Document:

EX-10.1

 Exhibit 10.1 

ALLISON TRANSMISSION, INC. 

EXECUTIVE CHANGE IN CONTROL & SEVERANCE PLAN 

The Allison Transmission, Inc. Executive Change in Control & Severance Plan, as it may be amended from time to time (the
“Plan”), was adopted by the Compensation Committee of the Board of Directors of Allison Transmission Holdings, Inc., a Delaware corporation, to be effective as of July 13, 2022 (the “Effective
Date”). 
 1. Purpose. The purpose of this Plan is to assure that Allison Transmission, Inc. and its subsidiaries
(collectively, the “Company”) will have the continued dedication of key employees of the Company who are Participants (as defined below) by providing severance protections to such Participants in the event their employment is
terminated under the circumstances described in this Plan. The Plan is intended to be (i) an “employee welfare benefit plan” within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and (ii) exempt from the substantive provisions of ERISA as an unfunded plan maintained for purposes of providing benefits for “a select group of management or highly compensated employees” under
Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and will be maintained, interpreted and administered accordingly. 
 2.
Definitions. For purposes of this Plan, the following terms shall have the following meanings: 
 (a) “Base
Amount” means the greater of the Participant’s annual base salary (i) at the rate in effect on the day prior to the date of the Participant’s Qualifying Termination, or (ii) at the highest rate in effect at any time
during the ninety (90) day period prior to the Change in Control, and shall include all amounts of such base salary that are deferred under any qualified and non-qualified employee benefit plans of the
Company or under any other agreement or arrangement. 
 (b) “Board” shall mean the Board of Directors of the Parent.

 (c) “Bonus Amount” means the Participant’s target annual bonus amount as in effect at the time of the
Participant’s Qualifying Termination or, if higher, the Participant’s target annual bonus amount at the highest level in effect at any time during the ninety (90) day period prior to the Change in Control. 

(d) “Cause” shall mean any of the following: (i) the Participant’s failure to substantially perform the
Participant’s duties as an employee of the Company (other than any such failure resulting from the Participant’s physical or mental incapacity) that is reasonably expected to result in, or has resulted in, material economic damage to the
Company or any of its affiliates (provided, that, to the extent such failure can be fully cured, the Company shall have provided the Participant with at least 30 days’ notice of such failure and the Participant has not remedied the failure
within the 30-day period); (ii) the Participant’s failure in any material respect to carry out or comply with any lawful and reasonable directive of the Board or the Participant’s direct supervisor
(provided, that, to the extent such failure can be fully cured, the Company shall have provided the Participant with at least 30 days’ notice of such failure and the Participant has not remedied the failure within the 30-day period); (iii) the Participant’s conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude; (iv) the
Participant’s unlawful use (including being under the influence) or possession of illegal drugs on the Company’s (or any of its affiliate’s) premises or while performing the Participant’s duties and responsibilities with respect
to the Company and its affiliates or (v) the Participant’s commission of an act of fraud, embezzlement, misappropriation, willful misconduct, or breach of fiduciary duty against the Company or any of its affiliates. 

 (e) “Change in Control” shall mean and includes each of the
following: 
 (i) A transaction or series of transactions (other than an offering of the Parent’s common stock to the general public
through a registration statement filed with the Securities and Exchange Commission) occurring after the Effective Date whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d)
and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Parent, any of its subsidiaries, an employee benefit plan maintained by the Parent or any of its subsidiaries or a
“person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Parent) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Parent possessing more than 50% of the total combined voting power of the Parent’s securities outstanding immediately after such transaction; or 

(ii) The consummation by the Parent (whether directly involving the Parent or indirectly involving the Parent through one or more
intermediaries) after the Effective Date of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Parent’s assets in any single transaction or series
of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 
 (A)
Which results in the Parent’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Parent or the person that, as a result
of the transaction, controls, directly or indirectly, the Parent or owns, directly or indirectly, all or substantially all of the Parent’s assets or otherwise succeeds to the business of the Parent (the Parent or such person, the
“Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

(B) After which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor
Entity; provided, however, that no person or group shall be treated for purposes of this Section 2(e)(ii)(B) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the
Parent prior to the consummation of the transaction. 
 (f) “Change in Control Qualifying Termination” means the
Participant’s Qualifying Termination that occurs within two years following a Change in Control. 
 (g) “COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
 (h) “COBRA Continuation Period”
means, (A) with respect to a Tier 1 Participant, (y) the twelve (12)-month period following the date of the Participant’s Qualifying Termination other than a Change in Control Qualifying Termination or (z) the eighteen (18)-month
period following the date of the Participant’s Change in Control Qualifying Termination or (B) with respect to a Tier 2 Participant, the twelve (12)-month period following the date of the Participant’s Qualifying Termination
(including a Change in Control Qualifying Termination). 
 (i) “Code” shall mean the Internal Revenue Code of 1986,
as amended, and the Treasury Regulations and other interpretive guidance thereunder. 
 (j) “Committee” means the
Compensation Committee of the Board or its designee. 

  
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 (k) “First Payment Date” means the sixtieth (60th) day following the
effective date of the Participant’s Qualifying Termination. 
 (l) “Good Reason” shall mean the occurrence of
any of the following events or conditions without the Participant’s written consent: 
 (i) a material diminution in the
Participant’s authority, duties or responsibilities, other than as a result of a Change in Control where the Participant remains in a position with the Company or its successor (or any other entity that owns substantially all of the
Company’s business after such sale) that is substantially equivalent in duties, rank, reporting structure and authority with the Participant’s position prior to such sale, solely as such duties, rank, reporting structure and authority
relate to the Company’s business; 
 (ii) a material diminution in the Participant’s base salary or target annual bonus level;

 (iii) a material change in the geographic location at which the Participant must perform the Participant’s duties, which shall not
include a relocation of the Participant’s principal place of employment to any location within a fifty (50) mile radius of the location from which the Participant served the Company immediately prior to the relocation or a requirement to
work at home or return to work at the Participant’s principal place of employment prior to working from home; 
 (iv) the failure of
the Parent or the Company to obtain an agreement from any successor to the Parent or the Company to assume and agree to perform this Plan, as contemplated in Section 9(b), unless the Plan is assumed by operation of law. 

The Participant must provide written notice to the Company of the occurrence of any of the foregoing events or conditions without the
Participant’s written consent within ninety (90) days of the occurrence of such event or the date upon which the Participant reasonably became aware that such an event or condition had occurred. The Company or any successor or affiliate
shall have a period of thirty (30) days to cure such event or condition after receipt of written notice of such event from the Participant. Any voluntary termination for “Good Reason” following such thirty (30) day cure period
must occur no later than the date that is six (6) months following the date notice was provided by the Participant. The Participant’s voluntary Separation from Service by reason of resignation from employment with the Company for Good
Reason shall be treated as involuntary. 
 (m) “Parent” means Allison Transmission Holdings, Inc., a Delaware
corporation, or its successor. 
 (n) “Participant” means a senior level employee of the Company who is chosen by
the Committee to participate in this Plan and who signs and returns the Participation Agreement as provided in Section 3. 
 (o)
“Permanent Disability” means at any time the Company or any of its affiliates sponsors a long-term disability plan for the Company’s employees, “disability” as defined in such long-term disability plan for the
purpose of determining a participant’s eligibility for benefits, provided, however, if the long-term disability plan contains multiple definitions of disability, “Disability” shall refer to that definition of disability which, if the
Participant qualified for such disability benefits, would provide coverage for the longest period of time. The determination of whether the Participant has a Disability shall be made by the person or persons required to make disability
determinations under the long-term disability plan. At any time the Company does not sponsor a long-term disability plan for its employees, Disability 

  
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shall mean the Participant’s inability to perform, with or without reasonable accommodation, the essential functions of his position hereunder for a total of three months during any six-month period as a result of incapacity due to mental or physical illness as determined by a physician selected by the Company or its insurers and acceptable to the Participant or the Participant’s legal
representative, with such agreement as to acceptability not to be unreasonably withheld or delayed. 
 (p) “Qualifying
Termination” means (i) a termination by the Participant of the Participant’s employment with Company for Good Reason, or (ii) a termination of the Participant’s employment without Cause by the Company. Neither a
termination of the Participant’s employment due to Permanent Disability nor a termination of the Participant’s employment due to death shall constitute a Qualifying Termination. 

(q) “Separation from Service” means a “separation from service” with the Company as such term is
defined in Treasury Regulation Section 1.409A-1(h) and any successor provision thereto. 
 3.
Participation. The Committee may designate any senior level employee of the Company to be a Participant and will classify each Participant as a “Tier 1” participant (a “Tier 1 Participant”) or “Tier
2” participant (a “Tier 2 Participant”), which classification may be different for different types of terminations. Participation in the Plan and classification as a Tier 1 Participant or Tier 2 Participant shall be
determined in the Committee’s sole discretion. Following such designation, each Participant will be notified of such Participant’s participation and classification in a formal communication from the Committee or the Company, in the in the
form substantially similar to the form attached hereto as Exhibit A (or such other form approved by the Committee from time to time) (a “Participation Agreement”). A Participant’s participation
in the Plan will commence on the date the Participation Agreement is promptly signed (as reasonably determined by the Committee) and returned to the Company. Once participation in the Plan has commenced, a Participant shall remain a Participant
until the first to occur of (a) a termination of employment that is not a Qualifying Termination, (b) the completion of the delivery of all payments and benefits under the Plan after a Qualifying Termination under circumstances giving rise
to such payments and benefits or (c) a termination of the Plan in accordance with Section 8. 
 4. Severance. 

(a) Severance Upon Qualifying Termination. If the Participant has a Qualifying Termination other than a Change in Control Qualifying
Termination, subject to the requirements of this Section 4, the Participant shall be entitled to receive the following payments and benefits: 

(i) The Company shall pay to the Participant such Participant’s fully earned but unpaid base salary, when due, through the date of the
Participant’s Qualifying Termination at the rate then in effect, plus all other vested benefits, if any, under any Company group retirement plan, nonqualified deferred compensation plan, equity award plan or agreement, health benefits plan or
other Company group benefit plan to which the Participant may be entitled pursuant to the terms of such plans or agreements; 
 (ii)
Subject to Section 4(d) and Section 5, on the First Payment Date, the Participant shall be entitled to receive severance pay equal to (A) with respect to a Tier 1 Participant, one times the sum of the Base Amount and the Bonus Amount
or (B) with respect to a Tier 2 Participant, one times the Base Amount plus a pro-rated portion of the Bonus Amount (determined based on the number of days the Participant was employed by the Company
during the calendar year during which the Qualifying Termination occurs); and 

  
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 (iii) Subject to Section 4(d) and Section 5, if the Participant elects to receive
continued medical coverage under one or more of the Company’s group medical plans pursuant to COBRA, the Company shall directly pay, or reimburse the Participant for, the COBRA premiums under the Company’s group medical plans for the
Participant and, if applicable, the Participant’s covered dependents for the COBRA Continuation Period; provided, that payment or reimbursement of the COBRA premiums will terminate (A) on the date that the Participant and/or the
Participant’s covered dependents become no longer eligible for COBRA continuation coverage under the Company’s group medical plans prior to the end of the COBRA Continuation Period or (B) on the date that the Participant becomes
eligible to receive group medical coverage from a subsequent employer (and the Participant agrees to promptly notify the Company of such eligibility). Notwithstanding the foregoing, if the Company determines in its sole discretion that it cannot pay
or reimburse COBRA premiums during the COBRA Continuation Period without potentially violating applicable law or incurring an excise tax (including, without limitation, by reason of the 2010 Patient Protection and Affordable Care Act, as amended by
the 2010 Health Care and Education Reconciliation Act), then in lieu of such payments or reimbursements, the Company shall pay the Participant a taxable monthly payment equal to the COBRA premium for such month (based on the premium for the first
month of COBRA continuation coverage), which payments will be made regardless of whether the Participant elects COBRA continuation coverage and will begin in the month following the month in which the Participant’s Qualifying Termination occurs
(but no earlier than the First Payment Date, which initial payment shall include any installment payments that would have been made to the Participant prior to the First Payment Date). 

(b) Severance Upon Change in Control Qualifying Termination. If the Participant has a Change in Control Qualifying Termination, subject
to the requirements of this Section 4, the Participant shall be entitled to receive the following payments and benefits: 
 (i) The
Company shall pay to the Participant such Participant’s fully earned but unpaid base salary, when due, through the date of the Participant’s Change in Control Qualifying Termination at the rate then in effect, plus all other vested
benefits, if any, under any Company group retirement plan, nonqualified deferred compensation plan, equity award plan or agreement, health benefits plan or other Company group benefit plan to which the Participant may be entitled pursuant to the
terms of such plans or agreements; 
 (ii) Subject to Section 4(d) and Section 5, on the First Payment Date, the Participant
shall be entitled to receive severance pay equal to (A) with respect to a Tier 1 Participant, two times the sum of the Base Amount and the Bonus Amount or (B) with respect to a Tier 2 Participant, one times the Base Amount plus a pro-rated portion of the Bonus Amount (determined based on the number of days the Participant was employed by the Company during the calendar year during which the Qualifying Termination occurs); 

(iii) Subject to Section 4(d) and Section 5, if the Participant elects to receive continued medical coverage under one or more of
the Company’s group medical plans pursuant to COBRA, the Participant will receive the following benefits (the “Medical Continuation Benefits”): (A) the Company shall directly pay, or reimburse the Participant for, the
COBRA premiums under the Company’s group medical plans for the Participant and, if applicable, the Participant’s covered dependents for the COBRA Continuation Period; and (B) solely with respect to a Tier 1 Participant, for the six
(6) month period after the COBRA Continuation Period ends, the Company shall pay the Participant a taxable monthly payment equal to the COBRA premium for continued medical coverage for the Participant and, if applicable, the Participant’s
covered dependents (based on the COBRA premium in effect for the last month of the COBRA Continuation Period), which payments will be made without regard to the Participant’s payment of group medical plan or medical insurance premiums;
provided, that the Medical Continuation Benefits will terminate (y) on the date that the Participant and/or the Participant’s covered dependents become no longer eligible for COBRA continuation coverage under the Company’s group
medical plans prior to the end of the COBRA Continuation Period or (z) on the date that the Participant becomes eligible to receive group 

  
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medical coverage from a subsequent employer (and the Participant agrees to promptly notify the Company of such eligibility). Notwithstanding the foregoing, if the Company determines in its sole
discretion that it cannot provide the Medical Continuation Benefits during the COBRA Continuation Period without potentially violating applicable law or incurring an excise tax (including, without limitation, by reason of the 2010 Patient Protection
and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying or reimbursing the COBRA premiums pursuant to clause (A) above, the Company shall pay the Participant a taxable monthly
payment equal to the COBRA premium for such month (based on the premium for the first month of COBRA continuation coverage), which payments will be made regardless of whether the Participant elects COBRA continuation coverage and will begin in the
month following the month in which the Participant’s Qualifying Termination occurs (but no earlier than the First Payment Date, which initial payment shall include any installment payments that would have been made to the Participant under
clause (A) prior to the First Payment Date); and 
 (iv) Solely with respect to a Tier 1 Participant and subject to Section 4(d)
and Section 5, all unvested equity or equity-based awards granted under any equity compensation plans of the Parent shall immediately become 100% vested and the post-termination exercise period of any stock options granted under any equity
compensation plans of the Parent that are outstanding on the date of such Change in Control Qualifying Termination shall be extended until the second anniversary of the date of such Change in Control Qualifying Termination and in no event later than
the maximum term of the stock option (subject to the terms of the applicable equity plan), provided that, unless a provision more favorable to the Participant is included in an applicable award agreement, any such awards that are subject to
performance-based vesting conditions shall only be payable subject to the attainment of the performance measures for the applicable performance period as provided under the terms of the applicable award agreement. 

(c) Other Terminations. Upon the Participant’s termination of employment for any reason other than a Qualifying Termination, the
Company shall not have any other or further obligations to the Participant under this Agreement (including any financial obligations) except that the Participant shall be entitled to receive (i) the Participant’s fully earned but unpaid
base salary, through the date of termination at the rate then in effect, and (ii) all other vested amounts or benefits to which the Participant is entitled under any compensation, retirement or benefit plan or practice of the Company at the
time of termination in accordance with the terms of such plans or practices, including, without limitation, any continuation of benefits required by COBRA or applicable law. The foregoing shall be in addition to, and not in lieu of, any and all
other rights and remedies which may be available to the Company under the circumstances, whether at law or in equity. 
 (d) Release.
As a condition to the Participant’s receipt of any amounts set forth in Section 4(a) or Section 4(b) above, the Participant shall execute and not revoke a general release of all claims in favor of the Company (the
“Release”) in the form substantially similar to the form attached hereto as Exhibit B (and any statutorily prescribed revocation period applicable to such Release shall have expired) within the sixty
(60) day period following the date of the Participant’s Qualifying Termination. 
 (e) Other Arrangements. Except as
otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of the Participant’s rights to salary, severance, benefits, bonuses and other amounts (if any) accruing after the termination of the Participant’s
employment shall cease upon such termination. The severance payments and benefits provided for in Sections 4(a)(ii) and 4(a)(iii) or Sections 4(b)(ii) and 4(b)(iii) above, as applicable, are not intended to duplicate any severance payments and
benefits the Participant may become entitled to receive under any other plan, program, policy or agreement with the Company or any of its affiliates (collectively, “Other Arrangements”). Therefore, in the event the
Participant becomes entitled to receive the severance payments and benefits provided under Sections 4(a)(ii) and 4(a)(iii) or Sections 4(b)(ii) and 4(b)(iii), as applicable, the Participant shall receive such payments and benefits provided
under Sections 4(a)(ii) and 4(a)(iii) or Sections 4(b)(ii) and 4(b)(iii), 

  
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as applicable, and shall not be entitled to receive any similar severance payments and benefits pursuant to any Other Arrangements unless such severance payments and benefits provided under the
Other Arrangements exceed the amounts provided under Sections 4(a)(ii) and 4(a)(iii) or Sections 4(b)(ii) and 4(b)(iii), as applicable (and in such event the Participant shall receive under the Other Arrangements only the excess over the amount
provided under Sections 4(a)(ii) and 4(a)(iii) or Sections 4(b)(ii) and 4(b)(iii), as applicable). 
 (f) No Mitigation. The
Participant shall not be required to mitigate the amount of any payment provided for in this Section 4 by seeking other employment or otherwise and, except as otherwise provided in Section 4(a)(iii) or Section 4(b)(iii), as
applicable, no such payment or benefit provided for in this Section 4 be reduced by any compensation earned by the Participant as the result of employment by another employer or self-employment or by retirement benefits; provided, however, that
loans, advances or other amounts owed by the Participant to the Company may be offset by the Company against amounts payable to the Participant under this Section 4. 

(g) Return of the Company’s Property. If the Participant’s employment is terminated for any reason, the Company
shall have the right, at its option, to require the Participant to vacate the Participant’s offices prior to or on the effective date of termination and to cease all activities on the Company’s behalf. Upon the termination of the
Participant’s employment in any manner, as a condition to the Participant’s receipt of any post-termination benefits described in this Plan, the Participant shall immediately surrender to the Company all lists, books and records of, or in
connection with, the Company’s business, and all other property belonging to the Company, it being distinctly understood that all such lists, books and records, and other documents, are the property of the Company. The Participant shall deliver
to the Company a signed statement certifying compliance with this Section 4(g) prior to the receipt of any post-termination benefits described in this Section 4. 

(h) Parachute Payments. 

(i) It is the objective of this Plan to maximize the Participant’s net after-tax benefit if
payments or benefits provided under this Plan are subject to excise tax under Section 4999 of the Code. Notwithstanding any other provisions of this Plan, in the event that any payment or benefit by the Company or otherwise to or for the
benefit of the Participant, whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise (all such payments and benefits, including the payments and benefits under Section 4(a) or 4(b), the
“Total Payments”), would be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the cash severance payments shall first be reduced, and the
non-cash severance payments shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments shall be subject to the Excise Tax, but only if (i) the net amount of such Total
Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such
reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of
Excise Tax to which the Participant would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). 

(ii) The Total Payments shall be reduced by the Company in the following order: (i) reduction of any cash severance payments otherwise
payable to the Participant that are exempt from Section 409A of the Code, (ii) reduction of any other cash payments or benefits otherwise payable to the Participant that are exempt from Section 409A of the Code, but excluding any
payments attributable to the acceleration of vesting or payments with respect to any equity award with respect to the Parent’s 

  
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common stock that is exempt from Section 409A of the Code, (iii) reduction of any other payments or benefits otherwise payable to the Participant on a
pro-rata basis or such other manner that complies with Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting and payments with respect to any equity award with
respect to the Parent’s common stock that are exempt from Section 409A of the Code, and (iv) reduction of any payments attributable to the acceleration of vesting or payments with respect to any other equity award with respect to the
Parent’s common stock that are exempt from Section 409A of the Code. 
 (iii) All determinations regarding the application of
this Section 4(h) shall be made by an accounting or consulting firm with experience in performing calculations regarding the applicability of Section 280G of the Code and the Excise Tax selected by the Company (“Independent
Advisors”). For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Participant shall have waived
at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account, (ii) no portion of the Total Payments shall be taken into account which, in the
opinion of the Independent Advisors, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no
portion of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of
the “base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation, and (iii) the value of any non-cash benefit or any deferred payment or benefit
included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. The costs of obtaining such determination and all related fees and expenses
(including related fees and expenses incurred in any later audit) shall be borne by the Company. 
 (iv) In the event it is later
determined that a greater reduction in the Total Payments should have been made to implement the objective and intent of this Section 4(h), the excess amount shall be returned immediately by the Participant to the Company, plus interest at a
rate equal to 120% of the semi-annual applicable federal rate as in effect at the time of the Change in Control. 
 (i) Withholding.
All compensation and benefits to the Participant hereunder shall be reduced by all federal, state, local and other withholdings and similar taxes and payments required by applicable law. 

5. Confidentiality, Restrictive Covenants and Proprietary Rights. The Company shall be entitled to cease all severance payments and
benefits to the Participant in the event of the Participant’s breach of any non-competition, non-solicitation,
non-disparagement, confidentiality, or assignment of inventions covenants contained in any agreement between the Participant and the Company (collectively, the “Restrictive Covenant
Agreements”), which covenants are hereby incorporated by reference into this Plan. 
 6. Plan Administration. 

(a) Committee; Authority. The Committee shall be responsible for the general administration and interpretation of this Plan and the
proper execution of its provisions and shall have full discretion to carry out its duties. In addition to the powers of the Committee specified elsewhere in this Plan, the Committee shall have all discretionary powers necessary to discharge its
duties under this Plan. The Committee, in its discretion, shall (i) interpret or construe the Plan, and resolve ambiguities, inconsistencies and omissions, (ii) prescribe, amend, and rescind any rules and regulations, as necessary or
appropriate for the administration of the Plan and prescribe the use of such forms as it deems necessary or 

  
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appropriate for the efficient administration of this Plan, (iii) select employees of the Company for participation in the Plan in accordance with Section 3 and (iv) make such other
determinations or certifications and take such other action as it deems necessary or advisable in the administration of the Plan, including, deciding the eligibility of any person to participate in this Plan and all questions on appeal concerning
this Plan. The decision of the Committee on any disputes arising under this Plan, including, but not limited to, questions of construction, interpretation and administration, shall be final, conclusive and binding on all persons having an interest
in or under the Plan. Any determination made by the Committee shall be given deference in the event it is subject to review in arbitration or a court of law and shall be overturned by an arbitrator or court only if it is arbitrary and capricious.
The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to the Committee and/or such member by any officer or employee of the Company or any affiliate thereof, the
Company’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of this Plan. 
 (b)
Delegation. The Committee may delegate to officers of the Parent or the Company, pursuant to a written delegation, the authority to perform specified functions under the Plan. Any actions taken by any officers of the Company pursuant to such
written delegation of authority shall be deemed to have been taken by the Committee. 
 7. Claims Procedures. 

(a) Claim for Benefits. Any Participant who believes that such Participant is entitled to benefits under the Plan in an amount greater
than the amount received may file, or have the Participant’s duly authorized representative file a claim with the Committee. Such claim must be submitted to the Committee in writing, as follows: 

Compensation Committee 
 c/o The
Office of the General Counsel 
 One Allison Way 

Mail Code L25 
 Indianapolis, IN
46222 
 Any such claim must state the nature of the claim, and the facts supporting the claim, the amount claimed and the name and address
of the claimant. The Committee shall consider the claim and answer in writing stating whether the claim is granted or denied. The written decision shall be within ninety (90) days of receipt of the claim by the Committee (or one hundred eighty
(180) days if additional time is needed and the claimant is notified of the extension, the reason therefor and the expected date of determination prior to commencement of the extension). If the claim is denied in whole or in part, the
Participant shall be furnished with a written notice of such denial containing (i) the specific reasons for the denial, (ii) a specific reference to the Plan provisions on which the denial is based, (iii) an explanation of the
Plan’s appeal procedures, (iv) a description of any additional material or information that is necessary for the claimant to submit or perfect an appeal of such Participant’s claim and (v) an explanation of the Participant’s
right to bring suit under ERISA following an adverse determination upon appeal. 
 (b) Appeal. If a Participant wishes to appeal the
denial of such Participant’s claim, the Participant (or the Participant’s duly authorized representative) shall file a written notice of appeal to the Committee within sixty (60) days of receiving notice of the claim denial, as
follows: 
 Compensation Committee 

c/o The Office of the General Counsel 

One Allison Way 
 Mail Code L25

 Indianapolis, IN 46222 

  
 9 

 In order that the Committee may expeditiously decide such appeal, the written notice of
appeal should contain (i) a statement of the ground(s) for the appeal, (ii) a specific reference to the Plan provisions on which the appeal is based, (iii) a statement of the arguments and authority (if any) supporting each ground for
appeal, and (iv) any other pertinent documents or comments that the claimant desires to submit in support of the appeal. The Committee shall decide the appellant’s appeal within sixty (60) days of its receipt of the appeal (or one
hundred twenty (120) days if additional time is needed and the claimant is notified of the extension, the reason therefore and the expected date of determination prior to commencement of the extension). The Committee’s written decision
shall contain the reasons for the decision and reference to the Plan provisions on which the decision is based. If the claim is denied in whole or in part, such written decision shall also include notification of the Participant’s right to
bring suit for benefits under Section 502(a) of ERISA and the claimant’s right to obtain, upon request and free of charge, reasonable access to and copies of all documents, records or other information relevant to the claim for benefits.

 (c) Claims Procedures Mandatory. The internal claims procedures set forth in this Section 7 are mandatory. If the Participant
fails to follow these claims procedures, or to timely file a request for appeal in accordance with this Section 7, the denial of the claim shall become final and binding on all persons for all purposes. 

(d) Requirement to Exhaust Claims Procedures. No person may bring a legal action for any alleged wrongful denial of Plan benefits
unless the claims procedures set forth above are exhausted and a final determination is made by the Committee. If the Participant or other interested person challenges a decision of the Committee, a review by an arbitrator or a court of law shall be
limited to the facts, evidence and issues presented to the Committee during the claims procedure set forth above. Issues not raised with the Committee shall be deemed waived. 

(e) Arbitration. Any controversy, claim or dispute arising out of or relating to this Plan, shall, to the fullest extent permitted by
law, be settled by binding arbitration in Indianapolis, Indiana. Such arbitration shall be conducted in accordance with the then prevailing JAMS Streamlined Arbitration Rules & Procedures, with the following exceptions if in conflict:
(a) one arbitrator shall be chosen by JAMS; (b) each party to the arbitration will pay its pro rata share of the expenses and fees of the arbitrator, together with other expenses of the arbitration incurred or approved by the arbitrator;
and (c) arbitration may proceed in the absence of any party if written notice (pursuant to the JAMS’ rules and regulations) of the proceedings has been given to such party. The parties agree to abide by all decisions and awards rendered in
such proceedings. Such decisions and awards rendered by the arbitrator shall be final and conclusive. All such controversies, claims or disputes shall be settled in this manner in lieu of any action at law or equity; provided, however, that nothing
in this Section 7 shall be construed as precluding the bringing of an action for injunctive relief pursuant to any applicable Restrictive Covenant Agreements. 

(f) Claims Deadline. A Participant must file a claim under the Plan’s claims and appeals procedure or commence legal action by the
“Claims Deadline,” which is twelve (12) months after whichever of the following events happened first: (a) the Participant’s first benefit payment under the Plan was made or should have been made; (b) the
Committee first denied the Participant’s claim; or (c) the Participant first knew or should have known the important facts relating to the Participant’s claim. A Participant is not permitted to bring a claim under the Plan’s
claims and appeals procedure or file a legal action after the Claims Deadline. However, if a Participant starts the Plan’s claims and appeals procedures before the Claims Deadline and the Claims Deadline passes before the claims and appeals
procedures are completed, the Claims Deadline shall be extended and the Participant may still file a legal action during the three (3)-month period after the Committee sends the final notice denying the Participant’s claim. 

  
 10 

 8. Term; Amendment. 

(a) Term. The Plan shall be effective for a period beginning on the Effective Date and ending on the
one-year anniversary of the Effective Date and shall automatically be extended on the one-year anniversary of the Effective Date and each successive anniversary of the
Effective Date (collectively, the “Term”) unless the Company, by action of the Board or the Committee, elects not to renew the term at least ninety (90) days prior to the then-applicable anniversary of the Effective
Date, in which case, this Plan shall terminate on the next anniversary of the Effective Date thereafter. Upon the occurrence of a Change in Control, the Term shall automatically be extended until the two-year
anniversary of the date on which the Change in Control occurs, provided that if a Participant incurs a Qualifying Termination during the Term of this Plan, the Term shall be further automatically extended for such additional period as necessary to
provide that the Company’s and each Participant’s rights and obligations are fully satisfied hereunder. 
 (b) Amendment.
The Company reserves the right, by action of the Board or the Committee, to amend the Plan in whole or in part at any time and from time to time on prospective basis. Notwithstanding the foregoing, for a period of two years after the date of a
Change in Control, neither the Board nor the Committee may amend this Plan in a manner that is detrimental to the rights of any Participant without the Participant’s written consent. 

9. General Provisions. 

(a) At-Will Employment Relationship. Except as may be expressly provided in an applicable Other
Arrangement, the Participant’s employment with the Company is at-will and not for any specified period and may be terminated at any time, with or without Cause or advance notice, by either the Participant
or the Company. Any change to the at-will employment relationship must be by specific, written agreement signed by the Participant and an authorized representative of the Company. Nothing in this Plan is
intended to or should be construed to contradict, modify or alter this at-will relationship. 
 (b)
Successors and Assigns. The rights of the Company under this Plan may, without the consent of the Participant, be assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which
at any time, whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially all of the assets or business of the Company. The Company will require any successor (whether direct or indirect, by purchase, merger or
otherwise) to all or substantially all of the business or assets of the Company expressly to assume and to agree to perform the Company’s obligations under this Plan in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place. As used in this Plan, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to
perform the Company’s obligations under this Plan by operation of law or otherwise. The Participant shall not be entitled to assign any of the Participant’s rights or obligations under this Agreement. The Participant’s rights under
this Plan shall inure to the benefit of and be enforceable by the Participant’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

(c) Severability. In the event any provision of this Plan is found to be unenforceable by an arbitrator or court of competent
jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by
law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby. 

  
 11 

 (d) Waiver. No provision of this Plan may be waived unless such waiver is agreed to
in writing and signed by the Participant and by a duly authorized officer of the Company or the Parent. No waiver by any party at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Plan to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. Failure by the Participant, the Parent or the Company to insist upon strict compliance with any
provision of this Plan or to assert any right the Participant, the Parent or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Plan. 

(e) Governing Law and Venue. This Plan will be governed by and construed in accordance with the laws of the State of Indiana applicable
to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof, to the extent the laws of the State of Indiana are not preempted by ERISA. To the extent Section 7(e) does not
apply, any suit brought hereon shall be brought in the federal courts sitting in Indianapolis, Indiana. Each of the Company and, by the Participant’s execution of the Participation Agreement, the Participant, hereby waives any claim or defense
that such forum is not convenient or proper and agrees that any such court shall have in personam jurisdiction over it and consents to service of process in any manner authorized by Indiana law. 

(f) Notices. Any notice required or permitted by this Plan shall be in writing and shall be delivered as follows with notice deemed
given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification of receipt; (c) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic
transmission; or (d) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the Participant at the most recent address of the Participant set forth in the personnel records of the
Company, and to the Company at its principal place of business, or such other address as any such party may specify in writing. 
 (g)
Survival. Sections 5 (“Confidentiality, Restrictive Covenants and Proprietary Rights”), 7 (“Claims Procedure”) and 9 (“General Provisions”) of this Plan shall survive termination of Participant’s
employment with the Company. 
 (h) Code Section 409A. 

(i) It is intended that this Plan and that the payments and benefits under this Plan comply with or be exempt from Section 409A of the
Code, and the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and, accordingly, to the maximum extent permitted, this Plan shall be interpreted to be in
compliance therewith. 
 (ii) Notwithstanding anything in this Plan to the contrary, any compensation or benefits payable under this Plan
that is considered nonqualified deferred compensation under Section 409A and is designated under this Plan as payable upon the Participant’s termination of employment shall be payable only upon the Participant’s Separation from
Service. 
 (iii) Notwithstanding anything in this Plan to the contrary, if the Participant is deemed by the Company at the time of the
Participant’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which the Participant is entitled under this Plan is required
in order to avoid a prohibited distribution under Section 409A, such portion of the Participant’s benefits shall not be provided to the Participant prior to the earlier of (A) the expiration of the six (6)-month period measured from
the date of 

  
 12 

 
the Participant’s Separation from Service or (B) the date of the Participant’s death. Upon the first business day following the expiration of the applicable Section 409A
period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to the Participant (or the Participant’s estate or beneficiaries), and any remaining payments due to the Participant under this Plan shall be paid as
otherwise provided herein. 
 (iv) To the extent that any reimbursements under this Plan are subject to Section 409A, any such
reimbursements payable to the Participant shall be paid to the Participant no later than December 31 of the year following the year in which the expense was incurred; provided, that the Participant submits the Participant’s reimbursement
request promptly following the date the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, other than medical expenses referred to in Section 105(b)
of the Code, and the Participant’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

(v) The Participant’s right to receive any installment payments under this Plan shall be treated as a right to receive a series of
separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A. Except as otherwise permitted under Section 409A, no payment hereunder
shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A. 

(i) Source of Funds. Amounts payable to the Participant under this Plan shall be from the general funds of the Company; no separate
fund will be established under the Plan, and the Plan will have no assets. The Participant’s rights to unpaid amounts under the Plan shall be solely those of an unsecured creditor of the Company. 

The undersigned, on behalf of the Parent, has executed this Plan effective July 13, 2022. 

 

			
	ALLISON TRANSMISSION, INC.
		
	By:	 	/s/ David S. Graziosi
	Name:	 	David S. Graziosi
	Title:	 	Chairman, President and Chief Executive Officer

  
 13 

 EXHIBIT A 

ALLISON TRANSMISSION, INC. 

EXECUTIVE CHANGE IN CONTROL & SEVERANCE PLAN 

Participation Agreement 
 Allison
Transmission, Inc. (the “Company”) is pleased to inform you, [name], that you have been selected to participate in the Company’s Executive Change in Control & Severance Plan (the “Plan”)
as a [[Tier 1/Tier 2] Participant][Tier 1 Participant with respect to a Change in Control Qualifying Termination and as a Tier 2 Participant with respect to a Qualifying Termination other than a Change in Control Qualifying Termination]. A copy of
the Plan was delivered to you with this Participation Agreement. Your participation in the Plan is subject to all of the terms and conditions of the Plan and this Participation Agreement. The capitalized terms used but not defined herein will have
the meanings ascribed to them in the Plan. 
 In order to become a Participant under the Plan, you must complete and sign this Participation Agreement and
return it promptly to the Company’s Vice President, Human Resources and Chief People Officer. The Plan describes in detail certain circumstances under which you may become eligible for severance payments and benefits and the amount of those
benefits. As described more fully in the Plan, you may become eligible for certain severance payments and benefits if you experience a Qualifying Termination. 

In order to receive any severance payments and benefits for which you otherwise become eligible under the Plan, you must timely sign and deliver to the
Company the Release, which must have become effective and irrevocable, and otherwise comply with the requirements under Section 4(g) and Section 5 of the Plan. 

By your signature below, you and the Company agree that your participation in the Plan is governed by this Participation Agreement and the provisions of the
Plan. Your signature below confirms that: 
 (i) you have received a copy of the Plan; 

(ii) you have carefully read this Participation Agreement and the Plan and you acknowledge and agree to the Participation
Agreement’s and Plan’s terms, including, but not limited to, Section 4(e) of the Plan; 
 (iii) you
acknowledge and agree that your breach of any Restrictive Covenant Agreement may result in loss of benefits under the Plan; 

(iv) you acknowledge that the Plan and this Participation Agreement confer significant legal rights and may also involve the
waiver of rights under other agreements, that the Company has encouraged you to consult with your personal legal and financial advisors and that you have had adequate time to consult with your advisors before executing this Participation Agreement;

 (v) you agree that this Participation Agreement and the provisions of the Plan supersede any individual agreement between
you and the Company and any other plan, policy or practice, whether written or unwritten, maintained by the Company with respect to severance payments or benefits upon your separation from the Company, including, but not limited to, [the Change in
Control Severance Agreement, effective as of _____, 20__, by and between you and the Company], and that any such agreement will be terminated and you will no longer be entitled to any benefits under such agreement upon execution of this
Participation Agreement and participation in the Plan; provided, that for the avoidance of doubt, all Other Arrangements and Restrictive Covenant Agreements (as such Other Arrangements and Restrictive Covenant Agreements may be amended, modified or
terminated from time to time) shall remain in effect in accordance with their terms, subject to Section 4(e) of the Plan; and 

 (vi) decisions and determinations by the Committee under the Plan will be
final and binding on you and your successors. 
 (Signature Page Follows) 

  
 A-2 

 IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this
Participation Agreement, as of the day and year written below. 
  

									
		 		 	ALLISON TRANSMISSION, INC.
					
	Dated:	 	 	 		 	By:	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	

  

									
		 		 	 PARTICIPANT

				
	 Dated:
	 	 	 		 	 
		 		 		 	 Name:
	 	 

 Attachment: Allison Transmission, Inc. Executive Change in Control & Severance Plan 

(Signature Page to Participation Agreement) 

 EXHIBIT B 

GENERAL RELEASE OF CLAIMS 

[The language in this Release may change based on legal developments and evolving best practices; this form is provided as an example of
what will be included in the final Release document.] 
 This General Release of Claims (“Release”) is entered
into as of this _____ day of ________, ____, between ________ (“Executive”), and Allison Transmission, Inc., a Delaware corporation (the “Company”) (collectively referred to herein as the
“Parties”). 
 WHEREAS, Executive is a participant in the Allison Transmission, Inc. Executive Change in
Control & Severance Plan (the “Plan”); 
 WHEREAS, the Parties agree that Executive is entitled to certain
severance benefits under the Plan, subject to Executive’s execution of this Release; and 
 WHEREAS, the Company and the Participant
now wish to fully and finally to resolve all matters between them. 
 NOW, THEREFORE, in consideration of, and subject to, the severance
benefits payable to Executive pursuant to [Sections 4(a)(ii) and (iii)/Sections 4(b)(ii), (iii) [and (iv)]] of the Plan, the adequacy of which is hereby acknowledged by Executive, and which Executive acknowledges that he or she would not otherwise
be entitled to receive, Executive and the Company hereby agree as follows: 
 1. General Release of Claims by Executive. 

(a) Executive, on behalf of himself or herself and his or her executors, heirs, administrators, representatives and assigns, hereby agrees to
release and forever discharge the Company and all predecessors, successors and their respective parent corporations, affiliates, related, and/or subsidiary entities, and all of their past and present investors, directors, shareholders, officers,
general or limited partners, employees, attorneys, agents and representatives, and the employee benefit plans in which Executive is or has been a participant by virtue of his or her employment with or service to the Company (collectively, the
“Company Releasees”), from any and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits,
expenses, compensation, responsibility and liability of every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected (collectively,
“Claims”), which Executive has or may have had against such entities based on any events or circumstances arising or occurring on or prior to the date hereof, arising directly or indirectly out of, relating to, or in any
other way involving in any manner whatsoever Executive’s employment by or service to the Company or the termination thereof, including any and all claims arising under federal, state, or local laws relating to employment, including without
limitation claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation, defamation, or liability in tort, and claims of any kind that may be brought in any court or administrative agency including, without
limitation, claims under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000, et seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the
Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; the Civil Rights Act of 1866, and the Civil Rights Act of 1991; 42 U.S.C. Section 1981, et seq.; the Age Discrimination in Employment
Act, as amended, 29 U.S.C. Section 621, et seq. (the “ADEA”); the Equal Pay Act, as amended, 29 U.S.C. Section 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R.
Section 60, et seq.; the 

 
Family and Medical Leave Act, as amended, 29 U.S.C. § 2601 et seq.; the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201
et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq. (“ERISA”); the Indiana Wage Payment and Wage Claims Acts; the Indiana Civil Rights Law (ICRL);
the Indiana Age Discrimination Act; the Indiana Employment Discrimination Against Disabled Persons Act (IEDDP); the Indiana Equal Pay Law (IEPL), the Indiana Occupational Safety and Health Act; the Indiana Bring Your Gun to Work Act; the Indiana
Military Family Leave Act (IMFLA); and any similar state or local law. 
 Notwithstanding the generality of the foregoing, Executive does
not release the following: 
 (i) Claims for unemployment compensation or any state disability insurance benefits pursuant to
the terms of applicable state law; 
 (ii) Claims for workers’ compensation insurance benefits under the terms of any
worker’s compensation insurance policy or fund of the Company; 
 (iii) Claims pursuant to the terms and conditions of
the federal law known as COBRA; 
 (iv) Claims for indemnity under the bylaws of the Company, as provided for by Delaware law
or under any applicable insurance policy with respect to Executive’s liability as an employee, director or officer of the Company pursuant to which Executive is covered as of the effective date of Executive’s termination of employment with
the Company and its subsidiaries; 
 (v) Claims based on any right Executive may have to enforce the Company’s executory
obligations under the Plan; 
 (vi) Claims Executive may have to vested or earned compensation and benefits; and 

(vii) Any rights that cannot be released as a matter of applicable law, but only to the extent such rights may not be released
under such applicable law. 
 (b) Executive acknowledges that this Release was presented to him or her on the date indicated above and that
Executive is entitled to have [twenty-one (21)/forty-five (45)] days’ time in which to consider it. Executive further acknowledges that the Company has advised him or her that he or she is waiving his or
her rights under the ADEA, and that Executive should consult with an attorney of his or her choice before signing this Release, and Executive has had sufficient time to consider the terms of this Release. Executive represents and acknowledges that
if Executive executes this Release before [twenty-one (21)/forty-five (45)] days have elapsed, Executive does so knowingly, voluntarily, and upon the advice and with the approval of Executive’s legal
counsel (if any), and that Executive voluntarily waives any remaining consideration period. 
 (c) Executive understands that after
executing this Release, Executive has the right to revoke it within seven (7) days after his or her execution of it. Executive understands that this Release will not become effective and enforceable unless the seven (7) day revocation
period passes and Executive does not revoke the Release in writing. Executive understands that this Release may not be revoked after the seven (7) day revocation period has passed. Executive also understands that any revocation of this Release
must be made in writing and delivered to the Company at its principal place of business within the seven (7) day period. 

  
 B-2 

 (d) Executive understands that this Release shall become effective, irrevocable, and binding
upon Executive on the eighth (8th) day after his or her execution of it, so long as Executive has not revoked it within the time period and in the manner specified in clause (c) above.
Executive further understands that Executive will not be given any severance benefits under the Agreement unless this Release is effective on or before the date that is sixty (60) days following the date of Executive’s termination of
employment. 
 2. No Assignment. Executive represents and warrants to the Company Releasees that there has been no assignment or
other transfer of any interest in any Claim that Executive may have against the Company Releasees. Executive agrees to indemnify and hold harmless the Company Releasees from any liability, claims, demands, damages, costs, expenses and
attorneys’ fees incurred as a result of any such assignment or transfer from Executive. 
 3. Severability. In the event any
provision of this Release is found to be unenforceable by an arbitrator or court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended
that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and
the validity and enforceability of the remaining provisions shall not be affected thereby. 
 4. Interpretation; Construction. The
headings set forth in this Release are for convenience only and shall not be used in interpreting this Release. This Release has been drafted by legal counsel representing the Company, but Executive has participated in the negotiation of its terms.
Furthermore, Executive acknowledges that Executive has had an opportunity to review and revise the Release and have it reviewed by legal counsel, if desired, 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 this Release. Either Party’s failure to enforce any provision of this Release shall not in any way be construed as a waiver of any such provision, or prevent
that party thereafter from enforcing each and every other provision of this Release. 
 5. Governing Law and Venue. This Release will
be governed by and construed in accordance with the laws of the State of Indiana applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof, to the extent the laws of the
State of Indiana are not preempted by ERISA. To the extent Section 7(e) of the Plan (which is hereby incorporated by reference into this Release) does not apply, any suit brought hereon shall be brought in the state or federal courts sitting in
Indianapolis, Indiana, the Parties hereby waiving any claim or defense that such forum is not convenient or proper. Each Party hereby agrees that any such court shall have in personam jurisdiction over it and consents to service of process in any
manner authorized by Indiana law. 
 6. Entire Agreement. This Release, the Plan and Executive’s Participation Agreement (as
defined in the Plan) constitute the entire agreement of the Parties in respect of the subject matter contained herein and therein and supersede all prior or simultaneous representations, discussions, negotiations and agreements, whether written or
oral. This Release may be amended or modified only with the written consent of Executive and an authorized representative of the Company. No oral waiver, amendment or modification will be effective under any circumstances whatsoever. 

7. Counterparts. This Release may be executed in multiple counterparts, each of which shall be deemed to be an original but all of
which together shall constitute one and the same instrument. 
 (Signature Page Follows) 

  
 B-3 

 IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the
foregoing Release as of the date first written above. 
  

									
	EXECUTIVE	 		 	ALLISON TRANSMISSION, INC.
					
		 	 	 		 	    By:	 	 

									
					
	Print Name:	 	 	 		 	Print Name:	 	 

									
					
		 		 		 	        Title:	 	 
		 		 		 		 	

 (Signature Page to General Release of Claims)Exhibit 4.4

 

ORDINARY SHARES PURCHASE WARRANT

WEARABLE
DEVICES LTD.

 

	Warrant Shares: ______________	Issue Date: _____________, 2022
	 	 
	 	Initial Exercise Date: _____________, 2022

 

CUSIP: [_____________]

ISIN: [_____________]

 

THIS ORDINARY SHARES PURCHASE WARRANT (the “Warrant”)
certifies that, for value received, [●] or its registered assigns (the “Holder”) is entitled, upon the terms
and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial
Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on _____________, 2027 (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Wearable Devices Ltd., an Israeli company (the “Company”),
up to _________________ Ordinary Shares (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price
of one Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially
be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”)
shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated
form pursuant to the terms of the Warrant Agent Agreement, in which case this sentence shall not apply.

 

Section 1. Definitions. In addition
to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“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.

 

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

  

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

 

“Business Day” means
any day other than Saturday, Sunday or other day on which commercial banks in The City of New York 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 generally
are open for use by customers on such day.

 

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

 

     

     

    

 

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

 

“Equity Conditions”
means, with respect to any given date of determination: (i) on such applicable date of determination one or more registration statements
(each, the “Forced Exercise Registration Statement”) shall be effective and the prospectus contained therein shall
be available on such applicable date of determination (with, for the avoidance of doubt, any Ordinary Shares previously issued pursuant
to such prospectus deemed unavailable) for the issuance of all the Ordinary Shares issuable upon exercise of this Warrant and other warrants
issued pursuant to the Underwriting Agreement (collectively, the “Registered Warrants”) in connection with the event
requiring determination (such applicable aggregate number of Ordinary Shares, each, a “Required Minimum Securities Amount”);
(ii) on each day during the period beginning thirty (30) calendar days prior to the applicable date of determination and ending on and
including the applicable date of determination (the “Equity Conditions Measuring Period”), the Ordinary Shares (including
the Ordinary Shares to be issued in the event requiring this determination) is listed or designated for quotation (as applicable) on a
Trading Market and shall not have been suspended from trading on a Trading Market (other than suspensions of not more than two (2) days
and occurring prior to the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension
by a Trading Market have been threatened (with a reasonable prospect of delisting occurring after giving effect to all applicable notice,
appeal, compliance and hearing periods) or reasonably likely to occur or pending as evidenced by (A) a writing by such Trading Market
or (B) the Company falling below the minimum listing maintenance requirements of the Trading Market on which the Ordinary Shares is then
listed or designated for quotation (as applicable); (iii) during the Equity Conditions Measuring Period, the Company shall have delivered
all Warrant Shares issuable upon exercise of this Warrant on a timely basis as set forth in Section 2 hereof and all other share capital
required to be delivered by the Company on a timely basis as set forth in the Underwriting Agreement; (iv) the Required Minimum Securities
Amount of Ordinary Shares to be issued in connection with the event requiring determination may be issued in full without violating the
rules or regulations of the Trading Market on which the Ordinary Shares is then listed or designated for quotation (as applicable); (v)
on each day during the Equity Conditions Measuring Period, no public announcement of a pending, proposed or intended Fundamental Transaction
shall have occurred which has not been abandoned, terminated or consummated; (vi) the Company shall have no knowledge of any fact that
would reasonably be expected to cause the applicable Forced Exercise Registration Statement to not be effective or the prospectus contained
therein to not be available for the issuance of the Required Minimum Securities Amount of Ordinary Shares in connection with the event
requiring such determination; (vii) the Holder shall not be in possession of any material, non-public information provided to any of them
by the Company, any of its subsidiaries or any of their respective affiliates, employees, officers, representatives, agents or the like;
(viii) on each day during the Equity Conditions Measuring Period, the Company otherwise shall have been in compliance with each, and shall
not have breached any representation or warranty in any material respect (other than representations or warranties subject to material
adverse effect or materiality, which may not be breached in any respect) or any covenant or other term or condition of this Warrant or
the Underwriting Agreement, including, without limitation, the Company shall not have failed to timely make any payment pursuant to this
Warrant or the Underwriting Agreement; (ix) on the applicable date of determination (A) a sufficient number of shares shall be authorized
and reserved in accordance with Section 6(d) and (B) all Warrant Shares to be issued in connection with the event requiring this determination
may be issued in full without resulting in a violation of Section 6(d); (x) the issuance of Required Minimum Securities Amount of Ordinary
Shares to be issued in connection with the event requiring determination will not result in an violation of Section 6(d); (xi) any Ordinary
Shares to be issued in connection with the event requiring determination may be issued in full without violating Section 2(e) hereof (or
the equivalent provisions of any other applicable Registered Warrants), (xii) no bone fide dispute shall exist, by and between any of
holder of the Registered Warrants, the Company, the principal Trading Market and/or FINRA with respect to any term or provision of this
Warrant or the Underwriting Agreement and (xiii) no Forced Exercise hereunder shall have occurred during the seven (7) Trading Day period
immediately prior to such date of determination, and (xiv) the Ordinary Shares issuable upon exercise of the Registered Warrants are duly
authorized and listed and eligible for trading without restriction on an Trading Market.

 

    2

     

    

 

“Equity Conditions Failure”
means that on each day during the period commencing ten (10) Trading Days prior to the applicable Forced Exercise Notice Date through
and including the applicable Forced Exercise Date, the Equity Conditions have not been satisfied (or waived in writing by the Holder).

 

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

 

“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.

 

“Qualified Holder”
means each Holder, including each “beneficial holder”, together with all Affiliates of such Holder and/or “beneficial
holder”, that purchased Qualified Warrants in connection with the Offering, provided such Qualified Holder continues to hold any
Warrants as of the event described herein to which Qualified Holder status applies. For the sake of clarity, no holder shall be considered
to be a Qualified Holder for more Warrants than the number of Qualified Warrants purchased by such Qualified Holder in the Company’s
initial public offering; provided, however, that a Qualified Holder may sell and buy Warrants following completion of the Offering, and
such Warrants shall benefit from adjustments hereunder up to the number of Qualified Warrants for such Qualified Holder.

 

“Qualified Warrants”
means at least [80,646] Warrants purchased in connection with the Offering by any Holder, including each “beneficial holder”
of Warrants, taken together with all Affiliates of such Holder and/or “beneficial holder”. Qualified Warrants shall not include
Pre-funded Warrants. The number of Qualified Warrants shall be fixed at completion of the Offering.

 

“Registered Warrants”
means this Warrant and any other warrants issued pursuant to the Underwriting Agreement.

 

“Registration Statement”
means the Company’s registration statement on Form F-1 (File No. 333-262838), as amended.

 

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

 

“Subsidiary” means
any subsidiary of the Company 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 Ordinary Shares are traded on a Trading Market.

 

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

 

“Transfer Agent” means
[●], and any successor transfer agent of the Company.

 

“Underwriting Agreement”
means the underwriting agreement, dated as of ___________, 2022, among the Company and Aegis Capital Corp. as representative of the underwriters
named therein, as amended, modified or supplemented from time to time in accordance with its terms.

 

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

 

    3

     

    

 

“Warrant Agent Agreement”
means that certain warrant agent agreement, dated on or about the Initial Exercise Date, between the Company and the Warrant Agent.

 

“Warrant Agent” means
the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants” means this
Warrant and other Ordinary Share purchase warrants issued to investors by the Company pursuant to the Registration Statement, other than
any additional warrant issued in connection with Section 3(f)(vi) hereof or any pre-funded warrant issued pursuant to the Registration
Statement, each of which shall be subject to the terms of such form of additional warrant or pre-funded warrant, as applicable.

 

Section 2. Exercise.

 

a) Exercise of Warrant. Subject
to the provisions of Section 2(e) herein, exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date, by delivery to the Company of a duly
executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto as Annex A (the “Notice
of Exercise”), and, unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice
of Exercise, delivery of the aggregate Exercise Price of the Warrant Shares specified in the applicable Notice of Exercise as specified
in this Section 2(a). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer of immediately available funds or cashier’s
check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable
Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the
Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three
(3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and
the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver
any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. Notwithstanding the foregoing, with respect
to any Notice(s) of Exercise delivered on or prior to 4:00 p.m. (New York City time) on the Trading Date prior to the Initial Exercise
Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, the Company agrees to deliver the
Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date
shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in
the case of a cashless exercise) is received by such Warrant Share Delivery Date. The Holder and any assignee, by acceptance of
this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

  

Notwithstanding the foregoing in this
Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry
form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this
Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying
with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s
right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agent Agreement, in which case this sentence
shall not apply.

 

b) Exercise Price. The exercise
price per Ordinary Share under this Warrant shall be $_________ (the “Initial Exercise Price”), subject to adjustment hereunder
(as in effect from time to time, the “Exercise Price”).

 

    4

     

    

 

c) Cashless Exercise. The
Company shall use its best efforts to cause the Registration Statement to remain effective with a current prospectus and to maintain the
registration of the Ordinary Shares and of the Warrants under the Exchange Act. If at any time after the Initial Exercise Date, there
is no effective registration statement registering, or no current prospectus available for the issuance of the Warrant Shares to the Holder,
then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the
Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A) =	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	 	 
	 	(B) =	the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 
	 	(X) =	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

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

 

Notwithstanding anything herein to the
contrary, in the event that, on the Termination Date, there is no effective registration statement registering, or no current prospectus
available for the issuance of, the Warrant Shares to the Holder, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c) on such Termination Date.

 

d) Mechanics of Exercise.

 

i. Delivery of Warrant Shares
Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder
by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there
is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B)
this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading
Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price
to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the
Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant
has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price
(other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver
to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of
the Ordinary Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth
Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant
Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST
program so long as this Warrant remains outstanding and exercisable. 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 the Notice of Exercise.

 

    5

     

    

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

e) Holder’s Exercise Limitations.
The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant,
pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable
Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the
Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess
of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially
owned by the Holder and its Affiliates and Attribution Parties shall include the number of Ordinary Shares issuable upon exercise of this
Warrant with respect to which such determination is being made, but shall exclude the number of Ordinary Shares which would be issuable
upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or
Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company
(including, without limitation, any other Ordinary Shares Equivalents) subject to a limitation on conversion or exercise analogous to
the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth
in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies,
the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable,
in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining
the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s
most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company
or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. Upon
the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number
of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties
since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation”
shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of Ordinary Shares outstanding
immediately after giving effect to the issuance of Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice to
the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial
Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance
of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any
increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    7

     

    

 

Section 3. Certain Adjustments.

 

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

 

b) Reserved.

 

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

 

    8

     

    

 

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

  

e) Fundamental Transaction.
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a
series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (approved or recommended
by the Board of Directors or a committee thereof) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender
or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or party to,
or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right
to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number
of Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of
the number of Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders
of Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction.

 

    9

     

    

 

Notwithstanding anything to the contrary,
in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option,
exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the
date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date
of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company’s
control, including not approved by the Company’s Board of Directors, Holder shall only be entitled to receive from the Company or
any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised
portion of this Warrant, that is being offered and paid to the holders of Ordinary Shares of the Company in connection with the Fundamental
Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Ordinary Shares
are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided,
further, that if holders of Ordinary Shares of the Company are not offered or paid any consideration in such Fundamental Transaction,
such holders will be deemed to have received Ordinary Shares of the Successor Entity (which Entity may be the Company following such Fundamental
Transaction) in such Fundamental Transaction.

 

“Black Scholes Value”
means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on
Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a
risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day
immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such
calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration,
if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately
preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if
earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(d) and (D) a remaining option time equal
to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) a zero
cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration)
within the later of (i) five (5) Business Days of the Holder’s election and (ii) the date of consummation of the Fundamental Transaction.

 

The Company shall cause any successor
entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to
such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of
the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares
acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such
Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking
into account the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to
the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so
that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall
refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

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f) Adjustment Upon Issuance of
Ordinary Shares. From the date hereof until the later of (a) two (2) years after the Issuance Date or (b) the date no Qualified Holders
hold any Warrants (such period, the “Adjustment Period”), the Company issues or sells, or, in accordance with Section 3(f),
is deemed to have issued or sold, any Ordinary Shares (excluding any Excluded Securities (as defined below) issued or sold or deemed to
have been issued or sold) for a consideration per share (the “New Issuance Price”) less than a price equal to the Exercise
Price in effect immediately prior to such issue or sale or deemed issuance or sale (such Exercise Price then in effect is referred to
as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately after such Dilutive
Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price. “Excluded Securities”
means any issuance of Ordinary Shares, restricted share units, Options and/or Convertible Securities (i) under the Company’s
current or future equity incentive plans or issued to employees, directors, consultants or officers as compensation or consideration in
the ordinary course of business, including any issuance of Options (and the underlying Ordinary Shares) in exchange for Options issued
under the Company’s equity incentive plans, subject to a limitation of 15% of Ordinary Shares outstanding as of the Issuance Date,
(ii) issued pursuant to agreements, Options, restricted share units, Convertible Securities or Adjustment Rights (as defined below)
existing as of the date hereof, provided that such agreements, Options, Convertible Securities or Adjustment Rights have not been amended
since the initial issuance date of this Warrant to increase the number of such securities or decrease the exercise price, exchange price
or conversion price of such securities, (iii) issued pursuant to acquisitions (whether by merger, consolidation, purchase of equity,
purchase of assets, reorganization or otherwise), mergers, consolidations, reorganizations or strategic transactions approved by a majority
of the disinterested directors of the Company, 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 complementary 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, or (iv) to which the Holder consents in writing. “Adjustment Right” means any right
granted with respect to any securities issued in connection with, or with respect to, any issuance or sale (or deemed issuance or sale
in accordance with Section 3(f)) of Ordinary Shares (other than rights of the type described in Sections 3(a) through (d)) that could
result in a decrease in the net consideration received by the Company in connection with, or with respect to, such securities (including,
without limitation, any cash settlement rights, cash adjustment or other similar rights). For all purposes of the foregoing, the following
shall be applicable:

 

i. Issuance of Options. If,
during the Adjustment Period, the Company in any manner grants or sells any Options (other than Excluded Securities) and the lowest price
per share for which one Ordinary Share is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any
Convertible Securities issuable upon exercise of any such Option (such Ordinary Shares issuable upon such exercise of any Option or upon
conversion, exercise or exchange of any Convertible Securities, the “Convertible Securities Shares”) is less than the
Applicable Price, then such Ordinary Shares shall be deemed to be outstanding and to have been issued and sold by the Company at the time
of the granting or sale of such Option for such price per share. For purposes of Section 3(f)(i), the “lowest price per share
for which one Ordinary Share is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible
Securities issuable upon exercise of any such Option” shall be equal to (A) the sum of (1) the lowest amount of consideration
(if any) received or receivable by the Company with respect to any one Convertible Securities Share upon the granting or sale of such
Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such
Option and (2) the lowest exercise price set forth in such Option for which one Convertible Securities Share is issuable upon the
exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such
Option, minus (B) the sum of all amounts paid or payable to the holder of such Option (or any other Person), with respect to any
one Convertible Securities Share, upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise
or exchange of any Convertible Security issuable upon exercise of such Option plus the value of any other consideration received or receivable
by, or benefit conferred on, the holder of such Option (or any other Person), with respect to any one Convertible Securities Share. Except
as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Convertible Securities
Share or of such Convertible Securities upon the exercise of such Options or upon the actual issuance of such Convertible Securities Share
upon conversion, exercise or exchange of such Convertible Securities.

 

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ii. Issuance of Convertible Securities.
If, during the Adjustment Period, the Company in any manner issues or sells any Convertible Securities (other than Excluded Securities)
and the lowest price per share for which one Convertible Securities Share is issuable upon the conversion, exercise or exchange thereof
is less than the Applicable Price, then such Convertible Securities Share shall be deemed to be outstanding and to have been issued and
sold by the Company at the time of the issuance or sale of such Convertible Securities for such price per share. For the purposes of Section 3(f)(ii),
the “lowest price per share for which one Convertible Securities Share is issuable upon the conversion, exercise or exchange thereof”
shall be equal to (A) the sum of (1) the lowest amount of consideration (if any) received or receivable by the Company with
respect to one Convertible Securities Share upon the issuance or sale of the Convertible Security and upon conversion, exercise or exchange
of such Convertible Security and (2) the lowest conversion price set forth in such Convertible Security for which one Convertible
Securities Share is issuable upon conversion, exercise or exchange thereof, minus (B) the sum of all amounts paid or payable to the
holder of such Convertible Security (or any other Person), with respect to any one Convertible Securities Share, upon the issuance or
sale of such Convertible Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder
of such Convertible Security (or any other Person), with respect to any one Convertible Securities Share. Except as contemplated below,
no further adjustment of the Exercise Price shall be made upon the actual issuance of such Convertible Securities Share upon conversion,
exercise or exchange of such Convertible Securities, and if any such issue or sale of such Convertible Securities is made upon exercise
of any Options for which adjustment of the Exercise Price has been or is to be made pursuant to other provisions of Section 3(f),
except as contemplated below, no further adjustment of the Exercise Price shall be made by reason of such issue or sale.

 

iii. Change in Option Price or
Rate of Conversion. If, during the Adjustment Period, the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible Securities
are convertible into or exercisable or exchangeable for Ordinary Shares increases or decreases at any time (other than proportional changes
in conversion or exercise prices, as applicable, in connection with an event referred to in Section 3(a)), the Exercise Price in effect
at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such time had such
Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration or increased or decreased
conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of Section 3(f)(iii), if the terms
of any Option or Convertible Security that was outstanding as of the date of issuance of this Warrant are increased or decreased in the
manner described in the immediately preceding sentence, then such Option or Convertible Security and the Convertible Securities Shares
deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease.
No adjustment pursuant to Section 3(f) shall be made if such adjustment would result in an increase of the Exercise Price then in
effect.

 

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iv. Calculation of Consideration
Received. If any Option or Convertible Security is issued in connection with the issuance or sale or deemed issuance or sale of any
other securities of the Company (the “Primary Security”, and such Option or Convertible Security, the “Secondary
Securities” and together with the Primary Security, each a “Unit”), together comprising one integrated transaction,
the aggregate consideration per Ordinary Share with respect to such Primary Security shall be deemed to be the lowest of (x) the
purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for
which one Ordinary Share is at any time issuable upon the exercise or conversion of the Primary Security in accordance with this Section 3(f)(i)
or 3(f)(ii) and (z) the lowest VWAP of the Ordinary Shares on any Trading Day during the five Trading Day period immediately following
the public announcement of such Dilutive Issuance (for the avoidance of doubt, if such public announcement is released prior to the opening
of the Principal Market on a Trading Day, such Trading Day shall be the first Trading Day in such five Trading Day period); provided.
If any Ordinary Shares, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration
received therefor will be deemed to be the net amount of cash received by the Company therefor. If any Ordinary Shares, Options or Convertible
Securities are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the
fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of
consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the
five (5) Trading Days immediately preceding the date of receipt. If any Ordinary Shares, Options or Convertible Securities are issued
to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount
of consideration therefor will be deemed to be the fair market value of such portion of the net assets and business of the non-surviving entity
as is attributable to such Ordinary Shares, Options or Convertible Securities (as the case may be). The fair market value of any consideration
other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to
reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”),
the fair market value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following
such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such
appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne
by the Company.

 

v. Record Date. If, during
the Adjustment Period, the Company takes a record of the holders of the Ordinary Shares for the purpose of entitling them (A) to
receive a dividend or other distribution payable in Ordinary Shares, Options or in Convertible Securities or (B) to subscribe for
or purchase Ordinary Shares, Options or Convertible Securities, then such record date will be deemed to be the date of the issue or sale
of Ordinary Shares deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or
the date of the granting of such right of subscription or purchase (as the case may be).

 

vi. Adjustment to Warrant Shares.
In the event any adjustment under this Section 3(f) below results in a reduction of the Exercise Price, in aggregate, to 50% of the
Initial Exercise Price or in the event of an adjustment under Section 3(i) to the Exercise Price, then in connection with such adjustment,
each Qualified Holder shall receive two (2) additional warrants for each one (1) Qualified Warrant held by such Qualified Holder on the
date of adjustment. Such additional warrants shall be on substantially the same terms as the as-adjusted Warrant; provided, however, that
the term of the additional warrant shall be five (5) years from the issuance date and such additional warrant will not be a tradable warrant.

 

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vii. Exercise Floor Price.  No
adjustment to the Exercise Price pursuant to Section 3(f) of this Warrant shall cause the Exercise Price to be less than 50% of the Initial
Exercise Price of warrants issued in the Company’s initial public offering (as adjusted pursuant to Section 3(a) hereof for share
splits, share dividends, recapitalizations and similar events, the “Exercise Floor Price”).  For the avoidance
of doubt, if a Dilutive Issuance would cause the Exercise Price to be lower than the Exercise Floor Price but for the immediately preceding
sentence, then the Exercise Price shall be equal to the Exercise Floor Price.

 

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

 

h) Notice to Holder.

 

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

  

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

 

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i) Reset of Exercise Price. If,
on the date that is ninety (90) calendar days immediately following the initial issuance date of this Warrant (the “Issuance
Date”), the Reset Price, as defined below, is less than the Exercise Price at such time, the Exercise Price shall be decreased
to the Reset Price. “Reset Price” shall mean the greater of (i) 50% of the Initial Exercise Price (as adjusted for
share splits, share dividends, recapitalizations and similar events pursuant to Section 3(a) hereof) and (ii) 100% of the lowest VWAP
occurring during the ninety (90) calendar days following the Issuance Date.

 

j) Voluntary Adjustment by Company.
Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant, subject to the
prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate
by the board of directors of the Company.

 

k) Home Country Practice.
For so long as this Warrant remains outstanding, the Company shall elect to follow home country practice in lieu of any rules and regulations
of the Trading Market that would limit the Company’s ability to effect the provisions of this Warrant, including but not limited
to shareholder approval rules related to the issuance of securities or adjustment of terms of this Warrant for the benefit of Holders.

 

Section 4. Transfer of Warrant.

 

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

  

b) New Warrants. If this
Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants
upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations
in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to
any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges
shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares
issuable pursuant thereto.

 

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

 

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Section 5. Participation Right. Until
six (6) months following [●], 2022 [date of the closing of the Company’s initial public offering], neither the Company nor
any of its Subsidiaries shall, directly or indirectly, issue, offer, sell, grant any option or right to purchase, or otherwise dispose
of (or announce any issuance, offer, sale, grant of any option or right to purchase or other disposition of) any equity security or any
equity-linked or related security (including, without limitation, any “equity security” (as that term is defined under Rule
405 promulgated under the 1933 Act)), any Convertible Securities (as defined below), any debt, any preferred shares or any purchase rights
(any such issuance, offer, sale, grant, disposition or announcement is referred to as a “Subsequent Placement”) unless the
Company shall have first complied with this Section 5. The Company acknowledges and agrees that the right set forth in this Section 5
is a right granted by the Company, separately, to each Qualified Holder.

 

a) Between the time period of 4:00 pm
(New York City time) and 6:00 pm (New York City time) on the Trading Day immediately prior to the Trading Day of the expected announcement
of the Subsequent Placement (or, if the Trading Day of the expected announcement of the Subsequent Placement is the first Trading Day
following a holiday or a weekend (including a holiday weekend), between the time period of 4:00 pm (New York City time) on the Trading
Day immediately prior to such holiday or weekend and 2:00 pm (New York City time) on the day immediately prior to the Trading Day of the
expected announcement of the Subsequent Placement), the Company shall deliver to each Qualified Holder a written notice (each such notice,
a “Pre-Notice”), which Pre-Notice shall not contain any information (including, without limitation, material, non-public
information) other than: (A) if the proposed Offer Notice (as defined below) constitutes or contains material, non-public information,
a statement asking whether the Investor is willing to accept material non-public information or (B) if the proposed Offer Notice does
not constitute or contain material, non-public information, (x) a statement that the Company proposes or intends to effect a Subsequent
Placement, (y) a statement that the statement in clause (x) above does not constitute material, non-public information and (z) a statement
informing such Qualified Holder that it is entitled to receive an Offer Notice (as defined below) with respect to such Subsequent Placement
upon its written request. Upon the written request of a Qualified Holder prior to 5:30 am (New York City time) on the Trading Day following
the date on which such Pre-Notice is delivered to such Qualified Holder, and only upon a written request by such Qualified Holder, the
Company shall promptly, but no later than one (1) Trading Day after such request, deliver to such Qualified Holder an irrevocable written
notice (the “Offer Notice”) of any proposed or intended issuance or sale or exchange (the “Offer”)
of the securities being offered (the “Offered Securities”) in a Subsequent Placement, which Offer Notice shall (A)
identify and describe the Offered Securities, (B) describe the price and other terms upon which they are to be issued, sold or exchanged,
and the number or amount of the Offered Securities to be issued, sold or exchanged, (C) identify the Persons (if known) to which or with
which the Offered Securities are to be offered, issued, sold or exchanged and (D) offer to issue and sell to or exchange with such Qualified
Holder in accordance with the terms of the Offer such Qualified Holder’s pro rata portion of 30% of the Offered Securities, provided
that the number of Offered Securities which such Qualified Holder shall have the right to subscribe for under this Section 5 shall be
(x) based on such Qualified Holder’s pro rata purchased portion of the aggregate number of Qualified Warrants purchased by all Qualified
Holders on the date of such Offer Notice (the “Initial Amount”), and (y) with respect to each Qualified Holder that
elects to purchase its Initial Amount, any additional portion of the Offered Securities attributable to the Initial Amounts of other Qualified
Holders as such Qualified Holder shall indicate it will purchase or acquire should the other Qualified Holders subscribe for less than
their Initial Amounts (the “Undersubscription Amount”), which process shall be repeated until each Qualified Holder
shall have an opportunity to subscribe for any remaining Undersubscription Amount.

 

b) To accept an Offer, in whole or in
part, such Qualified Holder must deliver a written notice to the Company prior to 6:30 am (New York City time) on the Trading Day following
the date on which the Offer Notice is delivered to such Qualified Holder (the “Offer Period”), setting forth the portion
of such Qualified Holder’s Initial Amount that such Qualified Holder elects to purchase and, if such Qualified Holder shall elect
to purchase all of its Initial Amount, the Undersubscription Amount, if any, that such Qualified Holder elects to purchase (in either
case, the “Notice of Acceptance”). If the Initial Amounts subscribed for by all Qualified Holders are less than the
total of all of the Initial Amounts, then each Qualified Holder that has set forth an Undersubscription Amount in its Notice of Acceptance
shall be entitled to purchase, in addition to the Initial Amounts subscribed for, the Undersubscription Amount it has subscribed for;
provided, however, if the Undersubscription Amounts subscribed for exceed the difference between the total of all the Initial Amounts
and the Initial Amounts subscribed for (the “Available Undersubscription Amount”), each Qualified Holder that has subscribed
for any Undersubscription Amount shall be entitled to purchase only that portion of the Available Undersubscription Amount as the Initial
Amount of such Qualified Holder bears to the total Initial Amounts of all Qualified Holders that have subscribed for Undersubscription
Amounts, subject to rounding by the Company to the extent it deems reasonably necessary. Notwithstanding the foregoing, if the Company
desires to modify or amend the terms and conditions of the Offer prior to the expiration of the Offer Period, the Company may deliver
to each Qualified Holder a new Offer Notice and the Offer Period shall expire at 6:30 am (New York City time) on the Trading Day following
the date after such Qualified Holder’s receipt of such new Offer Notice.

 

    16

     

    

 

c) The Company shall have two (2) Business
Days from the expiration of the Offer Period above (A) to offer, issue, sell or exchange all or any part of such Offered Securities as
to which a Notice of Acceptance has not been given by a Qualified Holder (the “Refused Securities”) pursuant to a definitive
agreement(s) (the “Subsequent Placement Agreement”), but only to the offerees described in the Offer Notice (if so
described therein) and only upon terms and conditions (including, without limitation, unit prices and interest rates) that are not more
favorable to the acquiring Person or Persons or less favorable to the Company than those set forth in the Offer Notice and (B) to publicly
announce (x) the execution of such Subsequent Placement Agreement, and (y) either (I) the consummation of the transactions contemplated
by such Subsequent Placement Agreement or (II) the termination of such Subsequent Placement Agreement, which shall be filed with the SEC
on a Report on Form 6-K with such Subsequent Placement Agreement and any documents contemplated therein filed as exhibits thereto.

 

d) In the event the Company shall propose
to sell less than all the Refused Securities (any such sale to be in the manner and on the terms specified in Section 5(c) above), then
each Qualified Holder may, at its sole option and in its sole discretion, reduce the number or amount of the Offered Securities specified
in its Notice of Acceptance to an amount that shall be not less than the number or amount of the Offered Securities that such Qualified
Holder elected to purchase pursuant to Section 5(b) above multiplied by a fraction, (A) the numerator of which shall be the number or
amount of Offered Securities the Company actually proposes to issue, sell or exchange (including Offered Securities to be issued or sold
to Qualified Holders pursuant to this Section 5 prior to such reduction) and (B) the denominator of which shall be the original amount
of the Offered Securities. In the event that any Qualified Holder so elects to reduce the number or amount of Offered Securities specified
in its Notice of Acceptance, the Company may not issue, sell or exchange more than the reduced number or amount of the Offered Securities
unless and until such securities have again been offered to the Qualified Holders in accordance with Section 5(a) above.

 

e) Upon the closing of the issuance,
sale or exchange of all or less than all of the Refused Securities, such Qualified Holder shall acquire from the Company, and the Company
shall issue to such Qualified Holder, the number or amount of Offered Securities specified in its Notice of Acceptance, as reduced pursuant
to Section 5(d) above if such Qualified Holder has so elected, upon the terms and conditions specified in the Offer. The purchase by such
Qualified Holder of any Offered Securities is subject in all cases to the preparation, execution and delivery by the Company and such
Qualified Holder of a separate purchase agreement relating to such Offered Securities reasonably satisfactory in form and substance to
such Qualified Holder and its counsel.

 

f) Any Offered Securities not acquired
by a Qualified Holder or other Persons in accordance with this Section 5 may not be issued, sold or exchanged until they are again offered
to such Qualified Holder under the procedures specified in this Agreement.

 

g) The Company and each Qualified Holder
agree that if any Qualified Holder elects to participate in the Offer, neither the Subsequent Placement Agreement with respect to such
Offer nor any other transaction documents related thereto (collectively, the “Subsequent Placement Documents”) shall
include any term or provision whereby such Qualified Holder 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, any agreement previously entered into with the Company or any instrument received from the Company.

 

h) Notwithstanding anything to the contrary
in this Section 5 and unless otherwise agreed to by such Qualified Holder, the Company shall either confirm in writing to such Qualified
Holder that the transaction with respect to the Subsequent Placement has been abandoned or shall publicly disclose its intention to issue
the Offered Securities, in either case, in such a manner such that such Qualified Holder will not be in possession of any material, non-public
information, by the 9:30 am (New York City time) second (2nd) Business Day following delivery of the Offer Notice. If by 9:30 am (New
York City time) on such second (2nd) Business Day, no public disclosure regarding a transaction with respect to the Offered Securities
has been made, and no notice regarding the abandonment of such transaction has been received by such Qualified Holder, such transaction
shall be deemed to have been abandoned and such Qualified Holder shall not be in possession of any material, non-public information with
respect to the Company or any of its Subsidiaries. Should the Company decide to pursue such transaction with respect to the Offered Securities,
the Company shall provide such Qualified Holder with another Offer Notice and such Qualified Holder will again have the right of participation
set forth in this Section 5. The Company shall not be permitted to deliver more than one such Offer Notice to such Qualified Holder in
any sixty (60) day period, except as expressly contemplated by the last sentence of Section 5(b).

 

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i) The restrictions contained in this
Section 5 shall not apply in connection with the issuance of any Exempt Issuance. The Company shall not circumvent the provisions of this
Section 5 by providing terms or conditions to one Qualified Holder that are not provided to all Qualified Holders.

 

Section 6. Forced Exercise.

 

(a) General. Subject to Section
2(e), if at any time after the six month anniversary of the Issue Date (x) the VWAP of the Ordinary Shares listed on the principal Trading
Market exceeds           [200% of the Initial Exercise Price] (as adjusted for share
splits, share dividends, recapitalizations and similar events) (the “Forced Exercise Minimum Price”) for ten (10) consecutive
Trading Days (each, a “Forced Exercise Measuring Period”) and (y) no Equity Conditions Failure then exists (unless
waived, in whole or in part, in writing by the Holder (and, if in part, only to the extent of the Warrant Shares applicable to such partial
waiver)) (collectively, the “Forced Exercise Conditions”), the Company shall have the right to require the Holder to
exercise this Warrant pursuant to Section 2 into up to such aggregate number of fully paid, validly issued and non-assessable Warrant
Shares equal to the lesser of (i) the aggregate number of all remaining Warrant Shares available for purchase hereunder, (ii) the aggregate
number of Warrant Shares then permitted to be issued to the Holder in compliance with Section 2(e) above, and (iii) the Holder’s
Forced Exercise Limitation (such lesser number of Warrant Shares, the “Maximum Forced Exercise Share Amount”) as designated
in the applicable Forced Exercise Notice (as defined below) to be issued and delivered in accordance with Section 1(a) hereof (each, a
“Forced Exercise”).

 

(b) Mechanics. The Company
may exercise its right to require a Forced Exercise under this Section 5 on the Trading Day immediately following any Forced Exercise
Measuring Period by delivering a written notice thereof, by electronic mail to all, but not less than all, of the holders of the Registered
Warrants (each, a “Forced Exercise Notice”, and the date thereof, each a “Forced Exercise Notice Date”).
For purposes of Section 2(a) hereof, “Forced Exercise Notice” shall be deemed to replace “Exercise Notice” for
all purposes thereunder as if the Holder delivered an Exercise Notice to the Company on the Forced Exercise Notice Date, mutatis
mutandis. Each Forced Exercise Notice shall be irrevocable. The Company may only deliver one Forced Exercise Notice in any given twenty
(20) Trading Day period. Each Forced Exercise Notice shall (x) state that the Company is electing to effect a Forced Exercise on the second
(2nd) Trading Day following the applicable Forced Exercise Notice Date (the “Forced Exercise Date”), (y) state the
aggregate number of Warrant Shares to be exercised by the Holder (not in excess of the Maximum Forced Exercise Share Amount) and all of
the holders of the Registered Warrants on the Forced Exercise Date (subject to any adjustments thereto pursuant to Section 3 that may
occur prior to the Forced Exercise Date), and (z) contain a certification from an officer or director of the Company that the Forced Exercise
Conditions shall have been satisfied as of the Forced Exercise Notice Date.

 

(c) Pro Rata Exercise Requirement.
If the Company elects to cause a Forced Exercise of this Warrant pursuant to this Section 5, then it must simultaneously take the same
action in the same proportion with respect to all of the Registered Warrants .

 

Section 7. Miscellaneous.

 

a) No Rights as Stockholder until
Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder
of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting
any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments
pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, including if the Company is for any reason unable to issue and deliver Warrant
Shares upon exercise of this Warrant as required pursuant to the terms hereof, in no event shall the Company be required to net cash settle
an exercise of this Warrant or cash settle in any other form.

 

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

 

    18

     

    

 

c) 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.

 

d) Authorized Shares.

 

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

  

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

 

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

 

e) Governing Law. All questions
concerning the construction, validity, enforcement and interpretation of this Warrant 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 Warrant
(whether brought against a party hereto or their 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, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, 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 suit, 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 Warrant 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 either party
shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding
shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict
the federal district court in which a Holder may bring a claim under the U.S. federal securities laws.

 

    19

     

    

 

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

 

g) Non-waiver and Expenses.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right
or otherwise prejudice the Holder’s rights, powers or remedies. No provision of this Warrant shall be construed as a waiver by the
Holder of any rights which the Holder may have under the U.S. federal securities laws and the rules and regulations of the Commission
thereunder. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision
of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h) Notices. Any and all notices
or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall
be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company,
at 2 Ha-Ta’asiya St., Yokne’am Illit, 2069803 Israel, Attention: Chief Executive Officer, email address: asher.dahan@wearabledevices.co.il,
or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other
communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent
by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing
on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest
of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section
prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication
is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New
York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any
notice provided hereunder 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.

 

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

 

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

 

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

  

l) Amendment. This Warrant
may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder, on
the other hand.

 

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

 

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

 

o) Warrant Agent Agreement.
If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agent
Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agent Agreement, the provisions
of this Warrant shall govern and be controlling.

 

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

 

(Signature Page Follows)

 

    20

     

    

 

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

 

	 	WEARABLE DEVICES LTD.
	 	 	 
	 	By:	 
	 	 	Asher Dahan
	 	 	Chief Executive Officer 

 

     

     

    

 

ANNEX A

 

NOTICE OF EXERCISE

 

	TO:	WEARABLE DEVICES LTD.

 

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

 

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

 

	 	☐	in lawful money of the United States; or

 

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

 

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

_______________________________

 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

_______________________________

_______________________________

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: _______________________________________________________________________

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: _______________________________________________________________________________________

 

     

     

    

 

ANNEX B

 

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address:	 
	 	 
	Dated: _______________ __, ______	 

 

	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:	 	 

 

	(Signature Guaranteed):	Date:	___________________, _____

 

Signature to be guaranteed by an authorized officer of a chartered
bank, trust company or medallion guaranteed by an investment dealer who is a member of a recognized stock exchange.

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