Document:

Exhibit
4.5

 

MUSCLE
MAKER, INC.

 

2020
Equity Incentive Plan

 

1.
Purpose. The purpose of the Muscle Maker, Inc. 2020 Equity Incentive Plan is to provide a means through which the Company
and its Affiliates may attract and retain key personnel and to provide a means whereby directors, officers, managers, employees,
consultants and advisors of the Company and its Affiliates can acquire and maintain an equity interest in the Company, or be paid
incentive compensation, which may (but need not) be measured by reference to the value of Common Shares, thereby strengthening
their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the Company’s
stockholders.

 

2.
Definitions. The following definitions shall be applicable throughout this Plan:

 

(a)
“Affiliate” means (i) any person or entity that directly or indirectly controls, is controlled by or
is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the
Company has a significant interest as determined by the Committee in its discretion. The term “control” (including,
with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any
person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise.

 

(b)
“Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option,
Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Stock Bonus Award or Performance Compensation Award granted
under this Plan.

 

(c)
“Award Agreement” means an agreement made and delivered in accordance with Section 15(a) of this Plan
evidencing the grant of an Award hereunder.

 

(d)
“Board” means the Board of Directors of the Company.

 

(e)
“Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions
in New York City are authorized or obligated by federal law or executive order to be closed.

 

(f)
“Cause” means, in the case of a particular Award, unless the applicable Award Agreement states otherwise,
(i) the Company or an Affiliate having “cause” to terminate a Participant’s employment or service, as defined
in any employment or consulting agreement or similar document or policy between the Participant and the Company or an Affiliate
in effect at the time of such termination or (ii) in the absence of any such employment or consulting agreement, document or policy
(or the absence of any definition of “Cause” contained therein), (A) a material breach or material default (including,
without limitation, any material dereliction of duty) by Participant of any agreement between the Participant and the Company,
except for any such breach or default which is caused by the physical disability of the Participant (as determined by a neutral
physician), or a repeated failure by the Participant to follow the direction of a duly authorized representative of the Company;
(B) gross negligence, willful misfeasance or breach of fiduciary duty to the Company or Affiliate of the Company by the Participant;
(C) the commission by the Participant of an act or omission involving fraud, embezzlement, misappropriation or dishonesty in connection
with the Participant’s duties to the Company or Affiliate of the Company or that is otherwise likely to be injurious to
the business or reputation of the Company or its Affiliates; or (D) the Participant’s conviction of, indictment for, or
pleading guilty or nolo contendere to, any (x) felony or (y) other crime involving fraud or moral turpitude. Any determination
of whether Cause exists shall be made by the Committee in its sole discretion.

 

(g)
“Change in Control” shall, in the case of a particular Award, unless the applicable Award Agreement
states otherwise or contains a different definition of “Change in Control,” be deemed to occur upon:

 

(i)
A tender offer (or series of related offers) shall be made and consummated for the ownership of 50% or more of the outstanding
voting securities of the Company, unless as a result of such tender offer more than 50% of the outstanding voting securities of
the surviving or resulting corporation or entity shall be owned in the aggregate by (A) the shareholders of the Company (as of
the time immediately prior to the commencement of such offer), or (B) any employee benefit plan of the Company or its Subsidiaries,
and their Affiliates;

 

    	 

     

    

 

(ii)
The Company shall be merged or consolidated with another corporation, unless as a result of such merger or consolidation more
than 50% of the outstanding voting securities of the surviving or resulting corporation or entity shall be owned in the aggregate
by (A) the shareholders of the Company (as of the time immediately prior to such transaction); provided, that a merger or consolidation
of the Company with another company which is controlled by persons owning more than 50% of the outstanding voting securities of
the Company shall constitute a Change in Control unless the Committee, in its discretion, determine otherwise, or (B) any employee
benefit plan of the Company or its Subsidiaries, and their Affiliates;

 

(iii)
The Company shall sell substantially all of its assets to another entity that is not wholly owned by the Company, unless as a
result of such sale more than 50% of such assets shall be owned in the aggregate by (A) the shareholders of the Company (as of
the time immediately prior to such transaction), or (B) any employee benefit plan of the Company or its Subsidiaries, and their
Affiliates;

 

(iv)
A Person (as defined below) shall acquire 50% or more of the outstanding voting securities of the Company (whether directly, indirectly,
beneficially or of record), unless as a result of such acquisition more than 50% of the outstanding voting securities of the surviving
or resulting corporation or entity shall be owned in the aggregate by (A) the shareholders of the Company (as of the time immediately
prior to the first acquisition of such securities by such Person), or (B) any employee benefit plan of the Company or its Subsidiaries,
and their Affiliates; or

 

(v)
The individuals who, as of the date hereof, constitute the members of the Board (the “Current Board Members”) cease,
by reason of a financing, merger, combination, acquisition, takeover or other non-ordinary course transaction affecting the Company,
to constitute at least a majority of the members of the Board unless such change is approved by the Current Board Members.

 

For
purposes of this Section 2(g), ownership of voting securities shall take into account and shall include ownership as determined
by applying the provisions of Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). In addition, for such purposes, “Person” shall have the meaning given
in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof; however, a Person shall not
include (A) the Company or any of its Subsidiaries; (B) a trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any of its Subsidiaries; (C) an underwriter temporarily holding securities pursuant to an offering of such
securities; or (D) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportion
as their ownership of stock of the Company. If the timing of payments provided under an Award Agreement is based on or triggered
by a Change in Control then, to extent necessary to avoid violating Section 409A, a Change in Control must also constitute a Change
in Control Event as defined under Section 409A.

 

(h)
“Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto. References in
this Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance issued by any
governmental authority under such section, and any amendments or successor provisions to such section, regulations or guidance.

 

(i)
“Committee” means a committee of at least two people as the Board may appoint to administer this Plan
or, if no such committee has been appointed by the Board, the Board. Unless altered by an action of the Board, the Committee shall
be the Compensation Committee of the Board.

 

(j)
“Common Shares” means the common stock, par value $0.0001 per share, of the Company (and any stock or
other securities into which such common shares may be converted or into which they may be exchanged).

 

(k)
“Company” means Muscle Maker Inc., a Nevada corporation, together with its successors and assigns.

 

(l)
“Current Board Members” has the meaning given such term in the definition of “Change in Control.”

 

(m)
“Date of Grant” means the date on which the granting of an Award is authorized, or such other date as
may be specified in such authorization.

 

    	 

     

    

 

(n)
“Disability” means, in the case of a particular Award, unless the applicable Award Agreement states
otherwise, (i) “Disability” as defined in any employment or consulting agreement or similar document or policy in
effect between the Participant and the Company or an Affiliate or (ii) in the absence of any such employment or consulting agreement,
document or policy (or the absence of any definition of “Disability” contained therein), the inability of the Participant
to perform the essential functions of the Participant’s job by reason of a physical or mental infirmity, for a period of
three (3) consecutive months or for an aggregate of six (6) months in any twelve (12) consecutive month period. The determination
of whether a Participant has incurred a permanent and total disability shall be made by a physician designated by the Committee,
whose determination shall be final and binding.

 

(o)
“Effective Date” means the date as of which this Plan is adopted by the Board, subject to Section 3
of this Plan.

 

(p)
“Eligible Director” means a person who is (i) a “non-employee director” within the meaning
of Rule 16b-3 under the Exchange Act, and (ii) an “outside director” within the meaning of Section 162(m) of the Code.

 

(q)
“Eligible Person” means any (i) individual employed by the Company or an Affiliate; provided, however,
that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such
eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) director
of the Company or an Affiliate; or (iii) consultant or advisor to the Company or an Affiliate, provided that if the Securities
Act applies such persons must be eligible to be offered securities registrable on Form S-8 under the Securities Act.

 

(r)
“Exchange Act” has the meaning given such term in the definition of “Change in Control,”
and any reference in this Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules,
regulations or other interpretative guidance issued by any governmental authority under such section or rule, and any amendments
or successor provisions to such section, rules, regulations or guidance.

 

(s)
“Exercise Price” has the meaning given such term in Section 7(b) of this Plan.

 

(t)
“Fair Market Value”, unless otherwise provided by the Committee in accordance with all applicable laws,
rules regulations and standards, means, on a given date, (i) if the Common Shares are listed on a national securities exchange,
the closing sales price on the principal exchange of the Common Shares on such date or, in the absence of reported sales on such
date, the closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Common Shares are
not listed on a national securities exchange, the mean between the bid and offered prices as quoted by any nationally recognized
interdealer quotation system for such date, provided that if the Common Shares are not quoted on an interdealer quotation system
or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be determined
by such other method as the Committee determines in good faith to be reasonable and in compliance with Section 409A.

 

(u)
“Immediate Family Members” shall have the meaning set forth in Section 15(b) of this Plan.

 

(v)
“Incentive Stock Option” means an Option that is designated by the Committee as an incentive stock option
as described in Section 422 of the Code and otherwise meets the requirements set forth in this Plan.

 

(w)
“Indemnifiable Person” shall have the meaning set forth in Section 4(e) of this Plan.

 

(x)
“Negative Discretion” shall mean the discretion authorized by this Plan to be applied by the Committee
to eliminate or reduce the size of a Performance Compensation Award consistent with Section 162(m) of the Code.

 

(y)
“Nonqualified Stock Option” means an Option that is not designated by the Committee as an Incentive
Stock Option.

 

(z)
“Option” means an Award granted under Section 7 of this Plan.

 

(aa)
“Option Period” has the meaning given such term in Section 7(c) of this Plan.

 

(bb)
“Participant” means an Eligible Person who has been selected by the Committee to participate in this
Plan and to receive an Award pursuant to Section 6 of this Plan.

 

(cc)
“Performance Compensation Award” shall mean any Award designated by the Committee as a Performance Compensation
Award pursuant to Section 11 of this Plan.

 

    	 

     

    

 

(dd)
“Performance Criteria” shall mean the criterion or criteria that the Committee shall select for purposes
of establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under this
Plan.

 

(ee)
“Performance Formula” shall mean, for a Performance Period, the one or more objective formulae applied
against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant,
whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance
Period.

 

(ff)
“Performance Goals” shall mean, for a Performance Period, the one or more goals established by the Committee
for the Performance Period based upon the Performance Criteria.

 

(gg)
“Performance Period” shall mean the one or more periods of time, as the Committee may select, over which
the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to,
and the payment of, a Performance Compensation Award.

 

(hh)
“Permitted Transferee” shall have the meaning set forth in Section 15(b) of this Plan.

 

(ii)
“Person” has the meaning given such term in the definition of “Change in Control.”

 

(jj)
“Plan” means this Muscle Maker, Inc. 2020 Equity Incentive Plan, as amended from time to time.

 

(kk)
“Retirement” means the fulfillment of each of the following conditions: (i) the Participant is in good
standing with the Company and/or an Affiliate of the Company as determined by the Committee; (ii) the voluntary termination by
a Participant of such Participant’s employment or service to the Company and/or an Affiliate and (iii) that at the time
of such voluntary termination, the sum of: (A) the Participant’s age (calculated to the nearest month, with any resulting
fraction of a year being calculated as the number of months in the year divided by 12) and (B) the Participant’s years of
employment or service with the Company (calculated to the nearest month, with any resulting fraction of a year being calculated
as the number of months in the year divided by 12) equals at least 62 (provided that, in any case, the foregoing shall only be
applicable if, at the time of such Retirement, the Participant shall be at least 55 years of age and shall have been employed
by or served with the Company for no less than five years).

 

(ll)
“Restricted Period” means the period of time determined by the Committee during which an Award is subject
to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether
an Award has been earned.

 

(mm)
“Restricted Stock Unit” means an unfunded and unsecured promise to deliver Common Shares, cash, other
securities or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant
remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of this Plan.

 

(nn)
“Restricted Stock” means Common Shares, subject to certain specified restrictions (including, without
limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period
of time), granted under Section 9 of this Plan.

 

(oo)
“SAR Period” has the meaning given such term in Section 8(c) of this Plan.

 

(pp)
“Section 409A” means Section 409A of the Code (together with all Treasury Regulations, guidance, compliance
programs, and other interpretative authority thereunder.

 

(qq)
“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference
in this Plan to any section of the Securities Act shall be deemed to include any rules, regulations or other official interpretative
guidance issued by any governmental authority under such section, and any amendments or successor provisions to such section,
rules, regulations or guidance.

 

(rr)
“Stock Appreciation Right” or “SAR” means an Award granted under Section 8
of this Plan which meets all of the requirements of Section 1.409A-1(b)(5)(i)(B) of the Treasury Regulations.

 

    	 

     

    

 

(ss)
“Stock Bonus Award” means an Award granted under Section 10 of this Plan.

 

(tt)
“Strike Price” means, except as otherwise provided by the Committee in the case of Substitute Awards,
(i) in the case of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a
SAR granted independent of an Option, the Fair Market Value of Common Shares on the Date of Grant.

 

(uu)
“Subsidiary” means, with respect to any specified Person:

 

(i)
any corporation, association or other business entity of which more than 50% of the total voting power of shares of voting securities
(without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or
more of the other Subsidiaries of that Person (or a combination thereof); and

 

(ii)
any partnership or limited liability company (or any comparable foreign entity) (a) the sole general partner or managing member
(or functional equivalent thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (b)
the only general partners or managing members (or functional equivalents thereof) of which are that Person or one or more Subsidiaries
of that Person (or any combination thereof).

 

(vv)
“Substitute Award” has the meaning given such term in Section 5(e).

 

(ww)
“Treasury Regulations” means any regulations, whether proposed, temporary or final, promulgated by the
U.S. Department of Treasury under the Code, and any successor provisions.

 

3.
Effective Date; Duration. The Plan shall be effective on October 27, 2020, the date on which it is approved by the stockholders
of the Company, which date shall be within twelve (12) months before or after the date of the Plan’s adoption by the Board.
The expiration date of this Plan, on and after which date no Awards may be granted hereunder, shall be October 27, 2030, the tenth
anniversary of the date on which the Plan was approved by the stockholders of the Company; provided, however, that such
expiration shall not affect Awards then outstanding, and the terms and conditions of this Plan shall continue to apply to such
Awards.

 

4.
Administration.

 

(a)
The Committee shall administer this Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under
the Exchange Act (if the Board is not acting as the Committee under this Plan) or necessary to obtain the exception for performance-based
compensation under Section 162(m) of the Code, as applicable, it is intended that each member of the Committee shall, at the time
he takes any action with respect to an Award under this Plan, be an Eligible Director. However, the fact that a Committee member
shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is otherwise validly
granted under this Plan. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved
in writing by a majority of the Committee shall be deemed the acts of the Committee. Whether a quorum is present shall be determined
based on the Committee’s charter as approved by the Board.

 

(b)
Subject to the provisions of this Plan and applicable law, the Committee shall have the sole and plenary authority, in addition
to other express powers and authorizations conferred on the Committee by this Plan and its charter, to: (i) designate Participants;
(ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Common Shares to be covered
by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine
the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled
or exercised in cash, Common Shares, other securities, other Awards or other property, or canceled, forfeited, or suspended, and
the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to
what extent, and under what circumstances the delivery of cash, Common Shares, other securities, other Awards or other property
and other amounts payable with respect to an Award shall be made; (vii) interpret, administer, reconcile any inconsistency in,
settle any controversy regarding, correct any defect in and/or complete any omission in this Plan and any instrument or agreement
relating to, or Award granted under, this Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint
such agents as the Committee shall deem appropriate for the proper administration of this Plan; (ix) accelerate the vesting or
exercisability of, payment for or lapse of restrictions on, Awards; and (x) make any other determination and take any other action
that the Committee deems necessary or desirable for the administration of this Plan.

 

    	 

     

    

 

(c)
The Committee may, by resolution, expressly delegate to a special committee, consisting of one or more directors who may but need
not be officers of the Company, the authority, within specified parameters as to the number and types of Awards, to (i) designate
officers and/or employees of the Company or any of its Affiliates to be recipients of Awards under this Plan, and (ii) to determine
the number of such Awards to be received by any such Participants; provided, however, that such delegation of duties and responsibilities
may not be made with respect to grants of Awards to persons (i) subject to Section 16 of the Exchange Act or (ii) who are, or
who are reasonably expected to be, “covered employees” for purposes of Section 162(m) of the Code. The acts of such
delegates shall be treated as acts of the Committee, and such delegates shall report regularly to the Board and the Committee
regarding the delegated duties and responsibilities and any Awards granted.

 

(d)
Unless otherwise expressly provided in this Plan, all designations, determinations, interpretations, and other decisions under
or with respect to this Plan or any Award or any documents evidencing Awards granted pursuant to this Plan shall be within the
sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities,
including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder
of the Company.

 

(e)
No member of the Board, the Committee, delegate of the Committee or any employee, advisor or agent of the Company or the Board
or the Committee (each such person, an “Indemnifiable Person”) shall be liable for any action taken
or omitted to be taken or any determination made in good faith with respect to this Plan or any Award hereunder. Each Indemnifiable
Person shall be indemnified and held harmless by the Company against and from (and the Company shall pay or reimburse on demand
for) any loss, cost, liability, or expense (including court costs and attorneys’ fees) that may be imposed upon or incurred
by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person
may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under
this Plan or any Award Agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company’s
approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit
or proceeding against such Indemnifiable Person, provided, that the Company shall have the right, at its own expense, to
assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the
Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification
shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case
not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable
Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s bad faith, fraud or willful criminal
act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s Certificate of
Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which any such Indemnifiable Person may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a
matter of law, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them
harmless.

 

(f)
Notwithstanding anything to the contrary contained in this Plan, the Board may, in its sole discretion, at any time and from time
to time, grant Awards and administer this Plan with respect to such Awards. In any such case, the Board shall have all the authority
granted to the Committee under this Plan.

 

5.
Grant of Awards; Shares Subject to this Plan; Limitations.

 

(a)
The Committee may, from time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock
Bonus Awards and/or Performance Compensation Awards to one or more Eligible Persons. No more than five percent (5%) of the aggregate
number of Common Shares available for issuance pursuant to Section 5(b) hereof may be granted pursuant to Awards that are eligible
to vest prior to the first anniversary of the Date of Grant. No Participant shall be eligible to receive or accrue dividends or
dividend equivalent rights with respect to the Common Shares subject to an unvested Award, including without limitation, an Award
of Stock Appreciation Rights or Restricted Stock Units.

 

(b)
Subject to Section 12 of this Plan, the Committee is authorized to deliver under this Plan an aggregate of 1,750,000 Common Shares.

 

(c)
Common Shares underlying Awards under this Plan that are forfeited, cancelled, expire unexercised, or are settled in cash shall
be available again for Awards under this Plan at the same ratio at which they were previously granted. Notwithstanding the foregoing,
the following Common Shares shall not be available again for Awards under the Plan: (i) shares tendered or held back upon the
exercise of an Option or settlement of an Award to cover the Exercise Price of an Award; (ii) shares that are used or withheld
to satisfy tax withholding obligations of the Participant; (iii) shares subject to a Stock Appreciation Right that are not issued
in connection with the stock settlement of the SAR upon exercise thereof; and (iv) shares purchased in the open market using proceeds
received upon the exercise of an Option.

 

    	 

     

    

 

(d)
Common Shares delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury
of the Company, shares purchased on the open market or by private purchase, or any combination of the foregoing.

 

(e)
Subject to compliance with Section 1.409A-3(f) of the Treasury Regulations, Awards may, in the sole discretion of the Committee,
be granted under this Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired
by the Company or with which the Company combines (“Substitute Awards”). The number of Common Shares
underlying any Substitute Awards shall be counted against the aggregate number of Common Shares available for Awards under this
Plan.

 

(f)
Notwithstanding any provision in the Plan to the contrary (but subject to adjustment as provided in Section 12), the Committee
shall not grant to any one Eligible Person in any one calendar year Awards (i) for more than 50% of the Available Shares in the
aggregate or (ii) payable in cash in an amount exceeding $10,000,000 in the aggregate.

 

6.
Eligibility. Participation shall be limited to Eligible Persons who have entered into an Award Agreement or who have received
written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate
in this Plan.

 

7.
Options.

 

(a)
Generally. Each Option granted under this Plan shall be evidenced by an Award Agreement (whether in paper or electronic
medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)).
Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent
with this Plan as may be reflected in the applicable Award Agreement. All Options granted under this Plan shall be Nonqualified
Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option.
Notwithstanding any designation of an Option, to the extent that the aggregate Fair Market Value of Common Shares with respect
to which Options designated as Incentive Stock Options are exercisable for the first time by any Participant during any calendar
year (under all plans of the Company or any Subsidiary) exceeds $100,000, such excess Options shall be treated as Nonqualified
Stock Options. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Affiliates,
and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under
the Code. No Option shall be treated as an Incentive Stock Option unless this Plan has been approved by the stockholders of the
Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code, provided that
any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such
approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In
the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules as
may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion
thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion
thereof shall be regarded as a Nonqualified Stock Option appropriately granted under this Plan.

 

(b)
Exercise Price. The exercise price (“Exercise Price”) per Common Share for each Option
shall not be less than 100% of the Fair Market Value of such share determined as of the Date of Grant; provided, however,
that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns shares
representing more than 10% of the voting power of all classes of shares of the Company or any Affiliate, the Exercise Price per
share shall not be less than 110% of the Fair Market Value per share on the Date of Grant; and, provided further, that
notwithstanding any provision herein to the contrary, the Exercise Price shall not be less than the par value per Common Share.

 

(c)
Vesting and Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined
by the Committee and as set forth in the applicable Award Agreement, and shall expire after such period, not to exceed ten (10)
years from the Date of Grant, as may be determined by the Committee (the “Option Period”); provided,
however, that the Option Period shall not exceed five (5) years from the Date of Grant in the case of an Incentive Stock Option
granted to a Participant who on the Date of Grant owns shares representing more than 10% of the voting power of all classes of
shares of the Company or any Affiliate; and, provided, further, that notwithstanding any vesting dates set by the Committee,
the Committee may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the
terms and conditions of such Option other than with respect to exercisability. Unless otherwise provided by the Committee in an
Award Agreement:

 

    	 

     

    

 

(i)
the unvested portion of an Option shall expire upon termination of employment or service of the Participant granted the Option,
and the vested portion of such Option shall remain exercisable for:

 

(A)
one year following termination of employment or service by reason of such Participant’s death or Disability (with the determination
of Disability to be made by the Committee on a case by case basis), or, with respect to an Incentive Stock Option, three (3) months
following such termination, but not later than the expiration of the Option Period;

 

(B)
for directors, officers and employees of the Company only, for six (6) months following termination of employment or service by
reason of such Participant’s Retirement, or, with respect to an Incentive Stock Option, three (3) months following such
termination, but not later than the expiration of the Option Period;

 

(C)
ninety (90) days following termination of employment or service for any reason other than such Participant’s death, Disability
or Retirement, and other than such Participant’s termination of employment or service for Cause, but not later than the
expiration of the Option Period; and

 

(ii)
both the unvested and the vested portion of an Option shall immediately expire upon the termination of the Participant’s
employment or service by the Company for Cause.

 

Notwithstanding
the foregoing provisions of Section 7(c) and consistent with the requirements of applicable law, the Committee, in its sole discretion,
may extend the post-termination of employment period during which a Participant may exercise vested Options.

 

(d)
Method of Exercise and Form of Payment. No Common Shares shall be delivered pursuant to the exercise of an Option
until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an
amount equal to any federal, state, local and/or foreign income and employment taxes required to be withheld. Options that have
become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with
the terms of the Award Agreement accompanied by payment of the Exercise Price. The Exercise Price shall be payable (i) in cash,
check (subject to collection), cash equivalent and/or vested Common Shares valued at the Fair Market Value at the time the Option
is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient
number of Common Shares in lieu of actual delivery of such shares to the Company); provided, however, that such Common
Shares are not subject to any pledge or other security interest and; (ii) by such other method as the Committee may permit in
accordance with applicable law, in its sole discretion, including without limitation: (A) in other property having a fair market
value (as determined by the Committee in its discretion) on the date of exercise equal to the Exercise Price or (B) if there is
a public market for the Common Shares at such time, by means of a broker-assisted “cashless exercise” pursuant to
which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the Common Shares otherwise deliverable
upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price or (C) by a “net
exercise” method whereby the Company withholds from the delivery of the Common Shares for which the Option was exercised
that number of Common Shares having a Fair Market Value equal to the aggregate Exercise Price for the Common Shares for which
the Option was exercised. Any fractional Common Shares shall be settled in cash.

 

(e)
Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive
Stock Option under this Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition
of any Common Shares acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition
(including, without limitation, any sale) of such Common Shares before the later of (A) two years after the Date of Grant of the
Incentive Stock Option or (B) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined
by the Committee and in accordance with procedures established by the Committee, retain possession of any Common Shares acquired
pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described
in the preceding sentence.

 

(f)
Compliance with Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise
an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other
applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations
of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.

 

    	 

     

    

 

8.
Stock Appreciation Rights.

 

(a)
Generally. Each SAR granted under this Plan shall be evidenced by an Award Agreement (whether in paper or electronic
medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)).
Each SAR so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent
with this Plan as may be reflected in the applicable Award Agreement. Any Option granted under this Plan may include tandem SARs
(i.e., SARs granted in conjunction with an Award of Options under this Plan). The Committee also may award SARs to Eligible Persons
independent of any Option.

 

(b)
Exercise Price. The Exercise Price per Common Share for each Option granted in connection with a SAR shall not be
less than 100% of the Fair Market Value of such share determined as of the Date of Grant.

 

(c)
Vesting and Expiration. A SAR granted in connection with an Option shall become exercisable and shall expire according
to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall
vest and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire
after such period, not to exceed ten years, as may be determined by the Committee (the “SAR Period”);
provided, however, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion,
accelerate the exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than
with respect to exercisability. Unless otherwise provided by the Committee in an Award Agreement:

 

(i)
the unvested portion of a SAR shall expire upon termination of employment or service of the Participant granted the SAR, and the
vested portion of such SAR shall remain exercisable for:

 

(A)
one year following termination of employment or service by reason of such Participant’s death or Disability (with the determination
of Disability to be made by the Committee on a case by case basis), but not later than the expiration of the SAR Period;

 

(B)
for directors, officers and employees of the Company only, for six (6) months following termination of employment or service by
reason of such Participant’s Retirement, but not later than the expiration of the SAR Period;

 

(C)
ninety (90) days following termination of employment or service for any reason other than such Participant’s death, Disability
or Retirement, and other than such Participant’s termination of employment or service for Cause, but not later than the
expiration of the SAR Period; and

 

(ii)
both the unvested and the vested portion of a SAR shall expire immediately upon the termination of the Participant’s employment
or service by the Company for Cause.

 

(d)
Method of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice
of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date
on which such SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR
independent of an Option, the SAR Period), the Fair Market Value exceeds the Strike Price, the Participant has not exercised the
SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired,
such SAR shall be deemed to have been exercised by the Participant on such last day and the Company shall make the appropriate
payment therefor.

 

(e)
Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of Common
Shares subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one Common Share
on the exercise date over the Strike Price, less an amount equal to any federal, state, local and non-U.S. income and employment
taxes required to be withheld. The Company shall pay such amount in cash, in Common Shares valued at Fair Market Value, or any
combination thereof, as determined by the Committee. Any fractional Common Share shall be settled in cash.

 

    	 

     

    

 

9.
Restricted Stock and Restricted Stock Units.

 

(a)
Generally. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement (whether
in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract
with the Company)). Each such grant shall be subject to the conditions set forth in this Section 9, and to such other conditions
not inconsistent with this Plan as may be reflected in the applicable Award Agreement. Restricted Stock and Restricted Stock Units
shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, for example,
that holders of Restricted Stock may not vote or receive dividends on the Restricted Stock). These restrictions may lapse separately
or in combination at such times, under such circumstances, in such installments, upon the satisfaction of Performance Goals or
otherwise, as the Committee determines at the time of the grant of an Award or thereafter. Except as otherwise provided in an
Award Agreement, a Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units until such
time as Common Shares are paid in settlement of such Awards.

 

(b)
Restricted Accounts; Escrow or Similar Arrangement. Unless otherwise determined by the Committee, upon the grant
of Restricted Stock, a book entry in a restricted account shall be established in the Participant’s name at the Company’s
transfer agent and, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than
held in such restricted account pending the release of the applicable restrictions, the Committee may require the Participant
to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii)
the appropriate share power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant
shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank share
power within the amount of time specified by the Committee, the Award shall be null and void ab initio. No Participant
shall have voting rights with respect to any Awards of Restricted Stock. A Participant holding Restricted Stock granted hereunder
shall not have the right to receive dividends on the Restricted Stock during the Restriction Period. To the extent shares of Restricted
Stock are forfeited, any share certificates issued to the Participant evidencing such shares shall be returned to the Company,
and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation
on the part of the Company.

 

(c)
Vesting; Acceleration of Lapse of Restrictions. Unless otherwise provided by the Committee in an Award Agreement,
the unvested portion of Restricted Stock and Restricted Stock Units shall terminate and be forfeited upon the termination of employment
or service of the Participant granted the applicable Award.

 

(d)
Delivery of Restricted Stock and Settlement of Restricted Stock Units. (i) Upon the expiration of the Restricted
Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award Agreement shall be of
no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement
is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the share certificate
evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has
expired (rounded down to the nearest full share).

 

(ii)
Unless otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period with respect to
any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one
Common Share for each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion
and subject to the requirements of Section 409A, elect to (i) pay cash or part cash and part Common Share in lieu of delivering
only Common Shares in respect of such Restricted Stock Units or (ii) defer the delivery of Common Shares (or cash or part Common
Shares and part cash, as the case may be) beyond the expiration of the Restricted Period if such delivery would result in a violation
of applicable law until such time as is no longer the case. If a cash payment is made in lieu of delivering Common Shares, the
amount of such payment shall be equal to the Fair Market Value of the Common Shares as of the date on which the Restricted Period
lapsed with respect to such Restricted Stock Units, less an amount equal to any federal, state, local and non-U.S. income and
employment taxes required to be withheld.

 

10.
Stock Bonus Awards. The Committee may issue unrestricted Common Shares, or other Awards denominated in Common Shares, under
this Plan to Eligible Persons, either alone or in tandem with other awards, in such amounts as the Committee shall from time to
time in its sole discretion determine. Each Stock Bonus Award granted under this Plan shall be evidenced by an Award Agreement
(whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party
under contract with the Company)). Each Stock Bonus Award so granted shall be subject to such conditions not inconsistent with
this Plan as may be reflected in the applicable Award Agreement.

 

    	 

     

    

 

11.
Performance Compensation Awards.

 

(a)
Generally. The provisions of the Plan are intended to enable Options and Stock Appreciation Rights granted hereunder
to certain Eligible Persons to qualify for an exemption under Section 162(m) of the Code. The Committee shall have the authority,
at the time of grant of any Award described in Sections 7 through 10 of this Plan, to designate such Award as a Performance Compensation
Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code. The Committee shall
have the authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation
Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code.

 

(b)
Discretion of Committee with Respect to Performance Compensation Awards. With regard to a particular Performance
Period, the Committee shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation
Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s)
of the Performance Goals(s) that is (are) to apply and the Performance Formula. Within the first 90 calendar days of a Performance
Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code, if applicable), the Committee
shall, with regard to the Performance Compensation Awards to be issued for such Performance Period, exercise its discretion with
respect to each of the matters enumerated in the immediately preceding sentence and record the same in writing.

 

(c)
Performance Criteria. The Performance Criteria that will be used to establish the Performance Goal(s) shall be based
on the attainment of specific levels of performance of the Company and/or one or more Affiliates, divisions or operational units,
or any combination of the foregoing, as determined by the Committee, which criteria may be based on one or more of the following
business criteria: (i) revenue; (ii) sales; (iii) profit (net profit, gross profit, operating profit, economic profit, profit
margins or other corporate profit measures); (iv) earnings (EBIT, EBITDA, earnings per share, or other corporate earnings measures);
(v) net income (before or after taxes, operating income or other income measures); (vi) cash (cash flow, cash generation or other
cash measures); (vii) stock price or performance; (viii) total stockholder return (stock price appreciation plus reinvested dividends
divided by beginning share price); (ix) economic value added; (x) return measures (including, but not limited to, return on assets,
capital, equity, investments or sales, and cash flow return on assets, capital, equity, or sales); (xi) market share; (xii) improvements
in capital structure; (xiii) expenses (expense management, expense ratio, expense efficiency ratios or other expense measures);
(xiv) business expansion or consolidation (acquisitions and divestitures); (xv) internal rate of return or increase in net present
value; (xvi) working capital targets relating to inventory and/or accounts receivable; (xvii) inventory management; (xviii) service
or product delivery or quality; (xix) customer satisfaction; (xx) employee retention; (xxi) safety standards; (xxii) productivity
measures; (xxiii) cost reduction measures; and/or (xxiv) strategic plan development and implementation. Any one or more of the
Performance Criteria adopted by the Committee may be used on an absolute or relative basis to measure the performance of the Company
and/or one or more Affiliates as a whole or any business unit(s) of the Company and/or one or more Affiliates or any combination
thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared to the performance of
a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate,
or as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any
Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. To the extent
required under Section 162(m) of the Code, the Committee shall, within the first 90 calendar days of a Performance Period (or,
if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), define in an objective fashion the
manner of calculating the Performance Criteria it selects to use for such Performance Period and thereafter promptly communicate
such Performance Criteria to the Participant.

 

(d)
Modification of Performance Goal(s). In the event that applicable tax and/or securities laws change to permit Committee
discretion to alter the governing Performance Criteria without obtaining stockholder approval of such alterations, the Committee
shall have sole discretion to make such alterations without obtaining stockholder approval. The Committee is authorized at any
time during the first 90 calendar days of a Performance Period (or, if longer or shorter, within the maximum period allowed under
Section 162(m) of the Code, if applicable), or at any time thereafter to the extent the exercise of such authority at such time
would not cause the Performance Compensation Awards granted to any Participant for such Performance Period to fail to qualify
as “performance-based compensation” under Section 162(m) of the Code, in its sole discretion, to adjust or modify
the calculation of a Performance Goal for such Performance Period, based on and in order to appropriately reflect the following
events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting
principles, or other laws or regulatory rules affecting reported results; (iv) any reorganization and restructuring programs;
(v) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement
thereto) and/or in management’s discussion and analysis of financial condition and results of operations appearing in the
Company’s annual report to stockholders for the applicable year; (vi) acquisitions or divestitures; (vii) any other specific
unusual or nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange gains and losses; and (ix)
a change in the Company’s fiscal year.

 

    	 

     

    

 

(e)
Payment of Performance Compensation Awards.

 

(i)
Condition to Receipt of Payment. Unless otherwise provided in the applicable Award Agreement, a Participant must
be employed by, or in service to, the Company on the last day of a Performance Period to be eligible for payment in respect of
a Performance Compensation Award for such Performance Period.

 

(ii)
Limitation. A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only
to the extent that: (A) the Performance Goals for such period are achieved; and (B) all or some of the portion of such Participant’s
Performance Compensation Award has been earned for the Performance Period based on the application of the Performance Formula
to such achieved Performance Goals.

 

(iii)
Certification. Following the completion of a Performance Period, the Committee shall review and certify in writing
whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify
in writing that amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee
shall then determine the amount of each Participant’s Performance Compensation Award actually payable for the Performance
Period and, in so doing, may apply Negative Discretion.

 

(iv)
Use of Negative Discretion. In determining the actual amount of an individual Participant’s Performance Compensation
Award for a Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned
under the Performance Formula in the Performance Period through the use of Negative Discretion if, in its sole judgment, such
reduction or elimination is appropriate. The Committee shall not have the discretion, except as is otherwise provided in this
Plan, to (A) grant or provide payment in respect of Performance Compensation Awards for a Performance Period if the Performance
Goals for such Performance Period have not been attained; or (B) increase a Performance Compensation Award above the applicable
limitations set forth in Section 5 of this Plan.

 

(f)
Timing of Award Payments. Performance Compensation Awards granted for a Performance Period shall be paid to Participants
as soon as administratively practicable following completion of the certifications required by this Section 11, but in no event
later than two-and-one-half months following the end of the fiscal year during which the Performance Period is completed in order
to comply with the short-term deferral rules under Section 1.409A-1(b)(4) of the Treasury Regulations. Notwithstanding the foregoing,
payment of a Performance Compensation Award may be delayed, as permitted by Section 1.409A-2(b)(7)(i) of the Treasury Regulations,
to the extent that the Company reasonably anticipates that if such payment were made as scheduled, the Company’s tax deduction
with respect to such payment would not be permitted due to the application of Section 162(m) of the Code.

 

12.
Changes in Capital Structure and Similar Events. In the event of (a) any dividend or other distribution (whether in the
form of cash, Common Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, amalgamation, consolidation, split-up, split-off, combination, repurchase or exchange of Common Shares or other securities
of the Company, issuance of warrants or other rights to acquire Common Shares or other securities of the Company, or other similar
corporate transaction or event (including, without limitation, a Change in Control) that affects the Common Shares, or (b) unusual
or nonrecurring events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial
statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any
governmental body or securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case
an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate in order to prevent dilution
or enlargement of rights, then the Committee shall make any such adjustments that are equitable, including, without limitation,
adjusting any or all of (A) the number of Common Shares or other securities of the Company (or number and kind of other securities
or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under this Plan (including,
without limitation, adjusting any or all of the limitations under Section 5 of this Plan) and (B) the terms of any outstanding
Award, including, without limitation, (1) the number of Common Shares or other securities of the Company (or number and kind of
other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price
or Strike Price with respect to any Award or (3) any applicable performance measures (including, without limitation, Performance
Criteria and Performance Goals). All adjustments shall be made in good faith compliance with Section 409A.

 

    	 

     

    

 

13.
Effect of Change in Control. Upon the occurrence of a Change in Control, unless otherwise specifically prohibited under
applicable laws or by the rules and regulations of any governing governmental agencies or national securities exchanges, or unless
the Committee shall specify otherwise in the Award Agreement, the Committee is authorized (but not obligated) to make any of the
following adjustments (or any combination thereof) in the terms and conditions of outstanding Awards: (a) continuation or assumption
of such outstanding Awards under the Plan by the Company (if it is the surviving company or corporation) or by the surviving company
or corporation or its parent; (b) substitution by the surviving company or corporation or its parent of equity, equity-based and/or
cash awards with substantially the same terms for outstanding Awards (excluding the security deliverable upon settlement of the
Awards), including, in the case of Options, substitution by the surviving company or corporation or its parent of restricted stock
or other equity, which may be subject to substantially the same vesting and/or forfeiture terms as such Options, in an amount
equal to the intrinsic value of such Options; (c) accelerated exercisability, vesting and/or lapse of restrictions under outstanding
Awards immediately prior to the occurrence of such event; (d) upon written notice, provide that any outstanding Awards must be
exercised, to the extent then exercisable, during a reasonable period of time immediately prior to the scheduled consummation
of the event or such other period as determined by the Committee (contingent upon the consummation of the event), and at the end
of such period, such Awards shall terminate to the extent not so exercised within the relevant period; and (e) cancellation of
all or any portion of outstanding Awards for fair value (in the form of cash, Common Shares, other property or any combination
thereof) as determined in the sole discretion of the Committee and which value may be zero; provided, that, in the
case of Options and Stock Appreciation Rights or similar Awards, (x) such fair value may equal the excess, if any, of the value
of the consideration to be paid in the Change in Control transaction to holders of the same number of Common Shares subject to
such Awards (or, if no such consideration is paid, the Fair Market Value of the Common Shares subject to such outstanding Awards
or portion thereof being canceled) over the aggregate Exercise Price or Strike Price, as applicable, with respect to such Awards
or the portion thereof being canceled (or if no such excess, zero), and (y) to the extent that the Options, Stock Appreciation
Rights or similar Awards are not then vested, such excess may be paid in restricted stock or other equity, which may be subject
to substantially the same vesting and/or forfeiture terms as such Options, Stock Appreciation Rights or similar awards, in an
amount equal to the intrinsic value of such Options, Stock Appreciation Rights or similar Awards.

 

14.
Amendments and Termination.

 

(a)
Amendment and Termination of this Plan. The Board may amend, alter, suspend, discontinue, or terminate this Plan
or any portion thereof at any time; provided, that (i) no amendment to the definition of Eligible Person in Section 2(q),
Section 5(b), Section 11(c) or Section 14(b) (to the extent required by the proviso in such Section 14(b)) shall be made without
stockholder approval and (ii) no such amendment, alteration, suspension, discontinuation or termination shall be made without
stockholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to this Plan (including,
without limitation, as necessary to comply with any rules or requirements of any national securities exchange or inter-dealer
quotation system on which the Common Shares may be listed or quoted or to prevent the Company from being denied a tax deduction
under Section 162(m) of the Code); and, provided, further, that any such amendment, alteration, suspension, discontinuance
or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award
theretofore granted shall not to that extent be effective without the prior written consent of the affected Participant, holder
or beneficiary.

 

(b)
Amendment of Award Agreements. The Committee may, to the extent consistent with the terms of any applicable Award
Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any
Award theretofore granted or the associated Award Agreement, prospectively or retroactively; provided, however that any
such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely
affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without
the consent of the affected Participant.

 

(c)
Prohibition on Repricing. Subject to Section 5, the Committee shall not, without the approval of the stockholders
of the Company (i) reduce the exercise price, or cancel and reissue options so as to in effect reduce the exercise price or (ii)
change the manner of determining the exercise price so that the exercise price is less than the fair market value per share of
Common Stock.

 

15.
General.

 

(a)
Award Agreements. Each Award under this Plan shall be evidenced by an Award Agreement, which shall be delivered
to the Participant (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company
or a third party under contract with the Company)) and shall specify the terms and conditions of the Award and any rules applicable
thereto, including without limitation, the effect on such Award of the death, Disability or termination of employment or service
of a Participant, or of such other events as may be determined by the Committee. The Company’s failure to specify any term
of any Award in any particular Award Agreement shall not invalidate such term, provided such terms was duly adopted by the Board
or the Committee.

 

    	 

     

    

 

(b)
Nontransferability; Trading Restrictions.

 

(i)
Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable
law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any
such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against
the Company or an Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge,
attachment, sale, transfer or encumbrance.

 

(ii)
Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to
be transferred by a Participant, with or without consideration, subject to such rules as the Committee may adopt consistent with
any applicable Award Agreement to preserve the purposes of this Plan, to: (A) any person who is a “family member”
of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act (collectively, the “Immediate
Family Members”); (B) a trust solely for the benefit of the Participant and his or her Immediate Family Members;
or (C) a partnership or limited liability company whose only partners or stockholders are the Participant and his or her Immediate
Family Members; or (D) any other transferee as may be approved either (I) by the Board or the Committee in its sole discretion,
or (II) as provided in the applicable Award Agreement (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter
referred to as a “Permitted Transferee”); provided, that the Participant gives the Committee
advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant
in writing that such a transfer would comply with the requirements of this Plan.

 

(iii)
The terms of any Award transferred in accordance with subparagraph (ii) above shall apply to the Permitted Transferee and any
reference in this Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and
distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect
a registration statement on an appropriate form covering the Common Shares to be acquired pursuant to the exercise of such Option
if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or
appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or
not such notice is or would otherwise have been required to be given to the Participant under this Plan or otherwise; and (D)
the consequences of the termination of the Participant’s employment by, or services to, the Company or an Affiliate under
the terms of this Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including,
without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified
in this Plan and the applicable Award Agreement.

 

(iv)
The Committee shall have the right, either on an Award-by-Award basis or as a matter of policy for all Awards or one or more classes
of Awards, to condition the delivery of vested Common Shares received in connection with such Award on the Participant’s
agreement to such restrictions as the Committee may determine.

 

(c)
Tax Withholding.

 

(i)
A Participant shall be required to pay to the Company or any Affiliate, or the Company or any Affiliate shall have the right and
is hereby authorized to withhold, from any cash, Common Shares, other securities or other property deliverable under any Award
or from any compensation or other amounts owing to a Participant, the amount (in cash, Common Shares, other securities or other
property) of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or
under this Plan and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all
obligations for the payment of such withholding and taxes. In addition, the Committee, in its discretion, may make arrangements
mutually agreeable with a Participant who is not an employee of the Company or an Affiliate to facilitate the payment of applicable
income and self-employment taxes.

 

(ii)
Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy,
in whole or in part, the foregoing withholding liability by (A) the delivery of Common Shares (which are not subject to any pledge
or other security interest) owned by the Participant having a fair market value equal to such withholding liability or (B) having
the Company withhold from the number of Common Shares otherwise issuable or deliverable pursuant to the exercise or settlement
of the Award a number of shares with a fair market value equal to such withholding liability (but no more than the minimum required
statutory withholding liability).

 

    	 

     

    

 

(d)
No Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other
person, shall have any claim or right to be granted an Award under this Plan or, having been selected for the grant of an Award,
to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or
beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with
respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether
or not such Participants are similarly situated. Neither this Plan nor any action taken hereunder shall be construed as giving
any Participant any right to be retained in the employ or service of the Company or an Affiliate, nor shall it be construed as
giving any Participant any rights to continued service on the Board. The Company or any of its Affiliates may at any time dismiss
a Participant from employment or discontinue any consulting relationship, free from any liability or any claim under this Plan,
unless otherwise expressly provided in this Plan or any Award Agreement. By accepting an Award under this Plan, a Participant
shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance entitlement
related to non-continuation of the Award beyond the period provided under this Plan or any Award Agreement, notwithstanding any
provision to the contrary in any written employment contract or other agreement between the Company and its Affiliates and the
Participant, whether any such agreement is executed before, on or after the Date of Grant.

 

(e)
International Participants. With respect to Participants who reside or work outside of the United States of America
and who are not (and who are not expected to be) “covered employees” within the meaning of Section 162(m) of the Code,
the Committee may in its sole discretion amend the terms of this Plan or outstanding Awards (or establish a sub-plan) with respect
to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other
treatment for such Participants, the Company or its Affiliates.

 

(f)
Designation and Change of Beneficiary. Each Participant may file with the Committee a written designation of one
or more persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any,
due under this Plan upon his or her death. A Participant may, from time to time, revoke or change his or her beneficiary designation
without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation filed with
the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective
unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior
to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse
or, if the Participant is unmarried at the time of death, his or her estate. Upon the occurrence of a Participant’s divorce
(as evidenced by a final order or decree of divorce), any spousal designation previously given by such Participant shall automatically
terminate.

 

(g)
Termination of Employment/Service. Unless determined otherwise by the Committee at any point following such event:
(i) neither a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment
or service with the Company to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment
or service with the Company or an Affiliate; and (ii) if a Participant’s employment with the Company and its Affiliates
terminates, but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity (or
vice-versa), such change in status shall not be considered a termination of employment with the Company or an Affiliate for purposes
of this Plan unless the Committee, in its discretion, determines otherwise.

 

(h)
No Rights as a Stockholder. Except as otherwise specifically provided in this Plan or any Award Agreement, no person
shall be entitled to the privileges of ownership in respect of Common Shares that are subject to Awards hereunder until such shares
have been issued or delivered to that person.

 

(i)
Government and Other Regulations.

 

(i)
The obligation of the Company to settle Awards in Common Shares or other consideration shall be subject to all applicable laws,
rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions
of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from
offering to sell or selling, any Common Shares pursuant to an Award unless such shares have been properly registered for sale
pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel,
satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption
therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation
to register for sale under the Securities Act any of the Common Shares to be offered or sold under this Plan. The Committee shall
have the authority to provide that all certificates for Common Shares or other securities of the Company or any Affiliate delivered
under this Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under
this Plan, the applicable Award Agreement, the federal securities laws, or the rules, regulations and other requirements of the
Securities and Exchange Commission, any securities exchange or inter-dealer quotation system upon which such shares or other securities
are then listed or quoted and any other applicable federal, state, local or non-U.S. laws, and, without limiting the generality
of Section 9 of this Plan, the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. Notwithstanding any provision in this Plan to the contrary, the Committee reserves the right to
add any additional terms or provisions to any Award granted under this Plan that it in its sole discretion deems necessary or
advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award
is subject.

 

    	 

     

    

 

(ii)
The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions
and/or blockage and/or other market considerations would make the Company’s acquisition of Common Shares from the public
markets, the Company’s issuance of Common Shares to the Participant, the Participant’s acquisition of Common Shares
from the Company and/or the Participant’s sale of Common Shares to the public markets, illegal, impracticable or inadvisable.
If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, unless doing so would violate
Section 409A, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of
the Common Shares subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date
that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in
the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of Common Shares (in the case of
any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such
Award or portion thereof. The Committee shall have the discretion to consider and take action to mitigate the tax consequence
to the Participant in cancelling an Award in accordance with this clause.

 

(j)
Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable
under this Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment
due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if
the Committee so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of
such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled
to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor.

 

(k)
Nonexclusivity of this Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the
stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such
other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options or other equity-based
awards otherwise than under this Plan, and such arrangements may be either applicable generally or only in specific cases.

 

(l)
No Trust or Fund Created. Neither this Plan nor any Award shall create or be construed to create a trust or separate
fund of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other
person or entity, on the other hand. No provision of this Plan or any Award shall require the Company, for the purpose of satisfying
any obligations under this Plan, to purchase assets or place any assets in a trust or other entity to which contributions are
made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence
of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights
under this Plan other than as general unsecured creditors of the Company, except that insofar as they may have become entitled
to payment of additional compensation by performance of services, they shall have the same rights as other employees under general
law.

 

(m)
Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting
or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance
upon any report made by the independent public accountant of the Company and/or its Affiliates and/or any other information furnished
in connection with this Plan by any agent of the Company or the Committee or the Board, other than himself.

 

(n)
Relationship to Other Benefits. No payment under this Plan shall be taken into account in determining any benefits
under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically
provided in such other plan.

 

(o)
Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of
Nevada, without giving effect to the conflict of laws provisions.

 

    	 

     

    

 

(p)
Severability. If any provision of this Plan or any Award or Award Agreement is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify this Plan or any Award
under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable
laws in the manner that most closely reflects the original intent of the Award or the Plan, or if it cannot be construed or deemed
amended without, in the determination of the Committee, materially altering the intent of this Plan or the Award, such provision
shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of this Plan and any
such Award shall remain in full force and effect.

 

(q)
Obligations Binding on Successors. The obligations of the Company under this Plan shall be binding upon any successor
corporation or organization resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or
upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

 

(r)
Code Section 162(m) Approval. If so determined by the Committee, the provisions of this Plan regarding Performance
Compensation Awards shall be disclosed and reapproved by stockholders no later than the first stockholder meeting that occurs
in the fifth year following the year in which stockholders previously approved such provisions, in each case in order for certain
Awards granted after such time to be exempt from the deduction limitations of Section 162(m) of the Code. Nothing in this clause,
however, shall affect the validity of Awards granted after such time if such stockholder approval has not been obtained.

 

(s)
Expenses; Gender; Titles and Headings. The expenses of administering this Plan shall be borne by the Company and
its Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings
of the sections in this Plan are for convenience of reference only, and in the event of any conflict, the text of this Plan, rather
than such titles or headings shall control.

 

(t)
Other Agreements. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the
receipt of Common Shares under an Award, that the Participant execute lock-up, stockholder or other agreements, as it may determine
in its sole and absolute discretion.

 

(u)
Section 409A. The Plan and all Awards granted hereunder are intended to comply with, or otherwise be exempt from,
the requirements of Section 409A. The Plan and all Awards granted under this Plan shall be administered, interpreted, and construed
in a manner consistent with Section 409A to the extent necessary to avoid the imposition of additional taxes under Section 409A(a)(1)(B)
of the Code. In no event shall the Company or any of its Affiliates be liable for any additional tax, interest or penalties that
may be imposed on a Participant under Section 409A or any damages for failing to comply with Section 409A. Notwithstanding any
contrary provision in the Plan or Award Agreement, any payment(s) of nonqualified deferred compensation (within the meaning of
Section 409A) that are otherwise required to be made under the Plan to a “specified employee” (within the meaning
of Section 1.409A-1(i) of the Treasury Regulations) as a result of his or her separation from service (other than a payment that
is not subject to Section 409A) shall be delayed for the first six months following such separation from service (or, if earlier,
until the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) on
the day that immediately follows the end of such six-month period or as soon as administratively practicable thereafter. Any remaining
payments of nonqualified deferred compensation shall be paid without delay and at the time or times such payments are otherwise
scheduled to be made. A termination of employment or service shall not be deemed to have occurred for purposes of any provision
of the Plan or any Award Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred
compensation under Section 409A upon or following a termination of employment or service, unless such termination is also a “separation
from service” within the meaning of Section 409A and the payment thereof prior to a “separation from service”
would violate Section 409A. For purposes of any such provision of the Plan or any Award Agreement relating to any such payments
or benefits, references to a “termination,” “termination of employment,” “termination of service,”
or like terms shall mean “separation from service.”

 

(v)
Payments. Participants shall be required to pay, to the extent required by applicable law, any amounts required
to receive Common Shares under any Award made under this Plan.Exhibit 10.3

 

ANCHIANO THERAPEUTICS LTD./
CHEMOMAB LTD. 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of this 14 day of December 2020, with effectiveness as
of the Effective Date (as defined below), by and among (i) Anchiano Therapeutics Ltd., an Israeli company, which will change its name
to Chemomab Therapeutics Ltd. upon the Effective Date (the “Company”), (ii) each person or entity listed on Schedule
A hereto (the “Shareholders”) who will hold, as of the Effective Date, the Company’s ordinary shares,
no par value each (“Ordinary Shares“), in the form of American Depositary Shares (each, an “ADS”),
which represent Ordinary Shares at a ratio of one (1) ADS per five (5) Ordinary Shares, and (iii) Adi Mor and Kobi George (the “Founders”).

 

RECITALS

 

WHEREAS,
concurrently herewith, the Company and CMB Acquisition Ltd., an Israeli limited company and wholly owned subsidiary of the Company
(“Merger Sub”), are entering into an Agreement and Plan of Merger (the “Merger Agreement”),
dated of even date herewith, with Chemomab Ltd., an Israeli limited company (the “Target Company”) whereunder
Merger Sub will merge with and into the Target Company (the “Merger”) in accordance with the Merger Agreement and
in accordance with the provisions of Sections 314-327 of the Israeli Companies Law, 5759-1999 (the “Companies
Law”), and, on the effective date thereof (the “Effective Date”), Merger Sub will cease to exist and
the Target Company will become a wholly owned subsidiary of the Company, on the terms and subject to the conditions set forth in the
Merger Agreement;

 

WHEREAS, pursuant to
the Merger Agreement, on the Effective Date, each share of Target Company issued and outstanding immediately prior to the Effective Date
(excluding shares to be canceled pursuant to Section ‎1.5(a)(i) of the Merger Agreement), including shares held by the
Shareholders, shall be automatically converted solely into the right to receive a number of Company ADSs equal to the exchange ratio under
the Merger Agreement;

 

WHEREAS, the offer
and issuance of the Ordinary Shares (in the form of ADSs) to the Shareholders pursuant to the Merger Agreement has not been, and will
not be, registered under the Securities Act (as defined below), and the Shareholders’ Ordinary Shares (in the form of ADSs) will
therefore be “restricted securities” as defined by SEC Rule 144 (as defined below), and the parties to the Merger Agreement
have agreed to provide the Shareholders with certain registration rights pursuant to this Agreement to enable them to sell their Ordinary
Shares (in the form of ADSs) publicly once the lock-up period following the Merger under the Lock-Up Agreement (as defined below) expires,
in a transaction registered under ** the Securities Act and the rules and regulations promulgated thereunder;

 

WHEREAS, as part of
the entry into, and effectiveness of, this Agreement, the shareholders of the Target Company party hereto, who together constitute the
requisite “Majority Investors” under that certain Amended and Restated Investor Rights’ Agreement, dated as of September
23, 2019, by and among the Target Company, certain holders of the Target Company’s Series C Preferred Shares, an additional investor
in the Target Company and a founder of the Target Company (the “Existing Registration Rights Agreement”), are terminating
their registration rights under the Existing Registration Rights Agreement, as provided in Section 7.14 hereof (other than the rights
under Section 2.11 of the Existing Registration Rights Agreement, which are incorporated into this Agreement in Section 5 hereof); and

 

WHEREAS, the Founders
are being granted certain registration rights under this Agreement in order to enable the sale of the Ordinary Shares held by them from
time to time in one or more transactions registered under the Securities Act.

 

     

     

    

 

NOW, THEREFORE, contingent
upon and as of the consummation of the Merger, the parties agree as follows:

 

	1.	Definitions. For purposes of this Agreement:

 

1.1.       
“ADS” has the meaning set forth in the preamble.

 

1.2.       
“Agreement” shall have the meaning set forth in the preamble.

 

1.3.       
“Affiliate” means, with respect to any specified Person, any other Person who or which, directly or indirectly,
controls, is controlled by or is under common control with such Person, including, without limitation, any general partner, managing member,
officer, director, or manager of such Person and any venture capital fund now or hereafter existing that is controlled by one or more
general partners of, or shares the same management company with, such Person.

 

 

1.4.       
“Company” shall have the meaning set forth in the preamble.

 

1.5.       
“Damages” means any loss, damage, fees (including attorneys’ fees), costs or liability (joint or several)
to which a party hereto may become subject under the Securities Act, the Exchange Act, or other applicable law, insofar as such loss,
damage, or liability (or any action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement
of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, or any prospectus supplement thereto, and including any documents or other information
incorporated by reference in any such registration statement; (ii) an omission or alleged omission to state therein a material fact required
to be stated therein, or necessary to make the statements therein, in light of the circumstance in which they are made, not misleading;
or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the
Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state
securities law.

 

1.6.       
“Demand Notice” shall have the meaning set forth in Section 2.1.1

 

 

1.7.       
“Effective Date” shall have the meaning set forth in the Recitals.

 

 

1.8.       
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

 

1.9.       
“Form S-1” means such form (or any comparable successor form or similar
form available for foreign private issuers, such as Form F-1, if available) under the Securities Act as in effect on the date hereof
or any successor registration form under the Securities Act subsequently adopted by the SEC.

 

1.10.    
“Form S-3” means such form (or any comparable successor form or similar form available to foreign private issuers,
such as Form F-3, if available) under the Securities Act as in effect on the date hereof or any registration form under the Securities
Act subsequently adopted by the SEC that permits both historical and forward incorporation of substantial information by reference to
other documents filed by the Company with the SEC.

 

1.11.    
 “Founders” shall have the meaning set forth in the preamble.

 

1.12.    
“Holder” means any holder of Registrable Securities who is a party to this Agreement.

 

1.13.    
“Initiating Holders” shall have the meaning set forth in Section 2.1.1.

 

1.14.    
“Included Registrable Securities” shall have the meaning set forth in Section 2.2.1.

 

1.15.    
“Lock-Up Agreement” means the lock-up agreement entered into by each Shareholder with the Company pursuant to
the Merger Agreement.

 

1.16.    
“Merger” shall have the meaning set forth in the Recitals.

 

    - 2 -

     

    

 

1.17. “Merger
Agreement” shall have the meaning set forth in the Recitals.

 

1.18.    
“Ordinary Shares” shall have the meaning set forth in the preamble.

 

1.19.    
“Permitted Transferee” means: (i) in the case of an individual Shareholder - a spouse, parents, child, brother,
sister or trustee of the shareholder (or his/her spouse) and any corporation, limited liability company, limited partnership, or other
entity or trust which is controlled by him/her; (ii) in the case of any incorporated or limited liability company Shareholder - an entity
that controls, is controlled by, or is under common control with such incorporated shareholders; and (iii) in case of any Shareholder
which is a limited or general partnership - its partners, affiliated partnerships managed by the same management company or managing (general)
partner or by an entity which controls, is controlled by, or is under common control with, such management company or managing (general)
partner.

 

1.20.    
“Person” means any individual, corporation, partnership, association, limited liability company, trust or any
other entity.

 

1.21.    
“Piggy-Back Underwritten Offering” shall have the meaning set forth in Section 2.2.1.

 

1.22.    
“Registrable Securities” means the Shares held by any Shareholder or by the Founders, which status as Registrable
Securities shall terminate once such Shares (i) are sold by a Holder to the public either pursuant to a registration statement or SEC
Rule 144; (ii) are sold by a Holder in a transaction in which the rights under Section 2 hereof are not assigned; or (iii) (except for
the Founders’ Shares) can be sold without limitation under SEC Rule 144 or another similar exemption under the Securities Act, during
a ninety (90) day period without registration.

 

1.23.    
“SEC” means the U.S. Securities and Exchange Commission.

 

1.24.    
 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

 

1.25.    
“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.

 

1.26.    
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

1.27.    
“Selling Expenses” shall have the meaning set forth in Section 3.3.

 

1.28.    
“Selling Holder Counsel” shall have the meaning set forth in Section 3.3.

 

1.29.    
“Shares” means and includes Ordinary Shares (including Ordinary Shares represented by ADSs) issued and outstanding
from time to time, now owned or subsequently acquired by a Shareholder, however acquired, whether through share splits, share dividends,
reclassifications, recapitalizations, similar events or otherwise.

 

1.30.    
“Shareholders” shall have the meaning set forth in the preamble.

 

1.31.    
“Shelf Registration Statement” shall have the meaning set forth in Section 2.1.1.

 

1.32.    
“Undesignated Registrable Securities” shall have the meaning set forth in Section 2.2.2.

 

1.33.    
“WKSI” shall have the meaning set forth in the Section 2.2.1.

 

    - 3 -

     

    

 

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

 

2.1.       
Demand Registration

 

2.1.1.           
 If at any time after the Effective Date, but subject to the restriction on the sale of Ordinary Shares (including in the
form of ADSs) by the Shareholders during the 180 day period following the Effective Date under the Lock-Up Agreement entered into by each
Shareholder (unless the restrictions thereunder are waived by the Company, subject to such a waiver being applied equally to all Shareholders),
the Company receives a request from Holders of at least 30% of the Registrable Securities then outstanding, or from either of the Founders,
that the Company file a registration statement, or a prospectus supplement to an effective
registration statement with respect to an offering to be made on a delayed or continuous basis pursuant to Rule 415 promulgated under
the Securities Act (a “Shelf Registration Statement”), with respect to the resale of outstanding Registrable Securities
of such Holders having an anticipated aggregate offering price, net of Selling Expenses (as defined below), of at least $5 million, or
in the case of a request from one or both of the Founders, with an anticipated offering price, after including additional
Registrable Securities requested to be included in such registration by any other Holders, as described below, net of Selling Expenses,
of at least $1 million (in either such case, the Holder(s) (including, if applicable, the Founders) making the request are referred to
as the “Initiating Holder(s)”), then the Company shall: (i) within ten (10) business days after the date such request
is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holder(s); and (ii) as
soon as practicable, and in any event within ninety (90) days after the date such request is given by the Initiating Holder(s), file a
Form S-1 (or any comparable successor form or similar form available for foreign issuers, such
as Form F-1, if available), or, if the Company is then eligible, a Form S-3 (or any comparable successor form or similar form available
to foreign issuers, such as Form F-3, if available) registration statement, or a prospectus supplement to an already effective Shelf Registration
Statement on Form S-3 or Form F-3, covering all Registrable Securities that the Initiating
Holder(s) requested to be registered and any
additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by
each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the
limitations of Section 2.1.2 and Section 2.3; provided, however, that the Company
shall not file any registration statement or prospectus supplement pursuant to this Section 2.1.1 prior to the expiration of 90 days following
the Effective Date.

 

2.1.2.           
Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Section
2.1 a certificate signed by the Company’s chief executive officer (or, in the case of a registration demand that includes Registrable
Securities held by the Founders, signed by the chairman of the Company’s board of directors) stating that in the good faith judgment
of the Company’s board of directors it would be materially detrimental to the Company and its shareholders for such registration
statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain
effective because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar
transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business
purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the applicable securities
laws, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing
or (to the extent applicable) effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after
the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve
(12) month period; and provided further, that the Company shall not register any securities for its own account (except pursuant to Section
2.2) or of any other shareholder during such ninety (90)-day period, other than pursuant to a registration relating to the sale of securities
to employees of the Company or a subsidiary pursuant to a share option, share purchase, or similar plan; a registration on any form that
does not include substantially the same information as would be required to be included in a registration statement covering the sale
of the Registrable Securities; or a registration in which the only Ordinary Shares (including Ordinary Shares represented by ADSs) being
registered are Ordinary Shares (including Ordinary Shares represented by ADSs) issuable upon conversion of debt securities that are also
being registered.

 

    - 4 -

     

    

 

2.1.3.            The
Company shall not be obligated to effect but shall take action to facilitate effecting (including sending a Demand Notice to all
Holders other than the Initiating Holder(s)), any registration pursuant to Section 2.1.1: (i) during the period that is thirty (30)
days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after
the effective date of, a Company-initiated registration; provided, that the Company is actively employing in good faith commercially
reasonable efforts to cause such Company-initiated registration statement to become effective; (ii) after the Company has effected
three (3) registrations pursuant to Section 2.1.1; or (iii) if the Company has effected two registrations pursuant to Section 2.1.1
within the twelve (12) month period immediately preceding the date of such request or has effected a registration pursuant to
Section 2.1.1 within the ninety (90) day period immediately preceding the date of such request. A registration shall not be counted
as “effected” for purposes of this Section 2.1.3 until such time as the applicable registration statement has been
declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration (unless they elect to pay
the registration expenses therefor) and therefore forfeit their right to one demand registration statement pursuant to Section
2.1.1, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this
Section 2.1.3; provided, that, a registration shall not be counted as “effected” if the Initiating Holders
withdraw their request following the Company’s exercise of its delay rights contained in Section 2.1.2.

 

2.1.4.           
Notwithstanding the registration obligations set forth in this Section 2.1,
if the SEC informs the Company that the full number of Registrable Securities cannot, as a result of the application of Rule 415 under
the Securities Act, be registered for resale as a secondary offering on a single registration statement on Form S-3 or Form F-3,
then the Company agrees to promptly inform each of the Holders who requested inclusion of their Registrable Securities in the subject
registration statement and use its commercially reasonable efforts to file amendments to the subject registration statement as required
by the SEC, to cover the maximum number of Registrable Securities permitted to be included by the SEC; provided, however,
that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the SEC for the registration
of all of the Registrable Securities in accordance with relevant SEC guidance, including without limitation, SEC Compliance and Disclosure
Interpretation 612.09.  Notwithstanding any other provision of this Agreement, if the SEC or any guidance of the staff of the SEC
sets forth a limitation on the number of Registrable Securities permitted to be registered on the subject registration statement as a
secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the SEC for the registration of all or
a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number
of Registrable Securities to be registered on the subject registration statement shall be allocated as follows (the number of Registrable
Securities not registered, the “Cutback Shares”): (i) first, only to the extent that the subject registration
statement is filed prior to the expiration of 24 months following the Effective Date, to the Founders (to the extent the Founders
have requested to include Registrable Securities in the subject demand offering), and (ii) second, among all other such Holders of Registrable
Securities, including the Initiating Holders (and including, if the subject registration statement is filed following the expiration of
24 months after the Effective Date, the Founders) in proportion (as nearly as practicable) to the number of Registrable Securities owned
by each such Holder, or in such other proportion as shall mutually be agreed to by all such Holders.  In the event of a cutback hereunder,
the Company shall give each Holder who requested inclusion of its Registrable Securities
at least seven (7) days prior written notice along with the calculations as to such Holder’s allotment.  In the event the Company
amends the subject registration statement in accordance with the foregoing, the Company will use its commercially reasonable efforts to
file with the SEC, as promptly as allowed by the SEC or guidance of the staff thereof provided to the Company or to registrants of securities
in general, one or more registration statements on Form S-1, Form F-1, Form S-3 or Form F-3 (subject to the Company’s eligibility)
to register for resale those Registrable Securities that were not registered for resale on the initial/subject registration statement,
as amended (any such other registration statements, an “Additional Registration Statement”)..

 

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2.2.       
Company Registration.

 

2.2.1.            If
at any time following the Effective Date 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 (i) a prospectus supplement to an
effective Shelf Registration Statement, or (ii) a registration statement, other than a Shelf Registration Statement for a delayed or
continuous offering pursuant to Rule 415 under the Securities Act, in either case, for the sale of Ordinary Shares (including
Ordinary Shares represented by ADSs) 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 “Piggy-Back Underwritten
Offering”) then as soon as practicable but not less than ten (10) days prior to the filing of (a) any preliminary
prospectus supplement relating to such Piggy-Back Underwritten Offering pursuant to Rule 424(b) under the Securities Act, (b) any
prospectus supplement relating to such Piggy-Back Underwritten Offering pursuant to Rule 424(b) under the Securities Act (if no
preliminary prospectus supplement is used) or (c) such Shelf Registration Statement, as the case may be, the Company shall give
notice of such proposed Piggy-Back Underwritten Offering to the Holders and such notice shall offer the Holders the opportunity to
include in such Piggy-Back Underwritten Offering such number of Registrable Securities (the “Included Registrable
Securities”) as each such Holder may request in writing. Prior to the commencement of any “road show,” any
Holder shall have the right to withdraw its request for inclusion of its Registrable Securities 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 Securities in the Piggy-Back Underwritten Offering as
to which such withdrawal was made. The notice required to be provided to Holders shall be provided on a business day. Each such
Holder shall then have seven (7) days after receiving such notice to request in writing to the Company inclusion of Registrable
Securities in the Piggy-Back Underwritten Offering, except that such Holder shall have two (2) business days after such Holder
confirms receipt of the notice to request inclusion of Registrable Securities in the Piggy Back Underwritten Offering 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, the Company
shall use commercially reasonable efforts to effect the registration in any registration statement of any of the Holders’
Registrable Securities requested to be included on the terms set forth in this Agreement. If no request for inclusion from a Holder
is received within the specified time, such Holder shall have no further right to participate in such Piggy-Back Underwritten
Offering. For the avoidance of doubt, registration by the Company of options or shares of employees or consultants, and registration
of securities in an SEC Rule 145 transaction, shall not be deemed to constitute a Piggy-Back Underwritten Offering.

 

2.2.2.           
Unless the Company qualifies as a WKSI, (i) the Company shall give each Holder ten (10) days’ notice prior to filing a Shelf
Registration Statement and, upon the written request of any Holder, received by the Company within seven (7) days of such notice to the
Holder, the Company shall include in such Shelf Registration Statement a number of Ordinary Shares (including Ordinary Shares represented
by ADSs) equal to the aggregate number of Registrable Securities requested to be included without naming any requesting Holder as a selling
shareholder and including only a generic description of the holder of such securities (the “Undesignated Registrable Securities”),
(ii) the Company shall not be required to give notice to any Holder in connection with a filing pursuant to Section 2.2.1 unless such
Holder provided such notice to the Company pursuant to this Section 2.2.2 and included Undesignated Registrable Securities in the Shelf
Registration Statement related to such filing, and (iii) at the written request of a Holder given to the Company more than seven (7) days
before the date specified in writing by the Company as the Company’s good faith estimate of a launch of a Piggy-Back Underwritten
Offering (or such shorter period to which the Company in its sole discretion consents), the Company shall use commercially reasonable
efforts to effect the registration of any of the Holders’ Undesignated Registrable Securities so requested to be included and shall
file a post-effective amendment or, if available, a prospectus supplement to a Shelf Registration Statement to include such Undesignated
Registrable Securities as any Holder may request, provided that (a) the Company is actively employing commercially reasonable efforts
to effect such Piggy-Back Underwritten Offering; and (b) the Company shall not be required to effect a post-effective amendment more than
two (2) times in any twelve (12)-month period.

 

2.2.3.           
The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 before the effective
date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses
(other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 3.3.

 

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2.3.       
Underwriting Requirements

 

2.3.1.            If,
pursuant to Section 2.1, the Initiating Holder(s) intend to distribute the Registrable Securities covered by their request by means
of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 2.1, and the Company shall
include such information in the Demand Notice. The underwriter(s) will be selected by the Initiating Holders holding a majority of
the Registrable Securities held by the applicable Initiating Holders, subject to the reasonable approval of the Company. In such
event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the
underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company as provided in Section 3.1.6) enter into an underwriting agreement in customary form with the
underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Section 2.3, if the underwriter(s)
advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten,
then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant
hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated, (i) first, only to the
extent that the registration statement related to the underwriting was filed prior to
the expiration of 24 months following the Effective Date, to the Founders (to the extent the Founders have requested to include
Registrable Securities in the subject demand offering), and (ii) second, among all other such Holders of Registrable Securities,
including the Initiating Holders (and including, if the subject registration statement is filed following the expiration of 24
months after the Effective Date, the Founders), in proportion (as nearly as practicable) to the number of Registrable Securities
owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that
the number of Registrable Securities held by the Founders and other Holders to be included in such underwriting shall not be reduced
unless all other securities are first entirely excluded from the underwriting.

 

2.3.2.           
In connection with any offering involving an underwriting of shares of the Company’s share capital pursuant to Section 2.2,
the Company shall not be required to include any of the Holders’ (including the Founders’) Registrable Securities in such
underwriting unless the relevant Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters,
and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering
by the Company. If the total number of Registrable Securities requested by Holders to be included in such offering exceeds the number
of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with
the success of the offering, then the Company shall be required to include in the offering only that number of such Registrable Securities
which the underwriters in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine
that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities
that are included in such offering shall be allocated (a) first, only to the extent that the registration
statement related to the offering was filed prior to the expiration of 24 months following the Effective Date, to the Founders,
and (b) second, among the selling Holders (including, if the subject registration statement is filed following the expiration of 24 months
after the Effective Date, the Founders), in proportion (as nearly as practicable to) the number of Registrable Securities owned by each
selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing,
in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than
securities to be sold by the Company) are first entirely excluded from the offering.

 

2.3.3.           
For purposes of Section 2.1, a registration shall not be counted as “effected”
if, as a result of an exercise of the underwriter’s cutback provisions in Section 2.3.1, fewer than fifty percent (50%) of the total
number of Registrable Securities that Holders have requested to be included in such registration statement are actually included. In addition,
in the event of a cutback described in Section 2.1.4, a registration shall not be counted as “effected” for purposes of Section
2.1 until all Cutback Shares are registered under an Additional Registration Statement
related to the subject registration demand.

 

2.4.       
Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying
any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation
of Section 2 and Section 3.3 hereof.

 

2.5.       
Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule
or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or
pursuant to a registration on Form S-3 (or any comparable successor form or similar form available to foreign issuers, such as Form F-3,
if available), the Company shall, provided that the Company’s securities are registered under the Exchange Act:

 

2.5.1.           
make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all
times after the Effective Date;

 

    - 7 -

     

    

 

2.5.2.           
 use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company
under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

 

2.5.3.           
furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate,
a written statement by the Company that it has complied with the reporting requirements of (at any time following the lock-up period under
the Lock-Up Agreement) the Securities Act, and the Exchange Act (assuming that the Company is then still subject to such reporting requirements),
or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (or any comparable successor form or similar
form available to foreign issuers, such as Form F-3, if available) (at any time after the Company so qualifies); (ii) a copy of the most
recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information
as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities
without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant
to Form S-3 (or any comparable successor form or similar form available to foreign issuers, such as Form F-3, if available) (at any time
after the Company so qualifies to use such form); provided, that, no such information need be provided if such information is publicly
available on EDGAR.

 

 2.6.        Restriction on Transfer

 

2.6.1.           
The Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall
issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except (i) upon the conditions
specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act, or (ii) in
accordance with any exemption from registration under the Securities Act, including SEC Rule 144. A transferring Holder will cause any
proposed purchaser, pledgee, or transferee of the Registrable Securities held by such Holder to agree to take and hold such securities
subject to the provisions and upon the conditions specified in this Agreement.

 

2.6.2.           
Each certificate or instrument representing the Registrable Securities, and any other securities issued in respect of the Registrable
Securities, upon any share split, share dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted
by the provisions of Section 2.6.3) be stamped or otherwise imprinted with a legend substantially in the following form:

 

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

 

The Holders consent
to the Company making a notation in its records and giving instructions to any transfer agent of the Registrable Securities in order to
implement the restrictions on transfer set forth in this Section 2.6.

 

2.6.3.            The
holder of each certificate representing Registrable Securities , by acceptance thereof, agrees to comply in all respects with the
provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Registrable Securities, unless there is in
effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall provide to the
Company and/or its transfer agent any of (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be
reasonably satisfactory to the Company, addressed to the Company and/or its transfer agent, to the effect that the proposed
transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC
to the effect that the proposed sale, pledge, or transfer of such Registrable Securities without registration will not result in a
recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably
satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Registrable Securities may
be effected without registration under the Securities Act, whereupon the Holder of such Shares shall be entitled to sell, pledge, or
transfer such Registrable Securities . Each certificate or instrument evidencing the Registrable Securities transferred as above
provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in
Section 2.6.2, except that such certificate shall not bear such restrictive legend if, in the opinion of counsel for such
Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.

 

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2.7.       
Indemnification. If any Registrable Securities are included in a registration statement under Section 2 hereof:

 

2.7.1.           
To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, and shareholders of each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person,
if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and
the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses
reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such
expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.7.1 shall not apply to amounts paid
in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company (which consent shall not
be unreasonably withheld, conditioned or delayed), nor shall the Company be liable for any Damages to the extent that they arise out of
or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any
such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration.

 

2.7.2.           
To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and
each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company
within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities
Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other
Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made
in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection
with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses
reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result from such
written information, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.7.2 shall
not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder;
and provided further that in no event shall any indemnity under this Section 2.7.2 exceed the proceeds from the offering received by such
Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

 

2.7.3.            Promptly
after receipt by an indemnified party under this Section 2.7 of notice of the commencement of any action (including any governmental
action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 2.7, give the indemnifying party notice of the commencement thereof.
The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires,
participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel
retained by the indemnifying party who shall be reasonably satisfactory to the indemnified party; provided, however, that an
indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have
the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice
to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of
any liability to the indemnified party under this Section 2.7, to the extent that such failure materially prejudices the
indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it
of any liability that it may have to any indemnified party otherwise than under this Section 2.7.

 

    - 9 -

     

    

 

2.7.4.           
To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.7 but it is judicially
determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Section
2.7 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party
hereto for which indemnification is provided under this Section 2.7, then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion
as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements,
omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant
equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to,
among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material
fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge,
access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case, (x)
no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered
and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 2.7.4, when combined
with the amounts paid or payable by such Holder pursuant to Section 2.7.2, exceed the proceeds from the offering received by such Holder
(net of any Selling Expenses) paid by such Holder), except in the case of willful misconduct or fraud by such Holder.

 

2.7.5.           
The obligations of the Company and Holders under this Section 2.7 shall survive the completion of any offering of Registrable Securities
in a registration under Section 2 hereof, and otherwise shall survive the termination of this Agreement.

 

	3.	Covenants of the Company

 

3.1.       
The Company agrees to use commercially reasonable efforts, within the requirements of applicable law, to ensure that the rights
granted under this Agreement are effective and that the parties enjoy the benefits of this Agreement. Such actions include, without limitation,
whenever required under this Agreement to effect a registration (including an Additional Registration Statement filed pursuant to Section
2.1.4), the use of the Company’s commercially reasonable efforts to, as expeditiously as reasonably possible and subject to the
requirements under the applicable securities laws:

 

3.1.1.           
prepare and file a registration statement with respect to the Registrable Securities and use its commercially reasonable efforts
to cause such registration statement to become effective and, upon the request of the Initiating Holders, keep such registration statement
effective for a period of up to one hundred eighty (180) days, or in the case of registration on a Shelf Registration Statement on Form
S-3 or Form F-3, for a minimum of two (2) years, or, in either case, if earlier, until the distribution contemplated in the registration
statement has been completed; provided, however, that such one hundred eighty (180) day or two (2) year period shall be extended for a
period of time equal to the period the Holder refrains, at the request of an underwriter, from selling any Registrable Securities included
in such registration;

 

3.1.2.           
prepare and file such amendments and supplements to such registration statement, and the prospectus used in connection with such
registration statement, as may be necessary to comply with the applicable securities laws in order to enable the disposition of all Registrable
Securities covered by such registration statement;

 

    - 10 -

     

    

 

3.1.3.           
 furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the
applicable securities laws, and such documents as the selling Holders may reasonably request in order to facilitate their disposition
of their Registrable Securities;

 

3.1.4.           
use its commercially reasonable efforts to register and qualify the Registrable Securities covered by such registration statement
under such other securities laws of such jurisdictions as shall be reasonably requested by the selling Holders;

 

3.1.5.           
Notwithstanding Section 3.1.4 hereof and anything to the contrary in this Agreement, the Company shall register shares under this
Agreement in a certain jurisdiction only provided the Company shall not be required to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except
as may be required by applicable securities laws;

 

3.1.6.           
in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the underwriter(s) of such offering;

 

3.1.7.           
use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed
on a national securities exchange or trading system on which the Company’s securities are then listed;

 

3.1.8.           
provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and, provided that
the Company’s securities are listed on a national securities exchange or trading system in the United States, provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration;

 

3.1.9.           
promptly make available for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to
such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling
Holders, all financial and other records, pertinent corporate documents, and properties of the Company, reasonably required for such purposes
and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested
by any such seller, underwriter, attorney, accountant, or agent, in each case, as reasonably
necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence
in connection therewith;

 

3.1.10.       
notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has
been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed;

 

3.1.11.       
after such registration statement becomes effective, notify each selling Holder of any request by the applicable securities exchange
commission that the Company amend or supplement such registration statement or prospectus;

 

3.1.12.       
notify each selling Holder of the happening of any event that would cause the prospectus included in an applicable registration
statement to contain an untrue statement of a material fact or omit any fact necessary in order to make the statements made therein, in
light of the circumstances under which they were made, not misleading, and, at the request of any such Holder, the Company shall prepare
a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus
shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading;

 

3.1.13.        comply
with all applicable rules and regulations of the SEC and make available to its shareholders an earnings statement (in a form that
satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 under the Securities Act or any successor rule thereto)
no later than thirty (30) days after the end of the 12-month period beginning with the first day of the Company's first full fiscal
quarter after the effective date of each registration statement filed pursuant to this Agreement, which earnings statement shall
cover said 12-month period, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate
information on Forms 10-K and 10-Q under the Exchange Act and otherwise complies with Rule 158 under the Securities Act or any
successor rule thereto;

 

    - 11 -

     

    

 

3.1.14.       
notify the Holders of Registrable Securities promptly of any request by the SEC for the amending or supplementing of any registration
statement or prospectus with respect to any Registrable Securities held by such Holders and included in such registration statement or
prospectus; and

 

3.1.15.       
advise the Holders of Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the SEC suspending the effectiveness of any registration statement filed pursuant to this Agreement or the initiation
or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order
or to obtain its withdrawal at the earliest possible moment if such stop order should be issued.

 

3.2.       
Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
Section 3 hereof with respect to the Registrable Securities of any selling Holder, that such Holder shall furnish to the Company such
information regarding itself and the Registrable Securities held by it as is reasonably required to effect the registration of such Holder’s
Registrable Securities.

 

3.3.      
Expenses of Registration. All reasonable expenses (other than Selling Expenses) incurred in connection with registrations,
filings, or qualifications pursuant to Section 2 hereof, including all registration, filing, and qualification fees; printers’
and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one counsel for the
selling Holders (“Selling Holder Counsel”), shall be borne and paid
by the Company. All Selling Expenses relating to Registrable Securities registered pursuant to Section 2 hereof shall be borne and
paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. “Selling Expenses”
means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and
fees and disbursements of counsel for any Holder, except for the fees and disbursements of
the Selling Holder Counsel borne and paid by the Company as provided in this Section 3.3.

 

4.             
Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without
the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any
holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (i) to include such securities
in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such
registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the
Holders that are included therein, or (ii) to demand registration of any securities held by such holder or prospective holder.

 

5.             
Right to Conduct Activities.

 

5.1.    Centillion. The
Company hereby acknowledges that Centillion Fund (“Centillion”) (and its Affiliates and their respective affiliated
advisors and funds) are professional investment managers and/or funds and/or operating companies, and as such, may invest in numerous
portfolio companies or operate businesses, some of which may be deemed competitive with the Company’s business (as conducted or
proposed to be conducted). Neither Centillion nor its respective Affiliates (including affiliated advisors and funds) shall be liable
to the Company for any claim arising out of, or based upon, (i) any lawful business operations or the investment by Centillion or any
affiliated funds in any entity competitive to the Company, or (ii) lawful actions taken by any advisor, partner, officer or other representative
of Centillion or any affiliated fund or any of their respective Affiliates to assist any such competitive company, whether or not such
action was taken as a board member of such competitive company, or otherwise, in each case provided that such business operations and
or actions do not involve use of proprietary information obtained directly as a result of being a shareholder (or having a board member
or observer) in the Company.

 

    - 12 -

     

    

 

5.2.    OrbiMed. The
Company hereby acknowledges that OrbiMed Israel Partners, Limited Partnership Ltd. (“OrbiMed”) (and its
Affiliates and their respective affiliated advisors and funds) are professional investment managers and/or funds and/or operating
companies, and as such, may invest in numerous portfolio companies or operate businesses, some of which may be deemed competitive
with the Company’s business (as conducted or proposed to be conducted). Neither OrbiMed nor its respective Affiliates
(including affiliated advisors and funds) shall be liable to the Company for any claim arising out of, or based upon, (i) any lawful
business operations or the investment by OrbiMed or any affiliated funds in any entity competitive to the Company, or (ii) lawful
actions taken by any advisor, partner, officer or other representative of OrbiMed or any affiliated fund or any of their respective
Affiliates to assist any such competitive company, whether or not such action was taken as a board member of such competitive
company, or otherwise, in each case provided that such business operations and or actions do not involve use of proprietary
information obtained directly as a result of being a shareholder (or having a board member or observer) in the Company.

 

5.3.    Rivendell. The
Company hereby acknowledges that Rivendell Investments 2017-9 LLC (“Rivendell”) (and its Affiliates and their respective
affiliated advisors and funds) are professional investment managers and/or funds and/or operating companies, and as such, may invest in
numerous portfolio companies or operate businesses, some of which may be deemed competitive with the Company’s business (as conducted
or proposed to be conducted). Neither Rivendell nor its respective Affiliates (including affiliated advisors and funds) shall be liable
to the Company for any claim arising out of, or based upon, (i) any lawful business operations or the investment by Rivendell or any affiliated
funds in any entity competitive to the Company, or (ii) lawful actions taken by any advisor, partner, officer or other representative
of Rivendell or any affiliated fund or any of their respective Affiliates to assist any such competitive company, whether or not such
action was taken as a board member of such competitive company, or otherwise, in each case provided that such business operations and
or actions do not involve use of proprietary information obtained directly as a result of being a shareholder (or having a board member
or observer) in the Company.

 

5.4.    SBI. The Company
hereby acknowledges that SBI JI Innovation Fund Limited Partnership (“SBI”), (and its Affiliates and their respective
affiliated advisors and funds) are professional investment managers and/or funds and/or operating companies, and as such, may invest in
numerous portfolio companies or operate businesses, some of which may be deemed competitive with the Company’s business (as conducted
or proposed to be conducted). Neither SBI nor its respective Affiliates (including affiliated advisors and funds) shall be liable to the
Company for any claim arising out of, or based upon, (i) any lawful business operations or the investment by SBI or any affiliated funds
in any entity competitive to the Company, or (ii) lawful actions taken by any advisor, partner, officer or other representative of SBI
or any affiliated fund or any of their respective Affiliates to assist any such competitive company, whether or not such action was taken
as a board member of such competitive company, or otherwise, in each case provided that such business operations and or actions do not
involve use of proprietary information obtained directly as a result of being a shareholder (or having a board member or observer) in
the Company.

 

5.5.    Milestone. The
Company hereby acknowledges that Milestone View Limited (“Milestone”) (and its Affiliates and their respective affiliated
advisors and funds) are professional investment managers and/or funds and/or operating companies, and as such, may invest in numerous
portfolio companies or operate businesses, some of which may be deemed competitive with the Company’s business (as conducted or
proposed to be conducted). Neither Milestone nor its respective Affiliates (including affiliated advisors and funds) shall be liable to
the Company for any claim arising out of, or based upon, (i) any lawful business operations or the investment by Milestone or any affiliated
funds in any entity competitive to the Company, or (ii) lawful actions taken by any advisor, partner, officer or other representative
of Milestone or any affiliated fund or any of their respective Affiliates to assist any such competitive company, whether or not such
action was taken as a board member of such competitive company, or otherwise, in each case provided that such business operations and
or actions do not involve use of proprietary information obtained directly as a result of being a shareholder (or having a board member
or observer) in the Company.

 

    - 13 -

     

    

 

5.6.
   Finteca. The Company hereby acknowledges that Finteca Holdings Limited (“Finteca”) (and
its Affiliates and their respective affiliated advisors and funds) are professional investment managers and/or funds and/or
operating companies, and as such, may invest in numerous portfolio companies or operate businesses, some of which may be deemed
competitive with the Company’s business (as conducted or proposed to be conducted). Neither Finteca nor its respective
Affiliates (including affiliated advisors and funds) shall be liable to the Company for any claim arising out of, or based upon, (i)
any lawful business operations or the investment by Finteca or any affiliated funds in any entity competitive to the Company, or
(ii) lawful actions taken by any advisor, partner, officer or other representative of Finteca or any affiliated fund or any of their
respective Affiliates to assist any such competitive company, whether or not such action was taken as a board member of such
competitive company, or otherwise, in each case provided that such business operations and or actions do not involve use of
proprietary information obtained directly as a result of being a shareholder (or having a board member or observer) in the
Company.

 

6.             
Term. This Agreement shall be effective as of the date hereof and shall continue in effect until the earliest to occur of
(a) five (5) years following the Effective Date, provided that the provisions of Section 7 hereof will continue after such time to the
extent necessary to enforce the provisions of this Agreement and (b) termination of this Agreement in accordance with Section 7.6 (‘Consent
Required to Amend, Terminate or Waive’) below.

 

7.             
Miscellaneous.

 

7.1.       
Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder
to a transferee of Registrable Securities that (i) is a Permitted Transferee of the Holder; or (ii) after such transfer, holds at least
ten percent (10%) of the Registrable Securities (as adjusted for any share split, share dividend, bonus share issuance, recapitalization
or similar transaction); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written
notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred;
and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions
of this Agreement. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of
a transferee that is a permitted Transferee shall be aggregated together and with those of the transferring Holder; provided further that
all transferees who would not qualify individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising
any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit
of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied,
is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

 

7.2.       
Governing Law; Jurisdiction. This Agreement and any controversy arising out of or relating to this Agreement shall be governed
by and construed in accordance with the internal laws of the State of Israel, without regard to conflict of law principles that would
result in the application of any law other than the law of the State of Israel. The parties (a) hereby irrevocably and unconditionally
submit to the jurisdiction of the competent courts of Tel Aviv-Jaffa, Israel for the purpose of any suit, action or other proceeding arising
out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this
Agreement except in the competent courts of Tel Aviv-Jaffa, Israel.

 

7.3.       
Counterparts; Facsimile. This Agreement may be executed and delivered by facsimile signature and in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

7.4.       
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

7.5.       
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile
if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after the business
day of deposit with a nationally recognized overnight courier, specifying next business day delivery, with written verification of receipt.
All communications shall be sent to the respective parties at their address as kept on record with the Company, or to such email address,
facsimile number or address as subsequently modified by written notice given in accordance with this Section 7.5.

 

    - 14 -

     

    

 

7.6.       
 Consent Required to Amend, Terminate or Waive. This Agreement may be amended or modified and the observance of any term
hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument
executed by (a) the Company, and (ii) Shareholders holding a majority of the Shares then held by Shareholders; provided, that if such
amendment or waiver would adversely and disproportionately modify the rights or obligations of any Shareholder holding Registrable Securities
vis-à-vis any other Shareholder holding Registrable Securities, then such amendment shall require the prior consent of any such
affected Shareholder. Notwithstanding the foregoing: (i) Schedule A hereto may be amended by the Company from time to time to
add information regarding additional Shareholders (that are assignees and/or Permitted Transferees pursuant to Section 7.1 hereof) without
the consent of the other parties hereto; (ii) any provision hereof may be waived by the waiving party on such party’s own behalf,
without the consent of any other party. A copy of any amendment shall be delivered to each Shareholder within five business days of the
effectiveness of such amendment.

 

The Company shall give prompt
written notice of any amendment, termination or waiver hereunder to any party that did not consent in writing thereto. Any amendment,
termination or waiver effected in accordance with this Section 7.6 shall be binding on each party and all of such party’s successors
and permitted assigns, whether or not any such party, successor or assignee entered into or approved such amendment, termination or waiver.

 

7.7.       
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement,
upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in
any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default previously or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of
any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this
Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under
this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

7.8.       
Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision.

 

7.9.       
Entire Agreement. This Agreement (including any Schedules and Exhibits hereto), constitute the full and entire understanding
and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject
matter hereof existing between the parties are expressly canceled, including without limitation the Prior Agreement, which is hereby terminated
and of no further force and effect.

 

7.10.    
Share Splits, Share Dividends, etc. In the event of any issuance of Shares of the Company’s voting securities hereafter
to any of the Shareholders (including, without limitation, in connection with any share split, share dividend, recapitalization, reorganization,
or the like), such Shares shall become subject to this Agreement.

 

7.11.    
Manner of Voting. The voting of Shares pursuant to this Agreement may be effected in person, by proxy, by written consent
or in any other manner permitted by applicable law and Articles of Association of the Company then in effect.

 

7.12.    
Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other,
and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action
as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby
and to otherwise carry out the intent of the parties hereunder.

 

7.13.     Aggregation
of Shares. All shares of Registrable Securities held or acquired by Shareholders who are Permitted Transferees shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement and such Shareholders who are
Permitted Transferees may apportion such rights as among themselves in any manner they deem appropriate.

 

7.14.    
Termination of Existing Registration Rights Agreement. By executing and delivering this Agreement, those Shareholders party
hereto, who collectively constitute the requisite “Majority Investors” under the Existing Registration Rights Agreement, together
with (i) the Target Company and (ii) the founder of the Target Company who is party to the Existing Registration Rights Agreement, hereby
terminate the Existing Registration Rights Agreement, pursuant to Section 3.7 thereof, effective as of the Effective Date of this Agreement.
Each of the Target Company and the foregoing founder of the Target Company is executing and delivering this Agreement for the sole purpose
of acknowledging, and agreeing to, the provisions of this Section 7.14. 

 

[Signature Pages Follow]

 

    - 15 -

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Registration Rights Agreement effective as of the Effective Date appearing above.

 

	Anchiano Therapeutics Ltd.    	 
	 	 
	By:	/s/ Neil Cohen	 
	Name:  	Neil Cohen	 
	Title:	Chief Executive Officer	 
	 	 
	By:	/s/ Andrew Fine	 
	Name:	Andrew Fine	 
	Title:	Chief Financial Officer	 

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Registration Rights Agreement effective as of the Effective Date appearing above.

 

 

	Finteca Holdings Limited  	 	Centillion Fund Inc.   
	 	 	 
	By:	 /s/ Sean Ellis	 	By:	/s/ Sean Ellis
	Name:	 Sean Ellis	 	Name:	Sean Ellis
	Title:	     	 	Title:	 
	 	 	 
	Rivendell Investments 2017-9 LLC    	 	OrbiMed Partners Limited Partnership     
	 	 	 
	By:	/s/ Jory Shoell	 	By:	/s/ Nissim Darvish /s/ Erez Chimovits
	Name:	Jory Shoell	 	Name:	Nissim Darvish Erez Chimovits
	Title:	Authorized Signatory      	 	Title:	Senior Managing Director Director  
	 	 	 
	Apeiron SICAV Ltd. – Presight Capital Fund ONE      	 	SBI JI Innovation Fund LP    
	 	 	 
	By:	/s/ Heinz Daxl /s/ Jefim Gewiet	 	By:	/s/ Ryo Nakashima
	Name:  	Heinz Daxl Jefim Gewiet	 	Name:  	Ryo Nakashima
	Title:	Director Director	 	Title:	Director of GP

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have duly executed this Registration Rights Agreement effective as of the Effective Date appearing above.

 

	FOUNDERS	 
	 	 
	/s/
    Adi Mor	 
	Adi
    Mor	 
	 	 
	/s/
    Kobi George	 
	Kobi
    George	 

 

     

     

    

 

ACKNOWLEDGED AND AGREED, solely with respect
to the final “WHEREAS” clause and Section 7.14 of this Registration Rights Agreement, effective as of the Effective Date appearing
above.

 

	CHEMOMAB
    LTD.	 
	 	 
	By: 	/s/ Adi Mor	 
	Name:   	Adi Mor	 
	Title: 	CEO

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