney as aforesaid
to conduct Indemnitee’s defense in Indemnitee’s name, and to represent Indemnitee in all matters connected therewith,
in accordance with and subject to the aforesaid.

 

For the avoidance of doubt, in the case
of criminal proceedings the Company and/or the attorneys as aforesaid will not have the right to plead guilty in Indemnitee’s
name or to agree to a plea-bargain in Indemnitee’s name without Indemnitee’s consent. However, the aforesaid will not
prevent the Company and/or its attorneys as aforesaid, with the approval of the Company, to enter into a settlement with a plaintiff
in a civil proceeding without Indemnitee’s consent so long as such settlement will not be an admittance of an occurrence
not indemnifiable pursuant to this Agreement and/or pursuant to law. The Company shall not, without Indemnitee’s prior written
consent, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes
an admission of Indemnitee’s fault, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee
from all liability in respect of such proceeding or (iii) is not fully indemnifiable pursuant to this Agreement and pursuant to
law. This paragraph shall not apply to a proceeding brought by Indemnitee under Section 10.7 below.

 

10.3. Indemnitee will fully cooperate with
the Company and/or any attorney as aforesaid in every reasonable way as may be required of Indemnitee within the context of their
conduct of such legal proceedings, including but not limited to the execution of power(s) of attorney and other documents, provided
that the Company shall cover all costs incidental thereto such that Indemnitee will not be required to pay the same or
to finance the same by itself, and provided, further, that Indemnitee shall not be required to take
any action that would reasonably prejudice Indemnitee’s defense in connection with any indemnifiable proceeding.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-5

     

    

 

10.4. Notwithstanding the provisions of
Sections 10.2 and 10.3 above, (i) if in a proceeding to which Indemnitee is a party by reason of its status as an Officer Holder
of the Company or a Subsidiary thereof and the named parties to any such proceeding include both Indemnitee and the Company or
any Subsidiary of the Company, a conflict of interest or potential conflict of interest (including the availability to the Company
and its Subsidiary, on the one hand, and Indemnitee, on the other hand, of different or inconsistent defenses or counterclaims)
exists between Indemnitee and the Company, or (ii) if the Company fails to assume the defense of such proceeding in a timely manner,
Indemnitee shall be entitled to be represented by separate legal counsel, who shall represent Indemnitee and other persons similarly
situated, of the Company’s choice and reasonably acceptable to Indemnitee and the other persons, at the expense of the Company.
In addition, if the Company fails to comply with any of its material obligations under this Agreement or in the event that the
Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any action, suit or
proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, except with respect
to such actions, suits or proceedings brought by the Company that are resolved in favor of the Company, Indemnitee shall have the
right to retain counsel of its choice, and reasonably acceptable to the Company and at the expense of the Company, to represent
Indemnitee in connection with any such matter.

 

10.5. If, in accordance with Section 10.2
above (but subject to Section 10.4), the Company has taken the conduct of Indemnitee’s defense upon itself, the Company will
have no liability or obligation pursuant to this Agreement or the above resolutions to indemnify Indemnitee for any legal expenses,
including any legal fees, that Indemnitee may expend in connection with its defense, unless (i) the Company shall not have assumed
the conduct of Indemnitee’s defense as contemplated, (ii) the Company refers the conduct of Indemnitee’s defense to
an attorney who is not, upon reasonable grounds, acceptable to Indemnitee, (iii) the named parties to any such action (including
any impleaded parties) include both Indemnitee and the Company, and joint representation is inappropriate under applicable standards
of professional conduct due to a conflict of interest between Indemnitee and the Company, or (iv) the Company shall agree to such
expenses in any of which events all reasonable fees and expenses of Indemnitee’s counsel shall be borne by the Company.

 

10.6. The Company will have no liability
or obligation pursuant to this Agreement to indemnify Indemnitee for any amount expended by Indemnitee pursuant to any compromise
or settlement agreement reached in any suit, demand or other proceeding as aforesaid without the Company’s consent to such
compromise or settlement.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-6

     

    

 

10.7. If required by law, the Company’s
authorized organs will consider the request for indemnification and the amount thereof and will determine if Indemnitee is entitled
to indemnification and the amount thereof. In the event that Indemnitee makes a request for payment of an amount of indemnification
hereunder or a request for an advancement of indemnification expenses hereunder and the Company fails to determine Indemnitee’s
right to indemnification hereunder or fails to make such payment or advancement, Indemnitee may petition any court which has jurisdiction
to enforce the Company’s obligations hereunder. The Company agrees to reimburse Indemnitee in full for any reasonable expenses
incurred by Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by
Indemnitee under the immediately preceding sentence, except where such action or any claim or counterclaim in connection therewith
is resolved in favor of the Company.

 

10.8. Neither the Company nor any of its
directors or officers shall make any statement to the public or to any other person regarding any settlement of claims made pursuant
to this Indemnification Letter against Indemnitee that would in any manner cast any negative light, inference or aspersion against
Indemnitee. The Indemnitee shall not make any statement to the public or to any other person regarding any settlement of claims
made pursuant to this Indemnification Letter against the Company nor any of its directors or officers (in their capacity as such)
that would in any manner cast any negative light, inference or aspersion against the Company nor any of its directors or officers
(in their capacity as such).

 

11. Indemnification of Holding Entity.

 

11.1. If (i) Indemnitee is or was a representative
of or affiliated with one or more entities that has invested in the Company (the “Holding Entity”), (ii) the
Holding Entity is, or is threatened to be made, a party to or a participant in any Holding Entity Proceeding (as hereinafter defined),
and (iii) the Holding Entity’s involvement in the Holding Entity Proceeding arises out of facts or circumstances that are
the same or substantially similar to the facts and circumstances that form the basis of claims that have been or could be brought
against the Indemnitee in a Proceeding, regardless of whether the legal basis of the claims against the Indemnitee and the Holding
Entity are the same or similar, then the Holding Entity shall be entitled to all of the indemnification rights and remedies under
this Agreement pursuant to this Agreement as if the Holding Entity were the Indemnitee.

 

11.2. “Holding Entity Proceeding”
means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company
or otherwise and whether civil, criminal, administrative or investigative, in which a Holding Entity was, is or will be involved
as a party or otherwise.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-7

     

    

 

11.3. The Company hereby acknowledges that
Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided by a Holding Entity and certain
of its affiliates and insurers (collectively, the “Holding Entity Indemnitors”). The Company hereby agrees
(i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Holding
Entity Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee
are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable
for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted
and as required by the terms of this Agreement and the Certificate of Incorporation or Bylaws of the Company (or any other agreement
between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Holding Entity Indemnitors, and,
(iii) that it irrevocably waives, relinquishes and releases the Holding Entity Indemnitors from any and all claims against the
Holding Entity Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further
agrees that no advancement or payment by the Holding Entity Indemnitors on behalf of Indemnitee with respect to any claim for which
Indemnitee has sought indemnification from the Company shall affect the foregoing and the Holding Entity Indemnitors shall have
a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee
against the Company. The Company and Indemnitee agree that the Holding Entity Indemnitors are express third party beneficiaries
of the terms of this Agreement.

 

12. If any act, resolution, approval or
other procedure is required for the validation of any of the obligations under this Agreement, the Company undertakes to cause
these to be done or adopted in a manner which will enable the Company to fulfill all its obligations herein.

 

13. For the avoidance of doubt, it is
hereby clarified that nothing contained in this Agreement derogates from the Company’s right to indemnify Indemnitee post
factum for any amounts which Indemnitee may be obligated to pay as set forth in Section 1 above without the limitations set forth
in Sections 5 and 6 above.

 

14. If any obligation or undertaking mentioned
in this Agreement is held invalid or unenforceable, such invalidity or unenforceability will not affect any of the other obligations
or undertakings contained herein, which shall remain in full force and effect. Furthermore, if such invalid or unenforceable obligation
or undertaking may be modified or amended so as to be valid and enforceable as a matter of law, such obligation or undertaking
will be deemed to have been modified or amended, and any competent court or arbitrator are hereby authorized to modify or amend
such obligation or undertaking, so as to be valid and enforceable to the maximum extent permitted by law.

 

15. This Agreement and the obligations
or undertakings contained herein shall be governed by and construed and enforced in accordance with the laws of the State of Israel
(irrespective of it choice of law rules and regulations). The competent courts located in the city of Tel-Aviv-Jaffa shall have
sole and exclusive jurisdiction with respect to any claim which arises in relation with this Agreement.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-8

     

    

 

16. This Agreement cancels and supersedes
any preceding letter of indemnification or arrangement for indemnification that may have been issued to Indemnitee by the Company.

 

17. Neither the settlement, termination
of any proceeding, nor the failure of the Company to award indemnification or to determine that indemnification is payable shall
create an adverse presumption that Indemnitee is not entitled to indemnification hereunder. In addition, the termination of any
proceeding by judgment or order (unless such judgment or order provides so specifically) or settlement, shall not create a presumption
that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company or, with respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s
action was unlawful.

 

18. This Agreement shall be (i) binding
upon all successors and assigns of the Company (including any transferee of all or a substantial portion of the business, shares
and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law),
and (ii) binding on and shall inure to the benefit of Indemnitee’s heirs, personal representatives, executors and administrators.

 

19. Except with respect to changes in
the governing law, which expand your right to be indemnified by the Company, no supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such
waiver constitute a continuing waiver.

 

20. This Agreement is being executed pursuant
to the resolutions adopted by the Board of the Company on [●], [●], and by the shareholders of the Company on [●],
[●]1. At the time of approval, the Board determined, based on the then current activity of the Company, that
the amount stated in Section 6 was reasonable, and that the events listed in Schedule A attached hereto reasonably
anticipated and the amounts stated therein were reasonable.

 

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

 

	 	 	 	 
	 	ReWalk Robotics Ltd.	 	[●]
	 	 	 	 
	Name:	 	 	 
	 	 	 
	Title:		 	 

 

 

1
NTD: Company to provide this information.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-9

     

    

 

SCHEDULE A TO INDEMNIFICATION AGREEMENT

 

1. Negotiations, execution, delivery and
performance of agreements on behalf of the Company or a Subsidiary thereof including, inter alia, any claim or demand made by a
customer, supplier, contractor or other third party transacting any form of business with the Company, its Subsidiaries or affiliates
relating to the negotiations or performance of such transactions, representations or inducements provided in connection thereto
or otherwise.

 

2. Anti-competitive acts and acts of commercial
wrongdoing.

 

3. Acts in regard of invasion of privacy
including with respect to maintenance and access to databases, the distribution of commercial advertisements and acts in regard
of slander.

 

4. Any claim or demand made for actual
or alleged infringement, misappropriation or misuse of any third party’s intellectual property rights including, but not
limited to confidential information, patents, copyrights, design rights, service marks, trade secrets, copyrights, misappropriation
of ideas by the Company, its Subsidiaries or affiliates.

 

5. Actions taken in connection with the
intellectual property of the Company and any Subsidiary and its protection, including the registration or assertion of rights to
intellectual property and the defense of claims relating thereto.

 

6. Participation and/or non-participation
at the Company’s or Subsidiary’s Board of Directors meetings, bona fide expression of opinion and/or voting and/or
abstention from voting at the Company’s or Subsidiary’s Board of Directors meetings.

 

7. Approval or the omission to approve
of corporate actions including the approval of the acts of the Company’s and/or Subsidiary’s management, their guidance
and their supervision, and the approval of transactions of the Company and/or a Subsidiary with officers and/or directors and/or
holders of controlling interests in the Company and/or in a Subsidiary, and any other transactions referred to in Section 270 of
the Companies Law.

 

8. Claims of failure to exercise business
judgment and a reasonable level of proficiency, expertise and care in regard of the Company’s and/or Subsidiary’s business.

 

9. Violations of securities laws of any
jurisdiction, including without limitation, fraudulent disclosure claims, failure to comply with any stock exchange disclosure
or other rules and any other claims relating to relationships with investors, shareholders and the investment community.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-10

     

    

 

10. Any claim or demand made under any
securities laws or by reference thereto, or related to the failure to disclose any information in the manner or time such information
is required to be disclosed pursuant to such laws, or related to inadequate or improper disclosure of information to shareholders,
or prospective shareholders, or related to the purchasing, holding or disposition of securities of the Company and/or a Subsidiary
or any other investment activity involving or affected by such securities, including any actions relating to an offer or issuance
of securities of the Company or of its subsidiaries and/or affiliates to the public by prospectus or privately by private placement,
in Israel or abroad, including the details that shall be set forth in the documents in connection with execution thereof.

 

11. Violations of laws requiring the Company
and/or a Subsidiary to obtain regulatory and governmental licenses, permits and authorizations or laws related to any governmental
grants in any jurisdiction.

 

12. Claims in connection with publishing
or providing any information, including any filings with any governmental authorities, on behalf of the Company and/or a Subsidiary
in the circumstances required under any applicable laws, rules or instructions, including without limitation reports or notices
published or filed in accordance with rules or instructions prevailing on an Israeli stock exchange or the Nasdaq Stock Market
and/or the Tel Aviv Stock Exchange and/or any stock market outside of Israel, or any law of another country regulating similar
matters and/or the omission to act accordingly, or the failure to publish or file any such report or notice.

 

13. Any claim or demand made by employees,
consultants, agents or other individuals or entities employed by or providing services to the Company and/or a Subsidiary relating
to compensation owed to them or damages or liabilities suffered by them in connection with such employment or service.

 

14. Resolutions and/or actions relating
to employment matters of the Company and/or its Subsidiaries.

 

15. Events, pertaining to the employment
conditions of employees and to the employer – employee relations, including the promotion of workers, handling pension arrangements,
insurance and saving funds, options and other benefits.

 

16. Any claim or demand made by any lenders
or other creditors or for moneys borrowed by, or other indebtedness of, the Company or its Subsidiaries.

 

17. Any claim or demand made by any third
party suffering any personal injury and/or bodily injury and/or property damage to business or personal property through any act
or omission attributed to the Company or its Subsidiaries, or their respective employees, agents or other persons acting or allegedly
acting on their behalf.

 

18. Any claim or demand made directly
or indirectly in connection with complete or partial failure, by the Company or any Subsidiary thereof, or their respective directors,
officers and employees, to pay, report, keep applicable records or otherwise, of any foreign, federal, state, country, local, municipal
or city taxes or other compulsory payments of any nature whatsoever, including without limitation, income, sales, use, transfer,
excise, value added, registration, severance, stamp, occupation, customs, duties, real property, personal property, capital stock,
social security, unemployment, disability, payroll or employee withholding or other withholding, including any interest, penalty
or addition thereto, whether disputed or not.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-11

     

    

 

19. Any claim or demand made by purchasers,
holders, lessors or other users of products or assets of the Company and/or a Subsidiary, or individuals treated with such products,
including in connection with the performance of pre-clinical and clinical trials on such products, whether performed by the Company
and/or by a Subsidiary or by third parties on behalf of the Company and/or a Subsidiary, for damages or losses related to such
use or treatment.

 

20. Any administrative, regulatory or
judicial actions, orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations proceedings or notices
of noncompliance or violation by any governmental entity or other person alleging potential responsibility or liability (including
potential responsibility or liability for costs of enforcement, investigation, cleanup, governmental response, removal or remediation,
for natural resources damages, property damage, personal injuries, or penalties or contribution, indemnification, cost recovery,
compensation, or injunctive relief) arising out of, based on or related to (x) the presence of, release spill, emission, leaking,
dumping, pouring, deposit, disposal, discharge, leaching or migration into the environment (each a “Release”)
or threatened Release of, or exposure to, any hazardous, toxic, explosive or radioactive substance, wastes or other substances
or wastes of any nature regulated pursuant to any environmental law, at any location, whether or not owned, operated, leased or
managed by the Company or any Subsidiaries, or (y) circumstances forming the basis of any violation of any environmental law, environmental
permit, license, registration or other authorization required under applicable environmental and/or public health law.

 

21. Actions in connection with the Company’s
and/or Subsidiary’s development, use, sale, licensing, distribution, marketing or offer of products and/or services.

 

22. Resolutions and/or actions relating
to a merger of the Company and/or of its Subsidiaries, the issuance of shares or securities exercisable into shares of the Company
and/or a Subsidiary, changing the share capital of the Company, formation of subsidiaries, reorganization, winding up or sale of
all or part of the business, operations or shares of the Company and/or a Subsidiary.

 

23. Resolutions and/or actions relating
to investments in the Company and/or its Subsidiaries and/or the purchase or sale of assets, including the purchase or sale of
companies and/or businesses, and/or investments in corporate or other entities and/or investments in traded securities and/or any
other form of investment.

 

24. Any administrative, regulatory or
judicial actions, orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices
of noncompliance or violation by any governmental entity or other person alleging the failure to comply with any statute, law,
ordinance, rule, regulation, order or decree of any of its subsidiaries and/or affiliates, or any of their respective business
operations.

 

25. Any claim or demand, not covered by
any of the categories of events described above, which, pursuant to any applicable law, a director or officer of the Company and/or
a Subsidiary may be held liable to any government or agency thereof, or any person or entity, in connection with actions taken
by such director or officer in such capacity.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
B-12

     

    

 

ANNEX C

 

Form of Resignation Letter

 

[Date]

 

Attention: Board of Directors

ReWalk Robotics Ltd.

3 Hatnufa Street, Floor 6

Yokneam Ilit, Israel

2069203

 

		Re:	Resignation

 

Ladies and Gentlemen:

 

This irrevocable resignation
is delivered pursuant to Section 1.3(c) or Section 6.9 of the Investment Agreement, dated as of March 6, 2018 (the
“Agreement”), by and between ReWalk Robotics Ltd. (the “Company”) and Timwell Corporation
Limited (the “Investor”). Capitalized terms used herein but not defined shall have the meaning set forth in
the Agreement.

 

Effective only upon,
and subject to, such time as the Investor ceases to meet the shareholding requirements for designation of members of the Board
as set forth in Section 6.6(a) of the Agreement, I resign from my position as a director of the Company and from any and
all committees of the Board on which I serve.

 

This resignation may
not be withdrawn by me at any time during which it is effective.

 

Sincerely,

 

	 	 
	Name:	 

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
C-1

     

    

 

ANNEX D

 

Form of Undertaking to the Israel Innovation
Authority

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
D-1

     

    

 

	149	מתוך	17	עמוד	18/04/2016	
        עדכון מס'
        1

        תקף מתאריך
	נספח ב	02-05	נוהל מס':

 

To: The National Technological Innovation
Authority ("Innovation Authority")

 

Relating to projects that have been financed
by or are currently being financed by the Innovation Authority (or have been financed by the Office of the Chief Scientist of the
Ministry of Economy and Industry - hereinafter referred to as the "OCS") _______________ [Please specify project
title and file number] and to projects of the Company (as this term is defined below) that may be financed by the Innovation Authority
in the future (the "Projects").

 

Article
XIUndertaking

 

We, the undersigned,
of _____________________________ [Foreign investor's name] a company incorporated, organized and existing under the laws
of _______________ and whose registered office is at _________________ ("______"), having, by an agreement dated
_______________, committed to invest in ____________________ Ltd. (the "Company"), in exchange for [number
and type of shares] ________ shares of the Company;

 

Recognizing that the Company's research
and development or technological innovation Projects are currently, have been or will be financially supported by the Innovation
Authority or the OCS under and subject to the provisions of The Encouragement of Research, Development and Technological Innovation
in the Industry Law 5744-1984 (the "Innovation Law") and the, applicable regulations, rules, procedures and benefit
plans;

 

Recognizing that the Innovation Law places
strict constraints on the transfer of know-how and/or production rights, making all such transfers subject to the absolute discretion
of the Innovation Authority's research committee (the "Research Committee"), acting in accordance with the aims
of the Innovation Law and requiring that any such transfer receive the prior written approval of the Research Committee;

 

Hereby declare and undertake:

 

		1.	To observe strictly all the requirements of the Innovation
Law and the provisions of the applicable regulations, rules, procedures and benefit plans, as applied to the Company and as directed
by the Research Committee, in particular those requirements relating to the prohibitions on the transfer of know-how and/or production
rights.

 

		2.	As a shareholder of the Company, to make all reasonable
efforts that the Company shall observe strictly all the requirements of the Innovation Law and the provisions of the applicable
regulations, rules, procedures and benefit plans, as applied to the Company and as directed by the Research Committee, in particular
those requirements relating to the prohibitions on the transfer of know-how and/or production rights.

 

	 	 	 
	Date	 	Name (block letters) and signature of
	 	 	Authorized Company Representative and
	 	 	Company Seal

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
D-2

     

    

 

ANNEX E

 

JV Framework Agreement

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
E-1

     

    

 

Execution Version

 

FRAMEWORK AGREEMENT

REGARDING A POTENTIAL JOINT VENTURE

by and between

RealCan Ambrum Healthcare Industry
Investment (Shenzhen) Partnership

Enterprise (Limited Partnership) (“RealCan Ambrum”)

and

ReWalk Robotics Ltd (“ReWalk”)

 

This Framework Agreement (this “Agreement”)
is entered into on March 6, 2018 by and between RealCan Ambrum Healthcare Industry Investment (Shenzhen) Partnership Enterprise
(Limited Partnership) (“RealCan Ambrum”) and ReWalk Robotics, Ltd. (“ReWalk”).

 

The China Parties and ReWalk are referred to herein
collectively as the “Parties” and individually as a “Party”.

 

The Parties hereby agree as follows:

 

	● PROVISION	● AGREEMENT
	● Parties to the Joint Venture	
        ●    The Parties to the
        JV shall be:

         

        i.     RealCan
        Ambrum

         

        ii.    Affiliates of Timwell

         

        iii.   Certain related parties
        of Timwell and RealCan Ambrum; and

         

        iv.   ReWalk.

         

        ●    (i) and (ii) shall
        be jointly referred to as “RealCan Ambrum & Timwell” and RealCan Ambrum & Timwell and (iii) shall be jointly
        referred to as the “China Parties.”

         

        ●     Unless otherwise agreed
        to by ReWalk, (i) one of the RealCan Ambrum & Timwell entities must hold more than 30% of the equity interest in the joint
        venture to be formed between the China Parties and ReWalk (the “JV”), (ii) RealCan Ambrum & Timwell shall at all
        times hold no less than 51% of the equity interest in the JV; (iii) there should be no change of control of any of the RealCan
        Ambrum & Timwell entities; (iv) none of the direct or indirect shareholders of the China Parties shall be a Competitor as defined
        in Exhibit A; and (v) the China Parties to the JV are subject to ReWalk’s consent, which shall not be unreasonably withheld
        by ReWalk.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
E-2

     

    

 

	● Formation of Joint Venture	
        ●     The China Parties
        and ReWalk shall form a JV, whereby (i) the China Parties shall, in exchange for a 80% equity interest in the JV, contribute certain
        items as set forth below in the section entitled “Contributions”, and (ii) ReWalk shall, in exchange for a 20% equity
        interest in the JV, contribute certain items as set forth below in the section entitled “Contributions”.

         

        ●     Following the formation
        of the JV, the JV will operate as a stand-alone entity. The type of entity, jurisdiction and tax structure will be agreed upon
        by the Parties following detailed tax due diligence and analysis.

	● Principles	
        ●    The China Parties
        and ReWalk covenant to each other that it shall adhere to the following principles during the formation and operation of the JV:

         

         

        i.    The
        JV shall be an independent and market-oriented entity, where the China Parties and ReWalk have the obligation to support the JV;

         

        ii.   Any
        cooperation between the China Parties or ReWalk and the JV shall be pursuant to mutually acceptable arms-length terms; and

         

        iii.  RealCan
        Ambrum & Timwell, and RealCan Ambrum &Timwell shall ensure the other China Parties, and ReWalk shall enter into a joint
        venture contract (“JV Contract”) for the incorporation of the JV in terms and conditions consistent with the
        provisions of this Agreement.

	● Business	●     The
        research, development, registration, manufacture, marketing, distribution, offer for sale, sale, maintenance, market access,
        training and other related services in the Territory (as defined below) of ReWalk Stroke Exosuit (including in the Harvard
        Related Field as defined in the License Agreement Key Terms) (to be more fully detailed in the Transaction Documents,
        which includes the JV Contract and the articles of association of the JV).

         

        ●     The registration,
        marketing, distribution, offer for sale, sale, maintenance, market access, training and other related services (excluding any activities
        related to manufacture, research, development, or an IP transfer in any forms) in the Territory (as defined below) of ReWalk SCI
        Products in all versions including related components and spare parts (to be more fully detailed in the Transaction Documents,
        which includes the JV Contract and the articles of association of the JV).

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
E-3

     

    

 

	● Territory	●     People’s Republic of China. (for purposes of this agreement, the Territory includes the HK and Macau SAR, but not Taiwan).
	● ReWalk Products

                                                                                 

                                                                                 

                                                                                
	
        i.    ReWalk
        wearable medical robotic exoskeleton products, known as REWALKTM PERSONAL and REWALKTM REHABILITATION (together as “ReWalk
        SCI Products”), in all versions including related components and spare parts

         

        ii.   ReWalk
        gait-restorative exosuit for stroke (“ReWalk Stroke Exosuit”) including all components and spare parts, that
        are under development

         

        iii.  any
        modifications that may be made by ReWalk to all above mentioned products, including, without limitation, major enhancements, redesign
        of major parts and new features and functionalities.

         

        iv.  any
        future wearable products that may be developed by ReWalk during the Term,

         

        provided, however, that ReWalk
        Products expressly exclude any products for any military uses or application

         

        ●     The
JV will have right of first refusal with respect to new products or services to be provided by ReWalk (or any affiliates of ReWalk)
relating to the Business in the Territory.

	● Contributions	i.            The
        total investment and registered capital of the JV are to be agreed by the Parties in the JV Contract.

         

        ii.            The
        China Parties will contribute the following to the JV:

         

        ●     Operating cash based
        on funding plan of the JV as to be specified in the initial business plan; and

         

        ●     Manufacturing sites
        and facilities (as and when applicable), human resources, marketing resources and all necessary resources to support JV operation.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
E-4

     

    

 

		
         

        iii.    ReWalk
        will contribute the following to the JV:

         

        ●     Licenses under IP
        and know-how (including ReWalk Trademark) as well as other information related with the Business on terms and conditions to be
        mutually agreed; and

         

        ●     To facilitate the
        distribution, training, service, sales and promotion and other needed activities to commercially operate under such licenses, all
        data, materials and methods reasonably required for the production and commercialization of the Products in the Territory on terms
        and conditions to be mutually agreed.

         

        ●     In the event that
        any or partial of the licensed rights as listed above are not deemed as permissible form of in-kind capital contribution under
        the applicable PRC laws and regulations, the Parties agree to use their best efforts to find alternative means for ReWalk to own
        20% equity interest in the JV without the obligation to make any cash contribution, including but not limited to 1) all transferrable
        IP rights from or could be generated by ReWalk in the Territory as permitted by contractual or regulatory agreements related to
        such IPs; and 2) other commercial arrangements in compliance of applicable PRC laws and regulations. ; provided that ReWalk must
        license such rights and provide such services to the JV as consideration for such 20% equity interest in the JV.

         

        ●     For the first five
        years after the establishment of the JV, provided that ReWalk’s contributions to the JV as specified above have been duly
        and properly fulfilled in all material respects, ReWalk’s ownership in the JV shall not be diluted below 20% whatsoever.
        If the JV requires additional capital to fund its operations and conducts capital increase in the first 5 years of the JV’s
        establishment, subject to the compliance of and to the extent as permitted by PRC laws, such increased capital shall be contributed
        to the capital reserve fund of the JV, which, if converted into the registered capital of JV, its rights and obligations shall
        be enjoyed by the China Parties and ReWalk in proportion to their respective shareholding ratio as set forth in the “Formation
        of Joint Venture” above.

         

        i.             Contribution
schedule: to be agreed in the JV Contract based on milestones as to be specified in the initial business plan which shall be mutually
agreed by the Parties.

         

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	 	ii.            Each
        of the China Party and ReWalk’s obligation to contribute to the registered capital to the JV shall be subject to each and
        all of an Investment Agreement between ReWalk and Timwell Corporation Limited, dated March 6, 2018 (the “Investment Agreement”),
        the License Agreement (as defined below), the Supply Agreement (as defined below) and the JV Contract (the “Transaction Documents”)
        having been duly executed, delivered and performed without material breach.

         

        iii.           Should
        any Party fail to contribute any or all of its subscribed portion of the JV’s registered capital in accordance with the agreed
        contribution schedule in the JV Contract, the defaulting Party shall be liable to pay liquidated damages to the non-defaulting
        Party in an amount of interest calculated based on the current rate for one-year term loan in RMB announced by the People’s
        Bank of China on such unpaid amount accrued on a daily basis.

 
	● Rights to Intellectual Property	●     The JV and ReWalk’s rights to intellectual property are subject to the terms and conditions as stipulated in the License Agreement.
	● License Agreement and Supply Agreement	
        ●     ReWalk and the JV
        shall enter into a license agreement within twenty (20) days upon the establishment of the JV (the “License Agreement”),
        with terms and conditions consistent with the License Agreement Key Terms attached as Annex F of the Investment Agreement.

         

        ●     ReWalk and the JV
        shall enter into a supply agreement within twenty (20) days upon the establishment of the JV (the “Supply Agreement”),
        with terms and conditions consistent with the Supply Agreement Key Terms attached as Annex G of the Investment Agreement.

	● Third Party Infringement	●       Process and mechanism to be defined in the Transaction Documents.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	● Board of Directors	
        ●     The Board of Directors
        of the JV (the “Board”) will consist of 5 members, 4 of which will be designated by the China Parties (and at least
        3 out of such 4 directors shall be designated by RealCan Ambrum & Timwell), and one of which will be designated by ReWalk.
        The China Parties and ReWalk will each be entitled to remove and reappoint any director designated by such Party. Notwithstanding
        the above, ReWalk shall always have a right to appoint at least one director to the Board unless its equity interests in the JV
        falls below 5%.

         

        ●     Subject to the compliance
        of PRC laws and as to be agreed and specified in the JV Contract, the chairman of the Board shall be appointed by RealCan Ambrum
        & Timwell, the vice-chairman of the Board shall be appointed by ReWalk. Subject to events that are specified in the JV Contract
        and when the chairman is unable to or refuses to perform his/her duties in such specified events, the vice-chairman shall perform
        such duties on behalf of the chairman.

         

        ●    A quorum for a meeting of the
        Board shall be met if at least four (4) of the directors are present, which must include the director appointed by ReWalk. ● If
        a quorum shall not be present at any meeting of the Board, the directors present at the meeting may adjourn such meeting until
        a quorum shall be present, provided that, if notice of the Board meeting has been duly delivered to all directors in accordance
        with the applicable notice procedures in the JV Contracts 15 business days prior to such meeting, and the quorum is not present
        at the time appointed for such meeting solely because of the absence of ReWalk’s appointed director and such director fails
        to send a written notice to the Chairman to explain the reason for failure to attend, the meeting shall be adjourned to the tenth
        following business day at the same time and place (or to such other time or such other place as the directors may determine) with
        notice duly delivered to all directors five days prior to the occurrence of such adjourned meeting pursuant to the applicable notice
        procedures in the JV Contract and, if at the adjourned meeting, the quorum is not present in such meeting solely because of the
        absence of ReWalk’s director, then any three or four directors present at such meeting shall constitute a quorum.

         

        ●     Should any director
        be unable to attend a meeting in person, he/she may authorize in proxy a representative to attend and vote in the meeting.

         

        ●     The circumstances
        that would trigger a deadlock event and the mechanisms to resolve any such deadlock event in connection with the JV shall be further
        determined under the JV Contract.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	● Core Management Personnel	●     The initial CEO and the initial CFO of the JV shall be appointed by joint agreement of the China Parties and ReWalk. The remainder of the management team shall be appointed by the CEO. Any member of management may be removed by the affirmative vote of the majority of the Board; provided that such majority includes the director appointed by ReWalk with respect to the removal or replacement of the CEO or CFO.
	● Business and Strategic Plan	●     Not later than the end of each fiscal year, the JV shall have formulated and submitted to the Board a detailed business plan for the following fiscal year (including an operating and capital budget plan). Within 45 days after the end of each fiscal year, the JV shall have adopted by unanimous Board approval and delivered to each of the China Parties and ReWalk such detailed business plan and a strategic plan covering at least the following two fiscal years.
	● Minimum Payments	
        ●     In order to maintain
        exclusive rights in China to market and sell the Products and the rights to the IP, the Parties mutually agree that the JV must
        provide ReWalk a minimum operating cash contribution, where such payments can be made to ReWalk from the JV as product purchase
        prices, royalties and all such other means as agreed to by the Parties (the “Minimum Payments”). The Minimum Payments
        by the JV to ReWalk for the first three years after formation of the JV and for the years thereafter is as set forth in Exhibit
        B.

         

        ●     The formula used to
        calculate all payments from the JV to ReWalk with regard to the Products will be determined in the JV Contract and other Transaction
        Documents.

         

        ●     Subject
to the provisions to be agreed to by the Parties in the JV Contract, the JV shall be deemed to have defaulted on its Minimum Payment
obligations resulting in the loss of its rights to market and sell the Products and the rights to IP in the Territory only if
(1) such default is solely due to the under-performance of the JV and without any failure of ReWalk in the fulfilment of its obligations
hereunder, and not due to any other events or factors that are not under the control or influence of the JV, and (2) one of the
following circumstances occur (the “Deemed Default of Minimum Payment”):

        

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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i.             Within
the [**] after the establishment of the JV (i) if the JV’s total amount of payables made to ReWalk in any given
year is no less than [**]% of the Minimum Payments required to be made to ReWalk for [**] and (ii) the JV is unable
to completely         make up this Minimum Payment deficit to ReWalk by the end of the [**] period (the “First Due
Date”). For         clarity purpose, the failure to pay by no less than [**]% of the Minimum Payments in the [**]
shall be subject to the terms in         (ii) as below;

         

        ii.            If
        for any year after the [**] since the JV’s establishment, the JV’s total amount of payables made to ReWalk is
        no less than [**]% of the Minimum Payment required to be made to ReWalk under this particular year and the JV is unable to completely
        make up this Minimum Payment deficit to ReWalk by the end of the following year (the “Subsequent Due Date”);
        or

         

        iii.           If
        in any given year since the JV’s establishment, the JV’s total amount of payables made to ReWalk is less than
        [**]% but         above [**]% of the Minimum Payment required to be made to ReWalk under this particular year and the JV is
        unable to make up this         Minimum Payment completely to ReWalk by [**] after the end of this particular year (the
        “Cure Period Due Date”),         the parties will mediate to find a cure through any one of the following:
        (a) the JV completely making up this deficit of Minimum         Payment; (b) the JV conducting a business review with ReWalk,
        and if such shortfall is found to be due to any activities or events         outside of the control of the JV, a reduced
        forecast shall be determined by ReWalk for this particular year at issue in lieu of         the original forecast; or (c) at
        the sole discretion of ReWalk, as a consideration of the upcoming business prospects of the JV,         the removal of the
        Minimum Payment requirement for such particular year.

         

        ●     (the First Due Date,
        Subsequent Due Date and Cure Period Due Date shall be collectively referred to herein as the “Payment Due Dates”).

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	●      Profit Distribution	If
    a Deemed Default of Minimum Payment has occurred, and Rewalk and the JV fail to agree on a waiver or other mediation approach
    to resolve the Deemed Default of Minimum Payment as defined under the “Deemed Default of Minimum Payment” section
    above (the “Mediation Approach”) within [**] after the applicable Payment Due Date (the
    “Mediation Due Date”), and such Mediation Approach must be initiated by either party through written
    notice to the other party at least [**] prior to the applicable Payment Due Date as defined under the
    “Deemed Default of Minimum Payment” section above, and if the JV and ReWalk fail to reach an agreement before the
    expiry of the Mediation Due Date, the JV and ReWalk shall be obligated to sign a termination letter of the Supply Agreement
    and License Agreement upon such due date.
	 	 	 
	 		The
    lead time for the JV’s payment for the purchase of any Products shall be [**]% of the Products’ aggregate
    purchase price up front upon the issuance of the purchase order to ReWalk. The final  [**]% of the payment for such ordered
    Products shall be paid by the JV within a certain amount of days after the delivery of the Products as determined by the JV
    Contract.
	 	 	 
	 	●	Subject to the fulfilment of the Minimum Payment requirement
of the relevant years, the JV may distribute its Distributable Profits, where the Distributable Profits means the net profits
of the JV after offsetting all losses in prior years as audited by the JV’s independent auditor.
	 	 	 
	●      Auditor	●	The JV’s initial independent auditor shall be
appointed by mutual agreement of ReWalk and RealCan Ambrum & Timwell. The independent auditor may be replaced by a decision
of a majority of the board including the director appointed by ReWalk.
	 	 	 
	 	●	The JV shall deliver to ReWalk and RealCan Ambrum &
Timwell unaudited consolidated balance sheets and statements and operations and cash flows within forty-five (45) days after the
end of each fiscal year. Further, the JV shall deliver to ReWalk and China Parties true, correct and complete bilingual copies
of the audited consolidated balance sheets and statements and operations and cash flows in accordance with PRC GAAP within three
(3) months after the end of each fiscal year. In addition, the JV shall provide a bilingual version of quarterly consolidated
financial statements in accordance with PRC GAAP within 30 days after the end of a quarter.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	●      Minority Protection Rights	●	Subject to the compliance of and to the extent as permitted
by PRC laws, ReWalk shall have customary minority protection rights as specified in the JV Contract. Such customary minority protection
rights may cover information rights (including unaudited quarterly financial statements and audited annual financial statements
within timeline as specified in Auditor Clause), inspection rights, pro rata participation and preemptive rights, the right to
receive information necessary to enable it to comply with its obligations under U.S. securities laws and, as set forth in Exhibits
A, unanimous consent rights on certain fundamental matters. In the event the JV is restructured into a joint stock company where
the shareholder general meeting becomes the highest authority of the company, subject to the compliance of and to the extent as
permitted by PRC laws, the JV shall not take any actions in connection with the Board Reserved Matters stipulated under Exhibit
A unless first approved by at least 85% of the shareholders of the company.
	 	 	 
	 	●	ReWalk shall be permitted to disclose such information
as is necessary to enable it to comply with its obligations under U.S. securities laws.
	 	 	 
	 	●	In addition, subject to the compliance of and to the
extent as permitted by PRC laws, after 5 years of the establishment of the JV, ReWalk shall have customary piggyback registration
rights with regard to registration under the U.S. federal securities laws with respect to the equity of the JV. The JV shall cause
the executive team to cooperate in the marketing and disclosures reasonably necessary to the success of any such registration
or sale.
	 	 	 
	●      Transfer Restrictions	●	Except as provided in the section entitled “Termination
and Exit” or unless a Party earlier undergoes a Change of Control (as defined below) not to a Competitor of the other Party,
(i) during the first 5 years after the date of establishment of the JV, the China Parties or ReWalk shall not sell, transfer or
otherwise dispose of any of its interests in the JV to any third party without the prior consent of the other Party, with the
exception that any of the China Parties, (other than RealCan Ambrum & Timwell) can sell, transfer, or otherwise
dispose of any of its interests in the JV to RealCan Ambrum & Timwell, and such transferred interests held by RealCan Ambrum
& Timwell shall be subject to the same transfer restrictions as stipulated under this Agreement and the JV Contract; and (ii)
commencing on the fifth anniversary of the JV’s establishment, any Party may sell, transfer or otherwise dispose of any
of its interests in the JV to any third party, other than to a Competitor of the other Party, subject to the right of first refusal
and co-sale right of the other Party. The foregoing shall be subject to an exception permitting a transfer to a wholly-owned
entity or certain other designated entities (to be specified and agreed by the Parties) of the China Parties or ReWalk as applicable.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	●      Tag-Along Rights	●	ReWalk will have customary tag-along rights to have
the option to sell all or a portion of its economic or voting interest in the JV if RealCan Ambrum & Timwell sells any portion
of its economic or voting interest in the JV to a third party (including other China Parties). The amount of equity interest
that ReWalk is permitted to sell under such right shall equal the equity interest then held by Rewalk multiplied by a fraction
equal to the total amount of equity interest then held by ReWalk, divided by the total amount of equity interest held by the selling
RealCan Ambrum & Timwell plus ReWalk. Any subsequent third party that acquires economic or voting interests in the JV
shall be bound by and subject to the same terms and conditions of the JV Contract.
	 	 	 
	●      Pledges	●	No Party shall be permitted to pledge its equity interest
in the JV except for purposes of obtaining financing resources for the JV with mutual agreements from all Parties of the JV. Conditioned
on no more favorable terms offered by the China Parties for such financing needs, the Parties agree that the JV will first seek
to obtain external financing from financial institutions before seeking other sources of financing under such circumstances.
	 	 	 
	●      Termination and Exit	●	Subject to the compliance of and to the extent as permitted
by PRC applicable laws and as to be detailed in the JV Contract, The JV may be terminated upon the following events:
	 	 	 
	 	●	(1) the Parties may mutually agree to terminate and
dissolve the JV at any time;
	 	 	 
	 	●	(2) upon the bankruptcy or insolvency of the JV;
	 	 	 
	 	● 	(3) if any Party materially breaches its obligations
under the JV Contract (including failing to make its capital contribution for a certain period of time as to be detailed in the
JV Contract), the non-breaching Party shall have the right (subject to terms in the JV Contract, including but not limited to
applicable cure periods) to (i) buy out the interest of the breaching Party in the JV, (ii) require the breaching Party to buy
out the non-breaching Party’s interest at Fair Market Value, taking into account what the JV would be worth if the breach
had not occurred, or (iii) require the JV to be dissolved;

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	 	●	(4) upon the “Change of Control” of any
Party to a Competitor of the other Party, such other Party shall have the right to (i) buy out the interest of the first Party
in the JV, (ii) require the first Party to buy out such other Party’s interest at Fair Market Value, or (iii) require the
JV to be dissolved;
	 	 	 
	 	●	(5) if so agreed between the Parties, upon a fundamental
change in the business of the JV, such that the JV is no longer substantially engaged in the Business.
	 	 	 
	 	●	Customary termination triggering event and the detailed
exit mechanism shall be further agreed in the JV Contract.
	 	 	 
	●      Change of Control of ReWalk	●	If a Change of Control in respect of ReWalk occurs,
the China Parties shall have the right, at its sole discretion, to buy out the shares owned by ReWalk in the JV at Fair Market
Value.
	 	 	 
	 	●	“Change of Control” shall mean any of the
following: (i) the sale, assignment, transfer, conveyance or other disposition (including by way of grant of a license or lease)
of all or substantially all of the consolidated assets of one Party, (ii) a merger, consolidation, amalgamation or other combination
of one Party or any of its subsidiaries with or into another entity (other than solely for the purpose of reincorporation in a
different jurisdiction), (iii) any other transaction or series of related transactions (including by merger, consolidation or
otherwise) in which, after the consummation of such transaction(s), (A) any person or entity would (directly or indirectly, alone
or together with others) be deemed a controlling shareholder (baal shlitah) (as defined in Section 268 of the Israel Companies
Law) of a Party (or the surviving or acquiring entity, as applicable), or (B) the shareholders of a Party’s ordinary shares
immediately prior to such transaction ceasing to own, directly or indirectly, more than 50% of the ordinary shares of such Party
(or any surviving or continuing entity), and (iv) any other matters related or ancillary to, or in connection with, any of the
foregoing.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	 	●	RealCan Ambrum & Timwell and ReWalk shall agree
on the process and mechanism to define the Fair Market Value in the JV Contract which shall be by principle consistent to the
process as described below, and in compliance with PRC laws and regulations:
	 	 	 
	 	●	(a) Each Party shall appoint an internationally reputable
external accounting firm (which may not be the JV’s auditor) within ten (10) business days and at its own expense to perform
individual valuations of the Fair Market Value of the JV as a going concern based on fair market value, and shall use reasonable
best effort to cause the accounting firm to produce valuation result as soon as practicable.
	 	 	 
	 	●	(b) If the difference between the two valuations is
within a ten percent (10%) range, the average of the two valuations shall be deemed to be the Fair Market Value. If the difference
between the two valuations exceeds ten percent (10%) of the higher valuation, then within ten (10) business days of notice from
any Party, a third party accounting firm as mutually determined by the Parties shall be appointed as the third accounting firm
and determine the final valuation, and such valuation shall be the Fair Market Value. The cost of the third accounting firm shall
be borne equally by the China Parties and ReWalk. Each Party shall use reasonable best efforts to cause the third accounting firm
to produce valuation result as soon as practicable.
	 	 	 
	 	●	(c) If a Party fails to appoint an accounting firm within
the specified period as set forth in above section (a), the valuation of the accounting firm appointed by the other Party shall
be the Fair Market Value.
	 	 	 
	●      IPO	●	Subject to the compliance of and to the extent as permitted
by PRC applicable laws and related listing rules, upon the filing of any initial public offering that results in the voting equity
of the JV (or any successor entity) becoming listed on a national securities exchange (an “IPO”), ReWalk shall keep
its Minority Protection Rights to the maximum extent permissible under applicable laws and listing rules. The Parties and the
JV further agree to restore ReWalk’s Minority Protection Rights in the JV to the maximum extent permissible under applicable
laws and listing rules within a reasonable period of time in the event that (i) the IPO fails to occur for any reason within 3
years after the JV has been restructured into a joint stock company, or (ii) the Board of the JV reaches a unanimous decision
not to pursue an IPO, whichever is earlier. 

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	●      Non-competition	●	Each Party will agree in the JV Contract not to, and
to cause its subsidiaries not to, directly or indirectly compete with the Business within the Territory in the case of ReWalk
and worldwide in the case of the China Parties, provided that none of the Parties shall have an intention to prohibit the other
Party from engaging in any business that is beyond the scope of the Business.
	 	 	 
	●      Corporate Opportunity	●	Each of ReWalk and the China Parties is prohibited from
taking corporate opportunities in respect of the Products exclusively in China, to the extent it discovers such opportunities
in the conduct of its own business outside of the JV, unless ReWalk or the China Parties first offers the opportunity to the JV.
	 	 	 
	●      Service Fees	●	Without prejudice to the generality of the provisions
as provided in the sections entitled “Principles” and “Contributions”, to the extent that the JV requires
any support from ReWalk for technology updates or upgrades or content development, the JV will compensate ReWalk for such updates,
upgrades or development, provided such support is solely for the benefit of the JV and at a price mutually agreed by the JV and
ReWalk.
	 	 	 
	●      Related Party Transactions	●	Subject to the compliance of and to the extent as permitted
by PRC applicable laws, any contract or agreement of any kind entered into by the JV with any shareholder or any affiliate of
a shareholder or with any person who controls or is under common control with any shareholder or any affiliate of a shareholder
shall be on arms-length terms and shall be submitted to the Board of directors of the JV for approval, subject to Exhibits A.
	 	 	 
	●      Timeline	●	The JV will be established on or before July 1, 2018.
	 	 	 
	●      Term of JV	●	fifty (50) years until terminated earlier in accordance
with the joint venture agreement.
	 	 	 
	●      Applicable Law	●	The formation, validity, interpretation, implementation
and settlement of disputes in respect of this Agreement and the JV Contract shall be governed by the applicable PRC laws and regulations.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	●      Dispute Resolution	●	Subject to the compliance of and to the extent as permitted
by PRC applicable laws, any dispute to be submitted for arbitration under this Agreement and the JV Contracts shall be submitted
to the Hong Kong International Arbitration Centre in Hong Kong for arbitration which shall be conducted in accordance with the
Centre’s arbitration rules in force at the time of applying for arbitration. 
	 	 	 
	●      Confidentiality	●	The Parties agree that the existence, content, and/or
discussion of this Agreement shall not be disclosed to any third party, or any of their employees, financing providers, professional
advisors or other representatives except on a need-to-know and confidential basis. No Party shall advertise or release any publicity
regarding the existence, content or discussion of this term sheet without the prior written consent of the other Party.
	 	 
	 	●	Notwithstanding the aforementioned, as ReWalk is a public
company in the United States traded on NASDAQ, the China Parties acknowledges and agrees that ReWalk may be required to disclose
certain information related to this term sheet under applicable laws; accordingly, any confidentiality undertaking by ReWalk set
forth herein shall be subject to such ReWalk’s disclosure obligations as required by applicable laws and the aforementioned
actions will not be deemed in any way a breach of ReWalk’s confidentiality undertaking set forth above.
	 	 	 
	●      Costs and Expenses	●	Each party shall bear and pay its own costs, fees and
expenses incurred in connection with the transactions contemplated hereby.
	 	 	 
	 	●	Expenses for the JV set up will be borne within the
JV.
	 	 	 
	●      Effectiveness	●	This Agreement shall become effective and binding upon
execution by ReWalk and RealCan Ambrum.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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IN WITNESS WHEREOF, the duly authorized representatives
of the Parties have executed this Agreement on the date first above mentioned.

 

RealCan Ambrum
Healthcare Industry Investment (Shenzhen) Partnership Enterprise (Limited Partnership)

 

	By:	 	 
	Name: 	Ning Cong	 
	Title:	Authorized
    Signatory	 

 

REWALK ROBOTICS LTD.

 

	By:	 	 
	Name: 	Larry Jasinski	 
	Title:	CEO	 

 

[Signature page to JV Framework
Agreement]

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
E-17

     

    

 

EXHIBIT
A

 

Matters
Requiring Unanimous Board Approval

 

The JV shall not be authorized
or entitled to take a list of actions unless such actions are first approved by unanimous consent of the directors present, in
person or by proxy, at a duly convened and constituted Board meeting (which shall include the director appointed by ReWalk) (the
“Board Reserved Matters”). The Board Reserved Matters will include:

 

	(1)	the incurrence,
    assumption, cancellation or guarantee of any indebtedness in excess of US$ [**] in a single transaction or series of related
    transactions other than those that are in the ordinary course of business and are not included in the approved capital or
    operating budget of the JV;

 

	(2)	the creation of any lien, security interest, mortgage, pledge or other encumbrance upon any assets of the JV, subject to mutually agreed exceptions;

 

	(3)	any sale, exclusive license or other disposition of any IP of the JV, other than in the ordinary course of business;

 

	(4)	the adoption of the JV’s business plan for any fiscal year, including the operating budget and capital budget to be included in such annual business plan, or any variance from the operating or capital budget that is greater than a mutually agreed percentage threshold;

 

	(5)	the creation of, and any delegation to, any committee of the Board;

 

	(6)	any sale, lease or other disposition of (i) all or substantially all of the assets of the JV in a single transaction or in a series of related transactions, or (ii) any single asset or group of assets the value of which exceeds US$ [**].

 

	(7)	the JV’s
    commitment to or incurrence of any capital expenditure in any given fiscal year in excess of a US$ [**]  unless such capital
    expenditure has already been included in an approved capital budget for the JV for such fiscal year or is in the ordinary
    course of business;

 

	(8)	the JV’s voluntary incurrence, in a single transaction or series of related transactions, of any contractual or other fixed or contingent long-term liability in excess of US$ [**] unless such incurrence has been included or forecast in an approved operating or capital budget for the JV for such fiscal year or is in the ordinary course of business;

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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CONFIDENTIAL

 

	(9)	any merger, consolidation, acquisition , investment or similar business combination or transaction in respect of the JV;

 

	(10)	the creation of any subsidiary of the JV, where the JV owns more than 50% of the voting and economic interest of the entity and the net assets or revenue of such subsidiary exceeds a mutually agreed economic threshold;

 

	(11)	the commencement, prosecution or settlement of any litigation, arbitration or other dispute resolution involving claimed or potential amounts in excess of US$ [**] (other than legal proceedings in which the JV is adverse to a China Party or ReWalk or their respective affiliates, with respect to which only the approval of the directors not associated with such Party shall be required);

 

	(12)	subject to the section entitled “Profit Distribution”, the declaration or payment of any dividends or other distributions to members of the JV or the adoption of any profit distribution plan for the JV;

 

	(13)	any material changes to the accounting methods or practices of the JV;

 

	(14)	the adoption, amendment or termination of any employee equity incentive plans or any other equity-based compensation or benefit scheme for the JV’s employees in excess of a mutually agreed threshold;

 

	(15)	any cash or non-cash compensation to be paid by the JV to officers of the JV that deviates from previously approved compensation schedule;

 

	(16)	any material change in the nature or scope of the business of the JV;

 

	(17)	the termination, modification, or amendment of the material rights or obligations of the China Party or ReWalk under the joint venture agreements (including the service agreements entered into by China Party or ReWalk and the JV), shareholders’ agreement and any other constituent documents of the JV, including but not limited to those rights and obligations that may have a substantial influence on management and operation of the JV, security interests of the JV and the acquiring and transfer thereof;

 

	(18)	the creation of new classes of equity of the JV, or the issuance of any equity, ownership or other interests (including any security or instrument convertible into, or exercisable or exchangeable for, any of the foregoing) in the JV, or any repurchase or redemption thereof other than (i) when the valuation of the JV is not less than a mutually agreed valuation threshold (reflecting a mutually agreed multiple of the JV’s valuation at the time of its establishment) and (ii) that are pari passu with the equity securities held by the China Party and ReWalk in a bona fide financing transaction;

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
E-19

     

    

 

	(19)	the issuance of any
    equity, ownership or other interests (including any security or instrument convertible into, or exercisable or exchangeable
    for, any of the foregoing) in the JV to any competitor of ReWalk or a China Party, based on definitions to be agreed by the
    Parties, plus up to [**]  additional deemed competitors that may be designated from time to time by each of the China Party
    and ReWalk (subject to updating with 10 business days advance written notice given not more frequently than every 6 months)
    (each a “Competitor”);

 

	(20)	any proposed IPO, listing or quotation of the securities of the JV (or its parent holding company) in which the pre-money valuation of the JV provided by the underwriter/investment bank is less than a mutually agreed valuation threshold or if the stock exchange where the JV (or its parent holding company) is proposed to be listed is not in the US, Hong Kong or mainland China;

 

	(21)	the dissolution, liquidation or winding-up of the JV or the cessation of carrying on the business of the JV, other than as provided in the section entitled “Termination and Exit”;

 

	(22)	the commencement of any bankruptcy, insolvency or other similar proceeding in respect of the JV, or the adoption of a plan with respect to any of the foregoing; and

 

	(23)	the
    entry by the JV into any contract or agreement of any kind, or material amendment thereof, in excess of US$ [**] with any
    shareholder or any affiliate of a shareholder or with any person who controls or is under common control with any shareholder
    or any affiliate of a shareholder, provided that the entry into or amendment of the contract or agreement is approved by the
    unanimous vote of those directors who are deemed independent with respect to the contract or agreement, with the exception of
    sales orders with customary terms for orders of that nature.

 

Except to the foregoing, all other matters
submitted to the Board of Directors for approval shall be approved with the consent of a simple majority of directors of the Board
unless otherwise required by applicable law.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
E-20

     

    

 

EXHIBIT B

 

	Minimums
	 	First Year after Incorporation	Second Year after Incorporation	Third Year after Incorporation	From the Fourth Year after Incorporation
	Amount to be paid to ReWalk	US$1,250,000	US$4,000,000	US$8,000,000	
        From year 4 to year 6:

         

        Annual increase of 15% on the minimum amount for the preceding
        year

         

        From year 7 to year 9:

         

        Annual increase of 10% on the minimum amount for the preceding
        year

         

        Afterward: annual increase of 5-8% on the preceding year’s
        amount.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
E-21

     

    

 

ANNEX F

 

License Agreement Key Terms

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
F-1

     

    

 

CONFIDENTIAL

 

LICENSE AGREEMENT KEY TERMS1

 

	Defined Terms
	1.Licensor or ReWalk	ReWalk Robotics, Ltd.
	2.Licensee	[China JV or New Entity], a joint venture between ReWalk and RealCan Ambrum Healthcare Industry Investment (Shenzhen) Partnership Enterprise (Limited Partnership). (“RealCan Ambrum”)
	3.Control	
        With respect to any Know-How, Patent Rights, other intellectual

         

        property rights or trade secrets, the legal authority or right
        (whether by license or otherwise) of a Party to grant a license or a sublicense of or under such Know-How, Patent Rights, or other
        intellectual property rights to another Person, or to otherwise disclose such trade secrets to another Person, without breaching
        the terms of any agreement with a third party, or misappropriating the trade secrets of a third party

         

	4.Harvard License Agreement	The License Agreement (together with all Exhibits) entered into as of the 16th of May, 2016, by and between President and Fellows of Harvard College (“Harvard”) and ReWalk
	5.Harvard Patent Rights	
        All “Licensed Patent Rights” (as such term is defined
        in the Harvard License Agreement) in the Territory, including all patent rights in the Territory identified on Exhibit B
        hereto.

         

 

 

1        
Note: Pursuant to the Harvard License Agreement, ReWalk must furnish Harvard with a fully executed copy of the definitive
License Agreement, promptly after its execution. The parties acknowledge and agree that nothing in the Investment Agreement or
this term sheet is (or shall be deemed to be) a “Sublicense” (as such term is defined in the Harvard License Agreement)
and that no Sublicense exists (or shall be deemed to exist) unless and until a definitive License Agreement is executed by ReWalk
and Licensee. In addition, the License Agreement shall take effect at such time that is mutually agreed upon by the parties to
optimize the amount of applicable payments due or payable to the IIA, as applicable, and all licenses granted to Licensee under
the License Agreement are expressly conditioned on ReWalk obtaining all necessary consents from the IIA under the Israel R&D
Law.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
F-2

     

    

 

CONFIDENTIAL

 

	6.Harvard Know-How	
        All “Licensed Know-How” (as such term is defined
        in the Harvard License Agreement) in the Territory, including all know-how in the Territory set forth on Exhibit C hereto.

         

	7.ReWalk Patent Rights	Other than the Harvard Patent Rights, (a) all issued patents (including utility models), including any extensions, supplemental protection certificates, reissues, reexaminations or renewals thereof, and (b) all patent applications, in each case, that are owned or Controlled (but, for clarity, solely during the period of such Control) by Licensor in the Territory that are used or useful in the Business
	8.ReWalk Know-How	
        Other than the Harvard Know-How, all data, materials, compositions,
        methods, processes, analyses, formulae, know-how, trade secrets, unpatented inventions, technology, and other related information,
        in each case, that are owned or Controlled (but, for clarity, solely during the period of such Control) by Licensor in the Territory
        that are used or useful in the Business

         

	9.ReWalk Marks	All Marks in the Territory owned by ReWalk as of the Effective Date and used on or in connection with marketing or sale of the ReWalk Products, including REWALK and RESTORE.
	10.Harvard Related Field	Active Medical Lower Limb Soft Exosuits (as such terms are defined in the Harvard License Agreement)
	11.Licensed Products	Any ReWalk Product, the making, using, selling, offering for sale, or importing in or into the Territory would (without the license granted hereunder) infringe directly, indirectly by inducement of infringement, or indirectly by contributory infringement, at least one pending Valid Claim or issued Valid Claim (as such term is defined in the Harvard License Agreement) in the Territory
	12.ReWalk Products	i.       ReWalk
        wearable medical robotic exoskeleton products, known as REWALKTM PERSONAL and REWALKTM REHABILITATION, (together as “ReWalk
        SCI Products”) in all versions including related components and spare parts

         

        ii.      ReWalk
        gait-restorative exosuit for stroke (“ReWalk Stroke Exosuit”) including all components and spare parts, that are under
        development

 

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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        iii.     any
        modifications that may be made by ReWalk to all above mentioned products, including, without limitation, major enhancements, redesign
        of major parts and new features and functionalities

         

        iv.    any
        future wearable products that may be developed by ReWalk during the Term,

         

        provided, however, that ReWalk Products expressly exclude any
        products for any military uses or applications. 2

         

        Licensee will have right of first refusal with respect to new
        products or services to be provided by ReWalk (or any affiliates of ReWalk) relating to the Business in the Territory.

	13.Business 	
        The research, development, registration, manufacture, marketing,
        distribution, offer for sale, sale, maintenance, market access, training and other related services in the Territory (as defined
        below) of ReWalk Stroke Exosuit (including in the Harvard Related Field) (to be more fully detailed in the Definitive Agreements,
        which includes the joint venture agreement and the articles of association of the JV)

         

        The registration, marketing, distribution, offer for sale, sale,
        maintenance, market access, training and other related services in the Territory (excluding any activities related to manufacture,
        research, development, or an IP transfer other than for regulatory or clinical purposes as required for localizing distribution
        of the Products in the Territory) of ReWalk SCI Products in all versions including related components and spare parts (to be more
        fully detailed in the Definitive Agreements, which includes the joint venture agreement and the articles of association of the
        JV)

 

 

2        Note: For clarity,
the parties agree that if an export license is required for Harvard IP or ReWalk IP to be transferred outside of the U.S., then
the parties shall use their best efforts to work together to procure such license and will ensure that all activities will comply
with U.S. export controls and will not transfer any items or technology in violation of U.S. export controls.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
F-4

     

    

 

	14.Territory	People’s Republic of China, Hong Kong SAR, Macau SAR
	License and Sublicense Grant under ReWalk Owned IP
	15.ReWalk Owned IP	All (a) ReWalk Patent Rights owned by ReWalk, including as set forth on Exhibit A, (b) ReWalk Know-How owned by ReWalk, including such Know-How generally described in Exhibit D and the license granted thereunder shall be counted as part of the Capital Contribution of ReWalk in the JV, and (c) ReWalk Marks
	16.ReWalk SCI Owned IP	Rewalk Owned IP that relates to spinal cord injuries.
	17.ReWalk Owned Patent Rights and ReWalk Marks– License and Sublicense Grants	
        Subject to the terms, conditions, and exemptions set forth in
        the definitive license agreement and other Definitive Agreements, including those governing operation of Licensee, ReWalk shall
        grant to Licensee an exclusive, royalty-bearing, non-sublicensable (except to subsidiaries of Licensee and / or other entities
        that are mutually agreed by ReWalk and the JV), non-transferable (except to subsidiaries of Licensee and / or other entities that
        are mutually agreed by ReWalk and the JV) license:

         

        (i) under the ReWalk Patent Rights solely to (A) offer for sale,
        sell, have sold, repair, service and import Rewalk SCI Products in the Territory solely for use and sale in the Territory; and
        (B) use the ReWalk Patent Rights in the conduct of the Business in the Territory; and (ii) to use the ReWalk Marks in the Territory
        (subject to Licensee’s compliance with quality control requirements) solely in connection with the training, development,
        marketing, use, offer for sale, sale, repair, and servicing (including providing customer service), (and solely with respect to
        the ReWalk Stroke Exosuit, making and having made) ReWalk Products in the Territory in the conduct of the Business.

         

        ReWalk shall use its reasonable best efforts to keep all ReWalk
        Owned IP and all of ReWalk’s license rights under the Harvard IP in full force with respect to the conduct of the Business
        of the Licensee in the Territory during the Term, and at the reasonable request of Licensee, shall keep Licensee reasonably informed
        of any materially adverse changes in the status of any of such rights.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
F-5

     

    

 

	18.ReWalk Owned Patent Rights and ReWalk Marks - Royalty 	
        In consideration for the licenses granted under the ReWalk Owned
        IP, Licensee shall pay ReWalk a royalty on net sales of ReWalk Products made by or for Licensee (other than by ReWalk) that is
        sufficient to cover pro rata (i.e., in the Territory) expenses of ReWalk and a defined margin, as will be determined by ReWalk
        and the JV in coordination with the final supply agreements and other Definitive Agreements) (“ReWalk IP Royalty”).
        The ReWalk IP Royalty will count towards the Minimum Payments obligations of [Licensee] under the [JV Agreement], but, for clarity,
        may exceed such Minimum Payments if the amount of net sales exceed the basis for calculation thereof.

         

        For clarity, Licensee shall pay ReWalk (in consideration for
        the all licenses and sublicenses granted to Licensee pursuant to the license agreement) the ReWalk IP Royalty (for ReWalk Products
        that are assembled and/or made in the Territory in local facilities owned or controlled by the Licensee (or any of its licensed
        subsidiaries)) and the Harvard IP Royalty, both of which may be included in the overall payments made by [Licensee] to ReWalk under
        the Definitive Agreements.

	Sublicense Grant under Harvard IP
	19.Harvard IP 	All Harvard Patent Rights and Harvard Know-How

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
F-6

     

    

 

	20.Harvard IP – Sublicense Grants	
        Subject to the terms, conditions, and exemptions set forth in
        the definitive license agreement and other Definitive Agreements, including those governing operation of Licensee and expressly
        subject and subordinate to all applicable requirements and obligations of “Sublicenses” under the Harvard License Agreement
        and Harvard Research Collaboration Agreement (including all requirements to comply with 35 U.S.C. §§ 200-212 and 37 C.F.R.
        § 401 et seq. and all export control laws), all of which are incorporated by reference, ReWalk shall grant to Licensee (and
        any subsidiaries of Licensee who sign the definitive license agreement):

         

        (i) an exclusive, royalty-bearing, non-sublicensable, non-transferable
        sublicense under the Harvard Patent Rights applicable to the Business of Licensee in the Territory in the Harvard Related Field,
        without breaching the terms and conditions set forth in the Harvard License Agreement, solely to make, have made, offer for sale,
        sell, have sold, repair, service and import Licensed Products in Harvard Related Field in the Territory solely for use and sale
        in the Territory; and (ii) a non-exclusive, non-sublicensable, non-transferable sublicense under the Harvard Know-How applicable
        to the Business of Licensee in the Territory in the Harvard Related Field, without breaching the terms and conditions set forth
        in Harvard License Agreement, solely to make, have made, offer for sale, sell, have sold, repair, service and import Licensed Products
        in the Harvard Related Field in the Territory solely for use and sale in the Territory.

         

        ReWalk shall use its reasonable best efforts to keep all of
        ReWalk’s license rights under any Harvard IP in full force with respect to the Business of the Licensee in the Harvard Related
        Field and in the Territory during the Term and at the reasonable request of Licensee, shall keep Licensee reasonably informed of
        any materially adverse changes in the status of any such rights. If there are no Valid Claims (as such term is defined in the Harvard
        License Agreement) under the Harvard Patent Rights, then the sublicenses granted under Harvard IP shall automatically terminate
        (and for clarity, Licensee shall have no obligation to pay royalties for the sublicenses under Harvard IP).

         

        In the event of any termination of the Harvard License Agreement
        by Harvard, at the reasonable request of Licensee, ReWalk shall provide Licensee with the name of ReWalk’s contact at Harvard
        with respect to the Harvard License Agreement.

	21.Harvard IP – Royalty	
        In consideration for the sublicenses granted under the
        Harvard         IP, Licensee shall pay ReWalk [**]% of Net Sales for such sublicense under Harvard IP (to be calculated in
        accordance with the terms         of the Harvard License Agreement) (“Harvard IP Royalty”).

         

        Each Party acknowledges, agrees, represents and warrants that
        no Non-Royalty Sublicense Income (as such term is defined in the Harvard License Agreement) is due or payable from Licensee to
        ReWalk in consideration for any rights or licenses under the Harvard IP granted under the license agreement.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
F-7

     

    

 

	Other Key Terms
	22.Restrictions on Licensee	For clarity, Licensee shall not have the right to (A) market, use, offer for sale, sell, repair, service, import, make, or have made or otherwise commercialize any products or services outside of the Territory or (B) make or have made any products in the Territory for sale or use outside of the Territory (except to the extent described in the Ex-Territory Rights below).
	23.Ex-Territory Rights	Subject and subordinate to all requirements of the Harvard Agreements, including any requirements under 35 U.S.C. §§ 200-212 and 37 C.F.R. § 401 et seq. and with respect to compliance with applicable US export laws and regulations, and all other applicable laws, and subject to commercial terms to be mutually agreed by ReWalk and Licensee, ReWalk shall have the right to request, and Licensee shall have the right to propose, that Licensee make or have made ReWalk Stroke Exosuits in the Territory for sale and use by or for ReWalk in countries outside of the Territory, provided, however, that if the non-requesting party rejects such offer, then the requesting party shall have a right of first negotiation for a period of 6 months based the same terms and conditions that the non-requesting party plans to propose to any third party. 
	24.Ownership of Arising IPs	With
respect to any patentable inventions (and resulting patents), works, or other intellectual property created by the parties during
the term of the license agreement (“Arising IPs”):

                                                                                                                                                                     

                                                                                (a) Any Arising IPs solely created by Licensee that are independent of, have no dependent claims upon and/or do not require the use or practice of any Harvard IP or ReWalk Owned Patent Rights (“Independent JV Arising IPs”) shall be solely owned by Licensee. If either ReWalk or RealCan Ambrum desires to use or exploit any Independent JV Arising IPs, such desiring party and Licensee shall enter into license agreement granting such Party a license thereunder on terms mutually agreed by the parties.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
F-8

     

    

 

	 	
         

        (b)   Any Arising IPs solely
        created by Licensee that is dependent on, has dependent claims on, or requires the use or practice of any Harvard IP or ReWalk
        IP, in each case relating solely to ReWalk gait-restorative exosuits (“Dependent JV Arising IPs”), then as between
        the parties, but expressly subject to such underlying Harvard IP or ReWalk IP and the proviso set forth in the next sentence, (i)
        Licensee shall solely own all right, title, and interest in and to such Dependent JV Arising IPs in the Territory and (ii) in consideration
        for ReWalk’s payment of the minimum payment required under PRC law therefor (if applicable), Licensee and ReWalk shall jointly
        own all right, title, and interest in and to such Dependent JV Arising IPs in all jurisdictions outside of the Territory. For clarity,
        any Dependent JV Arising IPs will be (x) solely owned by Licensee in the Territory; and (y) jointly owned in all jurisdictions
        outside of the Territory, provided, however, that subject to terms and conditions to be agreed on and detailed in the definitive
        license agreement and other Definitive Agreements, ReWalk shall have the, right to use, develop, and exploit the Dependent JV Arising
        IPs in all jurisdictions outside of the Territory, the commercial terms of which, in each case, shall be further defined by the
        parties in the Definitive Agreements, provided, however, that the parties shall duly and reasonably cooperate and coordinate
        in connection with the worldwide filing, protection, prosecution, maintenance, and enforcement of any Dependent JV Arising IPs
        such that neither party’s acts or omissions in its respective territory(ies) shall result in any materially adverse impact
        on the other party’s right, title, and interest in and to the Dependent JV Arising IPs in its respective territory(ies).
        If either ReWalk or RealCan Ambrum desires to use or exploit any Dependent JV Arising IPs in the Territory, such desiring party
        and Licensee shall enter into license agreement granting such Party a license thereunder on terms mutually agreed by the parties.

         

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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        (c)   Any Arising IPs solely
        created by ReWalk that are independent of, have no dependent claims upon and/or do not require the use or practice of any Independent
        JV Arising IPs shall be solely owned by ReWalk, provided, however, that if any such Arising IP is dependent on or has dependent
        claims upon and/or requires the use or practice of any JV Arising IPs, it then will be deemed as “Dependent ReWalk Arising
        IPs” and shall be solely owned by ReWalk, provided, however, that Licensee shall have the rights to request for such
        Dependent ReWalk Arising IPs to be licensed under the same terms as the underlying IP licensed to Licensee, and if ReWalk desires
        to dispose of such rights in China, then Licensee may have the right of first refusal according to agreed terms in the definitive
        license agreement and other Definitive Agreements.

         

        Any Arising IPs solely owned by a party shall remain owned by
        such party and, for clarity, can be transferred to any successor or purchaser of such party (including by merger).

	25.Components and Parts	Under the technical support and guidance of ReWalk provided at the reasonable request of Licensee, Licensee shall be solely responsible for procuring for any components, parts, equipment, materials, documents, and other tangible items that are necessary conduct the Business in the Territory in accordance with the licenses granted, provided, however, that Licensee may only procure such items from vendors or suppliers that are approved in advance by ReWalk, provided, further, that Licensee has the right to change such vendors or suppliers according to the technical specifications and requirements provided by ReWalk and subject to ReWalk approval (such approval not to be unreasonably withheld or delayed).

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	26.Term and Termination	
        The term of the License Agreement expires upon expiration of
        all valid claims of the licensed patents, unless earlier terminated as follows:

         

        ●  Solely
        with respect to any Harvard IP (and any sublicenses granted thereunder), termination of the licenses set forth in the
        Harvard Agreements. However, for clarity, termination of any licenses under the Harvard IP shall not, by itself, trigger
        termination of any licenses under the ReWalk Owned IP

         

        ●  Termination
        in the event of a default by Ambrum or ReWalk of its respective obligations pursuant to the Investment Agreement;

         

        ●  Termination
        in the event of a default by [Licensee] of its Minimum Payment obligations pursuant to the [JV Agreement];

         

        ●  Termination
        for material breach; and

         

        ●  Termination
        for bankruptcy/insolvency/dissolution.

	27.Israel and China Law	
        The License Agreement shall comply with
        (and be subject and subordinate to) all requirements of applicable law, including Israeli and Chinese law and U.S. law (including
        35 U.S.C. §§ 200-212 and 37 C.F.R. § 401 et seq. and all export control laws).

         

        Without limiting the foregoing, ReWalk
        will comply (and Licensee will reasonably assist ReWalk to comply) with Israel's Encouragement of Research, Development and Technological
        Innovation in Industry Law, 5744-1984, as amended, and all regulations and directives promulgated thereunder (collectively, the
        “Israel R&D Law”), and ReWalk will be responsible for (and Licensee will provide its reasonable assistance
        in assisting ReWalk in) obtaining all necessary consents from the Israel Innovation Authority (the “IIA”) for
        the grant of the licenses contemplated hereunder. ReWalk will coordinate all material communications with and applications made
        to the IIA with respect to such consent with Licensee and its designees, including counsel, and the Parties will cooperate in good
        faith to optimize the amount of applicable payments due or payable to the IIA solely as a result of the transactions contemplated
        by the Definitive Agreements. For clarity, such amount shall be paid by ReWalk but reimbursed by Licensee according to payment
        arrangements that will take into account, inter alia, the calculation of the Minimum Payment to ReWalk, and provided that
        in all events the royalties reimbursed by the Licensee will be 50% of the royalty rate as determined to be payable by the IIA and
        such reimbursement shall be capped at a maximum aggregate payment of USD 2 million. For the avoidance of doubt, any sums due to
        the IIA in excess of the foregoing capped amounts shall be solely on the account of ReWalk.

	28.Harvard Obligations	The License Agreement shall comply with (and be subject and subordinate to) all requirements of the Harvard License Agreement and Harvard Research Collaboration Agreement, including naming Harvard as an express third party beneficiary.
	29.Other Provisions	The license agreement shall contain other customary terms and conditions mutually agreed by the parties, including diligence, confidentiality, indemnity, limitation of liability, etc.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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Exhibit A

 

ReWalk Owned Patent Rights

 

	Title	App. No.	App. Date	Patent No.	Issue/ Grant Date	Status	Country
	GAIT DEvicE WITH A CRUTCH	201480016611.3	1/13/2014	ZL201480016611.3	12/15/2017	Granted	China
	Methods And Apparatuses For Exoskeleton Attachment	201680039845.9	7/6/2016	 	 	Pending	China

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
F-12

     

    

 

Exhibit B

 

Harvard
Patent Rights

 

	Case	Country	Type	Appl.
    Title	Status	Serial
    Number
	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
F-13

     

    

 

Exhibit C

 

Harvard Know-How

 

		●	[**]

 

		●	[**]

 

		●	[**]

 

		●	[**]

 

		●	[**]

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
F-14

     

    

 

Exhibit D

 

ReWalk Know-How

 

 

	●	[**]
	 	 
	●	[**]
	 	 
	●	[**]
	 	 
	●	[**]
	 	 
	●	[**]

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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ANNEX G

 

Supply Agreement Key Terms

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
G-1

     

    

 

SUPPLY AGREEMENT KEY TERMS

 

	Key Terms
	Supplier	ReWalk Robotics, Ltd. (the “Supplier” or “ReWalk”)
	Purchaser	The China JV (the “Purchaser” or “China JV”, a joint venture between ReWalk and RealCan Ambrum Healthcare Industry Investment (Shenzhen) Partnership Enterprise (Limited Partnership) (“RealCan Ambrum”) pursuant to a JV Framework Agreement (“JV Agreement”) entered into between ReWalk and RealCan Ambrum and certain other parties thereto on March 6, 2018.
	ReWalk Products	
        i.      ReWalk
        wearable medical robotic exoskeleton products, known as REWALKTM PERSONAL and REWALKTM REHABILITATION (together as “ReWalk
        SCI Products”), in all versions including related components and spare parts

         

        ii.     ReWalk
        gait-restorative exosuit for stroke (“ReWalk Stroke Exosuit”) including all components and spare parts, that
        are under development

         

        iii.    any
        modifications that may be made by ReWalk to all above mentioned products, including, without limitation, major enhancements, redesign
        of major parts and new features and functionalities

         

        iv.    any
        future wearable products that may be developed by ReWalk during the Term,

         

        provided, however, that ReWalk Products expressly
        exclude any products for any military uses or applications.

         

        Purchaser will have right of first refusal with respect to new
        products or services to be provided by ReWalk (or any affiliates of ReWalk) relating to the Purchaser’s business in the Territory.

	Committed Purchases and Minimum Payments 	
        In order to maintain exclusive rights in China to market and
        sell the Products and the rights to the IP (as defined in the JV Agreement), the Parties mutually agree that the Purchaser must
        provide Supplier a minimum operating cash contribution, where such payments can be made to Supplier from the Purchaser as product
        purchase prices, royalties and all such other means as agreed to by the Parties (the “Minimum Payments”, as
        defined in the JV Agreement. The Minimum Payments by the Purchaser to the Supplier for the first three years after formation of
        the Purchaser and for the years thereafter is as set forth in Annex A.

         

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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        The formula used to calculate all payments from the Purchaser
        to Supplier with regard to the Products will be determined in the supply agreement.

         

        Subject to the provisions to be agreed to by the Parties in
        the JV Contract, the Purchaser shall be deemed to have defaulted on its Minimum Payment obligations resulting in the loss of its
        rights to market and sell the Products and the rights to IP in the Territory only if (1) such default is solely due to the under-performance
        of the Purchaser and without any failure of the Seller in the fulfilment of its obligations hereunder, and not due to any other
        events or factors that are not under the control or influence of the Purchaser, and (2) one of the following circumstances occur
        (the “Deemed Default of Minimum Payment”):

         

        i.             Within
        the [**] after the establishment of the Purchaser (i) if the Purchaser’s total amount of payables made to Supplier in
        any given year         is no less than [**]% of the Minimum Payments required to be made to the Supplier for [**] and
        (ii)         the Purchaser is unable         to completely make up this Minimum Payment deficit to the Supplier by the end
        of         the [**] period (the “First Due         Date”). For clarity purpose, the failure to pay by
        no less than [**]% of         the Minimum Payments in the [**] shall be         subject to the terms in (ii) as
        below;

         

        ii. 
                  If for any year         after         the third year since the
        Purchaser’s establishment, the Purchaser’s total amount of payables made         to Supplier is no         less
        than [**]% of the Minimum Payment required to be made to the Supplier under this particular year         and the Purchaser
        is unable         to completely make up this Minimum Payment deficit to the Supplier by the end of the         following year
        (the “Subsequent Due         Date”); or

         

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	 	 iii.           If
                                                                                                                                         in any given year since the Purchaser’s establishment, the Purchaser’s total amount of payables made to the
                                                                                                                                         Supplier is less than [**]% but above [**]% of the Minimum Payment required to be made to the Supplier under this
                                                                                                                                         particular
                                                                                                                                         year and the Purchaser is unable to make up this Minimum Payment completely to the Supplier by [**] after the end of
                                                                                                                                         this
                                                                                                                                         particular year (the “Cure Period Due Date”), the parties will mediate to find a cure through any one of
                                                                                                                                         the following: (a) the Purchaser completely making up this deficit of Minimum Payment; (b) the Purchaser conducting a
                                                                                                                                         business review with the Supplier, and if such shortfall is found to be due to any activities or events outside of the
                                                                                                                                         control of the Purchaser, a reduced forecast shall be determined by the Supplier for this particular year at issue in lieu
                                                                                                                                         of
                                                                                                                                         the original forecast; or (c) at the sole discretion of the Supplier, as a consideration of the upcoming business prospects
                                                                                                                                         of the JV, the removal of the Minimum Payment requirement for such particular year.

                                                                                                                                          

                                                                                                                                                        (the First Due Date, Subsequent Due Date and Cure Period Due Date shall be collectively referred to herein as the “Payment
Due Dates”).

	Forecast	Within ten (10) weeks before the end of each year, the Purchaser will provide to the Supplier a non-binding purchasing forecast starting from 2018 for the purchase of the Products. The non-binding forecast shall be reviewed and updated annually by the Purchaser in consultation with the Supplier. Within thirty (30) days before the beginning of each quarter, the Purchaser will provide to the Supplier a binding quarterly Purchasing Forecast of the Products it expects to purchase during the next three (3) months.
	Territory	People’s Republic of China, including Hong Kong and Macau, excluding Taiwan
	Orders, Purchase, and Delivery of Products	The Purchaser and Supplier shall work out operation process for orders, purchase and delivery of the Products that is to material extent consistent with Supplier’s supply chain requirements and up to compliance requirements for the business of the Purchaser. 
	Product Price
	Price	
        The profit margin of the Supplier for EXWORK
        shall be subject to price adjustment mechanism to be agreed in the JV Contract (as defined in the JV Agreement).

         

        Price of the Products to be sold to Purchaser
        will be determined based on Incoterms 2015 CIP (destination port in the Territory as designated by the Purchaser) and the Supplier
        and Purchaser shall be responsible for transport, freight, all applicable taxes, duties and insurance according to such delivery
        terms.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	Payment Conditions	The
    upfront payment equal to [**]% of each purchase order shall be paid by the Purchaser within [**] after
    confirmation of the receipt of the purchase order by the Supplier. The final [**]% of the payment for such ordered Products
    shall be paid by the Purchaser within a certain amount of days after the delivery of the Products as determined by the JV
    Contract.
	 
	Product Defects and Warranty
	 
	Products and Services Warrants	The Products supplied to the Purchaser shall be subject to standard ReWalk product clauses on warranty and quality control, and necessary modifications as required by applicable PRC laws, and statutory and regulatory requirements. Both Parties shall work together to design warranty policy for the Products and services in the Territory.
	 
	Other Key Terms
	 
	Term	The term of this Agreement shall be concurrent with the term of the License Agreement (as defined in the JV Contract), subject to termination provisions and other terms to be agreed to by the parties in the supply agreement to be executed in terms and conditions consistent with the provisions of this Supply Agreement Key Terms.
	Sale and Distribution of Products / Exclusivity	
        The Purchaser may use the Products for
        the manufacturing of final products, their registration, marketing, sale and distribution, along with provision of related services
        of the Products to customers only in the Territory or other territories specially consented to by the Supplier in writing.

         

        Unless explicitly agreed to by the Supplier
        in writing, the Purchaser may not resell or otherwise provide the Products to any third party that is located outside of the Territory.

	Subcontract	The Purchaser shall be entitled to subcontract its rights and obligations to its Affiliates or third parties and shall remain responsible for its obligations under the Agreement.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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	Termination	
        Either Party may terminate this Agreement by giving written
        notice to the other Party if:

         

        (a)          the
        other Party commits a material breach of any other term of this Agreement which breach is irremediable;

         

        (b)          Either
        Party commits a material breach of the JV Contract and/or the investment agreement between ReWalk and Timwell Corporation Limited;
        or

         

        (c)          A
        Deemed Default of Minimum Payment has occurred, and Rewalk and the JV fail to agree on a waiver or other mediation approach to
        resolve the Deemed Default of Minimum Payment (the “Mediation Approach”) within three months after the applicable
        Payment Due Date (the “Mediation Due Date”) as defined under the “Deemed Default of Minimum Payment”
        section above, and such Mediation Approach must be initiated by either party through written notice to the other party at least
        three (3) months prior to the applicable Payment Due Date as defined under the “Deemed Default of Minimum Payment”
        section above. If the JV and ReWalk fail to reach an agreement before the expiry of the Mediation Due Date, the JV and ReWalk shall
        be obligated to sign a termination letter of the Supply Agreement upon such due date.

	Confidentiality 	Each Party agrees that (a) all “Confidential Information” made available by the disclosing Party shall be treated as confidential and proprietary belonging to the disclosing Party, and are furnished under the express understanding that Confidential Information may not, in whole or in part, be disclosed to any other person or used for any purpose (including without limitation to application for patents) other than performing the Products and Business in the Territory as specified in the JV Agreement and other agreements to be executed by both Parties; and (b) the receiving Party undertakes to impose the same obligations on any employees and third parties which obtain Confidential Information as required for the performance of this Agreement and warrants that such employees and third parties will comply with such obligations. These confidentiality obligations shall remain in force for a further three (3) years following the termination of this Agreement, or cessation of cooperation, whatever the case may be.
	Governing Law and Dispute Resolution	The supply agreement shall be subject to and governed by PRC laws and regulations. Subject to the compliance of and to the extent as permitted by PRC laws and regulations, any dispute to be submitted for arbitration thereunder shall be submitted to the Hong Kong International Arbitration Centre in Hong Kong for arbitration which shall be conducted in accordance with the Centre’s arbitration rules in force at the time of applying for arbitration. 
	Other Provisions	The supply agreement shall contain other customary terms and conditions mutually agreed by the parties, including, indemnity, limitation of liability, dispute resolution, etc.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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Annex A

 

Minimum Payments and Product Forecast

 

	Minimums
	 	First Year after Incorporation	Second Year after Incorporation	Third Year after Incorporation	From the Fourth Year after Incorporation
	Amount to be paid to ReWalk	US$1,250,000	US$4,000,000	US$8,000,000	
        From year 4 to year 6:

         

        Annual increase of 15% on the minimum amount for the preceding
        year

         

        From year 7 to year 9:

         

        Annual increase of 10% on the minimum amount for the preceding
        year

         

        Afterward: annual increase of 5-8% on the preceding year’s
        amount.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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ANNEX H

 

Description of Use of Proceeds

 

The Company intends to use the net proceeds from this Agreement
primarily for (i) sales, marketing activities related to market development in our existing markets as well as expanding into China
and reimbursement expenses related to broadening third-party payor coverage and (ii) research and development costs related to
developing our lightweight “soft suit” exoskeleton technology for various lower limb disabilities, including stroke
and other indications affecting the ability to walk, while using the remainder for general corporate purposes. The Company will
have broad discretion in the way that it uses the net proceeds of this Agreement.

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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ANNEX I

 

Closing Certificate

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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CLOSING
Certificate

 

DATE:
__________ 2018

 

Reference
is made to that certain Investment Agreement dated March 6, 2018 by and between ReWalk Robotics Ltd. (the “Company”)
and Timwell Corporation Limited (the “Investor”) (the “Agreement”). Unless otherwise defined herein,
all capitalized terms used herein shall have the same meanings given to them in the Agreement.

 

This Certificate
is executed and delivered to the Investor on ____, 2018. The Company hereby certifies that all of the conditions set forth in
Section 4.2 and Section 4.4(a) [(4.5(a) and 4.6(a) as applicable to such Closing)] of the Agreement have been fulfilled
(except to the extent waived by the Investor in writing) as of the date hereof, such that:

 

	(i)	The Company has performed and complied in all material respects with all the terms, provisions and conditions of the Agreement to be complied with and performed by the Company at or before the First Tranche Closing [Second Tranche Closing/Third Tranche Closing].

 

	(ii)	Since the date of the Agreement, there has been no event or occurrence that would have a Material Adverse Effect.

 

	(iii)	Subject to the Disclosure Schedule and except as otherwise disclosed in the SEC Reports filed with or furnished to the Commission on or prior to the date hereof, each of the representations and warranties of the Company are true and correct in all material respects as of the First Tranche Closing as if made as of such First Tranche Closing other than (i) those representations and warranties qualified by materiality or Material Adverse Effect which are true and correct in all respects, (ii) de minimis inaccuracies in the case of Section 2.2, and (iii) those representations and warranties made as of a specified date, which are true and correct as of the date specified.

 

Or

 

[Each of the representations
and warranties of the Company set forth in Sections 2.1, and 2.3 to 2.8 are true and correct in all material respects as the [Second
Tranche Closing/Third Tranche Closing] as if made as of such [Second Tranche Closing/Third Tranche Closing] other than
(i) those representations and warranties qualified by materiality or Material Adverse Effect which are true and correct in all
respects, and (ii) those representations and warranties made as of a specified date, which are true and correct as of the date
specified.]

 

	(iv)	the Disclosure Schedule has been updated as attached as Annex A to this certificate on this ______ 2018.

 

* * * * *

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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IN WITNESS WHEREOF,
the undersigned has executed this closing certificate as of the date first above written.

 

	 	ReWalk Robotics Ltd.
	 	 	 
	 	By: 	 
	 	Name: 	 
	 	Title: 	 

 

[Company Closing Certificate]

 

    * Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.
 
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ANNEX A

 

DISCLOSURE LETTER

 

 

 

[Not included in original.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Confidential treatment has been requested for redacted portions
of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [**]. A complete
version of this exhibit has been provided separately to the Securities and Exchange Commission.

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