Document:

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (the “Agreement”) is entered into by and among Barfresh Food Group, Inc., a Delaware
corporation (the “Company”), and the undersigned investors (individually, a “Purchaser” and collectively
the “Purchasers”).

 

RECITALS

 

WHEREAS,
pursuant to a Securities Purchase Agreement entered into simultaneously herewith (the “Securities Purchase Agreement”),
certain of the Purchasers have acquired from the Company shares (“Shares”) of the Company’s Common Stock;

 

WHEREAS,
the Company wishes to grant the Purchasers certain registration rights in respect of the Shares, as set forth herein.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein hereby agree as follows:

 

	1.	Definitions.
    As used in this Agreement, the following terms shall have the following meanings:

 

	 	(a)	“Common
    Stock” means the common stock of the Company, par value $0.000001 per share, and any other class of securities into
    which such securities may hereafter be reclassified or changed into.
	 	 	 
	 	(b)	“Commission”
    means the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.
	 	 	 
	 	(c)	“Effectiveness
    Date” means, with respect to any Registration Statement required to be filed pursuant to Section 2 hereof, a date no
    later than one hundred eighty (180) days following the date hereof.
	 	 	 
	 	(d)	“Effectiveness
    Period” has the meaning set forth in Section 2(a).
	 	 	 
	 	(e)	“Filing
    Date” means, with respect to any Registration Statement required to be filed pursuant to Section 2 hereof, as soon as
    reasonably practicable, but a date no later than ninety (90) days following the date hereof.
	 	 	 
	 	(f)	“Holder”
    or “Holders” means the Purchaser or any of its affiliates or transferees to the extent any of them hold Registrable
    Securities.
	 	 	 
	 	(g)	“Indemnified
    Party” has the meaning set forth in Section 5(c).
	 	 	 
	 	(h)	“Indemnifying
    Party” has the meaning set forth in Section 5(c).
	 	 	 
	 	(i)	“Proceeding”
    means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
    such as a deposition), whether commenced or threatened.
	 	 	 
	 	(j)	“Prospectus”
    means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
    previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
    under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering
    of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and supplements
    to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated
    by reference in such Prospectus.

 

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	 	(k)	“Registrable
    Securities” shall mean (i) the Shares, and any shares of capital stock of the Company into which the Shares are convertible
    or exercisable, (ii) any Common Stock issued or issuable at any time or from time-to-time in respect of the Shares upon a
    stock split, stock dividend, recapitalization, exchange or other similar event involving the Company, and (iii) the Additional
    Shares (as defined in Section 2(a), below).
	 	 	 
	 	(l)	“Registration
    Statement” means each registration statement required to be filed hereunder, including the Prospectus therein, amendments
    and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto,
    and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.
	 	 	 
	 	(m)	“Rule
    144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time-to-time,
    or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.
	 	 	 
	 	(n)	“Rule
    415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time-to-time,
    or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.
	 	 	 
	 	(o)	“Securities
    Act” means the Securities Act of 1933, as amended, and any successor statute.
	 	 	 
	 	(p)	“Trading
    Market” means any of the FINRA Over-the-Counter Bulletin Board, the NASDAQ Stock Market or the New York Stock Exchange.

 

	2.	Registration.

 

	 	(a)	The
    Company shall prepare and file with the Commission a Registration Statement covering the Registrable Securities for a selling
    stockholder resale offering to be made on a continuous basis pursuant to Rule 415. The Company shall use reasonable commercial
    efforts to file each Registration Statement no later than the Filing Date and to cause each Registration Statement to be declared
    effective under the Securities Act as promptly as possible after the filing thereof, but in any event no later than the Effectiveness
    Date. The Company shall use its reasonable commercial efforts to keep each Registration Statement continuously effective under
    the Securities Act until the date which is the earlier date of when: (i) all Registrable Securities covered by such Registration
    Statement have been sold; or (ii) all Registrable Securities covered by such Registration Statement may be sold without registration
    under the Securities Act pursuant to Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter
    to such effect, addressed and acceptable to the Company’s transfer agent and the affected Holders (each, an “Effectiveness
    Period”). If: (i) the Registration Statement is not filed on or prior to the Filing Date; or (ii), the Company or its
    counsel fail to respond to SEC comments related to the Registration Statement within 30 calendar days of receipt ((i) and
    (ii) collectively referred to herein as an “Event”), then (as full relief for the damages to the Purchaser by
    reason of the occurrence of any such Event, which remedy shall be exclusive of any other remedies available at law or in equity),
    Company shall issue to Holders, for each month (pro-rated for shorter periods) that an Event has occurred and is continuing,
    Shares equal to one percent (1%) of the aggregate Shares purchased by Purchaser in the offering (“Additional Shares”).
    The Additional Shares shall be issued to the Holders (at no cost to the Holders) in proportion to the number Registrable Securities
    held by such Holder on the Event Date.

 

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	 	(b)	The
    Company shall cause its counsel to issue a blanket opinion to the Company’s transfer agent stating that the shares are
    subject to an effective registration statement and can be reissued free of restrictive legend upon notice of a sale by the
    Holder and confirmation by the Holder that it has complied with the prospectus delivery requirements, provided that the Company
    has not advised the transfer agent orally or in writing that the opinion has been withdrawn. Copies of the blanket opinion
    required by this Section 2(b) shall be delivered to the Holder within the time frame set forth above.
	 	 	 
	 	(c)	The
    Company may require each Holder of Registrable Securities as to which any registration is being effected to furnish to the
    Company, within 5 calendar days after written request therefor has been made by the Company, such information regarding the
    distribution of such Holder’s Registrable Securities as is required by law to be disclosed in the Registration Statement
    (the “Requisite Information”).
	 	 	 
	 	(d)	No
    Holder shall be entitled to use the Prospectus if such Holder shall have failed to furnish the information required by this
    Section 2(c), and such information with respect to such Holder shall have been included in the Prospectus, unless the Company
    shall have failed timely to fulfill its obligations under this Section. If any information furnished to the Company by a Holder
    for inclusion in a Registration Statement or the Prospectus becomes materially misleading, such Holder agrees (i) to furnish
    promptly to the Company all information required to be disclosed in such Registration Statement in order to make the information
    previously furnished to the Company not materially misleading and (ii) to stop selling or offering for sale Registrable Securities
    pursuant to the Registration Statement until such Holder’s receipt of the copies of a supplemented or amended Prospectus
    correcting such disclosure. The Company shall have no obligation to keep a Prospectus usable with respect to a particular
    Holder or to give notice that a Prospectus is not usable by such Holder to the extent such Prospectus is not usable by such
    Holder because current Requisite Information with respect to such Holder is not included therein because such Holder has not
    provided such information to the Company in accordance with this Section 2(c).
	 	 	 
	 	(e)	Notwithstanding
    any other provision of this Agreement, if any Commission guidance sets forth a limitation on the number of shares of the Company’s
    capital stock to be registered in the Registration Statement), the number of Shares to be registered on such Registration
    Statement will be reduced on a pro rata basis among the Holders based on the total number of unregistered Shares held by each
    Holder without penalty to the Company The Company shall file a new registration statement as soon as reasonably practicable
    covering the resale by the Holders of not less than the number of shares of such Shares that are not registered in the Registration
    Statement.

 

	3.	Registration
    Procedures. Whenever the Company is required by the provisions hereof to effect the registration of any Registrable Securities
    under the Securities Act, the Company will, as expeditiously as possible:

 

	 	(a)	prepare
    and file with the Commission a Registration Statement with respect to such Registrable Securities, respond as promptly as
    possible to any comments received from the Commission, and use its best efforts to cause such Registration Statement to become
    and remain effective for the Effectiveness Period with respect thereto;

 

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	 	(b)	prepare
    and file with the Commission such amendments and supplements to such Registration Statement and the Prospectus used in connection
    therewith as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable
    Securities covered by such Registration Statement and to keep such Registration Statement effective until the expiration of
    the Effectiveness Period applicable to such Registration Statement;
	 	 	 
	 	(c)	furnish
    to each Holder such number of copies of the Registration Statement and the Prospectus included therein (including each preliminary
    Prospectus) as such Holder may reasonably request to facilitate the public sale or disposition of the Registrable Securities
    covered by such Registration Statement;
	 	 	 
	 	(d)	use
    its commercially reasonable efforts to register or qualify the Holders’ Registrable Securities covered by such Registration
    Statement under the securities or “blue sky” laws of such jurisdictions within the United States as the Holders
    may reasonably request, provided, however, that the Company shall not for any such purpose be required to qualify generally
    to transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to general service
    of process in any such jurisdiction;
	 	 	 
	 	(e)	list
    the Registrable Securities covered by such Registration Statement with any securities exchange on which the Common Stock of
    the Company is then listed (if applicable); and
	 	 	 
	 	(f)	immediately
    notify the Holders at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of
    the happening of any event of which the Company has knowledge as a result of which the Prospectus contained in such Registration
    Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to
    be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing.

 

	4.	Registration
    Expenses. All expenses relating to the Company’s compliance with Sections 2 and 3 hereof, including, without limitation,
    all registration, listing, qualification and filing fees, printing expenses, fees and disbursements of counsel and independent
    public accountants for the Company, fees and expenses (including reasonable counsel fees) incurred in connection with complying
    with state securities or “blue sky” laws, fees of FINRA, transfer taxes, fees of transfer agents and registrars
    are called “Registration Expenses.” All selling commissions applicable to the sale of Registrable Securities are
    called “Selling Expenses.” The Company shall be responsible for and pay all Registration Expenses.
	 	 
	5.	Indemnification.

 

	 	(a)	In
    the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Company
    will indemnify and hold harmless each Holder, and its officers, directors and each other person, if any, who controls such
    Holder within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to
    which such Holder, or such persons may become subject under the Securities Act or otherwise, insofar as such losses, claims,
    damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
    statement of any material fact contained in any Registration Statement under which such Registrable Securities were registered
    under the Securities Act pursuant to this Agreement, any preliminary Prospectus or final Prospectus contained therein, or
    any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a
    material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse
    such Holder, and each such person for any reasonable legal or other expenses incurred by them in connection with investigating
    or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in
    any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue
    statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by
    or on behalf of the Purchaser or any such person in writing specifically for use in any such document.

 

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	 	(b)	In
    the event of a registration of the Registrable Securities under the Securities Act pursuant to this Agreement, each Purchaser
    will indemnify and hold harmless the Company, and its officers, directors and each other person, if any, who controls the
    Company within the meaning of the Securities Act, against all losses, claims, damages or liabilities, joint or several, to
    which the Company or such persons may become subject under the Securities Act or otherwise, insofar as such losses, claims,
    damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
    statement of any material fact which was furnished in writing by such Purchaser to the Company expressly for use in (and such
    information is contained in) the Registration Statement under which such Registrable Securities were registered under the
    Securities Act pursuant to this Agreement, any preliminary Prospectus or final Prospectus contained therein, or any amendment
    or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact
    required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and
    each such person for any reasonable legal or other expenses incurred by them in connection with investigating or defending
    any such loss, claim, damage, liability or action; provided, however, that such Purchaser will be liable in any such case
    if and only to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement
    or alleged untrue statement or omission or alleged omission so made in conformity with information furnished in writing to
    the Company by or on behalf of such Purchaser specifically for use in any such document. Notwithstanding the provisions of
    this paragraph, no Purchaser shall be required to indemnify any person or entity in excess of the amount of the aggregate
    net proceeds received by such Purchaser in respect of Registrable Securities in connection with any such registration under
    the Securities Act.
	 	 	 
	 	(c)	Promptly
    after receipt by a party entitled to claim indemnification hereunder (an “Indemnified Party”) of notice of the
    commencement of any action, such Indemnified Party shall, if a claim for indemnification in respect thereof is to be made
    against a party hereto obligated to indemnify such Indemnified Party (an “Indemnifying Party”), notify the Indemnifying
    Party in writing thereof, but the omission so to notify the Indemnifying Party shall not relieve it from any liability which
    it may have to such Indemnified Party other than under this Section 5(c) and shall only relieve it from any liability which
    it may have to such Indemnified Party under this Section 5(c) if and to the extent the Indemnifying Party is prejudiced by
    such omission. In case any such action shall be brought against any Indemnified Party and it shall notify the Indemnifying
    Party of the commencement thereof, the Indemnifying Party shall be entitled to participate in and, to the extent it shall
    wish, to assume and undertake the defense thereof with counsel satisfactory to such Indemnified Party, and, after notice from
    the Indemnifying Party to such Indemnified Party of its election so to assume and undertake the defense thereof, the Indemnifying
    Party shall not be liable to such Indemnified Party under this Section 5(c) for any legal expenses subsequently incurred by
    such Indemnified Party in connection with the defense thereof; if the Indemnified Party retains its own counsel, then the
    Indemnified Party shall pay all fees, costs and expenses of such counsel; provided, however, that, if the defendants in any
    such action include both the Indemnified Party and the Indemnifying Party and the Indemnified Party shall have reasonably
    concluded that there may be reasonable defenses available to it which are different from or additional to those available
    to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests
    of the Indemnifying Party, the Indemnified Party shall have the right to select one separate counsel and to assume such legal
    defenses and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate
    counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred.

 

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	 	(d)	In
    order to provide for just and equitable contribution in the event of joint liability under the Securities Act in any case
    in which either: (i) a Purchaser, or any officer, director or controlling person of such Purchaser, makes a claim for indemnification
    pursuant to this Section 5 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 5 provides for indemnification in such case, or (ii)
    contribution under the Securities Act may be required on the part of a Purchaser or such officer, director or controlling
    person of such Purchaser in circumstances for which indemnification is provided under this Section 5; then, and in each such
    case, the Company and such Purchaser will contribute to the aggregate losses, claims, damages or liabilities to which they
    may be subject (after contribution from others) in such proportion so that such Purchaser is responsible only for the portion
    represented by the percentage that the public offering price of its securities offered by the Registration Statement bears
    to the public offering price of all securities offered by such Registration Statement; provided, however, that, in any such
    case, (A) such Purchaser will not be required to contribute any amount in excess of the public offering price of all such
    securities offered by it pursuant to such Registration Statement; and (B) no person or entity guilty of fraudulent misrepresentation
    will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation.

 

	6.	Assignment
    of Registration Rights. The rights under this Agreement shall be automatically assignable by the Purchasers to any transferee
    of all or any portion of the Registrable Securities if: (i) the Purchaser agrees in writing with the transferee or assignee
    to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment,
    (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of: (a) the
    name and address of such transferee or assignee, and (b) the securities with respect to which such registration rights are
    being transferred or assigned, (iii) following such transfer or assignment, the further disposition of such securities by
    the transferee or assignee is restricted under the Securities Act and applicable state securities laws, (iv) at or before
    the time the Company receives the written notice contemplated by clause (ii) of this sentence, the transferee or assignee
    agrees in writing with the Company to be bound by all of the provisions contained herein, and (v) such transferee shall be
    an “accredited investor” as that term defined in Rule 501 of Regulation D promulgated under the Securities Act.
	 	 
	7.	General.

 

	 	(a)	Entire
    Agreement; Delays or Omissions. This Agreement and the Securities Purchase Agreement constitute the full and entire understanding
    and agreement between the parties with regard to the subject hereof. The failure of any party to exercise any right or remedy
    under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

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	 	(b)	Compliance.
    Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
    to it in connection with sales of Registrable Securities pursuant to any Registration Statement.
	 	 	 
	 	(c)	Discontinued
    Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the
    Company of the occurrence of a Discontinuation Event (as defined below), such Holder will forthwith discontinue disposition
    of such Registrable Securities under the applicable Registration Statement until such Holder’s receipt of the copies
    of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”)
    by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional
    or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration
    Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. For purposes of this
    Agreement, a “Discontinuation Event” shall mean: (i) when the Commission notifies the Company whether there will
    be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration
    Statement; (ii) any request by the Commission or any other Federal or state governmental authority for amendments or supplements
    to such Registration Statement or Prospectus or for additional information; (iii) the issuance by the Commission of any stop
    order suspending the effectiveness of such Registration Statement covering any or all of the Registrable Securities or the
    initiation of any Proceedings for that purpose; (iv) the receipt by the Company of any notification with respect to the suspension
    of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or
    the initiation or threatening of any Proceeding for such purpose; and/or (v) the occurrence of any event or passage of time
    that makes the financial statements included in such Registration Statement ineligible for inclusion therein or any statement
    made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference
    untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents
    so that, in the case of such Registration Statement or Prospectus, as the case may be, it will not contain any untrue statement
    of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein,
    in light of the circumstances under which they were made, not misleading.
	 	 	 
	 	(d)	Amendments
    and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
    supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be
    in writing and signed by the Company and the Holders of the then outstanding Registrable Securities. Notwithstanding the foregoing,
    a waiver or consent to depart from the provisions hereof with respect to a matter that relates generally to the rights of
    all Holders and that does not directly or indirectly affect the rights of specific Holders in a manner different from other
    Holders may be given by Holders of at least a majority of the Registrable Securities; provided, however, that the provisions
    of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately
    preceding sentence.
	 	 	 
	 	(e)	Notices.
    Any notice or request hereunder may be given to the Company or the Purchaser pursuant to provisions of the Securities Purchase
    Agreement.
	 	 	 
	 	(f)	Successors
    and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
    of the parties and shall inure to the benefit of each Holder.

 

	 	(g)	Execution
    and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed
    to be an original and, all of which taken together shall constitute one and the same agreement. In the event that any signature
    is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or
    on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the
    original thereof.

 

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

 

	BARFRESH
    FOOD GROUP inc.	 	Address
    for Notice:
	 	 	 	 
	By:	 	 	BARFRESH
    FOOD GROUP inc.
	Name:	Joseph
    Tesoriero	 	 
	Title:	Chief
    Financial Officer	 	 
	 	 	 	Attention:	Riccardo
    Delle Coste,
	Date:	 	 	 	Chief
    Executive Officer
	 	 	 	Email:	riccardo@barfresh.com

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

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[PURCHASER
SIGNATURE PAGES TO BARFRESH FOOD GROUP INC. 

REGISTRATION RIGHTS AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Registration Rights Agreement to be duly executed by their respective authorized
signatories as of the date below.

 

	ENTITY,
    TRUST, ETC. PURCHASERS	 	INDIVIDUAL
    PURCHASERS
	 	 	 
	Entity
    Name:	 	 	 	 
	 	 	 	 	 
	Signature:	 	 	Signature:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	 	 
	 	 	 	 	 
	Date:	 	 	Date:	 

 

    	 	9Exhibit 4.8

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

PLACEMENT
AGENT WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY

AMERICAN DEPOSITARY SHARES

 

CAN-FITE
BIOPHARMA LTD.

 

	Warrant
    No.: 2019 May - __	Initial
    Exercise Date: May 22, 2019
	 	Issuance
    Date: May 22, 2019

 

Number
of American Depositary Shares: ________________

 

THIS
PLACEMENT AGENT WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”)
certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms
and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after May 22, 2019 (the
“Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on May 20, 2024 (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Can-Fite BioPharma Ltd., an Israeli limited company (the
“Company”), up to ______ Ordinary Shares (the “Warrant Shares”) represented by ________1
American Depositary Shares (“ADSs”), as subject to adjustment hereunder (the “Warrant ADSs”).
The purchase price of one Warrant ADS shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is issued
pursuant to the Engagement Agreement, dated May 20, 2019, between the Company and H.C. Wainwright & Co., LLC.

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated May 20, 2019 among the Company and the purchasers
signatory thereto.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such
other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the
Holder appearing on the books of the Company) and the Depositary of a duly executed facsimile copy (or .pdf copy via e-mail)
of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i)
two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i)
herein) following the date of exercise as aforesaid the Holder shall deliver the aggregate Exercise Price of the Warrant ADSs
thereby purchased by wire transfer or cashier’s check drawn on a United States bank or, if available, pursuant to the cashless
exercise procedure specified in Section 2(c) below. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein
to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant ADSs available
hereunder shall have the effect of lowering the outstanding number of Warrant ADSs purchasable hereunder in an amount equal to
the applicable number of Warrant ADSs purchased. The Holder and the Company shall maintain records showing the number of Warrant
ADSs purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1)
Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that,
by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant ADSs hereunder, the number of
Warrant ADSs available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

 

 

 

 

 

 

1
30 Ordinary Shares for each ADS.

 

    

     

    

 

b)
Exercise Price. The exercise price per ADS under this Warrant shall be $4.00, subject to adjustment hereunder (the
“Exercise Price”).

 

c)
Cashless Exercise. If at any time after the 6-month anniversary of the Issuance Date there is no effective Registration
Statement registering, or no current prospectus available for, the resale of the Warrant ADSs by the Holder, then this Warrant
may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall
be entitled to receive a number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the ADSs on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice
of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant ADSs that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

“Bid
Price” means, for any date, the price determined by the first of the following
clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the bid price of the ADSs for the time in
question (or the nearest preceding date) on the Trading Market on which the ADSs are then listed or quoted as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is
not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest preceding date) on OTCQB or
OTCQX as applicable, (c) if the ADSs not then listed or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the ADSs so reported, or (d) in all other cases,
the fair market value of an ADSs as determined by an independent appraiser selected in good faith by the Holders of a majority
in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall
be paid by the Company.

 

    2

     

    

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs then listed or quoted
on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the
Trading Market on which the ADSs then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New
York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs not then listed
or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then reported in the “Pink Sheets” published
by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per ADS so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser
selected in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to
the Company, the fees and expenses of which shall be paid by the Company.

 

If
Warrant ADSs are
issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities
Act, the Warrant ADSs shall take on the characteristics of the Warrants being exercised,
and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant ADSs.  The
Company agrees not to take any position contrary to this Section 2(c).

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant ADSs Upon Exercise. Within 1 Trading day of the date that a Notice of Exercise is delivered to the
Company, the Company shall deposit the Warrant Shares subject to such exercise with The Bank of New York Mellon, the Depositary
for the ADSs (the “Depositary”) and instruct the Depositary to credit the account of the Holder’s prime
broker with The Depository Trust Company through its Deposit/Withdrawal At Custodian system (“DWAC”) if the
Depositary is then a participant in such system and either (A) there is an effective registration statement registering for resale
of the Warrant Shares represented by the Warrant ADSs by the Holder or (B) the Warrant Shares represented by the Warrant ADSs
are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 and the Warrant ADSs have
been sold by the Holder prior to the Warrant ADS Delivery Date (as defined below), and otherwise by physical delivery to the address
specified by the Holder in the Notice of Exercise, by the date that is the earlier of (i) two (2) Trading Days and (ii) the number
of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date,
the “Warrant ADS Delivery Date”). If the Warrant ADSs can be delivered via DWAC, then in addition to the delivery
of the Warrant Shares to the Depositary, within one (1) Trading Day of the applicable exercise, the Depositary shall have received
from the Company any legal opinions or other documentation required by the Depositary to deliver such ADSs without legend and,
if applicable and requested by the Company prior to the Warrant ADS Delivery Date, the Depositary shall have received from the
Holder a confirmation of sale of the Warrant ADSs (provided the requirement of the Holder to provide a confirmation as to the
sale of Warrant ADSs shall not be applicable to the issuance of unlegended Warrant ADS’s upon a cashless exercise of this
Warrant if the Warrant ADSs are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares represented by the Warrant
ADSs shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to
have become the beneficial owner of such Warrant Shares represented by the Warrant ADSs for all purposes, as of the date the Warrant
has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required
to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such Warrant ADSs having been paid. As
used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading
Days, on the Company’s primary Trading Market with respect to the ADSs as in effect on the date of delivery of the Notice
of Exercise.

 

    3

     

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant, which new
Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant ADSs pursuant
to Section 2(d)(i) by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; provided,
however, that the Holder shall be required to return any Warrant ADSs or Warrant Shares subject to any such rescinded exercise
notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant ADSs and the
restoration of Holder’s right to acquire such Warrant ADSs pursuant to this Warrant (including, issuance of a replacement
warrant certificate evidencing such restored right).

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, ADSs to deliver in satisfaction of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by
which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the ADSs so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant ADSs that the Company was required to deliver to the Holder in
connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was
executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant ADSs
for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number
of ADSs that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For
example, if the Holder purchases ADSs having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of ADSs with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver ADSs upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.
No Fractional Shares or Scrip. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise of this Warrant.
As to any fraction of an ADS which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at
its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price or round up to the next whole ADS.

 

 vi.
Charges, Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of Warrant ADSs, all of which taxes and expenses shall be paid by the
Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;
provided, however, that in the event that Warrant ADSs are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all Depositary fees required for same-day processing of any Notice of Exercise and all fees to
the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

 

    4

     

    

 
  

vii.
Closing of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

e)
Holder’s Exercise Limitations. Notwithstanding anything to the contrary contained herein, the Company shall not effect
the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant,
pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated if never made, to
the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would
beneficially own in excess of 4.99% (the “Maximum Percentage”) of the number of Ordinary Shares outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares
beneficially owned by the Holder and the other Attribution Parties shall include the number of Ordinary Shares underlying ADSs
held by the Holder and all other Attribution Parties plus the number of Ordinary Shares underlying ADSs issuable upon exercise
of this Warrant with respect to which the determination of such sentence is being made, but shall exclude the number of Ordinary
Shares underlying ADSs which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially
owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion
of any other securities of the Company beneficially owned by the Holder or any other Attribution Party subject to a limitation
on conversion or exercise analogous to the limitation contained in this Section 3(e). For purposes of this Section 3(e), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. For purposes of this Warrant, in determining
the number of Ordinary Shares underlying ADSs the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum
Percentage, the Holder may rely on the number of Ordinary Shares as reflected in (x) the Company's most recent Annual Report on
Form 20-F, Current Report on Form 6-K or other public filing with the Commission, as the case may be, (y) a more recent public
announcement by the Company or (3) any other written notice by the Company setting forth the number of Ordinary Shares outstanding
(the “Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a
time when the actual number of outstanding Ordinary Shares is less than the Reported Outstanding Share Number, the Company shall
(i) notify the Holder in writing of the number of Ordinary Shares then outstanding and, to the extent that such Exercise Notice
would otherwise cause the Holder's beneficial ownership, as determined pursuant to this Section 2(e), to exceed the Maximum Percentage,
the Holder must notify the Company of a reduced number of Warrant ADSs to be purchased pursuant to such Exercise Notice (the number
of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable,
the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time,
upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or
by electronic mail to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary
Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant,
by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In
the event that the issuance of Ordinary Shares to the Holder upon exercise of this Warrant results in the Holder and the other
Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding
Ordinary Shares (as determined under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder's
and the other Attribution Parties' aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”)
shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer
the Excess Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the
Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice
to the Company, the Holder may from time to time increase (with such increase not effective until the sixty-first (61st) day after
delivery of such notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such
notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after
such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution
Parties and not to any other holder of Warrants that is not an Attribution Party of the Holder. For purposes of clarity, the Ordinary
Shares issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially
owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
3(e) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent
with the intended beneficial ownership limitation contained in this Section 2(e) or to make changes or supplements necessary or
desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply
to a successor holder of this Warrant. “Attribution Parties” means, collectively, the following Persons and
entities: (i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from time to time
after the issuance date, directly or indirectly managed or advised by the Holder's investment manager or any of its Affiliates
or principals, (ii) any direct or indirect Affiliates of the Holder or any of the foregoing, (iii) any Person acting or who could
be deemed to be acting as a group together with the Holder or any of the foregoing and (iv) any other Persons whose beneficial
ownership of the Company's Ordinary Shares would or could be aggregated with the Holder's and the other Attribution Parties for
purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively the Holder
and all other Attribution Parties to the Maximum Percentage.

 

    5

     

    

 

Section
3. Certain Adjustments.

 

a)
Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or
otherwise makes a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities
payable in Ordinary Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise
of this Warrant), as applicable, (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as
applicable, (iii) combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number
of shares or ADSs, as applicable, or (iv) issues by reclassification of Ordinary Shares, ADSs or any shares of capital stock of
the Company, as applicable, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall
be the number of ADSs (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of ADSs outstanding immediately after such event, and the number of shares issuable upon exercise of this
Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment
made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case
of a subdivision, combination or re-classification.

 

b)
[RESERVED]

 

    6

     

    

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro
rata to the record holders of any class of Ordinary Shares or ADSs (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of Ordinary Shares or ADSs are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result
in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to
such extent (or beneficial ownership of such ADSs as a result of such Purchase Right to such extent) and such Purchase Right to
such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Maximum Percentage).

 

d)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution (other than cash) of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs,
by way of return of capital or otherwise (including, without limitation, any distribution of shares or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date of which a record is taken
for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares or ADSs are
to be determined for the participation in such Distribution (provided, however, to the extent that the Holder's
right to participate in any such Distribution would result in the Holder exceeding the Maximum Percentage, then the Holder shall
not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary Shares or ADSs
as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit
of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage).

 

    7

     

    

 

e)
Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction (as defined below)
unless the Successor Entity (as defined below) assumes in writing all of the obligations of the Company under this Warrant and
the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements, including
agreements, if so requested by the Holder, to deliver to each holder of the Warrants in exchange for such Warrants a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including,
without limitation, an adjusted exercise price equal to the value for the Ordinary Shares reflected by the terms of such Fundamental
Transaction, and exercisable for a corresponding number of shares of capital stock equivalent to the Ordinary Shares represented
by ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant)
prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of
capital stock (but taking into account the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and
the value of such shares of capital stock, such adjustments to the number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction).
Any security issuable or potentially issuable to the Holder pursuant to the terms of this Warrant on the consummation of a Fundamental
Transaction shall be registered and freely tradable by the Holder without any restriction or limitation or the requirement to
be subject to any holding period pursuant to any applicable securities laws if any securities issued to any other equityholder
of the Company are registered on Form F-4 or any successor form. Upon the occurrence or consummation of any Fundamental Transaction,
and it shall be a required condition to the occurrence or consummation of any Fundamental Transaction that, the Company and the
Successor Entity or Successor Entities, jointly and severally, shall succeed to, and the Company shall cause any Successor Entity
or Successor Entities to jointly and severally succeed to, and be added to the term “Company” under this Warrant (so
that from and after the date of such Fundamental Transaction, each and every provision of this Warrant referring to the “Company”
shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Company
and the Successor Entity or Successor Entities, jointly and severally, may exercise every right and power of the Company prior
thereto and shall assume all of the obligations of the Company prior thereto under this Warrant with the same effect as if the
Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company in this Warrant,
and, solely at the request of the Holder, if the Successor Entity and/or Successor Entities is a publicly traded corporation whose
common stock is quoted on or listed for trading on a Trading Market in the United States, shall deliver (in addition to and without
limiting any right under this Warrant) to the Holder in exchange for this Warrant a security of the Successor Entity and/or Successor
Entities evidenced by a written instrument substantially similar in form and substance to this Warrant and exercisable for a corresponding
number of shares of capital stock of the Successor Entity and/or Successor Entities (the “Successor Capital Stock”)
equivalent to the Ordinary Shares underlying the ADSs acquirable and receivable upon exercise of this Warrant (without regard
to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction (such corresponding number of shares
of Successor Capital Stock to be delivered to the Holder shall be equal to the quotient of (i) the aggregate dollar value of all
consideration (including cash consideration and any consideration other than cash (“Non-Cash Consideration”),
in such Fundamental Transaction, as such values are set forth in any definitive agreement for the Fundamental Transaction that
has been executed at the time of the first public announcement of the Fundamental Transaction or, if no such value is determinable
from such definitive agreement, as determined in accordance with Section 5(a) with the term "Non-Cash Consideration"
being substituted for the term "Exercise Price") that the Holder would have been entitled to receive upon the happening
of such Fundamental Transaction or the record, eligibility or other determination date for the event resulting in such Fundamental
Transaction, had this Warrant been exercised immediately prior to such Fundamental Transaction or the record, eligibility or other
determination date for the event resulting in such Fundamental Transaction (without regard to any limitations on the exercise
of this Warrant) divided by (ii) the per share closing sale price of such corresponding capital stock on the Trading Day immediately
prior to the consummation or occurrence of the Fundamental Transaction), and with an identical exercise price to the Exercise
Price hereunder (such adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting
after the consummation or occurrence of such Fundamental Transaction the economic value of this Warrant that was in effect immediately
prior to the consummation or occurrence of such Fundamental Transaction, as elected by the Holder solely at its option). Upon
occurrence or consummation of the Fundamental Transaction, and it shall be a required condition to the occurrence or consummation
of such Fundamental Transaction that, the Company and the Successor Entity or Successor Entities shall deliver to the Holder confirmation
that there shall be issued upon exercise of this Warrant at any time after the occurrence or consummation of the Fundamental Transaction,
as elected by the Holder solely at its option, ADSs, Successor Capital Stock or, in lieu of the ADSs or Successor Capital Stock
(or other securities, cash, assets or other property purchasable upon the exercise of this Warrant prior to such Fundamental Transaction),
such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription
rights), which for purposes of clarification may continue to be ADSs, if any, that the Holder would have been entitled to receive
upon the happening of such Fundamental Transaction or the record, eligibility or other determination date for the event resulting
in such Fundamental Transaction, had this Warrant been exercised immediately prior to such Fundamental Transaction or the record,
eligibility or other determination date for the event resulting in such Fundamental Transaction (without regard to any limitations
on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. In addition to and not in substitution
for any other rights hereunder, prior to the occurrence or consummation of any Fundamental Transaction pursuant to which holders
Ordinary Shares or ADSs are entitled to receive securities, cash, assets or other property with respect to or in exchange for
Ordinary Shares or ADSs (a “Corporate Event”), the Company shall make appropriate provision to insure that,
and any applicable Successor Entity or Successor Entities shall ensure that, and it shall be a required condition to the occurrence
or consummation of such Corporate Event that, the Holder will thereafter have the right to receive upon exercise of this Warrant
at any time after the occurrence or consummation of the Corporate Event, ADSs or Successor Capital Stock or, if so elected by
the Holder, in lieu of ADSs (or other securities, cash, assets or other property) purchasable upon the exercise of this Warrant
prior to such Corporate Event (but not in lieu of such items still issuable under Sections 3(c) and 3(d), which shall continue
to be receivable on the ADSs or on the such shares of stock, securities, cash, assets or any other property otherwise receivable
with respect to or in exchange for ADSs), such shares of stock, securities, cash, assets or any other property whatsoever (including
warrants or other purchase or subscription rights and any Ordinary Shares) which the Holder would have been entitled to receive
upon the occurrence or consummation of such Corporate Event or the record, eligibility or other determination date for the event
resulting in such Corporate Event, had this Warrant been exercised immediately prior to such Corporate Event or the record, eligibility
or other determination date for the event resulting in such Corporate Event (without regard to any limitations on exercise of
this Warrant). The provisions of this Section 3(e) shall apply similarly and equally to successive Fundamental Transactions and
Corporate Events. “Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including
through subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether
or not the Company is the surviving corporation) another Person, or (ii) sell, assign, transfer, convey or otherwise dispose of
all or substantially all of the properties or assets of the Company or any of its "significant subsidiaries" (as defined
in Rule 1-02 of Regulation S-X) to one or more Persons, or (iii) make, or allow one or more Persons to make, or allow the Company
to be subject to or have its Ordinary Shares be subject to or party to one or more persons making, a purchase, tender or exchange
offer that is accepted by the holders of at least either (x) 50% of the outstanding Ordinary Shares, (y) 50% of the outstanding
Ordinary Shares calculated as if any Ordinary Shares held by all Persons making or party to, or Affiliated with any Persons making
or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of Ordinary Shares such that all
Persons making or party to, or Affiliated with any Person making or party to, such purchase, tender or exchange offer, become
collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding Ordinary
Shares, or (iv) consummate a securities purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with one or more Persons whereby all such Persons, individually or in the
aggregate, acquire, either (x) at least 50% of the outstanding Ordinary Shares, (y) at least 50% of the outstanding Ordinary Shares
calculated as if any Ordinary Shares held by all the Persons making or party to, or Affiliated with any Person making or party
to, such securities purchase agreement or other business combination were not outstanding; or (z) such number of Ordinary Shares
such that the Persons become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least
50% of the outstanding Ordinary Shares, or (v) reorganize, recapitalize or reclassify its Ordinary Shares such that such modified
Ordinary Shares no longer have the residual right to dividends or distributions from the Company or the residual right to vote
on matters given to the common shareholders under Israeli law, (B) that the Company shall, directly or indirectly, including through
subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Person individually or the Persons in the
aggregate to be or become the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding Ordinary
Shares, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization,
recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary
voting power represented by issued and outstanding Ordinary Shares, (y) at least 50% of the aggregate ordinary voting power represented
by issued and outstanding Ordinary Shares not held by all such Persons as of the date of this Warrant calculated as if any Ordinary
Shares held by all such Persons were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by
issued and outstanding Ordinary Shares or other equity securities of the Company sufficient to allow such Persons to effect a
statutory short form merger or other transaction requiring other shareholders of the Company to surrender their Ordinary Shares
without approval of the shareholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates
or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured
in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct
this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument
or transaction. Notwithstanding anything contained herein, any transaction which results in a Company subsidiary that is not wholly-owned
by the Company becoming a wholly-owned subsidiary of the Company shall not be considered a "Fundamental Transaction"
and shall not otherwise trigger any adjustment or rights under this Warrant. “Successor Entity” means one or
more Person or Persons (or, if so elected by the Holder, the Company or Parent Entity (as defined below)) formed by, resulting
from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected by the Holder, the Company or
the Parent Entity) with which such Fundamental Transaction shall have been entered into. “Parent Entity” of
a Person means an entity that, directly or indirectly, controls the applicable Person, including such entity whose common stock
or equivalent equity security is quoted or listed on a Trading Market, or, if there is more than one such Person or such entity,
such Person or entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

    8

     

    

 

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS,
as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a
given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary
Shares or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants
to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of
the Company shall be required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger
to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory
share exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not
to be taken, the date as of which the holders of the Ordinary Shares or ADSs of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice
or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of
such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    9

     

    

 

Section
4. Transfer of Warrant.

 

a)
         a) Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant ADS issued upon exercise
of this Warrant shall be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale,
derivative, put or call transaction that would result in the effective economic disposition of the securities by any person
for a period of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to
which this Warrant is being issued, except the transfer of any security:

 

i.
by operation of law or by reason of reorganization of the Company;

 

ii.
to any FINRA member firm participating in the offering and the officers and partners thereof, if all securities so transferred
remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;

 

iii.
if the aggregate amount of securities of the Company held by the placement agent and related persons do not exceed 1% of the securities
being offered;

 

iv.
that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member
manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the
equity in the fund; or

 

v.
the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section
4(a) for the remainder of the time period.

 

Subject
to the foregoing restriction and subject to compliance with any applicable securities laws and the conditions set forth in Section
4(d) hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading
Days of the date the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly
assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant ADSs without having a new Warrant
issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Issue Date and shall be identical with this Warrant except as to the number of Warrant ADSs issuable pursuant thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

    10

     

    

 

d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of the Purchase Agreement, including
Section 4.13 thereof.

 

e)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant ADSs issuable upon such exercise, for its own account and not with a view
to or for distributing or reselling such Warrant ADSs or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section
5. Miscellaneous.

 

a)
[RESERVED]

 

b)
No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth
in Section 3.

 

c)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
ADSs, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

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

 

e)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary
Shares and a sufficient number of shares to provide for the issuance of the Warrant ADSs and underlying Ordinary Shares upon the
exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute
full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the
purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant
ADSs may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the applicable
Trading Market upon which the Ordinary Shares and ADSs may be listed. The Company covenants that all Warrant Shares which may
be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with such issue).

 

    11

     

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in
the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

f)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Purchase Agreement.

 

g)
Restrictions. The Holder acknowledges that the Warrant Shares and Warrant ADSs acquired upon the exercise of this Warrant,
if not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws.

 

h)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

i)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the address for the Holder appears in the Company’s Warrant
Register.

 

j)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Ordinary Shares or ADSs or as a shareholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

 

k)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

l)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant ADSs.

 

    12

     

    

 

m)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

n)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

o)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    13

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	 	CAN-FITE
    BIOPHARMA LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    14

     

    

 

NOTICE
OF EXERCISE

 

		To:	CAN-FITE
    BIOPHARMA LTD.

The
Bank of New York Mellon

 

(1)
The undersigned hereby elects to purchase ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2)
Payment shall take the form of (check applicable box):

 

☐
in lawful money of the United States; or

 

☐
if permitted the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
Please register and issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:

 

DTC
Participant name and number: ________________________

Contact
of DTC Participant: _______________________

Telephone
Number of Participant Contact: _____________________

 

(4)
Accredited Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor”
as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
________________________________________________________________________________________

 

    15

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase Warrant ADSs.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please
    Print)
	 	 	 
	Address:	 	 
	 	 	(Please
    Print)
	 	 	 
	Dated:
    _______________ __, ______	 	 
	 	 	 
	Holder’s
    Signature: _________________	 	 
	 	 	 
	Holder’s
    Address: __________________	 	 

 

 

B-1

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