Document:

Exhibit 4.2

 

WARRANT AGENT AGREEMENT

 

WARRANT AGENT AGREEMENT (this “Warrant
Agreement”) dated as of November ___, 2015 (the “Issuance Date”) between Kitov Pharmaceuticals Holdings
Ltd., a company incorporated under the laws of the State of Israel (the “Company”), and The Bank of New York
Mellon (the “Warrant Agent”).

 

WHEREAS, pursuant to the terms of that
certain Underwriting Agreement (“Underwriting Agreement”), dated November __, 2015, between the Company and
H.C. Wainwright & Co., LLC (“Wainwright”), as representative of the underwriters set forth therein, the
Company is engaged in a public offering (the “Offering”) of up to ________ American Depositary Shares (“ADSs”),
each ADS representing 20 ordinary shares of the Company, no par value per share (“Ordinary Shares”), and up
to _______ Warrants (the “Warrants”), with each such Warrant representing the right of the holder thereof to
purchase one ADS (each, a “Warrant ADS”) for US$_____ per whole ADS, subject to adjustment as described herein,
plus applicable fees, charges and taxes;

 

WHEREAS, the ADSs are issuable under the
Deposit Agreement dated as of ______, 2015 (the “Deposit Agreement”) among the Company, The Bank of New York
Mellon, as depositary (the “Depositary”), and all Owners and Holders (each as defined in the Deposit Agreement)
from time to time of the ADSs issued thereunder;

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “Commission”) a Registration Statement, No. 333-207117, on Form F-1
(as the same may be amended from time to time, the “Registration Statement”) for the registration, under the
Securities Act of 1933, as amended (the “Securities Act”), of, among other securities, the Warrants and the
Ordinary Shares underlying the Warrant ADSs issuable upon exercise of the Warrants (the “Warrant Shares”), and
such Registration Statement was declared effective on _______, 2015;

 

WHEREAS, the Company desires the Warrant
Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth in this
Warrant Agreement in connection with the issuance, registration, transfer, exchange and exercise of the Warrants;

 

WHEREAS, the Company desires to provide
for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation
of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things have been
done and performed which are necessary to make the Warrants the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Warrant Agreement.

 

NOW, THEREFORE, in consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Warrant Agent.
The Company hereby appoints the Warrant Agent to act as agent for the Company with respect to the Warrants, and the Warrant Agent
hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in
this Warrant Agreement (and no implied terms or conditions).

 

2. Warrants.

 

2.1 Form of Warrants. The Warrants
shall be registered securities and shall be evidenced by a global certificate (“Global Certificate”) in the
form of Annex A to this Warrant Agreement, which shall be deposited on behalf of the Company with a custodian for The Depository
Trust Company (“DTC”) and registered in the name of Cede & Co., a nominee of DTC. If DTC subsequently ceases
to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding making
other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary
to have the Warrants available in, book-entry form, the Company may instruct the Warrant Agent to provide written instructions
to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant Agent
to deliver to DTC separate certificates evidencing Warrants (“Definitive Certificates” and, together with the
Global Certificate, “Warrant Certificates”) registered as requested through the DTC system.

 

     

     

    

  

2.2. Issuance and Registration of Warrants.

 

2.2.1. Warrant Register. The Warrant
Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration
of transfer of the Warrants.

 

2.2.2. Issuance of Warrants. Upon
the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver the Warrants in the DTC
book-entry settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership of
security entitlements in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records
maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, a “Participant”).

 

2.2.3. Beneficial Owner; Holder.
Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the
person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”) as the absolute
owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant
Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other
authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights
of beneficial owners in a Warrant evidenced by the Global Certificate shall be exercised by the Holder or a Participant through
the DTC system, except to the extent set forth herein or in the Global Certificate.

 

2.2.4. Execution. The Warrant Certificates
shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized Officer”),
which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile signature.
The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent, which need not be the same signatory
for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case
any Authorized Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company
before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless,
may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed
such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf
of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized Officer
of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any
such person was not such an Authorized Officer.

 

2.2.5. Registration of Transfer.
At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be registered and any Warrant
Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or Warrant Certificates
evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder desiring to register
the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in writing delivered
to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing the Warrants
the transfer of which is to be registered or that is or are to be split up, combined or exchanged and, in the case of registration
of transfer, shall provide a signature guarantee. Thereupon, the Warrant Agent shall countersign and deliver to the person entitled
thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The Company and the Warrant Agent may
require payment, by the Holder requesting a registration of transfer of Warrants or a split-up, combination or exchange of a Warrant
Certificate (but, for purposes of clarity, not upon the exercise of the Warrants and issuance of Warrant ADS to the Holder), of
a sum sufficient to cover any tax or governmental charge that may be imposed in connection with such registration of transfer,
split-up, combination or exchange, together with reimbursement to the Company and the Warrant Agent of all reasonable expenses
incidental thereto.

 

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2.2.6. Loss, Theft and Mutilation of
Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory to them of the
loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity or security
in customary form and amount, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto,
and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on behalf
of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate
so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee for processing the replacement
of lost Warrant Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple
certificates. The Warrant Agent may receive compensation from the surety companies or surety agents for administrative services
provided to them.

 

2.2.7. Proxies. The Holder of a
Warrant may grant proxies or otherwise authorize any person, including the Participants and beneficial holders that may own interests
through the Participants, to take any action that a Holder is entitled to take under this Agreement or the Warrants; provided,
however, that at all times that Warrants are evidenced by a Global Certificate, exercise of those Warrants shall be effected
on their behalf by Participants through DTC in accordance the procedures administered by DTC.

 

3. Terms and Exercise of Warrants.

 

3.1. Exercise Price. Each Warrant
shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this Warrant Agreement, to purchase
from the Company the number of ADSs stated therein, at the price of US$___ per whole ADS, subject to the subsequent adjustments
provided in Section 4 hereof. The term “Exercise Price” as used in this Warrant Agreement refers to the price
per ADS at which ADSs may be purchased at the time a Warrant is exercised. In addition to the Exercise Price, an exercising Holder
must pay to the Warrant Agent at the time of exercise the Depositary’s fee of US$0.05 per ADS for issuance of ADSs (the “Issuance
Fee”). The Exercise Price per ADS plus the Issuance Fee per ADS is referred to as the “Deposit Amount”.

 

3.2. Duration of Warrants. Warrants
may be exercised only during the period (“Exercise Period”) commencing on the Issuance Date and terminating
at 5:00 P.M., New York City time (the “close of business”) on _______, 20201
(“Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close of business
on the Expiration Date.

 

3.3. Exercise of Warrants.

 

3.3.1. Exercise and Payment. (a)
Subject to the provisions of this Warrant Agreement, a Holder (or a Participant acting on behalf of a Holder in accordance with
DTC procedures) may exercise Warrants by delivering to the Warrant Agent, not later than 5:00 P.M., New York City time, on any
business day during the Exercise Period (i) the Warrants to be exercised by (A) surrender of the Warrant Certificate evidencing
the Warrants to the Warrant Agent at its office designated for such purpose or (B) delivery of the Warrants to an account of the
Warrant Agent at DTC designated for such purpose in writing by the Warrant Agent to DTC from time to time, (ii) an election to
purchase the Warrant ADSs underlying the Warrants to be exercised (A) in the form included in Annex B to this Warrant Agreement
or (B) via an electronic warrant exercise through the DTC system (each, an “Election to Purchase”) and (iii)
the Deposit Amount for each Warrant to be exercised (and, if applicable, any taxes or charges due in connection with the exercise
of such Warrants), in lawful money of the United States of America by (A) certified or official bank check payable to The Bank
of New York Mellon, (B) bank wire transfer in immediately available funds to The Bank of New York Mellon, 500 Ross Street, Pittsburgh,
PA 15262-00001, ABA #: 043-000-261, Account Number: 1361721, Account Name: Computershare Inc. AAF Client Corporate Actions, Ref:
Kitov Warrants, Swift Code MELNUS3P or (C) payment to the Warrant Agent through the DTC system.

 

 

1
5 year anniversary of Issuance Date

 

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(b) If any of (i) the Warrants, (ii) the
Election to Purchase, or (iii) the Deposit Amount therefor (and, if applicable, any taxes or charges due in connection with the
exercise of such Warrants), is received by the Warrant Agent on any date after 5:00 P.M., New York City time, or on a date that
is not a Trading Day, the Warrants with respect thereto will be deemed to have been received and exercised on the Trading Day next
succeeding such date. “Business day” means a day other than a Saturday or Sunday on which commercial Banks in
New York City are open for the general conduct of banking business. The “Exercise Date” will be the date on
which the materials in the foregoing sentence are received by the Warrant Agent (if by 5:00 P.M., New York City time), or the following
Trading Day (if after 5:00 P.M., New York City time), regardless of any earlier date written on the materials. If the Warrants
are received or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered
to the Warrant Agent will be returned to the Holder or Participant, as the case may be, as soon as practicable. In no event will
interest accrue on any funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants.

 

(c) The Warrant Agent shall deposit all
funds received by it in payment of the Exercise Price in the account of the Company maintained with the Warrant Agent for such
purpose and shall advise the Company via telephone at the end of each day on which funds for the exercise of the Warrants are received
of the amount so deposited to such account. The Warrant Agent shall promptly confirm such telephonic advice to the Company in writing.

 

(d) If less than all the Warrants evidenced
by a surrendered Warrant Certificate are exercised, the Warrant Agent shall split up the surrendered Warrant Certificate and return
to the Holder a Warrant Certificate evidencing the Warrants that were not exercised.

 

3.3.2. Issuance of Warrant Shares.
(a) The Warrant Agent shall, by 11:00 a.m., New York City time, on the Trading Day following the Exercise Date of any Warrant,
advise the Company, the transfer agent and registrar for Ordinary Shares and the Depositary, in respect of (i) the number of Warrant
Shares indicated on the Election to Purchase as issuable upon such exercise with respect to such exercised Warrants, (ii) the instructions
of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of the Warrant ADSs
and the number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company or the Depositary
shall reasonably request. The Warrant Agent shall pay the Depositary the Issuance Fee for the number of Warrant ADSs to be issued
out of the Deposit Amount it received.

 

(b) The Company shall, by no later than
5:00 P.M., New York City time, on the third Trading Day following the Exercise Date of any Warrant and the clearance of the funds
in payment of the Exercise Price (such date and time, the “Delivery Time”), cause its registrar to deliver the
Warrant Shares issuable upon that exercise to the Depositary’s Israeli custodian for deposit under the Deposit Agreement
and instruct the Depositary to deliver the Warrant ADSs issuable upon that deposit of Warrant Shares as requested in the Election
to Purchase.

 

3.3.3. Valid Issuance. All Warrant
Shares issuable by the Company upon the proper exercise of a Warrant in conformity with this Warrant Agreement shall be validly
issued, fully paid and non-assessable.

 

3.3.4. No Fractional Exercise. No
fractional Warrant ADSs will be issued upon the exercise of the Warrant, but rather the Company shall adjust the number of Warrant
Shares issued up or down to the nearest integral multiple of the number of Ordinary Shares at the time represented by one ADS.

 

3.3.5 No Transfer Taxes. The Company
shall not be required to pay any stamp or other tax or charge required to be paid in connection with the exercise of Warrants;
and the Company shall not be required to issue or deliver any Warrant Shares until such tax or other charge shall have been paid
or it has been established to the Company’s and the Warrant Agent’s satisfaction that no such tax or other charge is
due. For purposes of clarity, the Company shall pay any stamp or other tax or charge required to be paid in connection with any
issuance to the Holder of the Warrant ADSs or Warrant Shares upon the exercise of Warrants.

 

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3.3.6 Date of Issuance. The Company
will treat an exercising Holder as a beneficial owner of the Warrant Shares as of the Exercise Date, except that, if the Exercise
Date is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of
such shares at the open of business on the next succeeding date on which the stock transfer books are open. However, it is understood
and agreed that Warrant ADSs will not be registered or issued until the Depositary receives notice from its custodian that the
Warrant Shares have been deposited under the Deposit Agreement; provided further, however, it is acknowledged and agreed that the
Company shall take all reasonable steps to ensure the Warrant ADSs are delivered to the Holder on or prior to the Delivery Time
in accordance with Section 3.3.2(b) hereof and, if the Warrant ADSs are not delivered to the Holder on or prior to the Delivery
Time, the provisions of Section 3.3.9 shall apply.

 

3.3.7 Restrictive Legend Events; Cashless
Exercise Under Certain Circumstances.

 

(i) The Company shall use it reasonable
best efforts to maintain the effectiveness of the Registration Statement and the current status of the prospectus included therein
or to file and maintain the effectiveness of another registration statement and another current prospectus covering the Warrants
and the Warrant Shares at any time that the Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder
prompt written notice of any time that the Company is unable to deliver the Warrant ADSs via DTC transfer or otherwise without
restrictive legend because (A) the Commission has issued a stop order with respect to the Registration Statement, (B) the Commission
otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (C) the
Company has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (D) the
prospectus contained in the Registration Statement is not available for the issuance of the Warrant ADSs to the Holder or (E) otherwise
(each a “Restrictive Legend Event”). To the extent that the Warrants cannot be exercised as a result of a Restrictive
Legend Event or a Restrictive Legend Event occurs after a Holder has exercised Warrants in accordance with the terms of the Warrants
but prior to the delivery of the Warrant ADSs, the Company shall, at the election of the Holder, which shall be given within five
(5) days of receipt of such notice of the Restrictive Legend Event, either (A) rescind the previously submitted Election to Purchase
and the Company shall return all consideration paid by registered holder for such shares upon such rescission or (B) treat the
attempted exercise as a cashless exercise as described in paragraph (ii) below and refund the cash portion of the exercise price
to the Holder.

 

(ii) If a Restrictive Legend Event has
occurred, the Warrant shall only be exercisable on a cashless basis. Notwithstanding anything herein to the contrary, the Company
shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant ADSs. Upon
a “cashless exercise”, the Holder shall be entitled to receive the number of Warrant ADSs equal to the quotient obtained
by dividing (A-B) (X) by (A), where:

 

	 	(A)	= the VWAP on the Trading Day immediately preceding the Exercise Date;

 

	 	(B)	= the Exercise Price of the Warrant, as adjusted as set forth herein; and

 

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

 

If the Warrant ADSs are issued in such
a cashless exercise, the Company acknowledges and agrees that, in accordance with Section 3(a)(9) of the Securities Act, the Warrant
ADSs shall take on the registered characteristics of the Warrants being exercised and the Company agrees not to take any position
contrary thereto. Upon receipt of an Election to Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy
of the Election to Purchase to the Company to confirm the number of Warrant ADSs issuable in connection with the cashless exercise.
The Company shall calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall have no duty, responsibility
or obligation under this section to calculate, the number of Warrant ADSs issuable in connection with any cashless exercise. The
Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company, and the Warrant Agent
shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written instructions or
pursuant to this Warrant Agreement.

 

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A Holder that exercises Warrants in a cashless
exercise, as a condition of making that exercise, will still be required to pay the Issuance Fee in respect of the actual number
of Warrant ADSs that the Holder will receive.

 

3.3.8 Disputes. In the case of a
dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant ADSs issuable in connection
with any exercise, the Company shall promptly deliver to the Holder the number of Warrant ADSs that are not disputed.

 

3.3.9 Compensation for Buy-In on
Failure to Timely Deliver Warrant ADSs Upon Exercise.  In addition to any other rights available to the Holder, if the
Company fails to cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to Section 3.3.2 on or before 5:00 p.m.
(New York City time) on the second Trading Day after the Delivery Time, and if after such date the beneficial owner is required
by its broker to purchase (in an open market transaction or otherwise) or the beneficial owner’s brokerage firm otherwise
purchases, ADSs or Ordinary Shares to deliver in satisfaction of a sale by the beneficial owner of the Warrant ADSs, which the
beneficial owner 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 beneficial owner’s total purchase price (including brokerage commissions,
if any) for the Warrant ADSs or Warrant Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant
ADSs or Warrant Shares, as applicable, that the Company was required to deliver to the Holder in connection with the exercise at
issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of
the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant ADSs or Warrant Shares, as applicable,
for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number
of Warrant ADSs or Warrant Shares, as applicable, that would have been issued had the Company timely complied with its delivery
obligations.  For example, if the beneficial owner purchases Ordinary Shares having a total purchase price of $11,000 to cover
a Buy-In with respect to an attempted exercise of Warrant ADSs with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000 for
the benefit of the beneficial owner. 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 right of a Holder 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 Warrant
ADSs upon exercise of Warrants as required pursuant to the terms hereof.

 

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3.3.10 Beneficial Ownership
Limitation. A Holder shall not have the right to exercise any Warrants to the extent that after giving effect to the
issuance of Warrant ADSs after exercise as set forth on the applicable Election to Purchase, such Holder or a person holding
through such Holder (together with such Holder’s or person’s Affiliates (as defined in Rule 405 under the
Securities Act), and any other persons acting as a group together with that Holder or person or any of that Holder’s or
person’s Affiliates), would beneficially own in excess of 4.99% (“Beneficial Ownership Limitation”)
of the Company’s Ordinary Shares. For purposes of the foregoing sentence, the number of Ordinary Shares beneficially
owned by a person shall include the number of Ordinary Shares underlying the Warrant ADSs that would be owned by that person
issuable upon exercise of the Warrants with respect to which such determination is being made, but shall exclude the number
of Ordinary Shares (i) underlying the Warrant ADSs which would be issuable upon exercise of the remaining, non-exercised
Warrants beneficially owned by that person or any of its Affiliates and (ii) underlying any other securities of the Company
held by such Holder or its Affiliates that are exercisable or convertible into Ordinary Shares and subject to a limitation on
conversion or exercise that is analogous to the limitation contained in this Section 3.3.10. Except as set forth in the
preceding sentence, for purposes of this Section 3.3.10, beneficial ownership shall be calculated in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules
and regulations promulgated thereunder, it being acknowledged by the Holder that neither the Warrant Agent nor the Company is
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder or
beneficial owner is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the
limitation contained in this Section 3.3.10 applies, the determination of whether a Warrant is exercisable and of the number
of Warrants that are exercisable shall be in the sole discretion of the Holder, and the submission of an Election to Purchase
shall be deemed to be the Holder’s determination of whether such Warrant is exercisable and of the number of Warrants
that are exercisable, and neither the Warrant Agent nor the Company shall have any obligation to verify or confirm the
accuracy of such determination and neither of them shall have any liability for any error made by the Holder or any other
person. 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 3.3.10,
in determining the number of outstanding Ordinary Shares, a Holder or other person 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 Securities and
Exchange 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 Company’s transfer agent setting forth the number of Ordinary Shares outstanding. For any
reason at any time, upon the written or oral request of a person that represents that it is or is acting on behalf of a
Holder, the Company shall, within two (2) Trading Days, confirm orally or in writing or by e-mail to that person the number
of Ordinary Shares then outstanding. Upon delivery of a written notice to the Company, the Holder may from time to
time increase or decrease the Beneficial Ownership Limitation to any other percentage not in excess of 9.99% as specified in
such notice, provided that any increase in the Beneficial Ownership Limitation will not be effective until the sixty-first
(61st) day after such notice is delivered to the Company and any such increase or decrease will apply only to the
Holder and its Affiliates and not to any other holder of Warrants. The provisions of
this Section 3.3.10 shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 3.3.10 to correct this subsection (or any portion hereof) which may be defective or inconsistent with the intended
beneficial ownership limitation herein contained.

 

4. Adjustments.

 

4.1 Adjustment upon Subdivisions or
Combinations. If the Company at any time after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization,
reorganization, scheme of arrangement or otherwise) its outstanding Ordinary Shares into a greater number of Ordinary Shares or
the ratio of Ordinary Shares per ADS is reduced (e.g., the ratio is changed from 20 Ordinary Shares per one ADS to ten Ordinary
Shares per one ADS), the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the
number of Warrant ADSs will be proportionately increased. If the Company at any time after the Issuance Date combines (by any stock
split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) its outstanding Ordinary Shares into
a smaller number of Ordinary Shares or the ratio of Ordinary Shares per ADS is increased (e.g., the ratio is changed from 20 Ordinary
Shares per one ADS to 30 Ordinary Shares per one ADS), the Exercise Price in effect immediately prior to such combination will
be proportionately increased and the number of Warrant ADSs will be proportionately decreased. Any adjustment under this Section
4.1 shall become effective at the close of business on the date the subdivision or combination or ratio change becomes effective.
The Company shall promptly notify the Warrant Agent in writing of any adjustment to the Warrants and give specific instructions
to the Warrant Agent with respect to any adjustments to the warrant register.

 

4.2 Adjustment for Other Distributions.
In the event the Company shall fix a record date for the making of a dividend or distribution to all holders of Ordinary Shares
of any evidences of indebtedness or assets or subscription rights, options or warrants (excluding those referred to in Section
4.1 or other dividends paid out of retained earnings), then in each such case the Holder will, upon the exercise of Warrants, be
entitled to receive, in addition to the number of Warrant ADSs issuable thereupon, and without payment of any additional consideration
therefor, the amount of such dividend or distribution, as applicable, which such Holder would have held on the date of such exercise
had such Holder been the holder of record of such Warrant ADSs as of the date on which holders of ADSs became entitled to receive
such dividend or distribution. Such adjustment shall be made whenever any such distribution is made and shall become effective
immediately after the record date mentioned above.

 

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4.3. Reclassification, Consolidation,
Purchase, Combination, Sale or Conveyance. If, at any time while the Warrants are 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, 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 (whether by the Company or another person) is completed pursuant to which holders of Ordinary Shares
(including those represented by ADSs) 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 (including those represented by ADSs) (not
including any Ordinary Shares (including those represented by ADSs) held by the other person or other persons making or party to,
or associated or affiliated with the other persons making, such purchase offer, tender offer or exchange offer), (iv) the Company,
directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of
ADSs or Ordinary Shares or any compulsory share exchange pursuant to which the ADSs or 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 or scheme of arrangement) with another person whereby such other person acquires more than 50% of the
outstanding Ordinary Shares (including those represented by ADSs) (not including any Ordinary Shares (including those represented
by ADSs) 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 a Warrant, the registered 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 (without regard
to any limitation in Section 3.3.10 on the exercise of the Warrants), the number of shares, if any, of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, or depositary shares representing those shares, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder
of the number of ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to
any limitation in Section 3.3.10 on the exercise of the Warrants). 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 ADS 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 ADSs 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. 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 Agreement in accordance with the provisions of this Section 4.3 pursuant to written agreements in customary form and
shall, upon the written request of the Holder of Warrants, deliver to that Holder in exchange for those Warrants a security of
the Successor Entity evidenced by a written instrument substantially similar in form and substance to those Warrants that is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity), if any, plus any Alternate
Consideration, receivable as a result of such Fundamental Transaction by a holder of the number of ADSs for which those Warrants
were exercisable immediately prior to such Fundamental Transaction, and with an exercise price which applies the exercise price
hereunder to such shares of capital stock, if any, plus any Alternate Consideration (but taking into account the relative value
of the ADSs or Ordinary Shares prior to such Fundamental Transaction and the value of such shares of capital stock plus Alternative
consideration after that Fundamental Transaction, for the purpose of protecting the economic value those Warrants had immediately
prior to the consummation of such Fundamental Transaction). 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 Agreement and the 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
Agreement and the Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

The Company shall instruct the Warrant
Agent in writing to mail by first class mail, postage prepaid, to each Holder, written notice of the execution of any such amendment,
supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered into by the successor corporation
or transferee shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Section 4.3. The Warrant Agent shall have no duty, responsibility or obligation to determine the correctness of any
provisions contained in such agreement or such notice, including but not limited to any provisions relating either to the kind
or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and provided
therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained in any such
agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers,
sales and conveyances of the kind described above.

 

    	 	8	 

     

    

 

4.4. Adjustment Upon Issuance of ADSs
or Ordinary Shares. If and whenever on or after the Issuance Date and prior to _____, 20162
(the “Applicable Period”), the Company issues, sells or delivers, or in accordance with this Section
4 is deemed to have issued, sold or delivered , any ADSs or Ordinary Shares (including the issuance, sale or delivery of ADSs
or Ordinary Shares owned or held by or for the account of the Company, but excluding any Excluded Securities issued or sold or
deemed to have been issued, sold or delivered) for a consideration per ADS less than a price equal to the Exercise Price, in the
case of an ADS, or less than a price equal to the Ordinary Share Equivalent Price, in the case of an Ordinary Share, in each case
in effect immediately prior to such issuance, sale or delivery or deemed issuance, sale or delivery (such Exercise Price or Ordinary
Share Equivalent Price, as the case may be, 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 the New Issuance Price (as defined in Section 10).

 

For all purposes of the foregoing (including,
without limitation, determining the adjusted Exercise Price and consideration per share under this Section 4.4), the following
shall be applicable:

 

(i) Issuance
of Options. If the Company grants or sells any Options (other than Options that qualify as Excluded Securities) during the
Applicable Period and the lowest price per share for which one ADS or 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 is less
than the Applicable Price, then such ADS or Ordinary Share shall be deemed to be outstanding and to have been issued and sold or
delivered by the Company at the time of the granting or sale of such Option for the New Issuance Price. For purposes of this Section
4.4(i), the “lowest price per share for which one ADS or Ordinary Share is issuable upon the exercise of any such Options
or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option” shall be
equal to (1) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any
one ADS or Ordinary 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 minus (2) the sum of all amounts paid or payable
to the holder of such Option (or any other person or entity) 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 or entity).
Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such ADSs or
Ordinary Shares or of such Convertible Securities upon the exercise of such Options or upon the actual issuance of such ADSs or
Ordinary Shares upon conversion, exercise or exchange of such Convertible Securities.

 

(ii) Issuance
of Convertible Securities. If the Company issues or sells any Convertible Securities (other than Convertible Securities that
qualify as Excluded Securities) during the Applicable Period and the lowest price per share for which one ADS or Ordinary Share
is issuable upon the conversion, exercise or exchange thereof is less than the Applicable Price, then such ADS or Ordinary Share
shall be deemed to be outstanding and to have been issued and sold or delivered by the Company at the time of the issuance or sale
of such Convertible Securities for the New Issuance Price. For the purposes of this Section 4.4(ii), the “lowest price per
share for which one ADS or Ordinary Share is issuable upon the conversion, exercise or exchange thereof” shall be equal to
(x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one ADS or Ordinary
Share upon the issuance or sale of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security
minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other person or entity) 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 or entity). Except as contemplated below, no further
adjustment of the Exercise Price shall be made upon the actual issuance of such ADSs or Ordinary Shares 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 Warrants has been or is to be made pursuant to other provisions of this Section 4.4, except
as contemplated below, no further adjustment of the Exercise Price shall be made by reason of such issue, sale or delivery.

 

 

2
one year anniversary of Issuance Date

 

    	 	9	 

     

    

 

(iii) Change in Option Price.
If during the Applicable 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 ADSs or Ordinary Shares increases or decreases at any time, 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 revised terms been in effect. For purposes of this Section 4.4(iii), if the terms of any Option or Convertible
Security that was outstanding as of the original issuance of the Warrants are increased or decreased in the manner described in
the immediately preceding sentence, then such Option or Convertible Security and the ADSs or Ordinary 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 this Section 4.4 shall be made if such adjustment would result in an increase of the Exercise Price then in effect.
For purposes of clarity, if the Company enters into a Variable Rate Transaction (as defined in the Underwriting Agreement), despite
the prohibition thereon in the Underwriting Agreement, the Company shall be deemed to have issued Ordinary Shares, ADSs, Options
or Convertible Securities at the lowest possible conversion or exercise price at which such securities may be converted or exercised.
For purposes herein, no Variable Rate Transaction shall be Excluded Securities.

  

4.5 Other Events. If any event occurs
of the type contemplated by the provisions of Section 4.1, 4.2 or 4.4 but not expressly provided for by such provisions (including,
without limitation, the granting of stock appreciation rights, Adjustment Rights, phantom stock rights or other rights with equity
features to all holders of ADSs for no consideration), then the Company's Board of Directors will, at its discretion and in good
faith, make an adjustment in the Exercise Price and the number of Warrant ADSs or designate such additional consideration to be
deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder. No adjustment to the Exercise
Price will be made pursuant to more than one sub-section of this Section 4 in connection with a single issuance.

 

4.6. Notices of Changes in Warrant.
Upon every adjustment of the Exercise Price or the number of Warrant ADSs issuable upon exercise of a Warrant, the Company shall
give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment and
the increase or decrease, if any, in the number of Warrant ADSs purchasable at such price upon the exercise of a Warrant, setting
forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of
any event specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written notice to each Holder, at the
last address set forth for such holder in the Warrant Register, as of the record date or the effective date of the event. Failure
to give such notice, or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall be
entitled to rely conclusively on, and shall be fully protected in relying on, any certificate, notice or instructions provided
by the Company with respect to any adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant,
or any related matter, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in
accordance with any such certificate, notice or instructions or pursuant to this Warrant Agreement. The Warrant Agent shall not
be deemed to have knowledge of any such adjustment unless and until it shall have received written notice thereof from the Company.

 

5. Restrictive Legends; Fractional Warrants.

 

In the event that a Warrant Certificate
surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that transfer until the Warrant Agent
has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the Warrants must
also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration of transfer
or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

  

    	 	10	 

     

    

 

6. [RESERVED]

 

7. Other Provisions Relating to Rights
of Holders of Warrants.

 

7.1. No Rights as Stockholder. Except
as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants, shall not be entitled to vote
or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this
Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of Warrants, any of the
rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization,
issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice of meetings,
receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior to the issuance
to the Holder of the Warrant ADSs which it is then entitled to receive upon the due exercise of Warrants.

 

7.2. Reservation of Ordinary Shares.
The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares that will be
sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

 

8. Concerning the Warrant Agent and
Other Matters.

 

8.1. Any instructions given to the Warrant
Agent orally, as permitted by any provision of this Warrant Agreement, shall be confirmed in writing by the Company as soon as
practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized and protected for acting, or failing
to act, in accordance with any oral instructions which do not conform with the written confirmation received in accordance with
this Section 8.1.

 

8.2. (a) Whether or not any Warrants are
exercised, for the Warrant Agent’s services as agent for the Company hereunder, the Company shall pay to the Warrant Agent
its out of pocket expenses in connection with this Warrant Agreement, including, without limitation, the charges of Computershare
for providing services to the Warrant Agent with respect to the Warrants and the expenses for which the Warrant Agent is obliged
to reimburse Computershare, and the fees and expenses of the Warrant Agent’s counsel. While the Warrant Agent endeavors to
maintain out-of-pocket charges (both internal and external) at competitive rates, these charges may not reflect actual out-of-pocket
costs, and may include handling charges to cover internal processing and use of the Warrant Agent’s billing systems.

 

(b) All amounts owed by the Company to
the Warrant Agent under this Warrant Agreement are due within 30 days of the invoice date. Delinquent payments are subject to a
late payment charge of one and one-half percent (1.5%) per month commencing 45 days from the invoice date. The Company agrees to
reimburse the Warrant Agent for any attorney’s fees and any other costs associated with collecting delinquent payments.

 

(c) No provision of this Warrant Agreement
shall require Warrant Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties under this Warrant Agreement or in the exercise of its rights.

 

8.3 As agent for the Company hereunder
the Warrant Agent:

 

(a) shall have no duties
or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by the Warrant Agent
and the Company;

 

(b) shall have no obligation
to effect any delivery of Warrant ADSs other than to instruct the Depositary with respect to that delivery;

 

(c) shall be regarded
as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness of the Warrants
or any Warrant Shares or Warrant ADSs;

 

(d) shall not be obligated
to take any legal action hereunder; if, however, the Warrant Agent determines to take any legal action hereunder, and where the
taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not be required to act
unless it has been furnished with an indemnity reasonably satisfactory to it;

 

    	 	11	 

     

    

 

(e) may rely on and
shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter,
telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it to be genuine
and to have been signed by the proper party or parties;

 

(f) shall not be liable
or responsible for any recital or statement contained in the Registration Statement or any other documents relating thereto;

 

(g) shall not be liable
or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating to the Warrants,
including without limitation obligations under applicable securities laws;

 

(h) may rely on and
shall be fully authorized and protected in acting or failing to act upon the written, telephonic or oral instructions with respect
to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying any such
actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect to the performance
of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in
connection with the Warrant Agent’s duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while
waiting for those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option
of the Agent, set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement
and the date on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable
for any action taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after
the date specified in such application (which date shall not be less than five business days after the date such application is
sent to the Company, unless the Company shall have consented in writing to any earlier date) unless prior to taking any such action,
the Warrant Agent shall have received written instructions in response to such application specifying the action to be taken or
omitted;

 

(i) may consult with
counsel satisfactory to the Warrant Agent, including its in-house counsel, and the advice of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith and in accordance
with the advice of such counsel;

 

(j) may perform any
of its duties hereunder either directly or by or through nominees, correspondents, designees, subagents or subcustodians, and it
shall not be liable or responsible for any misconduct or negligence on the part of any nominee, correspondent, designee, subagent
or subcustodian appointed with reasonable care by it in connection with this Warrant Agreement;

 

(k) is not authorized,
and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person and

 

(l) shall not be required
hereunder to comply with the laws or regulations of any country other than the United States of America or any political subdivision
thereof; and Warrant Agent may, after consulting with the Company to the extent practical, consult with foreign counsel, the fees
and expenses of which shall be at the Company’s expense, to resolve any foreign law issues that may arise as a result of
the Company or any other party being subject to the laws or regulations of any foreign jurisdiction.

 

8.4. (a) In the absence of gross negligence
or willful or illegal misconduct on its part, the Warrant Agent shall not be liable for any action taken, suffered, or omitted
by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything in this Warrant
Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special, indirect, incidental, consequential
or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has
been advised of the possibility of such losses or damages and regardless of the form of action. Any liability of the Warrant Agent
will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not be liable for
any failures, delays or losses, arising directly or indirectly out of conditions beyond its reasonable control including, but not
limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil
disobedience, riots, rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications
facilities failures including telephone failure, war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences.

 

    	 	12	 

     

    

 

(b) In the event any question or dispute
arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s duties under this Warrant Agreement
or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall not be held liable or responsible
for its refusal to act until the question or dispute has been judicially settled (and, if appropriate, it may file a suit in interpleader
or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all
persons interested in the matter which is no longer subject to review or appeal, or settled by a written document in form and substance
satisfactory to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant Agent may require for
such purpose, but shall not be obligated to require, the execution of such written settlement by all the Holders and all other
persons that may have an interest in the settlement.

 

8.5. The Company covenants to indemnify
the Warrant Agent and hold it harmless from and against any loss, liability, claim or expense (“Loss”) arising
out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses of
defending itself against any Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a result
of the Warrant Agent’s gross negligence or willful misconduct.

 

8.6. Unless terminated earlier by the parties
hereto, this Agreement shall terminate 90 days after the earlier of the Expiration Date and the date on which no Warrants remain
outstanding (the “Termination Date”). On the business day following the Termination Date, the Agent shall deliver
to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. The Agent’s right to be
reimbursed for fees, charges and out-of-pocket expenses as provided in this Section 8 shall survive the termination of this Warrant
Agreement.

 

8.7. If any provision of this Warrant Agreement
shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall be construed and enforced as if such
provision had not been contained herein and shall be deemed an Agreement among the parties to it to the full extent permitted by
applicable law.

 

8.8. The Company represents and warrants
that (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation, (b) the offer and sale
of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including this Warrant Agreement)
have been duly authorized by all necessary corporate action and will not result in a breach of or constitute a default under the
articles of association, bylaws or any similar document of the Company or any indenture, agreement or instrument to which it is
a party or is bound, (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes the legal,
valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable
requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in
connection with the offering of the Warrants.

 

8.9. In the event of inconsistency between
this Warrant Agreement and the descriptions in the Registration Statement, as they may from time to time be amended, the terms
of this Warrant Agreement shall control.

 

8.10. Set forth in Annex C hereto
is a list of the names and specimen signatures of the persons authorized to act for the Company under this Warrant Agreement (the
“Authorized Representatives”). The Company shall, from time to time, certify to you the names and signatures
of any other persons authorized to act for the Company under this Warrant Agreement.

 

8.11. Except as expressly set forth elsewhere
in this Warrant Agreement, all notices, instructions and communications under this Agreement shall be in writing, shall be effective
upon receipt and shall be addressed, if to the Company, to its address set forth beneath its signature to this Agreement, or, if
to the Warrant Agent, to The Bank of New York Mellon, Depositary Receipts, 101 Barclay Street, 22 West, New York, New York 10286,
Attention:

 

    	 	13	 

     

    

 

 

Arlene Villareal, Relationship Manager,
Kitov Pharmaceuticals, Telephone: 212-815-8162, Facsimile: 212-571-3050, with a copy to Shareowner Services, 480 Washington Boulevard,
Jersey City, New Jersey 07310, Attention: Gwen Minott, Telephone: 201-680-3385, Facsimile: 201-680-4607, or to such other address
of which a party hereto has notified the other party.

 

8.12. (a) This Warrant Agreement shall
be governed by and construed in accordance with the laws of the State of New York. All actions and proceedings relating to or arising
from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of Manhattan in the
City and State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that any service
of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified
for notices hereunder. Each of the parties hereto hereby waives the right to a trial by jury in any action or proceeding arising
out of or relating to this Warrant Agreement.

 

(b) This Warrant Agreement shall inure
to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant Agreement may not be assigned,
or otherwise transferred, in whole or in part, by either party without the prior written consent of the other party, which the
other party will not unreasonably withhold, condition or delay; except that (i) consent is not required for an assignment or delegation
of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation, sale of assets
or other form of business combination by Warrant Agent or the Company shall not be deemed to constitute an assignment of this Warrant
Agreement.

 

(c) No provision of this Warrant Agreement
may be amended, modified or waived, except in a written document signed by both parties. The Company and the Warrant Agent may
amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any ambiguity, or curing,
correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to
matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties determine,
in good faith, shall not adversely affect the interest of the Holders.  All other amendments and supplements shall require
the vote or written consent of Holders of at least 50.1% of the then outstanding Warrants, provided that adjustments may be made
to the Warrant terms and rights in accordance with Section 4 without the consent of the Holders.

 

8.13 Payment of Taxes. The Company
will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of Warrant Shares or Warrant ADSs upon the exercise of Warrants, but the Company may require the Holders
to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer
of Warrants or any delivery of any Warrant ADSs unless or until the persons requesting the registration or issuance shall have
paid to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to
the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid.

 

    	 	14	 

     

    

 

 

8.14 Resignation of Warrant Agent.

 

8.14.1. Appointment of Successor Warrant
Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company, or such shorter period
of time agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor Warrant Agent,
after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such shorter period
of time as agreed. If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to act or otherwise,
the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make
such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant
Agent, then the Warrant Agent or any Holder may apply to any court of competent jurisdiction for the appointment of a successor
Warrant Agent at the Company’s cost. Pending appointment of a successor to such Warrant Agent, either by the Company or by
such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor Warrant Agent (but not including
the initial Warrant Agent), whether appointed by the Company or by such court, shall be a person organized and existing under the
laws of any state of the United States of America, in good standing, and authorized under such laws to exercise corporate trust
powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent
shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with
like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing and delivering
documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further duties, obligations, responsibilities
or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement and the resignation
or removal of the Warrant Agent, including but not limited to its right to indemnity hereunder. If for any reason it becomes necessary
or appropriate or at the request of the Company, the predecessor Warrant Agent shall execute and deliver, at the expense of the
Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant
Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any
and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such
authority, powers, rights, immunities, duties, and obligations.

 

8.14.2. Notice of Successor Warrant
Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor
Warrant Agent and the transfer agent for the ADSs not later than the effective date of any such appointment.

 

8.14.3. Merger or Consolidation of Warrant
Agent. Any person into which the Warrant Agent may be merged or converted or with which it may be consolidated or any person
resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party or any person succeeding to
the shareowner services business of the Warrant Agent or any successor Warrant Agent shall be the successor Warrant Agent under
this Warrant Agreement, without any further act or deed. For purposes of this Warrant Agreement, “person” shall mean
any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust or other entity, and
shall include any successor (by merger or otherwise) thereof or thereto.

 

9. Miscellaneous Provisions.

 

9.1. Persons Having Rights under this
Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof
is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the
Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise,
or agreement hereof.

 

9.2. Examination of the Warrant Agreement.
A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent designated for such
purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require any such holder to provide reasonable
evidence of its interest in the Warrants.

 

9.3. Counterparts. This Warrant
Agreement may be executed in any number of original, facsimile or electronic counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.4. Effect of Headings. The Section
headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

 

10. Certain Definitions.

 

As used herein, the following terms shall
have the following meanings:

 

(i) “Adjustment Right”
means any right granted with respect to any securities issued in connection with, or with respect to, any issuance, sale or delivery
(or deemed issuance, sale or delivery in accordance with Section 4) of ADSs or Ordinary Shares (other than rights of the type described
in Section 4.2 and 4.3 hereof) 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) but excluding anti-dilution and other similar rights (including pursuant to Section 4.4 of this Agreement).

 

    	 	15	 

     

    

 

 

(ii) “Approved Stock Plan”
means any employee benefit plan which has been approved by the board of directors of the Company prior to or subsequent to the
date hereof pursuant to which Ordinary Shares and options to purchase Ordinary Shares may be issued to any employee, consultant,
officer or director or other service provider for services provided to the Company in their capacity as such.

 

(iii) “Convertible Securities”
means any notes, rights, warrants or other securities (other than Options) that are at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any
ADSs or Ordinary Shares.

 

(iv). “Excluded Securities”
means (1) Ordinary Shares or options or other rights to purchase Ordinary Shares or other awards issued to directors, officers,
employees, consultants or other service providers of the Company in their capacity as such pursuant to an Approved Stock Plan,
provided that (A) all such issuances (taking into account the Ordinary Shares issuable upon exercise of such options) after the
date hereof pursuant to this clause (i) do not, in the aggregate, exceed more than 15% of the Ordinary Shares issued and outstanding
immediately prior to the date hereof and (B) the exercise price of any such options is not lowered, none of such options are amended
to increase the number of shares issuable thereunder in each case other than pursuant to the terms hereof (including any anti-dilution
provisions contained therein) and none of the terms or conditions of any such options are otherwise materially changed in any manner
that adversely affects any of the holders of Warrants; (2) Ordinary Shares issued upon the conversion or exercise of Convertible
Securities (other than options or other rights to purchase Ordinary Shares issued pursuant to an Approved Stock Plan that are covered
by clause (i) above) issued prior to the date hereof, provided that the conversion price of any such Convertible Securities (other
than options or other rights to purchase Ordinary Shares issued pursuant to an Approved Stock Plan that are covered by clause (1)
above) is not lowered through the amendment or waiver of such Convertible Security, none of such Convertible Securities (other
than options or other rights to purchase Ordinary Shares issued pursuant to an Approved Stock Plan that are covered by clause (1)
above) are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible
Securities (other than options or other rights to purchase Ordinary Shares issued pursuant to an Approved Stock Plan that are covered
by clause (1) above) are otherwise materially changed in any manner that adversely affects any of the holders of Warrants; (3)
ADSs and Ordinary Shares issuable upon exercise of the Warrants; and (4) securities issuable in connection with strategic license
agreements, other partnering arrangements or acquisitions or mergers where the purchaser or acquirer of the securities in such
issuance solely consists of (A) either (x) the actual participants in such strategic license, strategic alliance, strategic partnership
or other partnering arrangements, (y) the actual owners of such assets or securities acquired in such acquisition or merger or
(z) the stockholders, partners or members of the foregoing persons or entities and (B) number or amount of securities issued to
such person or entity by the Company shall not be disproportionate (as determined in good faith by the Board of Directors of the
Company) to either (x) the fair market value of such person’s or entity’s actual contribution to such strategic alliance
or strategic partnership or (y) the proportional ownership of such assets or securities to be acquired by the Company, as applicable;
provided, that, notwithstanding the foregoing, such purchaser or acquirer of the securities in such issuance shall not include
any person regularly engaged in the business of buying or selling securities.

 

(v) [RESERVED]

 

(vi) “New Issuance Price”
means a price (calculated to the nearest cent) determined in accordance with the following formula:

EP2 = EP1* (A + B)
÷ (A + C).

 

For purposes of the foregoing formula,
the following definitions shall apply:

 

		(a)	“EP2” shall mean the adjusted Exercise Price;

 

    	 	16	 

     

    

  

		(b)	“EP1” shall mean the Exercise Price in effect immediately prior to such issuance of
ADSs or Ordinary Shares;

 

		(c)	“A” shall mean the number of Ordinary Shares outstanding immediately prior to such
issue of additional ADSs or Ordinary Shares including the issuance, sale or delivery of ADSs or Ordinary Shares owned or held by
or for the account of the Company, (treating for this purpose as outstanding all Ordinary Shares issuable upon exercise of Options
outstanding immediately prior to such issue or upon conversion or exchange of Convertible Securities outstanding (assuming exercise
of any outstanding Options therefor) immediately prior to such issue);

 

		(d)	“B” shall mean the number of Ordinary Shares that would have been issued if such additional
ADSs or Ordinary Shares had been issued at an Exercise Price equal to EP1 (determined by dividing the aggregate consideration received
by the Company in respect of such issue by EP1); and

 

		(e)	“C” shall mean the number of such additional ADSs or Ordinary Shares issued in such
transaction.

 

(vii) “Options” means
any rights, warrants or options to subscribe for or purchase ADSs, Ordinary Shares or Convertible Securities.

 

(viii) “Ordinary Share Equivalent
Price” means the quotient obtained by dividing (i) the Exercise Price in effect immediately prior to such issuance or
sale or deemed issuance or sale, divided by (ii) the rate of conversion of ADSs into Ordinary Shares in effect immediately prior
to such issuance or sale or deemed issuance or sale, and which shall initially be 20.

 

(ix) “Trading Day” means
any day on which the ADSs are traded on the Trading Market, or, if the Trading Market is not the principal trading market for the
ADSs, then on the principal securities exchange or securities market in the United States on which the ADSs are then traded, provided
that “Trading Day” shall not include any day on which the ADSs are scheduled to trade on such exchange or market for
less than 4.5 hours or any day that the ADSs are suspended from trading during the final hour of trading on such exchange or market
(or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during
the hour ending at 4:00 P.M., New York City time).

 

(x) “Trading Market”
means NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange.

 

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

 

    	 	17	 

     

    

  

IN WITNESS WHEREOF, this Warrant Agent
Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	KITOV PHARMACEUTICALS HOLDINGS LTD.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	Address for notices:
	 	One Azrieli Center, Round Building
	 	Tel Aviv, 6701101, Israel
	 	Attention:
	 	Telephone:
	 	Facsimile:
	 	E-mail:
	 	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	As Warrant Agent
	 	 	 
	 	By:	
	 	Name:
	 	Title:

 

Annex A Form of Warrant Certificates

Annex B Election to Purchase

Annex C Authorized Representatives

 

    	 	18	 

     

    

  

ANNEX A

 

[TO
BE INCLUDED IN THE GLOBAL CERTIFICATE]

 

[Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co.,
has an interest herein.]

 

KITOV PHARMACEUTICALS HOLDINGS LTD.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER ________, 2020

 

This certifies that
the person whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants set forth
below. Each Warrant entitles its registered holder to purchase from Kitov Pharmaceuticals Holdings Ltd., a company incorporated
under the laws of the State of Israel (the “Company”) at any time prior to 5:00 P.M. (New York City time) on
______, 2020, at the designated office of The Bank of New York Mellon, as warrant agent (the “Warrant Agent”)
set forth below, one American Depositary Share (each, an “ADS”), each ADS representing 20 ordinary shares, no
par value per share, of the Company (each, a “Share” and collectively, the “Shares”), at
price of US$____ per whole ADS, subject to possible adjustments as provided in the Warrant Agreement (as defined below). Exercising
warrant holders will also be required to deposit with the Warrant Agent an amount equal to $0.05 for each ADS issued pursuant to
the Warrants (the “Issuance Fee”) to pay the issuance fees of the Depositary under the Deposit Agreement dated
as of _______________, 2015 (the “Deposit Agreement”) among the Company, The Bank of New York Mellon, as depositary,
and all Owners and Holders (each as defined in the Deposit Agreement) from time to time of the ADSs issued thereunder.

 

This Warrant Certificate,
with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be exchanged for
another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant
Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant
Agent may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States
of America.

 

The terms and conditions
of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant Agent Agreement
dated as of __________, 2015 (the “Warrant Agreement”) between the Company and the Warrant Agent. A copy of
the Warrant Agreement is available for inspection during business hours at the office of the Warrant Agent.

 

This Warrant Certificate
shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory of the Warrant
Agent.

 

WITNESS the facsimile signature of a proper
officer of the Company.

 

	 	KITOV PHARMACEUTICALS HOLDINGS LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	19	 

     

    

 

	Dated: ______, 2015	 
	Countersigned:	 
	 	 
	THE BANK OF NEW YORK MELLON,	 
	as Warrant Agent	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 

 

PLEASE DETACH HERE

——————————————————————————————————————

 

Certificate No.:_________ Number of Warrants:__________

 

WARRANT CUSIP NO.: 49803V 115

 

KITOV PHARMACEUTICALS HOLDINGS LTD

 

	[Name & Address of Holder]	THE BANK OF NEW YORK MELLON, Warrant

Agent
	 	 
	 	By mail:
	 	 
	 	The Bank of New York Mellon
	 	c/o Voluntary Corporate Actions
	 	PO Box 43011
	 	Providence, RI  02940-3011
	 	 
	 	By hand or overnight courier: 
	 	 
	 	The Bank of New York Mellon
	 	c/o Voluntary Corporate Actions
	 	250 Royall St, Suite V
	 	Canton, MA  02021

 

    	 	20	 

     

    

  

ANNEX B

 

[Form of Election to Purchase]

 

(To Be Executed Upon Exercise Of Warrants
not evidenced by a Global Certificate)

 

The undersigned hereby irrevocably elects
to exercise the right, represented by Warrants evidenced by this Warrant Certificate, to receive                 
ADSs and herewith tenders payment for such ADSs to the order of The Bank of New York Mellon, in the amount of US$             
in accordance with the terms hereof.

 

OR

 

[In cases where cashless exercise is permitted
under the Warrant Agreement] — The undersigned hereby irrevocably elects to exercise the right, represented by Warrants evidenced
by this Warrant Certificate, to receive                ADSs
(before giving effect to the cashless exercise provisions) and herewith agrees to make payment therefor pursuant to the cashless
exercise provisions of the Warrant Agreement, all on the terms and the conditions specified in the Warrant Agent Agreement.

 

The undersigned requests that a certificate
for such ADSs be registered in the name of                     ,
whose address is                     
and that such certificate be delivered to                     ,
whose address is                                         .
If the number of Warrants being exercised hereby is less than all the Warrants evidenced by this Warrant Certificate, the undersigned
requests that a new Warrant Certificate representing the remaining unexercised Warrants be registered in the name of                                         ,
whose address is                                         ,
and that such Warrant Certificate be delivered to                whose address is                                         .

 

	 	 	Signature
	 	 
	Date:	 	 
	 	 
	 	 	 
	 	 	Signature Guaranteed

 

Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Warrant Agent, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may
be determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    	 	21	 

     

    

 

ANNEX C

 

AUTHORIZED REPRESENTATIVES

 

	Name	 	Title	 	Signature
	 	 	 	 	 
	 	 	 	 	 

 

    	 	22Exhibit 4.4

WARRANT TO PURCHASE ORDINARY SHARES 

REPRESENTED BY AMERICAN DEPOSITARY SHARES

 

KITOV PHARMACEUTICALS HOLDINGS LTD.

 

American Depositary Shares: _______

Initial Exercise Date:
______, 2015

 

 

THIS WARRANT TO PURCHASE
ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”) certifies that, for value received,
_____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise
and the conditions hereinafter set forth, at any time on or after ____, 2015 (the “Initial Exercise Date”) and,
in accordance with FINRA Rule 5110(f)(2)(G)(i), will expire at 5:00 p.m. (New York time) on the date that is five (5) years following
the Effective Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Kitov Pharmaceuticals
Holdings Ltd., an Israeli company (the “Company”), up to ______ ordinary shares, no par value per share, of
the Company (the “Warrant Shares”) which are represented by ________ American Depositary Shares (each, an “ADS”
and, collectively, the “ADSs” and the ADSs issuable upon exercise of this Warrant, the “Warrant ADSs”),
as subject to adjustment hereunder. The purchase price of one Warrant ADS shall be equal to the Exercise Price, as defined in Section
2(b).

 

Section 1.Definitions.
In addition to the terms defined elsewhere in this Agreement, 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.

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“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.

 

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

 

    	 	1	 

     

    

 

 

“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.

 

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

 

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

 

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

 

“Trading
Day” means a day on which the New York Stock Exchange is open for trading.

 

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

 

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

 

    	 	2	 

     

    

 

 

Section 2.Exercise.

 

a)                 
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or
after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency
of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the
books of the Company and the Depositary) of a duly executed facsimile copy of the Notice of Exercise in the form annexed hereto.
Within three (3) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price
for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer 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.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which
case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total
number of Warrant ADSs available hereunder shall have the effect of lowering the outstanding number of Warrant ADSs purchasable
hereunder in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company shall maintain records
showing the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any objection to any Notice
of Exercise within two (2) Business Days of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant ADSs
hereunder, the number of Warrant ADSs available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

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

 

c)                 
Cashless Exercise. If at any time after the 6 months anniversary of the Initial Exercise Date, there is no effective
registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant ADSs 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 the number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)]
by (A), where:

 

(A) = the
VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless
exercise,” as set forth in the applicable Notice of Exercise;

 

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

 

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

 

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

 

    	 	3	 

     

    

 

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

d)                
Mechanics of Exercise.

 

                                                                                           
i.           
Delivery of Warrant ADSs Upon Exercise. The Company shall cause its registrar to deposit the Warrant Shares subject
to such exercise with the Israeli custodian of The Bank of New York Mellon, the Depositary for the ADSs (the “Depositary”),
and cause the Depositary to credit the account of the Holder’s prime broker with The Depository Trust Company through its
Deposit/Withdrawal At Custodian system (“DWAC”) if the Depositary is then a participant in such system and either
(A) there is an effective registration statement permitting the issuance of the Warrant ADSs to or resale by the Holder or (B)
the Warrant ADSs are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 and, in
either case, the Warrant ADSs have been sold by the Holder prior to the Warrant ADS Delivery Date (as defined below), and otherwise
by physical delivery to the address specified by the Holder in the Notice of Exercise, by the date that is three (3) Trading Days
after the delivery to the Company of the Notice of Exercise (such date, the “Warrant ADS Delivery Date”), provided
that the Company shall not be obligated to deliver the Warrant ADSs hereunder unless the Company has received the aggregate Exercise
Price on or before the Warrant ADS Delivery Date. If the Warrant ADSs can be delivered via DWAC, then in addition to the delivery
of the Warrant Shares to the Depositary, within 3 Trading Days of the applicable exercise, the Depositary shall have received from
the Company any legal opinions or other documentation required by the Depositary to deliver such ADSs without legend (subject to
receipt by the Company of reasonable back up documentation from the Underwriter, including with respect to affiliate status) and,
if applicable and requested by the Company prior to the Warrant ADS Delivery Date, the Depositary shall have received from the
Holder a confirmation of sale of the Warrant ADSs (provided the requirement of the Holder to provide a confirmation as to the sale
of Warrant ADSs shall not be applicable to the issuance of unlegended Warrant ADSs upon a cashless exercise of this Warrant if
the Warrant ADSs are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares represented by the Warrant ADSs shall
be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become
the holder of record of such Warrant Shares represented by the Warrant ADSs for all purposes, as of the date the Warrant has been
exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to
be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such Warrant ADSs having been paid. If the
Company fails for any reason to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the second Trading Day
following the Warrant ADS 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 ADSs subject to such exercise (based on the VWAP of an ADS 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 the second Trading Day following such Warrant Share Delivery Date until such Warrant ADSs are delivered
or Holder rescinds such exercise.

 

    	 	4	 

     

    

 

 

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

 

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

 

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

 

    	 	5	 

     

    

 

 

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

 

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

 

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

 

    	 	6	 

     

    

 

 

e)                 
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and the 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,
collectively, the “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 Attribution Parties shall include the number of Ordinary Shares underlying ADSs held by the Holder and its Attribution Parties
plus the number of Ordinary Shares underlying ADSs issuable upon exercise of this Warrant with respect to which the determination
is being made, but shall exclude the number of Ordinary Shares underlying ADSs which would be issuable upon (i) exercise of the
remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any Attribution Parties and (ii) exercise or
conversion of the nonexercised or nonconverted portion of any other securities of the Company (including, without limitation, any
Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein that
are beneficially owned by the Holder or any of its 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 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 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, the Holder may rely on the number of Ordinary Shares as reflected in
(x) the Company's most recent Annual Report on Form 20-F, Current Report on Form 6-K or other public filing with the Commission,
as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or Depositary
setting forth the number of Ordinary Shares outstanding. Upon the written or oral request of the Holder, the Company shall within
two (2) Trading Days confirm orally and in writing or by electronic mail to the Holder the number of Ordinary Shares then outstanding.
In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder and any Attribution Party since the date as of which such number
of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number
of Ordinary Shares outstanding immediately after giving effect to the issuance of shares of Common Stock 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 sixty-first (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)                 
Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend
or otherwise makes a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities
payable in Ordinary Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise
of this Warrant), as applicable, (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as
applicable, (iii) combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number
of shares or ADSs, as applicable, or (iv) issues by reclassification of Ordinary Shares, ADSs or any shares of capital stock of
the Company, as applicable, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall
be the number of Ordinary Shares or ADSs, as applicable, (excluding treasury shares, if any) outstanding immediately before such
event and of which the denominator shall be the number of Ordinary Shares or ADSs, as applicable, outstanding immediately after
such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective
immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall
become effective immediately after the effective date in the case of a subdivision, combination or re-classification. For the purposes
of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any Subsidiary thereof,
as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue
(or announce any offer, sale, grant or any option to purchase or other disposition) any Ordinary Shares or Ordinary Share Equivalents,
at an effective price per share less than the Exercise Price then in effect.

 

b)                 
[RESERVED]

 

    	 	8	 

     

    

 

 

c)                 
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro
rata to the record holders of any class of Ordinary Shares or ADSs (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the 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 or ADSs are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in
the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such ADSs as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).

 

d)                
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any
dividend (other than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary
Shares or ADSs, by way of return of capital or otherwise (including, without limitation, any distribution of shares or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the
Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein
if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard
to any limitations on exercise hereof, including without limitation, the 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 or ADSs are to be determined for the participation in such Distribution (provided, however, to
the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the 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 or ADSs as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised
at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until
the Holder has exercised this Warrant.

 

    	 	9	 

     

    

 

 

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,
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 (whether by the Company or another Person) 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 the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares
is 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 or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding ADSs (not including any ADSs 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 shares of capital stock 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 or ADSs 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
or ADS, as applicable, 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 or ADSs 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. 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 and the other Transaction Documents 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 or ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price
hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares or ADSs 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 and the other Transaction Documents 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 and the other Transaction Documents with the same effect as if such Successor Entity had been
named as the Company herein.

 

    	 	10	 

     

    

 

 

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

 

g)                 
Notice to Holder.

 

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

 

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

 

    	 	11	 

     

    

 

 

Section 4.Transfer
of Warrant.

 

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

 

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

 

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

 

                                                             iii.                       
if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities
being offered;

 

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

 

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

 

    	 	12	 

     

    

 

 

Subject to
the foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), 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. The Warrant, if properly assigned in accordance herewith, may be exercised by a new
holder for the purchase of Warrant ADSs without having a new Warrant issued.

 

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

 

c)                 
Warrant Register; No Registration Rights. The Company shall register this Warrant, upon records to be maintained
by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time
to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any
exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. The Holder
acknowledges, by receipt of this Warrant, that the Company is not obligated to register for resale the Warrant ADSs underlying
this Warrant.

 

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

 

    	 	13	 

     

    

 

 

Section 5.Miscellaneous.

 

a)                 
No Rights as Stockholder Until Exercise. 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).

 

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 certificate relating to the
Warrant ADSs, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the
case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

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

 

    	 	14	 

     

    

 

 

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 ADSs 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 ADSs upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

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

 

e)                 
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the provisions of the Underwriting Agreement, dated November __, 2015, between the Company
and H.C. Wainwright & Co., LLC as representative of the underwriters set forth therein.

 

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

 

g)                 
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without
limiting any other provision of this Warrant or the Purchase Agreement, 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 notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

    	 	15	 

     

    

 

 

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

 

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 ADSs.

 

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

 

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.

 

 

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

 

(Signature Page Follows)

 

    	 	16	 

     

    

 

 

 

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.

 

	 	
        KITOV PHARMACEUTICALS HOLDINGS LTD.

        

	 	 
	 	 
	 	
        By:__________________________________________

        Name:

        Title:

        

 

 

    	 	17	 

     

    

 

 

NOTICE OF EXERCISE

 

		To:	KITOV PHARMACEUTICALS HOLDINGS LTD.,

the
bank of new york mellon

 

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

 

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

 

[ ] in lawful
money of the United States; or

 

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

 

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

 

_______________________________

 

 

The Warrant ADSs shall be delivered to
the following DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

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

 

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of
Investing Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

 

 

 

    	 

     

    

 

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

 

 

FOR VALUE RECEIVED, [____]
all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

 

 

_______________________________________________________________

 

Dated: ______________,
_______

 

 

Holder’s Signature:_____________________________

 

Holder’s Address:_____________________________

 

_____________________________

 

 

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever.
Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority
to assign the foregoing Warrant.

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