Document:

Exhibit
10.3

 

IceCure
Medical Ltd.

 

Remuneration
Policy

 

August
2021

 

Contents

  

	 	Page

	Background	2
	 	 
	About the Company	2
	 	 
	Definitions	3
	 	 
	The Objectives of the Remuneration Policy	4
	 	 
	Remuneration Policy	5
	 	 
	Comparison of Executive Salaries to the Rest of the Employees	18
	 	 
	Principles of the Manner of Determining the Remuneration	19

  

    	 

     

    

 

Background

 

The
Remuneration Policy is a policy regarding terms and conditions of service and employment of Company executive officers pursuant to the
Companies Law, 5759 - 1999 (hereinafter referred to as “The Companies Law” and “The Remuneration Policy”,
respectively), and is part of the requirement of Amendment 20 of the Companies Law, which is aimed at regulating the remuneration structure
for executive officers, inter alia, in publicly traded companies.

 

On
February 23, 2020 and February 26, 2020, the Remuneration Committee and the Company’s Board of Directors, respectively, approved
the Company’s Remuneration Policy, which includes the principles for current remuneration (fixed remuneration), bonus remuneration
(variable remuneration in the short and medium term) and equity remuneration (long term variable remuneration).

 

The
principles of the remuneration policy were formulated following internal discussions held by the Remuneration Committee and the Company’s
Board of Directors. The remuneration policy principles are aimed at providing informed, fitting and fair remuneration to the Company’s
executive officers, which will ensure that the remuneration of the executive officers is consistent with the good of the company and
its strategy, taking into account the company’s risk management policy, while in parallel increasing the executive officers’
sense of identity with the company and its activities. The considerations that guided the Remunerations Committee, when determining the
remuneration policy, took into account, inter alia, the size of the company and the nature of its activities.

 

In
our view, this document ought to be used by the company over the next three years and will be reviewed periodically.

 

The
publication of this document is aimed at increasing transparency, enabling shareholders to express their views and improving their ability
to influence the remuneration policy of company executive officers.

 

This
document is drafted in the masculine for convenience only, but it relates to both genders.

 

About
the Company

 

Since
its inception, IceCure has been researching and developing medical devices for the treatment of tumors, using tumor cryoablation technology,
as an alternative to surgery to remove the tumor. As at the date of this report, the Company has two commercial products, one for the
treatment of breast tumors, and the other for the treatment of tumors in a variety of other clinical indications, in addition to breast
cancer. The company has proven technology, with broad intellectual property protection and regulatory approvals to market, in, inter
alia, the USA (FDA), in Europe (CE) and in Israel (MDA – Medical Devices and Accessories), as well as in China (CFDA), 1
Singapore, Hong Kong, Mexico and Australia.

 

The
company has a management team with extensive and proven experience and achievements in the relevant areas and the company wishes to continue
to preserve its human resources, as stated. The company is experiencing competition for high quality personnel, which exists in the general
market in both the public and private companies sectors and, of course, in the medical device companies market in Israel.

 

 

1 As at the date of publication of
the report, the Company has obtained CFDA authorization to market the IceSence 3 TM product in China, without needles.

 

    2

     

    

 

Definitions

 

Executive
Officers – Chief Executive Officer, Chief Business Officer, Deputy CEO, Vice CEO, all who hold such position in the Company
even though they are labeled different, as well as a Director, or manager directly subordinate to the CEO.

 

Applicability
– This document is valid from the date of the approval of the policy by the General Assembly of Company shareholders.

 

Terms
and Conditions of Service and Employment – terms and conditions of service of employment of an executive officer, including
granting an exemption, providing insurance, an undertaking for indemnity or indemnity under an indemnity permit, a retirement bonus and
any other benefit, other payment or undertaking to pay such, provided by virtue of such service or employment.

 

Subordinates
to the CEO – Executives in the company who work directly under the CEO’s management, including the VP of R&D, VP
of Clinical Practices and Regulation, the CFO, VP of Marketing and Sales and the like.

 

Basic
Salary – the regular salary of an executive officer. For the elimination of doubt, the basic salary does not include any reimbursement
of expenses.

 

Management
Fee / Fee – Remuneration of an executive officer based on the submission of an invoice and not by means of a salary. An executive
officer who receives the remuneration in this manner is not entitled to social benefits and the management fees reflect the entire cost
of his employment.

 

The
rates and maximum amounts in this policy document are for full time employment, except with respect to the Chairman of the Board.

 

    3

     

    

 

The
Objectives of the Remuneration Policy

 

The
objective of the Company’s Remuneration Policy Program is to help meet the Company’s goals, objectives and milestones. The
program ought to serve as a platform for retention and / or recruitment when key executives are needed, emphasizing the creation of an
attractive remuneration program on the one hand that meets market conditions on the other hand.

 

	1.	Generating
                                            Motivation to Achieve Results While Balancing Risk Taking

 

The
executive remuneration program should encourage managers to meet company goals as set by its organs. The program is designed to encourage
compliance with the goals in the various timeframes (short, medium and long term) and adapt them to a performance based program while
taking risks in accordance with the policy decided by the company.

 

	2.	Preservation
                                            of Executive Officers

 

The
remuneration program will encourage executive officers to remain in the company and reduce the rate of manpower turnover among this demographic.
One of the important goals that the Remuneration Committee perceived, is creating value in retaining the senior executives who are capable
of leading the company to business success. In order to achieve this goal, the remuneration plan must balance the fixed remuneration
and the reward for achieving short term and long term objectives. This is a key point in creating added value for stockholders.

 

	3.	Instituting
                                            the Principles of Remuneration for Executives

 

The
remuneration policy is designed to create an infrastructure for the ongoing management of the remuneration of executive officers in the
company. Its purpose is to establish principles that will guide the company’s management team in the future. For this purpose,
this plan outlines policies, principles and salary ranges. In order to keep these principles up to date, the Committee will review the
program periodically.

 

	4.	Analysis
                                            and Measurement of the Business Results vis-à-vis Remuneration 

 

The
purpose of the remuneration policy is to enable a periodic assessment of the level of performance measured against the remuneration granted
to the Company’s executive officers by the Board of Directors.

 

    4

     

    

 

Remuneration
Policy

 

Background

 

In
accordance with the remuneration policy objectives and in accordance with the market in which the company competes, including competition
for personnel, the company rewards the executive officers in three strata, all or part thereof: 2

 

	1.	The
                                            Fixed Component – monthly remuneration or professional fees / management fees.
                                            The fixed component is determined according to the position, the individual characteristics
                                            of the executive officer subject and the prevailing market conditions. This component is
                                            intended to provide certainty and stability for the executive officer.

 

	2.	Annual
                                            Grants / Bonus – a variable component for the medium term to generate incentives
                                            for special achievements attained by executives. This remuneration is intended to incentivize
                                            the executive officer to work towards advancing the company’s objectives with annual
                                            and / or semi - annual and / or quarterly perspective.

 

	3.	Equity
                                            Remuneration – a long term variable component based on improving the company’s
                                            shares performance and contributing to the retention of the executive officer in order to
                                            create a relationship between the executive officers and the company’s performance
                                            over time. In addition, this remuneration incentivizes the executive officer to create value
                                            for the company’s shareholders.

 

	4.	Following
                                            is the structure of the remuneration package and the maximum ratio of the components:

 

	 
Position
	 	Chairman
                                            of the
 Board
                                            of Directors
	 	Chief
                                            Executive
 Officer
	 	Subordinates
                                            to
 the
                                            CEO

	Fixed Remuneration	 	Up
    to  100%	 	26%
     to  100%	 	26%
     to  100%
	Variable Remuneration	 	Up
    to  100%	 	Up
    to  74%	 	Up
    to  74%

 

It
would be prudent to clarify that the Company may grant a remuneration package at a lower rate than the rates set out in the table above.

 

It
would be prudent to clarify that this policy does not require the Company to provide variable remuneration (medium and long term) in
practice.

 

In
the process of approving each annual and / or semi - annual and / or quarterly work plan by the Board of Directors, changes in the Company’s
objectives, market conditions, the Company’s state of affairs and the like will be reviewed annually. Accordingly, the Company
may update the targets with respect to each executive officer.

 

 

2
Notwithstanding the foregoing, the Company is at liberty to not remunerate the members of the Board of Directors, with the
exception of the external directors and the independent director. In addition, the Company is at liberty to determine that remuneration
to the members of the Board of Directors will be based entirely upon fixed remuneration and / or variable remuneration, pursuant to the
decision of the Compensation Committee and the Company’s Board of Directors. In the event that the Company decides to do so, such
remuneration will be approved pursuant to the provisions of the law.

 

    5

     

    

 

		1.	Monthly
                                            Salary

 

		1.1.	The
                                            basic salary of an executive officer in the company will not exceed the relevant maximum
                                            amount referred to in section 1.4 below. The maximum salary amounts for executive officers
                                            are determined in accordance with the remuneration of comparable executive officers in similar
                                            companies according to the size, nature of the activity and market value of the company.
                                            All this in addition to desirable internal pay ratios as outlined above.

 

		1.2.	In
                                            determining the basis salary for a new position, the following considerations will be taken
                                            into account:

 

		1.2.1.	Past
                                            experience, performance and achievements of the executive officer;

 

		1.2.2.	Position
                                            and areas of responsibility;

 

		1.2.3.	His
                                            education, expertise and skills;

 

		1.2.4.	The
                                            ratio of salary to other employees of the company and to the other executive officers;

 

		1.2.5.	The
                                            ratio to executive salaries at a comparable level in similar companies.

 

		1.3.	When
                                            updating the salary terms of an incumbent executive officer, the following will also be considered:

 

		1.3.1.	His
                                            performance and contribution to the company;

 

		1.3.2.	The
                                            desire to preserve the executive officer in the company.

 

		1.3.3.	Updating
                                            the responsibilities of the executive officer.

 

		1.4.	The
                                            following are the monthly basis salary of the Company’s executive officers (thousands
                                            of Shekels) for full time position:

 

	
Position
	 	Chief Executive Officer	 	 	Subordinates to the CEO	 
	Fixed Remuneration	 	 	92	 	 	 	62	 

 

The
basic salary updates for the executive officers will be carried out with the approval of the Board of Directors. The salary update will
not exceed the maximum amount listed in section 1.4, except if the comparisons to appropriate benchmark companies change, and this will
be subject to approval as required by the provisions of the law.

 

The
Company reserves the right, subject to the required legal approvals, to link the salaries of its executive officers to the increase in
the Consumer Price Index.

 

To
the extent that the remuneration is effected by means of a payment of professional fees (against the submission of an invoice), the Company
may increase the payment up to a factor of 1.4 as compensation for the non - application of the social benefit components.

 

    6

     

    

 

		1.5.	Change
                                            the Terms of Employment:

 

The
Company will be entitled to increase the remuneration of the Company’s executive officers, solely with the approval of the Compensation
Committee, as long as the volume of annual (calendar) increase with respect to the executive officer, with the exception of with respect
to the CEO, does not exceed 10% of the remuneration to which the executive officer is entitled before the amendment, and with respect
to the CEO of the Company, as long as the increase does not exceed 5% of the CEO’s remuneration before the amendment, and all subject
to the remuneration limit amounts laid down in the remuneration policy with respect to any executive officer. It would be prudent to
clarify that an increase will not be regarded as a change in the terms of employment for the purposes of this section (hereinafter: “An
Insignificant Amendment”).

 

Notwithstanding
the foregoing, an insignificant amendment to the terms of office and employment of executive officers who are subordinate to the CEO
of the company, who comply with the limits set in this remuneration policy, can only be approved solely by the CEO of the company.

 

Reasons
Expressed by the Remuneration Committee:

 

The
CEO’s remuneration and that is his subordinates is determined by the remuneration policy based on the Comparison Data Survey conducted
in February 2020, with the stated executive officers positioned within the range of companies and executive officers listed in the survey.

 

In
light of the above, the Commission found it appropriate to approve the remuneration limits in this chapter.

 

	2.	Associated
                                            Social Benefits 

 

The
Company is at liberty to grant the executive officers in the company associated social benefits and discrepancies over and above that
provided by the law and extension orders and in accordance with what is customary. Additional benefits include, inter alia, vacation,
medical insurance, recuperation, pension fund provisions, loss of work capacity insurance provisions, severance pay and advanced studies
fund provisions. In addition, the Company is at liberty to provide the executive officer, for purposes of carrying out his job, with
a company vehicle, a mobile phone, a laptop computer, a subsidy for studies / advanced studies and accreditations in Israel and abroad,
holiday gifts, medical examinations and other expenses, as determined by the Company’s Board of Directors. The company is at liberty
to determine that it will bear all the expenses associated with associated social benefits, including embodying the taxation thereof.

 

	2.1.	Vehicle
                                            - An executive officer may qualify for a vehicle that is put at his disposal and for
                                            his personal use under an operating lease as follows:

 

		●	CEO
                                            – up to a cost of NIS 220,000 or a monthly operating lease of NIS 6,000, linked to
                                            the Consumer Price Index.

 

		●	Subordinates
                                            to the CEO – up to a cost of NIS 190,000 or a monthly operating lease of NIS 5,000,
                                            linked to the Consumer Price Index.

 

    7

     

    

 

The
vehicle component can be fully embodied in the pay slip.

 

The
Company may convert the executive officer’s entitlement to remuneration, and no more than the amount of cost the Company would
have incurred should it had provided the vehicle as stipulated.

 

The
executive officer bears the payment of any tax that may apply due to the above stated conditions.

 

Insofar
as the labor laws are amended, it would be prudent to clarify that the social benefits will not be less than what is prescribed under
the provisions of the law.

 

	3.	Signing
                                            Bonus

 

With
respect to an executive officer joining the company, the company is at liberty to pay a signing bonus of up to 3 monthly basic salary.
It would be prudent to clarify that the signing bonus will be calculated as part of the cash payment component, at the total cost of
the compensation plan.

 

The
Compensation Committee deemed it appropriate, given the high level of competition for qualified personnel, to approve the ability to
grant a signing bonus to the executive officers that the company wishes to bring on board.

 

	4.	Retention
                                            Bonus

 

		4.1.	The
                                            Company may pay the executive officer a retention bonus in special cases.

 

		4.2.	Any
                                            retention grant of an executive officer will be brought before the Board of Directors for
                                            approval.

 

		4.3.	This
                                            limit of this bonus will amount to 5 basic monthly salaries of the executive officer, throughout
                                            the entire policy period (3 years from the date of approval on the part of the General Assembly).

 

The
Compensation Committee deemed it appropriate, given the high level of competition for qualified personnel, to approve the ability to
grant a retention bonus to executive officers in the company. The Committee emphasizes that this is a bonus that will only be approved
in special cases. The Board of Directors will examine the circumstances under which this bonus will be awarded, the contribution of the
executive officer to the success of the company and the financial state of the company.

 

    8

     

    

 

	5.	Variable
                                            Remuneration – Short to Medium Term Bonus as Part of the Salary

 

The
purpose of this remuneration is to encourage meeting business goals. This remuneration creates an automatic balancing mechanism that
economically embraces the executive officers when they have met their assigned goals and, on the other hand, lowers the cost of their
work when goals are not met. The bonus creates the motivation for the executive officer to improve business performance.

 

Executive
Retention – Retaining top notch executive officers is not a primary goal of bonus programs, yet the ability to reward performance
beyond current salaries is another tier of the company’s ability to retain its best executives.

 

The
executive officers may and will be eligible for an annual bonus based on predetermined goals (from the goals listed in section 5.7 below)
which will be submitted to the Compensation and to the Board of Directors for approval.

 

Following
are the principles for the company’s annual bonus program:

 

The
Company is at liberty to grant executive officers an annual bonus not exceeding the maximum limit set forth below and such bonus will
be subject to three of the five threshold conditions for eligibility for the annual bonus (as laid down below), based on a plan which
will be approved by the Compensation Committee and the Board of Directors in advance, and which will remain in force until the approval
of the financial statements with respect to the subsequent year.

 

		5.1.	Threshold
                                            Conditions–

 

		5.1.1.	Signing
                                            an agreement with a potential income of not less than NIS 2 million for five years from the
                                            date of signing.

 

		5.1.2.	Obtaining
                                            regulatory approval or insurance indemnity for the distribution and sale of the company’s
                                            product in a country where there is no such approval and the potential market size in that
                                            country at the time of obtaining the approval is at least NIS 20 million.

 

		5.1.3.	Penetrating
                                            a new market by signing a distribution agreement in a country where the company has not operated
                                            so far and the potential market size in that country at the time of obtaining approval is
                                            at least NIS 20 million.

 

		5.1.4.	Increase
                                            the Company’s total sales revenue by at least 10% (ten percent) relative to the Company’s
                                            sales revenue in the preceding calendar year, in accordance with the Company's consolidated
                                            and audited financial statements as of December 31 of each year.

 

		5.1.5.	On
                                            December 31 of the end of the bonus year, the Company has cash balances that guarantee 12
                                            months of activity (before the grant is paid) in accordance with the work plan approved by
                                            the Board of Directors.

 

The
bonus payment date – the bonus will be paid to executive officers immediately after having achieved
the target, together with the salary paid to the same executive officer, or at the date of the approval by the Board of Directors of
the financial statements for that year, at the end of the calendar year in which the target was achieved, at the sole discretion of the
company’s Board of Directors.

 

The
officer worked / provided services to the company only during a part of a particular calendar year and the Board of Directors resolved,
at its sole discretion, to pay the executive officer the bonus for that period, and the target was spread over a period, the company
may calculate the bonus pro rata for the period (insofar as such is relevant).

 

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		5.2.	A
                                            Discretionary Bonus to the CEO of the Company Based on Criteria that Cannot be Gauged

 

The
Company is at liberty to grant the CEO of the Company a bonus which will be based on criteria that cannot be gauged and taking into account
the CEO’s contribution, provided that the amount of the grant will not exceed the higher of the following two alternatives: (a)
Three monthly salaries of the CEO in that same calendar year for which the bonus is granted (b) 25% of the actual variable remuneration,
subject to the maximum amount of the variable component to the CEO derived from the ratio set in this policy.

 

		5.3.	A
                                            Discretionary Bonus to the Executive Officers subordinate to the CEO of the Company Based
                                            on Criteria that Cannot be Gauged

 

The
Company is at liberty to grant a bonus to the executive officers subordinate to the CEO, a bonus which will be based on criteria that
cannot be gauged and taking into account the contribution of the executive officer, only if the amount of the bonus does not exceed:
(a) Three monthly salaries of the stated executive officers in that same calendar year for which the bonus is granted (b) 25% of the
actual variable remuneration, subject to the maximum amount of the variable component to the executive officer derived from the ratio
set in this policy.

 

		5.4.	Restrictions

 

The
Board of Directors is at liberty, at its discretion, decide to reduce the amount of the bonus and to even refrain from paying the bonus,
if, in the opinion of the Board of Directors, there are financial considerations at the company level or specific considerations at the
level of the executive officer – which require the reduction or the avoidance of paying the grant.

 

Every
executive officer who is entitled to such a bonus, prior to receiving the actual bonus or prior to the commencement of employment with
the Company, will undertake to repay, to the Company, within 30 days from the date of the Company’s request, the amount of the
bonus actually paid or part thereof, if it transpires that the bonus or part thereof was paid on the basis of data that turned out to
be misleading and were presented anew in the company’s financial statements.

 

		5.5.	A
                                            bonus may be paid to executive officers who have completed their term of service during the
                                            course of the year, as long as they have met the stated goals before their term of service
                                            terminates. The Compensation Committee will examine the circumstances of the retirement,
                                            the contribution of the executive officer to the success of the company and the financial
                                            state of affairs of the company.

 

		5.6.	With
                                            the exception of otherwise being expressly provided in a personal employment agreement, any
                                            remuneration paid to the executive officer against a variable remuneration, pursuant to this
                                            remuneration policy, insofar as such bonus will be paid, is not and will not be considered
                                            part of the regular salary of any executive officer to all intents and purposes and will
                                            not constitute a basis for calculating or qualifying or accruing any accompanying right whatsoever,
                                            including, and without derogating from the stated generality, such will not be used as a
                                            component included in the payment of vacation pay, severance pay, provident fund provisions,
                                            and so on.

 

		5.7.	Following
                                            are the Parameters in all Matters of Related to the Bonus for Executive Officers in the Company

 

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	Chief
    Executive Officer
	Range	Up
    to 6 monthly salaries
	 	 
	Terms
    and Conditions 	The
                                            calculation of the annual bonus amount awarded to the CEO will be effected according to the
                                            two categories listed below:

                                                                                               

    A.
    A bonus will be paid to the CEO, as far as the CEO will meet pre-determined indexes, each calendar year relative to the subsequent
    year, by the Compensation Committee and the Company’s Board of Directors.

     

    The
    stated indices will include at least two performance or financial indices (from the list of indices listed below) of a weight not
    exceeding 50% of the total weight of the bonus per index and of a total weight not less than 80% for both indices.

     

    Following
    is the List of Indexes:

     

    1. Increasing
    the total sales turnover;

    2. Signing
    an agreement with a potential turnover as such will be determined;

    3. Signing
    an agreement with a collaborator;

    4. Sales
    turnover;

    5. Operating
    profit;

    6. Cash
    flow;

    7. Net
    profit;

    8. Raising
    capital;

    9. Meeting
    the budget expenditure plan;

    10. Obtaining
    regulatory authorizations;

    11. Obtaining
    insurance reimbursements for the company’s products;

    12. Significant
    agreements for company activities and its status in the field of its operations;

    13. Penetration
    into new markets which did not exist in the preceding year

    14. Signing
    a significant deal with a strategic partner;

    15. Meeting
    milestones of the development of new products and / or projects

     

    b.
     Board of Director’s Evaluation

     

    Quality
    assessment on the part of the Board of Directors at a rate not exceeding 20%, with respect to the performance and contribution of
    the Chief Executive Officer to the Company’s activities during the preceding year.

     

    It
    would be prudent to clarify that the weight to be given to the above two categories in aggregate, when making a decision to award
    a bonus to the CEO, will not exceed 100%.

 

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	Subordinates
    to the CEO
	Range	Up
    to 5 monthly salaries
	 	 
	Terms
    and Conditions	The
                                            calculation of the annual bonus amount awarded to the subordinates of the CEO will be effected
                                            according to the two categories listed below and will be paid to the subordinates to the
                                            CEO, insofar as they will meet pre-determined indexes, each calendar year, by the CEO of
                                            the Company and approved by the Company’s Board of Directors.

                                         

    a.            The
    stated indices will include at least two performance or financial indices from the list of indices listed below of a weight not exceeding
    50% of the total weight of the bonus per index and of a total weight not less than 80% for both indices.

     

    Following
    is the List of Indexes:

     

    1. Increasing
    the total sales turnover;

    2. Signing
    an agreement with a potential turnover as such will be determined;

    3. Sales
    turnover;

    4. Cash
    flow;

    5. Operating
    profit;

    6. Net
    profit;

    7. Raising
    capital;

    8. Penetration
    into new markets which were not integrated into the company’s operations during the parallel period in the preceding year;

    9. Meeting
    the budget expenditure plan;

    10. Obtaining
    regulatory authorizations;

    11. Obtaining
    insurance reimbursements for the company’s products;

    12. Meeting
    milestones of the development of new products;

    13. Significant
    agreements for the company’s operations and its status in the fields of its activities;

    14. Signing
    a significant deal with a strategic partner;

    15. Meeting
    milestones of the development of new products and / or projects.

    16. Publishing
    articles related to the company’s products

    17. Meeting
    production quotas.

     

    b.  CEO’s Evaluation

     

    Quality
    assessment on the part of the CEO of the company at a rate not exceeding 20%, with respect to the performance and contribution of
    the executive officer to the Company’s activities during the preceding year.

     

    The
    accumulative weight to be given to the above two categories will total 100%.

	 	 

 

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	6.	Variable
                                            Remuneration – One Off Bonus

 

In
addition to the above, the Company may decide to grant a one off bonus to executive officers, including to the Chairman of the Board
of Directors and / or to non - external directors, for unexpected and extraordinary projects or achievements that are not part of the
Company’s normal course of business, in which the executive officer has taken an active part and has made a significant contribution
to the success / completion of the project or activity. This one off bonus will be brought for the approval of the organs as required
by the provisions of the law. The amount of this bonus may not exceed 4 monthly salaries per executive officer depending on such executive
officer’s contribution to the success / completion of the project or activity. It would be prudent to clarify that this one off
bonus is separate and is not related to the annual bonus and / or the retention bonus and / or the bonus regarding the sale of the Company
or the sale of a substantial part of the company’s activities.

 

For
the elimination of doubt – the total of the following variable benefits: Annual bonus (Section 4 of the Remuneration Policy), Retention
bonus (Section 3 of the Remuneration Policy) and a one off bonus (as stipulated in this section), will not exceed 10 monthly salaries
per year.

 

	7.	Variable
                                            Remuneration – Special Bonus with Respect to the Sale of the Company or a Significant
                                            Part Thereof (by way of Shares, Assets or a Merger

 

The
Company is at liberty to grant a bonus to non - external directors, including the Chairman of the Board of Directors, the CEO and those
subordinate to the CEO, as determined by the Compensation Committee and the Board of Directors, in the event of the sale of the Company
or a substantial part of its activities (by way of shares, assets or a merger). The bonus will be derived from the value of the transaction,
subject to a total maximum of 6% of the value of the transaction to the Directors, including the Chairman of the Board of Directors,
the CEO and those subordinate to the CEO (without taking into account the remuneration owing to those stipulated due to their rights
in the company’s capital or any other bonus or remuneration).

 

For
the elimination of doubt, the special bonus will be granted over and above goal - based bonuses.

 

	8.	Variable
                                            Bonus – Long Term Equity

 

The
purpose of awarding equity remuneration is to create an identity of interests between the long term business results of the company and
the remuneration of its executive officers. In addition, awarding equity remuneration, from the perspective of the company, is a tool
for retaining quality managers. Following are the principles for this remuneration:

 

		8.1.	The
                                            Company will provide equity based remuneration to its executive officers from time to time
                                            at the discretion of the Board of Directors.

 

		8.2.	The
                                            waiting period will not be less than one year, except in cases of acceleration pursuant to
                                            the Company’s employment agreement and / or options plan, as such will be in force
                                            from time to time, or in the event the waiting period is dependent on the achievement of
                                            specific objectives.

 

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		8.3.	The
                                            Company’s Board of Directors (and with respect to the CEO and the directors, in accordance
                                            with the authorizations required by the provisions of the law) will be at liberty to establish
                                            an automatic mechanism that enables immediate acceleration of equity remuneration terms and
                                            conditions, only in the case of a sale transaction, except with respect to the controlling
                                            shareholder for which no such mechanism can be applied.

 

For
this matter, a “sale transaction” is: (1) The acquisition of the Company’s shares or the merger of the Company with
a third party, consolidation, reorganization and / or refinancing provided that such event results in the event laid out in paragraph
(3) below; or (2) The sale or transfer of all or the majority of the issued and paid up share capital of the Company; or (3) Any transaction
or number of transactions in the wake of which the Company’s shareholders, immediately prior to the transaction, will hold, directly
or indirectly, less than 50% of the voting rights in the company or in the surviving entity after the transaction, with the exception
such change arising from a public share offering. It would be prudent to clarify that the Board of Directors of the Company may diminish
the definition of a “sale transaction” at the time of granting of the equity remuneration, and determine that “a sale
transaction is one or more of the above criteria”.

 

		8.4.	The
                                            realization price will be determined by the average of the last 30 trading days prior to
                                            the date of the grant, with 5% added.

 

		8.5.	Expiry
                                            date – up to 10 years from the date of allocation.

 

		8.6.	The
                                            awarding of equity remuneration will be granted, insofar as possible, under Section 102 of
                                            the Income Tax Ordinance for persons employed in Israel (in cases of employees employed abroad,
                                            in accordance with the law in force in those countries).

 

		8.7.	When
                                            granting equity remuneration to an executive officer, there will be 2 maximum amounts to
                                            the awarding action, when the actual remuneration is the lesser of:

 

		1)	An
                                            examination of the remuneration value against the amount of annual salaries listed below
                                            (the maximum amount for value purposes will be calculated based on accepted valuation methods
                                            (such as Black & Scholes / binomial). The maximum amount is for a year based on a linear
                                            calculation.

 

		2)	An
                                            examination that the level of dilution for shareholders will not exceed the rate listed below.

 

		8.8.	Following
                                            are the maximum amounts:

 

	Position	 	Chief Executive Officer	 	 	Subordinates to the CEO	 
	Maximum Number of Monthly Salaries	 	 	24	 	 	 	24	 
	Maximum Dilution Amount	 	 	5	%	 	 	2.5	%

 

    14

     

    

 

		8.9.	Considerations
                                            in determining the scope of such remuneration will be, inter alia, the contribution of the
                                            executive officer to the achievement of the company’s objectives and the maximizing
                                            of its profits and all in a long term perspective and in accordance with the role of the
                                            executive officer.

 

		8.10.	The
                                            other terms for the equity remuneration will be in accordance with the Company’s existing
                                            stock options plan or any other equity remuneration program adopted by the Company.

 

The
Remuneration Committee deems it appropriate to link the Company’s results to the remuneration of its executive officers. The higher
the executive level, the higher the performance - dependent remuneration will be. The value of the bonus when granting equity remuneration
options will be determined on the basis of generally accepted valuation methods (such as Black & Schultz / the binomial model). This
method examines, inter alia, the standard deviation of the company’s stock, and insofar as the deviation is higher, the higher
is the value of the benefit. The Committee examined and perceived that the stock fluctuation is very high, and therefore the Committee
deemed it appropriate to approve these ranges in equity remuneration.

 

	9.	Repayment
                                            as a Result of an Error (Clawback)

 

At
the time of the payment of the bonus, the executive officers will sign an undertaking to repay the full amount, or part thereof, of the
bonus to the Company in the event that it becomes clear in the future that the calculation of the bonus was based on data that turned
out to be incorrect and which was re-introduced into the financial statements. Repayment will not be effected in the event of changes
in accounting standard and rules of reporting. Repayments will be effected up to one year from the date of the conclusion of the transaction.

 

	10.	Reduction
                                            at the Discretion of the Board of Directors

 

The
Board of Directors is at liberty to reduce the scope of the variable remuneration, at its discretion.

 

	11.	Termination
                                            of the Contractual Association 

 

	 	11.1.	Notice

 

An
executive officer is entitled to advance notice in writing and a heads-up as follows:

 

		●	CEO
                                            – entitled to written advance notice of up to 180 days.

 

		●	Subordinate
                                            to the CEO – entitled to written advance notice of up to 150 days.

 

	 	11.2.	The
                                            Compensation Committee and the Board of Directors will review the granting of the retirement
                                            bonuses listed below and, inter alia, will examine the contribution of the executive officer
                                            to the achievement of the Company’s objectives, the Company’s financial state
                                            of affairs and the circumstances of his retirement

 

	 	11.3.	Special
                                            Retirement Bonuses

 

	Seniority	 	The Validity of the Right from

the End of the Date of Employment	 
	Over 3 years	 	Up to 3 months of acclimatization	 	 
	Over 5 years	 	Up to 6 months of acclimatization	 	 

 

    15

     

    

 

		11.4.	The
                                            Company will be at liberty to grant the employee a supplementation of severance compensation
                                            when the employee retires under circumstances that do not impart the Company with the right
                                            to negate severance compensation.

 

		11.5.	In
                                            addition to the above conditions and the provisions of the law, no additional bonuses will
                                            be granted with respect to retirement.

 

		12.	Remuneration
                                            of the Chairman of the Board of Directors

 

		12.1.	The
                                            Chairman of the Board of Directors will be entitled to a monthly remuneration of not more
                                            than NIS 100,000 for a full time position. In the case of a Chairman of the Board who has
                                            additional expertise in the Company’s operations and / or in other areas where the
                                            Board of Directors has decided that such are vital to the Company, the maximum remuneration
                                            amount will not exceed US $ 120,000 for a full time position. It would be prudent to clarify
                                            that in the event that the Chairman of the Board does not serve in a full time position,
                                            the calculation of the maximum monthly remuneration amount will be linear in terms of the
                                            percentage rate of the position.

 

		12.2.	The
                                            Company is likely to grant equity remuneration to the Chairman of the Board of Directors.
                                            The fair value of the securities granted to the Chairman at the date of the grant, as reflected
                                            in the Company’s financial statements, will be calculated on the basis of generally
                                            accepted valuation methods (such as Black & Scholes / binomial) and will not exceed a
                                            total of 24 monthly salaries per year, in such a manner that the dilution level for shareholders
                                            does not exceed 1.5% of the company’s issued and paid-up share capital, being fully
                                            diluted.

 

		12.3.	The
                                            other long term equity remuneration provisions applicable to executive officers pursuant
                                            to this remuneration plan will also apply to the grant of equity remuneration to the Chairman
                                            of the Company’s Board of Directors.

 

    16

     

    

 

	13.	Remuneration
                                            of Directors (Excluding the Chairman of the Board) 

 

		13.1.	The
                                            Directors of the Company will be entitled to annual remuneration and a participation bonus
                                            as determined in accordance with the provisions of the Companies Regulations (Rules Regarding
                                            Remuneration and Expenditure for an External Director), 5760 - 2000, as such will be in force
                                            from time to time, in accordance with the Company’s ranking as such may be from time
                                            to time. In addition, the directors in the company will be entitled to the reimbursement
                                            of travel and parking expenses. In the case of a director who has additional expertise in
                                            the Company’s operations and / or in other areas deemed by the Board of Directors to
                                            be vital to the Company, the Company will be entitled to grant that same Director with remuneration,
                                            provided that the total remuneration to which the Director is entitled will not exceed US$
                                            120,000.

 

		13.2.	The
                                            Company may, from time to time, provide equity remuneration to directors, including external
                                            directors and independent directors. The fair value of securities granted to directors at
                                            the time of the granting, as reflected in the Company’s financial statements, will
                                            be calculated on the basis of generally accepted valuation methods (such as Black & Scholes
                                            / binomial) and will not exceed the rate of 50% of the aggregate annual remuneration and
                                            participation consideration provided to the board members.

 

		13.3.	The
                                            rest of the long term equity remuneration provisions applicable to executive officers under
                                            this remuneration plan will also apply to the grant of equity remuneration to Directors of
                                            the Company.

 

	14.	Liability,
                                            Exemption and Indemnification Insurance

 

		14.1.	The
                                            Company will be at liberty to grant executive officers an exemption from liability, liability
                                            insurance (including Run-Off and Side A type insurance policies) as well as an indemnity
                                            obligation, as is customary in the Company, all subject to the provisions of the Companies
                                            Law and the Company charter and pursuant to the following limitations:

 

		14.1.1.	The
                                            maximum amount of accumulative indemnity for all Company executive officers will be limited
                                            to 25% of the Company’s equity capital as at the date of the actual indemnity payment.

 

		14.1.2.	The
                                            exemption from liability does not apply to a resolution or transaction regarding which the
                                            controlling shareholder or any executive officer of the company (as well as any other executive
                                            officer for whom the letter of exemption is granted) has a personal interest.

 

		14.2.	Without
                                            derogating from the generality of the above stated, the Company will be at liberty, at any
                                            time during this remuneration policy period, to purchase liability insurance policies for
                                            the directors and the executive officers (including the controlling shareholders), as such
                                            will serve in the Company from time to time, to extend and / or to renew the existing insurance
                                            policy and / or to take out a new policy on the renewal date or during the course of the
                                            insurance period, with the same insurer or with another insurer in Israel or abroad, under
                                            the conditions laid down below, for liability insurance for directors and / or executive
                                            officers, provided that the said insurance policies are on the basis of the principles of
                                            the terms and conditions laid down below and the Remuneration Committee has approved such:

 

		14.2.1.	The
                                            insurance cover under each policy to be purchased will be of an amount not be less than US
                                            $ 3,000,000 for all Company executive officers;

 

		14.2.2.	The
                                            annual insurance premium will not exceed US $ 100,000; except in the case of overseas registration,
                                            where the insurance premium will not exceed US $ 5,000,000.

 

		14.2.3.	The
                                            Remuneration Committee will annually approve the amount of insurance coverage and the premium
                                            amount in accordance with paragraphs 13.2.1 and 13.2.2 above and after verifying that the
                                            amounts are reasonable under the circumstances, given the Company’s exposure and the
                                            market conditions;

 

		14.2.4.	The
                                            insurance policy will be expanded to cover claims filed against the company itself (as distinct
                                            from claims against directors and / or the executive officers in the company) the gist of
                                            which is a violation of securities laws at least in Israel (entity coverage for securities
                                            claims) and payment arrangements for insurance benefits will be determined by which the rights
                                            of directors and / or executive officers to be granted indemnity by the insurer under the
                                            policy, precedes the right of the Company;

 

		14.2.5.	The
                                            policy will also cover the liabilities of directors and executive officers who are considered
                                            to be controlling shareholders in the company or their relatives, from time to time, as long
                                            as the terms of the cover for such do not exceed those of the other directors and / or executive
                                            officers of the group.

 

    17

     

    

 

	15.	Management,
                                            Control and Overseeing

 

The
authorization on the part of the Board of Directors for the remuneration of executive officers will be monitored and controlled as follows:

 

		15.1.	Remuneration
                                            for executive officers, as stated, will be in accordance with the Remuneration Policy and
                                            will be approved by the lawfully authorized organs; the Company will act subject to any existing
                                            and future provisions of the law, the gist of which is the Company’s remuneration policy.

 

		15.2.	The
                                            Board of Directors is responsible for the management of remuneration and the implementation
                                            thereof and all necessary actions to that end, including the authority to interpret the remuneration
                                            policy provisions in case of doubt as to how to implement them.

 

		15.3.	The
                                            Company’s Board of Directors will periodically, and at least once every three years,
                                            review the established remuneration policy and will update such as required, after obtaining
                                            the recommendations of the Remuneration Committee.

 

		15.4.	As
                                            deemed appropriate, the Board of Directors and the Remuneration Committee will seek the assistance
                                            of external consultants for the purpose of formulating / revising the remuneration policy
                                            as well as overseeing and controlling the policy as determined.

 

	16.	Comparison
                                            of the Salary of Executive Officers to the Rest of the Employees, as at the Date of the Remuneration
                                            Policy Document

 

The
ratio of average and median salaries of executive officers to other employees (in effect as of the date of approval of the remuneration
policy):

 

	Position	 	Relative to the Average Salary 3	 	 	Relative to Median Salary	 
	CEO	 	 	3.7	 	 	 	4	 
	Subordinates to the CEO	 	 	2.4	 	 	 	2.6	 

 

It
would be prudent that we emphasize that, as at the date of publication of the Company’s remuneration policy, 25 employees are not
executive officers. It would be prudent to clarify that for the purposes of calculating the stated ratio, only the employees of IceCure
Medical Inc. were included.

 

At
the time that the remuneration policy was approved and the Remuneration Committee examined the existing gaps between the executive officers
and the other employees and found that, in light of the nature and structure of the company, the ratios stipulated above will not affect
the existing labor relations in the company. In addition, the Compensation Committee and the Board of Directors believe that these figures
have a limited impact on the determination of the salaries of the executive officers in the Company, taking the structure of the Company
into account.

 

 

3
The ratio of average salaries and external salaries refers to the cost of salaries of the employees of the IceCure Medical
Ltd. company only, and does not include the cost of salaries of the executive officers

 

    18

     

    

 

Principles
of the Manner of Determining Remuneration 

 

When
the Compensation Committee and the Company’s Board of Directors come to examine and approve terms of office and the employment
of an executive officer, the following issues, inter alia, will be considered, insofar as they are relevant to the position of the executive
officer:

 

		1.	The
                                            education, skills, expertise, professional experience and achievements of the executive officer.

 

		2.	The
                                            role of the executive officer, the fields of his responsibilities and his expected contribution
                                            to achieving the company’s goals.

 

		3.	Previous
                                            salary agreements of the executive officer.

 

		4.	Terms
                                            of employment of equivalent positions in the Company.

 

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

 

19Exhibit 10.4

 

SECURITIES PURCHASE
AGREEMENT

 

This Securities Purchase Agreement
(this “Agreement”) is dated as of January 26, 2021, between IceCure Medical Ltd., an Israeli corporation (the “Company”)
and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser”
and collectively, the “Purchasers”).

 

WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities
Act”), and Rule 506 promulgated thereunder, if applicable, the Company desires to issue and sell to each Purchaser, and each
Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this
Agreement;

 

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

 

ARTICLE I.

DEFINITIONS

 

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

 

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

 

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

 

“ADRs”
means American Depositary Receipts with an institutional depositary representing Ordinary Shares.

 

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

 

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

 

“Business
Day” means any day other than Friday, Saturday, Sunday or other day on which commercial banks in The City of New York or Tel
Aviv are authorized or required by law to remain closed; provided, however, for clarification,
commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee”  or any other similar orders or restrictions or the closure of any physical branch locations
at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial
banks in The City of New York or Tel Aviv are generally are open for use by customers on such day.

 

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

 

    	 	1	 

     

    

 

“Closing
Date” means each applicable Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the portion of the Subscription Amount due
at such Closing and (ii) the Company’s obligations to deliver the Securities due at such Closing, in each case, have been satisfied
or waived. Subject to satisfaction of the respective conditions to each Closing, there are expected to be three Closing Dates.

 

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

 

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

 

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

 

“Company
Counsel” means Sullivan & Worcester, LLP.

 

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

 

“EGS”
means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

 

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

 

“Exempt
Issuance” means the issuance of (a) Ordinary Shares or options to employees, officers or directors of the Company pursuant to
any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority
of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities
upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable
for or convertible into Ordinary Shares issued and outstanding on the date of this Agreement, provided that such securities have not been
amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or
conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities,
(c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the
Company, provided that such securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration
rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section
4.12(a) herein, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself
or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and
shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which
the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in
securities and (d) Securities issued due to a Recapitalization Event.

 

    	 	2	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

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

 

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

 

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

 

“Milestone”
shall means both (i) the approval for listing on a tier of the Nasdaq Stock Market of the Company’s ADRs and (ii) the effectiveness
of the Registration Statement.

 

“Per Share
Purchase Price” equals NIS0.533 as to the First Closing and the Second Closing, subject to adjustment for reverse and forward
stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of this
Agreement but before the date of the applicable Closing.

 

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

 

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

 

“Pre-Notice”
shall have the meaning ascribed to such term in Section 4.11(b).

 

    	 	3	 

     

    

 

“Pro Rata
Portion” shall have the meaning ascribed to such term in Section 4.11(e).

 

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

 

“Public
Company Date” means the date that the Company’s ADRs (or Ordinary Shares, if such are listed first) are approved for listing
on the Nasdaq Stock Market.

 

“Public
Information Failure” shall have the meaning ascribed to such term in Section 4.2(b).

 

“Public
Information Failure Payments” shall have the meaning ascribed to such term in Section 4.2(b).

 

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

 

"Recapitalization
Event" means any event of share combination or subdivision, share splits, share dividends, bonus share issuance, combination
or any other reclassification, reorganization or recapitalization or change of the Company’s share capital where the shareholders
retain their proportionate holdings in the Company, on an as-converted basis.

 

“Registration
Statement” means a registration statement covering the resale by the Purchasers of the Shares and the Warrant Shares.

 

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

 

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

 

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

 

 

“Securities”
means the Shares and the Warrants.

 

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

 

“Shares”
means the Ordinary Shares issued or issuable to each Purchaser pursuant to this Agreement.

 

    	 	4	 

     

    

 

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

 

“Subsequent
Financing” shall have the meaning ascribed to such term in Section 4.10(a).

 

“Subsequent
Financing Notice” shall have the meaning ascribed to such term in Section 4.10(b).

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof.

 

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

 

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

 

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

 

“Transfer
Agent” means _________________and thereafter any successor transfer agent of the Company.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.12(b).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest preceding
date) on the Trading Market on which the Ordinary Shares is 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 Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
Ordinary Shares is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported on
the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price
per share of the Ordinary Shares so reported, or (d) in all other cases, the fair market value of a share of Ordinary Shares as determined
by the Company's Board of Directors.

 

    	 	5	 

     

    

 

ARTICLE II.

PURCHASE AND SALE

 

2.1 Closing.

 

(a) First
Closing. On the First Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with
the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and
not jointly, agree to purchase, at a price per share equal to the Per Share Purchase Price, an aggregate of $9,000,000 of Shares.
Each Purchaser shall deliver to the Company via wire transfer, immediately available funds equal to such Purchaser’s
Subscription Amount as set forth on the signature page hereto executed by such Purchaser, and the Company shall deliver to each
Purchaser its respective Shares and the Company and each Purchaser shall deliver the other items set forth in Section 2.2
deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the First Closing
shall occur remotely via the exchange of documents and signatures or a location as the parties shall mutually agree.

 

(b) Second
Closing. The Company shall notify the Purchasers upon achievement of the Milestone. The Second Closing Date shall be a Business
Day within five (5) Business Days of notice from the Company. On the Second Closing Date, upon the terms and subject to the
conditions set forth herein, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, an
aggregate of $6,000,000 of Shares at the Per Share Purchase Price. Each Purchaser shall deliver to the Company via wire transfer,
immediately available funds equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed
by such Purchaser, and the Company shall deliver to each Purchaser its respective Shares and the Company and each Purchaser shall
deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set
forth in Sections 2.2 and 2.3, the Second Closing shall occur remotely via the exchange of documents and signatures or a location as
the parties shall mutually agree.

 

2.2 
Deliveries.

 

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

 

(i)
this Agreement duly executed by the Company;

 

(ii)
true and correct copies of written resolutions, or minutes of a meeting, of the Board of Directors of the Company, approving and
adopting in all respects the execution, delivery and performance by the Company of this Agreement and the transactions contemplated hereby,
including, among others, (i) authorizing the issuance and sale of the purchased Shares; and (ii) the approval of the execution, delivery
and performance by the Company of all agreements contemplated herein to which the Company is party and any agreements, instruments or
documents ancillary thereto;

 

(iii)
a legal opinion of Company Counsel, in the form and substance reasonably acceptable to Purchasers;

 

    	 	6	 

     

    

 

(iv)
a certificate evidencing a number of Shares equal to such Purchaser’s Subscription Amount for the First Closing divided by
the Per Share Purchase Price, registered in the name of such Purchaser;

 

(v)
true and correct copy of the notice to the Israel Innovation Authority (previously known as the Office of the Chief Scientist of
Israel’s Ministry of Economy) (“IIA”), in the form attached hereto as Schedule 2.2(a)(xiii), with respect to
this Agreement and the transactions contemplated hereunder;

 

(vi)
the Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and executed by
the Chief Executive Officer or Chief Financial Officer;

 

(b)
as to the Second Closing, a certificate of the Chief Executive Officer, attesting that that the Company’s representations
and warranties herein remain true and correct as of such Closing Date and that the Company continues to be in compliance with all covenants
of the Company applicable at the time of such Closing, and that no Material Adverse Effect (as defined in Section 3.1) has occurred.

 

(c)
as to the Second Closing, a certificate evidencing a number of Shares equal to such Purchaser’s Subscription Amount for the
Second Closing divided by the Per Share Purchase Price, registered in the name of such Purchaser and recorded into Company’s duly
authorized Shareholders Register; an updated copy of the Shareholders Register, in which the respective purchased Shares issued at the
Second Closing are registered in the name of each of the Purchasers; and duly completed notices to the Israeli Registrar of Companies,
ready for immediate filing, as are required for all matters arising in connection with the Second Closing;

 

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

 

(i)
As to the First Closing Date only, (i) this Agreement duly executed by such Purchaser (ii) Undertaking to IIA executed by such
Purchaser in the form attached hereto as Schedule 2.2 (e)(i); and

 

(ii)
Such Purchaser’s Subscription Amount for the applicable Closing by wire transfer to the account specified in writing by the
Company.

 

2.3  Closing Conditions.

 

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

 

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

 

    	 	7	 

     

    

 

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

 

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

 

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

 

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

 

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

 

(iii)
the delivery by the Company of the items set forth in Sections 2.2(a)-(d) of this Agreement;

 

(iv)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and, as to the Second Closing
only, the Milestone shall have been satisfied; and

 

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

 

    	 	8	 

     

    

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES 

 

3.1 Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part
hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section
of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser as of the date hereof
and as of the Closing Date (unless as of a specific date therein, in which case they shall be accurate as of such date):

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). The Company
owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all
of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free
of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to
the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

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

 

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

 

    	 	9	 

     

    

 

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

 

(e)
Filings, Consents and Approvals. Except as set forth on Schedule 3.1(e), the Company is not required to obtain any
consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state,
local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the
Transaction Documents, other than the filing of Form D with the Commission and such filings as are required to be made under applicable
state securities laws (collectively, the “Required Approvals”).

 

(f)
Issuance of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company
other than restrictions on transfer provided for in the Transaction Documents and the Company's Articles of Association. The Company has
reserved from its duly authorized capital stock the maximum number of Ordinary Shares issuable pursuant to this Agreement.

 

    	 	10	 

     

    

 

(g)
Capitalization. The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g), which
Schedule 3.1(g) includes the number of Ordinary Shares owned of record, by the shareholders of the Company as of the date hereof
as well as Ordinary Shares reserved, granted or unallocated as options to employees and service providers of the Company. No Person has
any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Transaction Documents other than as set forth in the Company's Articles of Association. Except as set forth in Schedule 3.1(g)
or as a result of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls
or commitments of any character whatsoever granted by the Company relating to, or securities, rights or obligations convertible into or
exercisable or exchangeable for granted by the Company, or giving any Person any right to subscribe for or acquire, any Ordinary Shares
or the capital stock of any Subsidiary granted by the Company, or contracts, commitments, understandings or arrangements by which the
Company or any Subsidiary is or may become bound to issue additional Ordinary Shares or Ordinary Shares Equivalents or capital stock of
any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Ordinary Shares or other
securities to any Person (other than the Purchasers). There are no outstanding securities or instruments of the Company or any Subsidiary
with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities
by the Company or any Subsidiary. There are no outstanding securities or instruments of the Company or any Subsidiary that contain any
redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any
Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation
rights or “phantom stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock
of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all the applicable
securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for
or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for the
issuance and sale of the Securities. There are no stockholders agreements or other similar agreements with respect to the Company’s
capital stock to which the Company is a party.

 

(h)
Financial Statements. The financial statements of the Company included in Schedule 3.1(h) comply in all material
respects with applicable accounting requirements and the rules and regulations applicable in the State of Israel with respect thereto
as in effect at the time of filing. Such financial statements have been prepared in accordance with Israeli generally accepted accounting
principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such
financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP,
and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the
dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to
normal, immaterial, year-end audit adjustments.

 

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

 

    	 	11	 

     

    

 

(j)
Litigation. Except as set forth on Schedule 3.1(j), there is no action, suit, inquiry, notice of violation, proceeding
or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their
respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (Israeli, U.S.
federal, state, county, local or foreign) (collectively, an “Action”). None of the Actions set forth on Schedule
3.1(j), (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities
or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the
Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation
of or liability under federal or state securities laws or a claim of breach of fiduciary duty.

 

(k)
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the
Company nor any of its Subsidiaries is a party to a collective bargaining agreement. To the knowledge of the Company, no executive officer
of the Company or any Subsidiary is, or is now expected to be, in violation of any material term of any employment contract, confidentiality,
disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant
in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries
to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all Israeli state
laws and regulations relating to employment and employment practices (including but not limited to employment, termination of employment,
enforcement of labor laws, discrimination in employment, sexual harassment and other forms of harassment, terms and conditions of employment,
notice to employees regarding employment terms, employee benefits (including contribution to the employees’ benefits), worker classification
(including the proper classification of workers as Company’s contractors), engagement of Company servicers providers (including
catering, security and cleaning services), wages, pay slips, working hours, overtime and overtime payments, working during rest days,
social benefits contributions, termination and severance payment, engaging employees through services providers (including manpower employees
and outsource employees), and occupational safety and health and employment practices, immigration), except where the failure to be in
compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Other than their salaries,
the employees of the Company are not entitled to any payment or benefit that may be reclassified as part of their determining salary for
any purpose, including for calculating any social contributions. The Company has withheld and paid to the appropriate governmental entity,
insurance companies, pension or similar fund or is holding for payment not yet due to such entities all amounts required to be withheld
from employees of the Company and is not liable for any arrears of wages, taxes, penalties, or other sums for failure to comply with any
of the foregoing. The Company is not bound by or subject to (and none of its assets or properties is bound by or subject to) any written
or oral, express or implied, contract, commitment or arrangement with any labor union except for those provisions of general agreements
between the Histadrut and any Employers’ Union or Organization which are applicable by Extension Order to all the employees in Israel.
To the Company’s best knowledge, no employee has violated any material term of his or her employment agreement (whether oral or
in writing). To the Company’s knowledge, none of its employees, consultant and service providers is obligated under any contract
(including licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court
or administrative agency, that would interfere with such employee’s, consultant’s or service provider’s ability to promote
the interest of the Company or that would conflict with the Company’s business. Neither the execution or delivery of the transactions
contemplated hereunder, nor the carrying on of the Company’s business by the employees, consultants and/or service providers of
the Company, nor the conduct of the Company’s business as now conducted, will conflict with or result in a breach of the terms,
conditions, or provisions of, or constitute a default under, any contract, covenant or instrument under which any such employee, consultant,
or service provider is now obligated to the Company. The Company has no unsatisfied obligations of any nature to any of their former employees
or consultants, and their termination was in compliance with all applicable legal requirements and contracts. There are no controversies
pending or, to the knowledge of the Company, threatened, between the Company and any of its current or former employees or company’
services providers, which controversies have or would reasonably be expected to result in a legal proceeding before any competent court
in Israel. The Company has not received notice of complaints, charges or claims against the Company and, to the Company's knowledge, no
such complaints, charges, investigation of any kind or claims are threatened, by or before any competent court or based on, arising out
of, in connection with or otherwise relating to the employment or engagement or termination of employment or engagement or failure to
employ or engage by the Company, of any individual. There are no controversies pending or, to the knowledge of the Company, threatened,
between the Company and any of its current or former employees or its consultants, which controversies have or would reasonably be expected
to result in a lawsuit before any competent court. Schedule 3.1(j) of the Disclosure Schedules sets forth, with respect to all
employees, the rates and the salary basis for such contributions, whether such Person, is subject to Section 14 Arrangement under the
Israeli Severance Pay Law - 1963 (“Section 14 Arrangement”) (and, to the extent such employee is subject to the Section
14 Arrangement, an indication of whether such arrangement has been applied to such person from the commencement date of their employment
and on the basis of their entire salary), accrued and unused vacation days and prior notice of termination requirements.

 

    	 	12	 

     

    

 

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

 

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

 

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

 

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

 

    	 	13	 

     

    

 

(p)
Independent Contractors. Schedule 3.1(p) of the Disclosure Schedules lists the particulars (the name, title and function,
date of commencement of services and material terms of agreement and benefits, including termination notice, current remunerations and
department) of all freelancers with which the Company has entered into an agreement or engaged the services of, which are currently in
effect. Except as set forth on Schedule 3.1(n), all of such independent contractors are a party to a written Contract with the Company.
True and accurate listing of all benefits and terms payable or which the Company is bound to provide (whether now or in the future) to
each independent contractor or in respect of each independent contractor are described in a true, accurate and complete manner in Schedule
3.1(n). Each Person who has provided services to the Company and was classified and treated as an independent contractor, consultant,
leased employee, volunteer, or other non-employee service provider was to the Company’s best knowledge properly classified and treated
as such for all applicable purposes under applicable Law and would not reasonably be expected to be reclassified by any governmental authority
as an employee of the Company, for any propose whatsoever and the Company has not engaged any consultants, sub-contractors, sales agents
or freelancers who, according to any Law applicable in the jurisdiction of residence or location of services of such contractors, would
be entitled to the rights of an employee vis-à-vis the Company. Each Contract with such Person contains provisions which state
that no employer-employee relations exist between such consultant or contractor and the Company. No Company contractor and consultant
or former Company contractor and consultant has issued to the Company a written notice of a claim or any other allegation that such contractor
and/or consultant was not rightly classified as an independent contractor.

 

(q)
Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks,
trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights necessary or required for use in connection with their respective businesses as currently conducted and which the failure
to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither
the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired,
terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement.
Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements of the Company, a written
notice of a claim or otherwise has any knowledge, without making any inquiry, that the Intellectual Property Rights violate or infringe
upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge
of the Company and without making any inquiry, all such Intellectual Property Rights are enforceable and there is no existing infringement
by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures
to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as set forth in Schedule 3.1(o) of the Disclosure
Schedules, none of the Company’s Intellectual Property Rights was developed by or for or on behalf of, or using grants or any other
subsidies of, any governmental entity or any university, and no government funding, facilities, faculty or students of a university, college,
other educational institution or research center or funding from third parties was used in the development of the Company’s Intellectual
Property (“Grants”). Schedule 3.1(o)(A) of the Disclosure Schedules sets forth: (a) the aggregate amount of each Grant;
(b) the aggregate outstanding obligations of Company under each Grant with respect to royalties or other payments; (c) the outstanding
amounts to be paid to Company under the Grants by the governmental entity, if any, and (d) the composition of such obligations or amount
by the patent, other Intellectual Property, product or product family to which it relates. Company is in material compliance with the
terms and conditions of each Grant. To the Company’s best knowledge, there is no event or other set of circumstances which would
reasonably be expected to lead to the revocation or material modification of any Grant. Except as set forth in Schedule 3.1(o)(B) of the
Disclosure Schedules, no current or former employee or consultant, of the Company, who was involved in, or who contributed to, the creation
or development of any of the Company’s Intellectual Property Rights, has performed services for a government, university, college,
or other educational institution or research center during a period of time during which such employee or consultant was also performing
services for the Company.

 

    	 	14	 

     

    

 

(r)
Insurance. A list of the Company’s insurance policies is set forth in Schedule 3.1(r). Neither the Company
nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase
in cost.

 

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

 

(t)
Certain Fees. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or
on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated
by the Transaction Documents.

 

(u)
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated
hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Trading Market.

 

    	 	15	 

     

    

 

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

 

(w)
Registration Rights. Except as listed in Schedule 3.1(w), no Person has any right to cause the Company or any Subsidiary
to effect the registration under the Securities Act or the Exchange Act, or any Israeli equivalent law, of any securities of the Company
or any Subsidiary.

 

(x)
Disclosure. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its
Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement,
is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements made therein, of which the Company is aware, in the light of the circumstances under which they were made, not
misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to
the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

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

 

    	 	16	 

     

    

 

(z)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all Israeli income and franchise tax returns,
reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments
and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside
on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns,
reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction,
and the Company or of any Subsidiary know of no basis for any such claim. The Company has not made any elections pursuant to the Israeli
Income Tax Ordinance [New Version], 1961 (other than elections that relate solely to method of accounting, depreciation or amortization).
The Company is duly registered for purposes of Israeli value added tax and have complied in all material respects with all requirements
concerning value added taxes.

 

(aa)
No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the
Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchasers
and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(bb)
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used, promised or authorized
any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity,
(ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any
person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any provision
of FCPA and/or violated Sections 291 and 291A of the Israeli Penal Law 5737-1977.

 

(cc)
Accountants. The Company’s accounting firm is set forth on Schedule 3.1(ff) of the Disclosure Schedules.

 

(dd)
No Disagreements with Accountants and Lawyers.There are no disagreements of any kind presently existing, or reasonably
anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company
and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability
to perform any of its obligations under any of the Transaction Documents. 

 

    	 	17	 

     

    

 

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

 

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

 

(gg)
FDA. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”)
under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured,
packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical
Device”) is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by the Company in compliance with
all applicable requirements under FDCA and similar laws, rules and regulations relating to registration, investigational use, premarket
clearance, licensure, or application approval, good manufacturing practices, good laboratory practices, good clinical practices, product
listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would not have
a Material Adverse Effect. There is no pending, completed or, to the Company's knowledge, threatened, action (including any lawsuit, arbitration,
or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries,
and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA or any
other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of, the distribution
of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Device, (ii) withdraws
its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional
materials relating to, any Pharmaceutical Device (iii) imposes a clinical hold on any clinical investigation by the Company or any of
its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into
a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws,
rules or regulations by the Company or any of its Subsidiaries, and which, either individually or in the aggregate, would have a Material
Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all material respects in accordance
with all applicable laws, rules and regulations of the FDA.  The Company has not been informed by the FDA that the FDA will prohibit
the marketing, sale, license or use in the United States of any product proposed to be developed, produced or marketed by the Company
nor has the FDA expressed any concern as to approving or clearing for marketing any product being developed or proposed to be developed
by the Company.

 

    	 	18	 

     

    

 

(hh)
Stock Option Plans. The Company has duly adopted the Share Ownership and Option Plan (the “Equity Incentive Plan”)
and a correct and complete copy of the Equity Incentive Plan, as well as all option awards thereunder, have been provided to the Investor.
The Equity Incentive Plan is the only equity-based incentive plan currently in effect with respect to the Company. Schedule 3.1(gg)
of the Disclosure Schedules accurately sets forth all of the issued and outstanding options to acquire share capital of the Company
under the Equity Incentive Plan (“Options”), and the number of issued and outstanding Options held by each holder thereof,
the number of Ordinary Shares into which such Options are exercisable by such holder, in each case as of the date of this Agreement and
the date of grant or issuance, as applicable, and the exercise price thereof, the date on which such Option was granted or issued and
expiration date, the applicable vesting schedule and any acceleration provision, if any, and the extent to which such Option is vested
and exercisable as of the date hereof. The Options were duly authorized and were not issued in violation of any applicable law, the requirements
set forth in the Equity Incentive Plan or the preemptive or similar rights of any Person. The Equity Incentive Plan is intended to qualify
as a capital gains route plan under Section 102(b)(2) of the Israeli Tax Ordinance [New Version], 5724 – 1961 (the “Israeli
Tax Ordinance”) and is deemed approved by passage of time without objection by the Israeli tax authorities. All options which
have been originally intended or purported to be granted by the Company pursuant to the capital gains route under Section 102(b)(2) of
the Israeli Tax Ordinance and all shares issued upon exercise of such Options (collectively, the “102 Options”), have
been issued and to the Company’s knowledge, maintained in compliance in all respects with the applicable requirements of Section
102 of the Israeli Tax Ordinance, and the regulations, rules and guidelines promulgated in writing thereunder. Each grant of Option was
duly authorized by all necessary corporate action, including, as applicable, approval by the Board and any required shareholder approval
by the necessary number of votes or written consents, and the award agreement governing such grant (if any) was executed and delivered
by each party thereto.

 

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

 

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

 

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

 

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

 

    	 	19	 

     

    

 

(mm) 
Data Privacy. Except as set forth in Schedule 3.1(nn)(A) of the Disclosure Schedules, to Company’s knowledge,
the Company has and is currently taking the measures required by any and all applicable law or any applicable binding directive, guidelines
or requirements of a regulator in all relevant jurisdictions to protect the privacy of any Personal Information (as defined below) (the
“Data Privacy Laws”) in connection with Company’s collection, storage, use, transfer of, (a) any personally identifiable
information from any individuals, including name, address, telephone number, email address, financial account number, government-issued
identifier, and any other data used or intended to be used to identify, contact or precisely locate a person, (b) any information from
or about an individual whose use, aggregation, holding or management is restricted under any applicable Law, (c) Internet
Protocol address or other persistent identifier; (d) “information” as defined by the Israeli Privacy Protection Law (whether
or not such “information” constitutes “sensitive information” as defined thereunder) (collectively “Personal
Information”) to maintain in confidence such Personal Information. Except as set forth in Schedule 3.1(nn)(B) of the
Disclosure Schedules, to Company’s knowledge, the Company has at all times complied with the
Data Privacy Laws, and is in compliance with any contractual obligations, if any, relating to privacy, data protection, and the collection,
storage and use of the Personal Information, if any. No claims have been asserted or, to the best knowledge of the Company, are threatened
against the Company by any Person alleging a violation of any Person’s or any entity’s privacy, personal or confidentiality
rights under the Data Privacy Laws and/or contractual obligations relating to privacy. To the best knowledge of the Company, there has
been no unauthorized access to or other misuse of Personal Information. The Company has never reported a data breach to any relevant regulator
in any jurisdiction.

 

(nn)
Governmental Funding. The Company has not applied, obtained or received any grant, loan, incentives, benefits (including
tax benefits), subsidies or other assistance from any governmental or regulatory authority or any agency, or any international or bilateral
fund, institute or organization or public entities or authorities, including, from the IIA, nor is the Company an “approved enterprise”,
“benefited enterprise” or “preferred enterprise” within the meaning of the Israeli Encouragement of Capital Investments
Law, 1959, other than as set forth in Schedule 3.1(oo) of the Disclosure Schedule. The Company was and is in compliance, in all
material respects, with the terms and conditions of any such grants or benefits. Other than as set forth in Schedule 3.1(oo) of
the Disclosure Schedule, no royalties, interest, participation fees or other payments are payable or will be payable by the Company as
a result of such grants or benefits. The consummation of the transactions contemplated hereby will not affect the continued qualification
for such grants or benefits, the terms or duration thereof or require any reimbursement, repayment, refund or cancellation of any previously
claimed or received grants or benefits.

 

(oo)
No Disqualification Events.  With respect to the Securities to be offered and sold hereunder in reliance on Rule 506
under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other
officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding
voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities
Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person” and, together,
“Issuer Covered Persons”) is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i)
to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule
506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification
Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the
Purchasers a copy of any disclosures provided thereunder.

 

(pp)
Notice of Disqualification Events. The Company will notify the Purchasers and in writing, prior to the Closing Date of (i)
any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification
Event relating to any Issuer Covered Person.

 

    	 	20	 

     

    

 

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

 

(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited
liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance
by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate,
partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to
which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof,
will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law. No approval or consent from any person, entity or authority, is required by the Investor for the execution, delivery
and performance by it of this Agreement and the Transaction Documents to which it is party, and any and all agreements and instruments
ancillary hereto or thereto.

 

(b)
Own Account. Such Purchaser understands that the Securities are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and
not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable
state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable
state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the
distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty
not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with
applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

 

(c)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each
subsequent Closing Date it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7)
or (a)(8) under the Securities Act, (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities
Act, or (iii) if such Purchaser is Israeli then it qualifies as an “investor” under Section 15(A)(b)(1) of the Israeli Securities
Law, 1968, is an investor of the type listed in the First Supplement to the Israeli Securities Law, 1968, and is aware of the significance
of being such an investor.

 

    	21

     

    

 

(d)
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of
an investment in the Securities and, at the present time, is able to afford a complete loss of such investment. Such Purchaser has been
afforded the opportunity to ask questions of and receive answers from duly authorized officers or other representatives of the Company
concerning the Company’s business, assets and financial position and has reviewed and inspected all of the data and information
provided to it by the Company in connection with the execution of this Agreement. The Purchaser acknowledges that (i) the issuance of
the Securities hereunder does not constitute a promise or guaranty by the Company, its shareholders, officers or directors as to the
financial, technological or commercial success of the Company or the future value of its shares, and (ii) the investment contemplated
herein involves a high degree of risk that may result in the Purchaser losing its entire investment hereunder.

 

(e)
General Solicitation. Such Purchaser is not, to such Purchaser’s knowledge, purchasing the Securities as a result of any
advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media
or broadcast over television or radio or presented at any seminar or, to the knowledge of such Purchaser, any other general solicitation
or general advertisement.

 

(f)
No Breach. Neither the execution and delivery of any of the Transaction Documents nor compliance by the Investor with the terms
and provisions thereof, will conflict with, or result in a breach or violation of, any of the terms, conditions and provisions of: (i) the
organizational documents of such Purchaser, (ii) any judgment, order, injunction, decree, or ruling of any court or governmental
authority, domestic or foreign, (iii) any agreement, contract, lease, license or commitment to which such Purchaser is a party or
to which it is subject, or (iv) applicable law.

 

(g)
Disclosure. Such Purchaser acknowledges that except for the representations and warranties of the Company contained in this Agreement,
or any other Transaction Document or exhibit hereto or thereto, the Company is not making and has not made, and no other Person is making
or has made on behalf of the Company, any express or implied representation or warranty in connection with this Agreement or the transactions
contemplated hereby, and no third party is authorized to make any such representations and warranties on behalf of the Company.

 

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

 

    	22

     

    

 

ARTICLE
IV.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1
Transfer Restrictions.

 

(a)
The Securities may only be disposed of in compliance with Israeli corporate and securities laws, and the Restated Articles, and following
the Public Company Date, in connection with any transfer of Securities other than pursuant to an effective registration statement or
Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company
may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable
to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer
does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee
shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this
Agreement; provided, no subsequent transferee (other than an Affiliate of a Purchaser) shall have any rights to designate a member of
the Board of Directors.

 

(b)
The Purchasers agree to the imprinting, so long as is required by this Section 4.1 under either Israeli or United States law, of a legend
on any of the Securities in the following form:

 

THIS
SECURITY HAS NOT 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 MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER
LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR
OTHER LOAN SECURED BY SUCH SECURITIES.

 

The
Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited investor”
as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer
pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company
and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no
notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable
documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities,
including, if the Securities are subject to registration pursuant to the Registration Rights Agreement, the preparation and filing of
any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act
to appropriately amend the list of Selling Stockholders (as defined in the Registration Rights Agreement) thereunder.

 

    	23

     

    

 

Following
the Public Company Date, (if the Company is the public entity, and if the Company is acquired by a public entity, it shall require as
a condition of its acquisition by the public entity that the public entity agree that) certificates evidencing the Shares shall not contain
any legend (including the legend set forth in Section 4.1(b) hereof), (i) while a registration statement (including the Registration
Statement) covering the resale of such security is effective under the Securities Act, (ii) following any sale of such Shares pursuant
to Rule 144 other than to an affiliate of the Company, (iii) if such Shares are eligible for sale under Rule 144, without the requirement
for the Company to be in compliance with the current public information required under Rule 144 as to such Shares and without volume
or manner-of-sale restrictions, or (iv) if such legend is not required under applicable requirements of the Securities Act (including
judicial interpretations and pronouncements issued by the staff of the Commission) and the Purchaser shall provide the Company with a
“no action” letter from the SEC or a legal opinion confirming the same. The Company shall cause its counsel to issue a legal
opinion to the Transfer Agent or the Purchaser if required by the Transfer Agent to effect the removal of the legend hereunder, or if
requested by a Purchaser, respectively. The Company agrees that following the Public Company Date or at such time as such legend is no
longer required under this Section 4.1(c), it will, no later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer
Agent of a certificate representing Shares issued with a restrictive legend (such date, the “Legend Removal Date”),
deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other
legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions
on transfer set forth in this Section 4. Certificates for Securities subject to legend removal hereunder shall be transmitted by the
Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System
as directed by such Purchaser. 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 Ordinary Shares as in effect
on the date of delivery of a certificate representing Shares issued with a restrictive legend.

 

    	24

     

    

 

(c)
Following the Public Company Date, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser,
in cash, (i) as partial liquidated damages and not as a penalty, for each $1,000 of Shares (based on the VWAP of the Ordinary Shares
on the date such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section
4.1(c), $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each
Trading Day after the Legend Removal Date until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue
and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the Securities so delivered
to the Company by such Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal Date such Purchaser
purchases (in an open market transaction or otherwise) Ordinary Shares to deliver in satisfaction of a sale by such Purchaser of all
or any portion of the number of Ordinary Shares, or a sale of a number of Ordinary Shares equal to all or any portion of the number of
Ordinary Shares that such Purchaser anticipated receiving from the Company without any restrictive legend, then, an amount equal to the
excess of such Purchaser’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for
the Ordinary Shares so purchased (including brokerage commissions and other out-of-pocket expenses, if any) (the “Buy-In Price”)
over the product of (A) such number of Shares that the Company was required to deliver to such Purchaser by the Legend Removal Date multiplied
by (B) the lowest closing sale price of the Ordinary Shares on any Trading Day during the period commencing on the date of the delivery
by such Purchaser to the Company of the applicable Shares and ending on the date of such delivery and payment under this clause (ii).
Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any Securities
pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or
an exemption therefrom, and that if Securities are sold pursuant to a Registration Statement, they will be sold in compliance with the
plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities
as set forth in this Section 4.1 is predicated upon the Company’s reliance upon this understanding.

 

4.2
Furnishing of Information; Public Information.

 

(a)
Following the Public Company Date, if the Ordinary Shares are not registered under Section 12(b) or 12(g) of the Exchange Act on the
date hereof, the Company agrees to cause the Ordinary Shares to be registered under Section 12(g) of the Exchange Act on or before the
60th calendar day following the date hereof. Until the earliest of the time that (i) no Purchaser owns Securities; or (ii)
three years from the date hereof, or (iii) the date on which the Company’s is being acquired in a price per share equal to or higher
of 150% of the Per Share Purchase Price, the Company shall take no action designed to, or which to its knowledge is likely to have the
effect of, terminating the registration of the Ordinary Shares under the Exchange Act and shall use its commercially reasonable best
efforts to maintain the registration of the Ordinary Shares under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain
extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the
date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

 

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(b)
Following the Public Company Date (if the Company is the public entity, and if the Company is acquired by a public entity, it shall require
as a condition of its acquisition by the public entity that the public entity agree that), if any time during the period commencing from
the six (6) month anniversary of the date hereof and ending at such time that all of the Securities may be sold without the requirement
for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the
Company (i) shall fail for any reason to satisfy the current public information requirement under Rule 144(c) or (ii) has ever been an
issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future, and the Company shall fail to satisfy any condition set forth
in Rule 144(i)(2), in each case, for a period of at least five (5) Trading Days (a “Public Information Failure”) then, in
addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated damages
and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Securities, an amount in cash equal to one
percent (1.0%) of the aggregate Subscription Amount of such Purchaser’s Securities on the day of a Public Information Failure and
on every thirtieth (30th) day (pro rated for periods totaling less than thirty days) thereafter until the earlier of (a) the
date such Public Information Failure is cured and (b) such time that such public information is no longer required for the Purchasers
to transfer the Shares pursuant to Rule 144. The payments to which a Purchaser shall be entitled pursuant to this Section 4.2(b) are
referred to herein as “Public Information Failure Payments.” Public Information Failure Payments shall be paid on the earlier
of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd)
Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails
to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate
of 1.0% per month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s right to pursue
actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at
law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.

 

4.3
Securities Laws Disclosure; Publicity. The Company shall (a) by the opening of the Trading Market on the next Trading Day, issue
a press release disclosing the material terms of the transactions contemplated hereby, and (b) file any reports required by the Israeli
Securities Law or the Tel-Aviv Stock Exchange. From and after the issuance of such press release, the Company represents to the Purchasers
that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of
its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated
by the Transaction Documents. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect
to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make
any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the
prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or
delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with
prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name
of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market,
without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with (i) any registration
statement contemplated by the Registration Rights Agreement and (ii) the filing of final Transaction Documents with the Commission and
(b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers
with prior notice of such disclosure permitted under this clause (b).

 

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4.4
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person,
that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill
(including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by
the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving
Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.5
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, which shall be disclosed pursuant to Section 4.4, following the earlier of 90 days from the Closing Date or the Public Company
Date (if the Company is the public entity, and if the Company is acquired by a public entity, it shall require as a condition
of its acquisition by the public entity that the public entity agree that), the Company covenants and agrees that neither it, nor any
other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company
reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt
of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that each
Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. Following the Public Company
Date, to the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information
regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report
on Form 6-K, if applicable. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting
transactions in securities of the Company.

 

4.6
Use of Proceeds. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds from the sale
of the Securities hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction of any portion of
the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s business and prior practices),
(b) for the redemption of any Ordinary Shares or Ordinary Shares Equivalents, (c) for the settlement of any outstanding litigation or
(d) in violation of FCPA or OFAC regulations.

 

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4.7
Indemnification of Purchasers. Subject to the provisions of this Section 4.7, the Company will indemnify and hold each Purchaser
and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding
a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any
and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all final judgments, amounts
paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer
or incur directly as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made
by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in
any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser
Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a breach
of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings
such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws
or any conduct by such Purchaser Party which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall
be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall
promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing
reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action
and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except
to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed
after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion
of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in
which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company
will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s
prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss,
claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants
or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this
Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills
are received or are incurred. The maximum liability of the Company with respect to all Losses indemnifiable pursuant to this Section
4.7 shall be an amount equal to the aggregate Subscription Amount actually paid to the Company by the Purchasers. The indemnity agreements
contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and
any liabilities the Company may be subject to pursuant to law. If any action shall be brought against any Purchaser Party and/or Company
in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing,
and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser
Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof,
but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment
thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to
assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict
on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be
responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser
Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which
shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is
attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser
Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.7 shall be made by periodic
payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred.

 

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4.8
Reservation of Ordinary Shares. As of the date hereof, the Company has reserved and the Company shall continue to reserve and
keep available at all times, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling the Company
to issue Shares pursuant to this Agreement.

 

4.9
Listing of Ordinary Shares. As of the Public Company Date (if the Company is the public entity), the Company hereby agrees to
use best efforts to maintain the listing or quotation of the Ordinary Shares. The Company further agrees, if the Company applies to have
the Ordinary Shares traded on any Trading Market, it will then include in such application all of the Shares, and will take such other
action as is reasonably necessary to cause all of the Shares to be listed or quoted on such other Trading Market as promptly as possible.
The Company will then take all action reasonably necessary to continue the listing and trading of its Ordinary Shares on a Trading Market
and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading
Market. The Company agrees to maintain the eligibility of the Ordinary Shares for electronic transfer through the Depository Trust Company
or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company
or such other established clearing corporation in connection with such electronic transfer.

 

4.10
Participation in Future Financing. From the date hereof until the date that is the 12 month anniversary of the Second Closing,
upon any issuance by the Company or any of its Subsidiaries of Ordinary Shares, Ordinary Share Equivalents (or ADRs) for cash consideration,
Indebtedness or a combination of units thereof (a “Subsequent Financing”), each Purchaser shall have the right to participate
in up to an amount of the Subsequent Financing equal to 50% of the Subsequent Financing (the “Participation Maximum”) on
the same terms, conditions and price provided for in the Subsequent Financing. 

 

(a)
At least three (3) Trading Days prior to the closing of the Subsequent Financing (4 hours in the case of a registered direct or underwritten
Subsequent Financing, but not including any major Jewish holidays), the Company shall deliver to each Purchaser a written notice of its
intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask such Purchaser if it wants to
review the details of such financing (such additional notice, a “Subsequent Financing Notice”). Upon the request of
a Purchaser, and only upon a request by such Purchaser, for a Subsequent Financing Notice, the Company shall promptly, but no later than
one (1) Trading Day after such request, deliver a Subsequent Financing Notice to such Purchaser. The Subsequent Financing Notice shall
describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder
and the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet or
similar document relating thereto as an attachment.

 

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(b)
Any Purchaser desiring to participate in such Subsequent Financing must provide written notice to the Company by not later than 5:30
p.m. (New York City time) on the third (3rd) Trading Day after all of the Purchasers have received the Pre-Notice (4 hours
in the case of a registered direct or underwritten Subsequent Financing, but not including any major Jewish holidays) that such Purchaser
is willing to participate in the Subsequent Financing, the amount of such Purchaser’s participation, and representing and warranting
that such Purchaser has such funds ready, willing, and available for investment on the terms set forth in the Subsequent Financing Notice.
If the Company receives no such notice from a Purchaser as of such third(3rd) Trading Day (5 hours in the case of a registered
direct or underwritten Subsequent Financing (12 hours if over a weekend, but not including any major Jewish holidays and no notice shall
be given during Shabbat New York time), such Purchaser shall be deemed to have notified the Company that it does not elect to participate.

 

(c)
If by 5:30 p.m. (New York City time) on the third (3rd) Trading Day after all of the Purchasers have received the Pre-Notice
(5 hours in the case of a registered direct or underwritten Subsequent Financing,(12 hours if over a weekend, but not including any major
Jewish holidays and no notice shall be given during Shabbat New York time)), notifications by the Purchasers of their willingness to
participate in the Subsequent Financing (or to cause their designees to participate) is, in the aggregate, less than the total amount
of the Subsequent Financing, then the Company may effect the remaining portion of such Subsequent Financing on the terms and with the
Persons set forth in the Subsequent Financing Notice.

 

(d)
If by 5:30 p.m. (New York City time) on the third (3rd) Trading Day after all of the Purchasers have received the Pre-Notice
(5 hours in the case of a registered direct or underwritten Subsequent Financing,(12 hours if over a weekend, but not including any major
Jewish holidays and no notice shall be given during Shabbat New York time)), the Company receives responses to a Subsequent Financing
Notice from Purchasers seeking to purchase more than the aggregate amount of the Participation Maximum, each such Purchaser shall have
the right to purchase its Pro Rata Portion (as defined below) of the Participation Maximum. “Pro Rata Portion” means
the ratio of (x) the Subscription Amount of Securities purchased on the Closing Date by a Purchaser participating under this Section
4.10 and (y) the sum of the aggregate Subscription Amounts of Securities purchased on the Closing Date by all Purchasers participating
under this Section 4.10.

 

(e)
The Company must provide the Purchasers with a second Subsequent Financing Notice, and the Purchasers will again have the right of participation
set forth above in this Section 4.10, if the Subsequent Financing subject to the initial Subsequent Financing Notice is not consummated
for any reason on the terms set forth in such Subsequent Financing Notice within thirty (30) Trading Days after the date of the initial
Subsequent Financing Notice (Three Trading Days in the case of a registered direct or underwritten Subsequent Financing).

 

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(f)
The Company and each Purchaser agree that if any Purchaser elects to participate in the Subsequent Financing, the transaction documents
related to the Subsequent Financing shall not include any term or provision that, directly or indirectly, will, or is intended to, exclude
one or more of the Purchasers from participating in a Subsequent Financing, including, but not limited to, provisions whereby such Purchaser
shall be required to agree to any restrictions on trading as to any securities of the Company or be required to consent to any amendment
to or termination of, or grant any waiver, release or the like under or in connection with, this Agreement, without the prior written
consent of such Purchaser.

 

Notwithstanding
anything to the contrary in this Section 4.10 and unless otherwise agreed to by such Purchaser, the Company shall either confirm in writing
to such Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly disclose its intention
to issue the securities in the Subsequent Financing, in either case in such a manner such that such Purchaser will not be in possession
of any material, non-public information, by the tenth (10th) Business Day following delivery of the Subsequent Financing Notice.
If by such tenth (10th) Business Day, no public disclosure regarding a transaction with respect to the Subsequent Financing
has been made, and no notice regarding the abandonment of such transaction has been received by such Purchaser, such transaction shall
be deemed to have been abandoned and such Purchaser shall not be deemed to be in possession of any material, non-public information with
respect to the Company or any of its Subsidiaries.

 

Notwithstanding
the foregoing, this Section 4.10 shall not apply in respect of an Exempt Issuance and in respect of any instance prohibited by applicable
law.

 

4.11
Subsequent Equity Sales.

 

(a)
From the date hereof until 60 calendar days from the Second Closing, the Company will not issue any Ordinary Shares or Ordinary Shares
Equivalents. From the date hereof until one year after the Second Closing, the Company shall be prohibited from effecting or entering
into an agreement to effect any issuance by the Company or any of its Subsidiaries of any debt (other than trade liabilities in the ordinary
course of business) or issue and Ordinary Shares or Ordinary Shares Equivalents (or a combination of units thereof) involving a Variable
Rate Transaction. “Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any debt
or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional Ordinary
Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading
prices of or quotations for the Ordinary Shares at any time after the initial issuance of such debt or equity securities or (B) with
a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or
equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company
or the market for the Ordinary Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited
to, an equity line of credit, whereby the Company may issue securities at a future determined price. Any Purchaser shall be entitled
to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect
damages.

 

(b)
Notwithstanding the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction
shall be an Exempt Issuance.

 

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4.12
Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat
the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the
purchase, disposition or voting of Securities or otherwise.

 

4.13
U.S. Listing of Ordinary Shares. Within 3 months of listing the Company’s ADR’s on Nasdaq, the Company will file all
appropriate documents (the “Conversion Documents”) with the Securities Exchange Commission (“SEC”), Nasdaq, and
the Tel-Aviv Stock Exchange (“TSA”) to have the Company’s common stock listed on Nasdaq (i.e., no longer its ADRs).
The Company will be assessed a 1% penalty of the amount of the Subscription Amount for each 30-day period the Conversion Documents are
not filed after the initial 3-month period, not to exceed a total of 10%. Such damages shall be paid in cash.

 

4.14
Acknowledgment of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding
Ordinary Shares, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations
under the Transaction Documents, including, without limitation, its obligation to issue the Shares pursuant to the Transaction Documents,
are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of
any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance may
have on the ownership of the other stockholders of the Company.

 

4.15
Registration Rights. On or prior to the 30th calendar day following the Closing Date, the Company shall prepare and
file with the Commission a Registration Statement for a resale offering to be made on a continuous basis. The Company shall use its commercially
best efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the
filing thereof (but in no event later than the 90th day following the filing of the registration statement) and shall use
its commercially best efforts to keep such Registration Statement, with respect to each Purchaser, continuously effective under the Securities
Act until the earlier to occur of (i) the date on which such Purchaser may sell the Securities then held in compliance with Rule 144,
or (ii) all Securities covered by the Registration Statement have been sold by such Purchaser.

  

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ARTICLE
V.

AFFIRMATIVE
COVENANTS BY THE COMPANY

 

5.1
Filing with IIA. As soon as possible following the First Closing, and in any event no later than 14 days following the First Closing,
the Company shall file all required notices set forth in Section 2.2(a)(xiii) with IIA.

 

ARTICLE
VI.

MISCELLANEOUS

 

6.1
Fees and Expenses. At the Closing, the Company has agreed to reimburse Alpha Capital Anstalt (“Alpha”) the non-accountable
sum of $50,000 for its legal fees and expenses. Accordingly, in lieu of the foregoing payments, the aggregate amount that Alpha is to
pay for the Securities at the Closing shall be reduced by $50,000 in lieu thereof. Except as expressly set forth in the Transaction Documents
to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all
other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.
Following the Public Company Date (if the Company is the public entity, and if the Company is acquired by a public entity, it shall require
as a condition of its acquisition by the public entity that the public entity agree that) the Company shall pay all Transfer Agent fees
(including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any
exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities
to the Purchasers.

 

6.2
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

6.3
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is
delivered via email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New
York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered
via email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required
to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

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6.4
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by the Company and Purchasers which purchased at least 67% in interest of the Shares based on the
initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived provision
is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers),
the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with
respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver
of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any
party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately,
materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the
other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with
this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

 

6.5
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to
limit or affect any of the provisions hereof.

 

6.6
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom
such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the
transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

6.7
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise
set forth in Section 4.8.

 

6.8
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively
in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of
any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient
venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction
Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall
be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such Action or Proceeding.

 

    	34

     

    

 

6.9
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

6.10
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

6.11
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.

 

6.12
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions
of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may
rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election
in whole or in part without prejudice to its future actions and rights; provided, however, that, in the case of a rescission
of an exercise of a Warrant, the applicable Purchaser shall be required to return any Ordinary Shares subject to any such rescinded exercise
notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration
of such Purchaser’s right to acquire such shares pursuant to such Purchaser’s Warrant (including, issuance of a replacement
warrant certificate evidencing such restored right).

 

6.13
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to
the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also
pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

    	35

     

    

 

6.14
Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by
or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including,
without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such
restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such enforcement or setoff had not occurred.

 

6.15
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document
are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other
Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way
acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each
Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of
this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional
party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation
of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to
communicate with the Company through EGS. EGS does not represent any of the Purchasers and only represents Alpha. The Company has elected
to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required
or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement
and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers
collectively and not between and among the Purchasers.

 

6.16
Fridays, 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.

 

6.17
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise
the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each
and every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and forward
stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of
this Agreement.

 

6.18
Confidentiality. No party to this Agreement shall disclose or issue any public statement or press release concerning, or relating to,
this transaction, without the prior written approval of the other party of the substance and form of any such statement or release, except
as, and only to the extent required, (a) to exercise any of its rights or fulfill any of its obligations under the Agreement, or (b)
as may be required under applicable Law.

 

6.19
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature
Pages Follow)

 

    	36

     

    

 

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

 

	ICECURE
    MEDICAL LTD. 	 	Address
    for Notice:
	 	 	 	 	 
	By:
    	/s/ Eyal Shamir	 	Email:
    eyals@icecure-medical.com
	 	Name:	Eyal
    Shamir	 	 
	 	Title:
    	CEO	 	 
	 	 	 	 	 
	By:
    	/s/ Ron Mayron	 	 
	 	Name:	Ron
    Mayron	 	 
	 	Title:
    	Chairman	 	 
	 	 	 	 	 
	With
    a copy to (which shall not constitute notice):	 	 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    	37

     

    

 

[PURCHASER
SIGNATURE PAGES TO ICECURE SECURITIES PURCHASE AGREEMENT]

 

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

 

Name
of Purchaser: Clover Alpha L.P.

 

Signature
of Authorized Signatory of Purchaser: /s/ Clover Alpha L.P.

 

Name
of Authorized Signatory: Amiran Meshel

 

Title
of Authorized Signatory: Manager

 

Email
Address of Authorized Signatory: amiran@clover-alpha.com

 

Address
for Delivery of Securities to Purchaser (if not same as address for notice):

 

Subscription
Amount:

 

First
Closing: $240,000

 

Shares:
1,470,169

 

Second
Closing: $160,000

 

Shares:
980,113

 

    	38

     

    

 

[PURCHASER
SIGNATURE PAGES TO ICECURE SECURITIES PURCHASE AGREEMENT]

 

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

 

Name
of Purchaser: Clover Wolf Capital Limited Partnership

 

Signature
of Authorized Signatory of Purchaser: /s/ Clover Wolf Capital Limited Partnership

 

Name
of Authorized Signatory: Adi Wolf

 

Title
of Authorized Signatory: Director

 

Email
Address of Authorized Signatory: adibzwolf@gmail.com

 

Address
for Delivery of Securities to Purchaser (if not same as address for notice):

 

Subscription
Amount:

 

First
Closing: $1,860,000

 

Shares:
11,393,809

 

Second
Closing: $1,240,000

 

Shares:
7,595.872

 

    	39

     

    

 

[PURCHASER
SIGNATURE PAGES TO ICECURE SECURITIES PURCHASE AGREEMENT]

 

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

 

Name
of Purchaser: Alpha Capital Anstalt

 

Signature
of Authorized Signatory of Purchaser: /s/ Alpha Capital Anstalt

 

Name
of Authorized Signatory: Konrad Ackermann

 

Title
of Authorized Signatory: Director

 

Email
Address of Authorized Signatory: info@alphacapital.li

 

Address
for Delivery of Securities to Purchaser (if not same as address for notice):

 

Subscription
Amount:

 

First
Closing: $2,400,000

 

Shares:
14,701,698

 

Second
Closing: $1,600,000

 

Shares:
9,801,126

 

    	40

     

    

 

[PURCHASER
SIGNATURE PAGES TO ICECURE SECURITIES PURCHASE AGREEMENT]

 

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

 

Name
of Purchaser: Epoch Partner Investment Limited

 

Signature
of Authorized Signatory of Purchaser: /s/ Epoch Partner Investment Limited

 

Name
of Authorized Signatory: Li Haixiang 

 

Title
of Authorized Signatory: Director

 

Email
Address of Authorized Signatory: Vic@vi-ventures.com

 

Address
for Delivery of Securities to Purchaser (if not same as address for notice):

 

Subscription
Amount:

 

First
Closing: $4,500,000

 

Shares:
27,570,099

 

Second
Closing: $3,000,000

 

Shares:
18,380,066

 

 

41

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