Document:

Exhibit
4.1

 

 

 

CELLECT
BIOTECHNOLOGY LTD.

 

AND

 

THE
BANK OF NEW YORK MELLON

 

As
Depositary

 

AND

 

OWNERS
AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 

Deposit
Agreement

 

_________,
2016

 

 

 

     

     

    

  

TABLE
OF CONTENTS

 

	ARTICLE 1.	DEFINITIONS	1
	SECTION 1.1.	American Depositary Shares.	1
	SECTION 1.2.	Commission.	2
	SECTION 1.3.	Company.	2
	SECTION 1.4.	Custodian.	2
	SECTION 1.5.	Delisting Event.	2
	SECTION 1.6.	Deliver; Surrender.	2
	SECTION 1.7.	Deposit Agreement.	3
	SECTION 1.8.	Depositary; Depositary’s Office.	3
	SECTION 1.9.	Deposited Securities.	3
	SECTION 1.10.	Disseminate.	3
	SECTION 1.11.	Dollars.	4
	SECTION 1.12.	DTC.	4
	SECTION 1.13.	Foreign Registrar.	4
	SECTION 1.14.	Holder.	4
	SECTION 1.15.	Insolvency Event.	4
	SECTION 1.16.	Owner.	4
	SECTION 1.17.	Receipts.	5
	SECTION 1.18.	Registrar.	5
	SECTION 1.19.	Replacement.	5
	SECTION 1.20.	Restricted Securities.	5
	SECTION 1.21.	Securities Act of 1933.	5
	SECTION 1.22.	Shares.	5
	SECTION 1.23.	SWIFT.	6
	SECTION 1.24.	Termination Option Event.	6
	 	 	 
	ARTICLE 2.	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES	6
	SECTION 2.1.	Form of Receipts; Registration and Transferability of American Depositary Shares.	6
	SECTION 2.2.	Deposit of Shares.	7
	SECTION 2.3.	Delivery of American Depositary Shares.	8
	SECTION 2.4.	Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares.	8

 

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	SECTION 2.5.	Surrender of American Depositary Shares and Withdrawal of Deposited Securities.	9
	SECTION 2.6.	Limitations on Delivery, Transfer and Surrender of American Depositary Shares.	10
	SECTION 2.7.	Lost Receipts, etc.	11
	SECTION 2.8.	Cancellation and Destruction of Surrendered Receipts.	11
	SECTION 2.9.	Pre-Release of American Depositary Shares.	11
	SECTION 2.10.	DTC Direct Registration System and Profile Modification System.	12
	 	 	 
	ARTICLE 3.	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES	12
	SECTION 3.1.	Filing Proofs, Certificates and Other Information.	12
	SECTION 3.2.	Liability of Owner for Taxes.	13
	SECTION 3.3.	Warranties on Deposit of Shares.	13
	SECTION 3.4.	Disclosure of Interests.	14
	 	 	 
	ARTICLE 4.	THE DEPOSITED SECURITIES	15
	SECTION 4.1.	Cash Distributions.	15
	SECTION 4.2.	Distributions Other Than Cash, Shares or Rights.	16
	SECTION 4.3.	Distributions in Shares.	16
	SECTION 4.4.	Rights.	17
	SECTION 4.5.	Conversion of Foreign Currency.	18
	SECTION 4.6.	Fixing of Record Date.	20
	SECTION 4.7.	Voting of Deposited Shares.	20
	SECTION 4.8.	Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.	21
	SECTION 4.9.	Reports.	23
	SECTION 4.10.	Lists of Owners.	23
	SECTION 4.11.	Withholding.	23
	 	 	 
	ARTICLE 5.	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY	23
	SECTION 5.1.	Maintenance of Office and Transfer Books by the Depositary.	23
	SECTION 5.2.	Prevention or Delay in Performance by the Depositary or the Company.	24
	SECTION 5.3.	Obligations of the Depositary and the Company.	25
	SECTION 5.4.	Resignation and Removal of the Depositary.	26
	SECTION 5.5.	The Custodians.	27
	SECTION 5.6.	Notices and Reports.	27

 

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	SECTION 5.7.	Distribution of Additional Shares, Rights, etc.	28
	SECTION 5.8.	Indemnification.	28
	SECTION 5.9.	Charges of Depositary.	30
	SECTION 5.10.	Retention of Depositary Documents.	31
	SECTION 5.11.	Exclusivity.	31
	 	 	 
	ARTICLE 6.	AMENDMENT AND TERMINATION	31
	SECTION 6.1.	Amendment.	31
	SECTION 6.2.	Termination.	32
	 	 	 
	ARTICLE 7.	MISCELLANEOUS	33
	SECTION 7.1.	Counterparts; Signatures.	33
	SECTION 7.2.	No Third Party Beneficiaries.	33
	SECTION 7.3.	Severability.	33
	SECTION 7.4.	Owners and Holders as Parties; Binding Effect.	33
	SECTION 7.5.	Notices.	34
	SECTION 7.6.	Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.	35
	SECTION 7.7.	Waiver of Immunities.	35
	SECTION 7.8.	Governing Law.	36

 

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DEPOSIT
AGREEMENT

 

DEPOSIT AGREEMENT dated
as of _______, 2016 among CELLECT BIOTECHNOLOGY LTD., a company incorporated under the laws of the State of Israel (herein called
the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and Holders
(each as hereinafter defined) from time to time of American Depositary Shares issued hereunder.

 

WITNESSETH:

 

WHEREAS, the Company
desires to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from
time to time with the Depositary or with the Custodian (as hereinafter defined) under this Deposit Agreement, for the creation
of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary Receipts
evidencing the American Depositary Shares; and

 

WHEREAS, the American
Depositary Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as set forth in this Deposit Agreement;

 

NOW, THEREFORE, in consideration
of the premises, it is agreed by and between the parties hereto as follows:

 

ARTICLE 1.          DEFINITIONS

 

The following definitions
shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:

 

SECTION 1.1.          American
Depositary Shares.

 

The term “American
Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with respect to
the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities.
The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the Securities Act of
1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit
Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply to both certificated and
uncertificated American Depositary Shares.

 

Each American Depositary
Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, except that, if there is a
distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8 with respect
to which additional American Depositary Shares are not delivered or a sale of Deposited Securities under Section 3.2 or 4.8, each
American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that are then on deposit
per American Depositary Share after giving effect to that distribution, change or sale.

 

    	 	-1-	 

     

    

 

SECTION 1.2.          Commission.

 

The term “Commission”
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

 

SECTION 1.3.          Company.

 

The term “Company”
shall mean Cellect Biotechnology Ltd., a company incorporated under the laws of the State of Israel, and its successors.

 

SECTION 1.4.          Custodian.

 

The term “Custodian”
shall mean Bank Hapoalim, as custodian for the Depositary in Israel for the purposes of this Deposit Agreement, and any other firm
or corporation the Depositary appoints under Section 5.5 as a substitute or additional custodian under this Deposit Agreement,
and shall also mean all of them collectively.

 

SECTION 1.5.          Delisting
Event.

 

A “Delisting
Event” occurs if the Company’s American Depositary Shares are delisted from a securities exchange on which the
American Depositary Shares were listed and the Company has not listed or applied to list the American Depositary Shares on any
other securities exchange.

 

SECTION 1.6.          Deliver;
Surrender.

 

(a)          The
term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean
(i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under
applicable law to effect transfers of such securities designated by the person entitled to that delivery or (ii) physical transfer
of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied
by proper instruments of transfer to, the person entitled to that delivery.

 

(b)          The
term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i) registration
of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares
to an account at DTC designated by the person entitled to that delivery, (ii) registration of those American Depositary Shares
not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing
to that person of a statement confirming that registration or (iii) if requested by the person entitled to that delivery, execution
and delivery at the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing those
American Depositary Shares registered in the name requested by that person.

 

    	 	-2-	 

     

    

 

(c)          The
term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry
transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of
an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its Office
of one or more Receipts evidencing American Depositary Shares.

 

SECTION 1.7.          Deposit
Agreement.

 

The term “Deposit
Agreement” shall mean this Deposit Agreement, as it may be amended from time to time in accordance with the provisions
of this Deposit Agreement.

 

SECTION 1.8.          Depositary;
Depositary’s Office.

 

The term “Depositary”
shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary under this Deposit Agreement.
The term “Office”, when used with respect to the Depositary, shall mean the office at which its depositary receipts
business is administered, which, at the date of this Deposit Agreement, is located at 101 Barclay Street, New York, New York 10286.

 

SECTION 1.9.          Deposited
Securities.

 

The term “Deposited
Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement,
including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary Shares, and
any and all other securities, property and cash received by the Depositary or the Custodian in respect of Deposited Securities
and at that time held under this Deposit Agreement.

 

SECTION 1.10.         Disseminate.

 

The term “Disseminate,”
when referring to a notice or other information to be sent by the Depositary to Owners, shall mean (i) sending that information
to Owners in paper form by mail or another means or (ii) with the consent of Owners, another procedure that has the effect of making
the information available to Owners, which may include (A) sending the information by electronic mail or electronic messaging or
(B) sending in paper form or by electronic mail or messaging a statement that the information is available and may be accessed
by the Owner on an Internet website and that it will be sent in paper form upon request by the Owner, when that information is
so available and is sent in paper form as promptly as practicable upon request.

 

    	 	-3-	 

     

    

 

SECTION 1.11.         Dollars.

 

The term “Dollars”
shall mean United States dollars.

 

SECTION 1.12.         DTC.

 

The term “DTC”
shall mean The Depository Trust Company or its successor.

 

SECTION 1.13.         Foreign
Registrar.

 

The term “Foreign
Registrar” shall mean the entity that carries out the duties of registrar for the Shares and any other agent of the Company
for the transfer and registration of Shares, including, without limitation, any securities depository for the Shares.

 

SECTION 1.14.         Holder.

 

The term “Holder”
shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares, whether for
its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares.

 

SECTION 1.15.         Insolvency
Event.

 

An “Insolvency
Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution
of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under
any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment
of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part
of its property or makes an assignment for the benefit of creditors, or if information becomes publicly available indicating that
unsecured claims against the Company are not expected to be paid.

 

SECTION 1.16.         Owner.

 

The term “Owner”
shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for that
purpose.

 

    	 	-4-	 

     

    

 

SECTION 1.17.         Receipts.

 

The term “Receipts”
shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated American Depositary Shares,
as the same may be amended from time to time in accordance with the provisions of this Deposit Agreement.

 

SECTION 1.18.         Registrar.

 

The term “Registrar”
shall mean any corporation or other entity that is appointed by the Depositary to register American Depositary Shares and transfers
of American Depositary Shares as provided in this Deposit Agreement.

 

SECTION 1.19.         Replacement.

 

The term “Replacement”
shall have the meaning assigned to it in Section 4.8.

 

SECTION 1.20.         Restricted
Securities.

 

The term “Restricted
Securities” shall mean Shares that (i) are “restricted securities,” as defined in Rule 144 under the Securities
Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are beneficially owned
by an officer, director (or person performing similar functions) or other affiliate of the Company, (iii) otherwise would require
registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States or (iv)
are subject to other restrictions on sale or deposit under the laws of the State of Israel, a shareholder agreement or the articles
of association or similar document of the Company.

 

SECTION 1.21.         Securities
Act of 1933.

 

The term “Securities
Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended.

 

SECTION 1.22.         Shares.

 

The term “Shares”
shall mean ordinary shares of the Company that are validly issued and outstanding, fully paid and nonassessable and that were not
issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided,
however, that, if there shall occur any change in nominal or par value, a split-up or consolidation or any other reclassification
or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the Shares of the Company,
the term “Shares” shall thereafter also mean the successor securities resulting from such change in nominal value,
split-up or consolidation or such other reclassification or such exchange or conversion.

 

    	 	-5-	 

     

    

 

SECTION 1.23.         SWIFT.

 

The term “SWIFT”
shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial Telecommunication, or its
successor.

 

SECTION 1.24.         Termination
Option Event.

 

The term “Termination
Option Event” shall mean an event of a kind defined as such in Section 4.1, 4.2 or 4.8.

 

ARTICLE
2.          FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER
OF AMERICAN DEPOSITARY SHARES

 

SECTION 2.1.          Form
of Receipts; Registration and Transferability of American Depositary Shares.

 

Definitive Receipts shall
be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications and omissions,
as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid
or obligatory for any purpose, unless that Receipt has been (i) executed by the Depositary by the manual signature of a duly authorized
officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned
by the manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar. The Depositary shall
maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement and each transfer of that
Receipt and (y) all American Depositary Shares delivered as provided in this Deposit Agreement and all registrations of transfer
of American Depositary Shares, shall be registered. A Receipt bearing the facsimile signature of a person that was at any time
a proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary, even if that
person was not a proper officer of the Depositary on the date of issuance of that Receipt.

 

The Receipts and statements
confirming registration of American Depositary Shares may have incorporated in or attached to them such legends or recitals or
modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to
comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which
American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Receipts and American Depositary Shares are subject by reason of the date of issuance of
the underlying Deposited Securities or otherwise.

 

    	 	-6-	 

     

    

 

American Depositary Shares
evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable
as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts
shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary and the Company,
notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for
the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for
in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be
subject to any liability under this Deposit Agreement to any Holder of American Depositary Shares (but only to the Owner of those
American Depositary Shares).

 

SECTION 2.2.          Deposit
of Shares.

 

Subject to the terms
and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this Deposit Agreement
by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement,
in form satisfactory to the Custodian.

 

As conditions of accepting
Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance
with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written
order of, the person or persons stated in that order American Depositary Shares representing those deposited Shares, (iii) evidence
satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in
the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary
that any necessary approval has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment,
or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or
right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares are or have been
recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement
as shall be satisfactory to the Depositary.

 

At the request and risk
and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may receive certificates
for Shares to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding those
Share certificates to the Custodian for deposit under this Deposit Agreement.

 

The Depositary shall
instruct each Custodian that, upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited under
this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer
and recordation can be accomplished, present that certificate or those certificates to the Company or the Foreign Registrar, if
applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian
or its nominee.

 

    	 	-7-	 

     

    

 

Deposited Securities
shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or
places as the Depositary shall determine.

 

SECTION 2.3.          Delivery
of American Depositary Shares.

 

The Depositary shall
instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with the other documents
or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and the person or persons to
whom or upon whose written order American Depositary Shares are deliverable in respect thereof. Upon receiving a notice of a deposit
from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary, subject
to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order of the person or persons entitled thereto,
the number of American Depositary Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees
and expenses of the Depositary for the delivery of those American Depositary Shares as provided in Section 5.9, and of all taxes
and governmental charges and fees payable in connection with that deposit and the transfer of the deposited Shares. However,
the Depositary shall deliver only whole numbers of American Depositary Shares.

 

SECTION 2.4.          Registration
of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated
American Depositary Shares.

 

The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer
books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary
Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii)
in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance
of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped as may be required
by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall
deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.

 

The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting
a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number
of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered.

 

    	 	-8-	 

     

    

 

The Depositary, upon
surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares,
shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that
the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper
instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10) from the
Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall
cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number
of certificated American Depositary Shares.

 

The Depositary may appoint
one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares and combinations
and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer
agent may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled
to American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary.

 

SECTION 2.5.          Surrender
of American Depositary Shares and Withdrawal of Deposited Securities.

 

Upon surrender at the
Depositary’s Office of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby
and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment
of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and
subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled
to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount
of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property
as to which a record date for distribution to Owners has passed. That delivery shall be made, as provided in this Section, without
unreasonable delay.

 

As a condition of accepting
a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the Depositary may require (i)
that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii)
that the surrendering Owner execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited
Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in that order.

 

    	 	-9-	 

     

    

 

Thereupon, the Depositary
shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this Deposit Agreement
and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated
in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American
Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction.

 

At the request, risk
and expense of an Owner surrendering American Depositary Shares for withdrawal of Deposited Securities, and for the account of
that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and forward a certificate
or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered
American Depositary Shares to the Depositary for delivery at the Depositary’s Office or to another address specified in the
order received from the surrendering Owner.

 

SECTION 2.6.          Limitations
on Delivery, Transfer and Surrender of American Depositary Shares.

 

As a condition precedent
to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination of any Receipt
or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares
or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced
by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment
of any applicable fees as provided in this Deposit Agreement, may require the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent
with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6.

 

The delivery of American
Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the registration
of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding
American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed,
or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because
of any requirement of law or of any government or governmental body or commission, or under any provision of this Deposit Agreement,
or for any other reason. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American
Depositary Shares and withdrawal of Deposited Securities may not be suspended, subject only to (i) temporary delays caused by closing
of the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection
with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges,
and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to
the withdrawal of the Deposited Securities. The Depositary shall notify the Company as promptly as practicable of any suspension
referred to in the preceding sentence that is outside the ordinary course of business.

 

    	 	-10-	 

     

    

 

The Depositary shall
not knowingly accept for deposit under this Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.

 

SECTION 2.7.          Lost
Receipts, etc.

 

If a Receipt is mutilated,
destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by that Receipt in
uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution
for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and in substitution for that
destroyed, lost or stolen Receipt. However, before the Depositary will deliver American Depositary Shares in uncertificated
form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner must (a) file with
the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona
fide purchaser and (ii) a sufficient indemnity bond and (b) satisfy any other reasonable requirements imposed by the Depositary.

 

SECTION 2.8.          Cancellation
and Destruction of Surrendered Receipts.

 

The Depositary shall
cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled.

 

SECTION 2.9.          Pre-Release
of American Depositary Shares.

 

Notwithstanding Section
2.3, unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior
to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver
Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to
the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary
may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded
or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that
such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times
fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on
not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary
deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally
exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary
reserves the right to change or disregard that limit from time to time as it deems appropriate.

 

    	 	-11-	 

     

    

 

The Depositary may retain
for its own account any compensation received by it in connection with Pre-Release.

 

SECTION 2.10.         DTC
Direct Registration System and Profile Modification System.

 

(a)          Notwithstanding
the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System (“DRS”) and
Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS
by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities
and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS
that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to
register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to
the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register that
transfer.

 

(b)          In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a)
above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code).
For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile.
The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the
DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the
part of the Depositary.

 

ARTICLE
3.          CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY
SHARES

 

SECTION 3.1.          Filing
Proofs, Certificates and Other Information.

 

Any person presenting
Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, taxpayer status, exchange control approval, or such information relating to the registration on the
books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and
warranties, as the Company or the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration
of transfer of American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or
the delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those
representations and warranties are made.

 

    	 	-12-	 

     

    

 

SECTION 3.2.          Liability
of Owner for Taxes.

 

If any tax or other governmental
charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American Depositary Shares
or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section
4.8 applies, that tax or other governmental charge shall be payable by the Owner of those American Depositary Shares to the Depositary.
The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities
represented by those American Depositary Shares until that payment is made, and may withhold any dividends or other distributions
or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those
American Depositary Shares and apply those dividends or other distributions or the net proceeds of any sale of that kind in payment
of that tax or other governmental charge but, even after a sale of that kind, the Owner of those American Depositary Shares
shall remain liable for any deficiency. The Depositary shall distribute any net proceeds of a sale made under this Section that
are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1. If the number
of Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under this Section,
the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number
of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of
American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

SECTION 3.3.          Warranties
on Deposit of Shares.

 

Every person depositing
Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate therefor,
if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights
of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every
depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All
representations and warranties deemed made under this Section shall survive the deposit of Shares and delivery of American Depositary
Shares.

 

    	 	-13-	 

     

    

 

SECTION 3.4.          Disclosure
of Interests.

 

When required in order
to comply with applicable laws and regulations, the rules and requirements of the Tel Aviv Stock Exchange or the articles of association
or similar document of the Company, the Company may from time to time request each Owner and Holder to provide to the
Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of
any Holders or other persons or entities then or previously interested in those American Depositary Shares and the nature
of those interests and (c) any other matter where disclosure of such matter is required for that compliance.  
Each Owner and Holder agrees to provide all information known to it in response to a request made pursuant to this Section. 
Each Holder consents to the disclosure by the Owner or any other Holder through which it holds American Depositary Shares,
directly or indirectly, of all information responsive to a request made pursuant to this Section relating to that Holder that
is known to that Owner or other Holder.  The Depositary agrees to use reasonable efforts, at the Company's expense (unless
otherwise agreed in writing between the Company and the Depositary), to comply with written instructions requesting that the
Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it receives
in response to that request.

 

Each Holder and Owner
agrees to comply with any applicable law, including in both the United States and Israel, with regard to the notification to the
Company of the holding or proposed holding of certain interests in Shares and the obtaining of certain consents, to the same extent
as if such Holder or Owner were a registered holder or beneficial owner of Shares. The Depositary is not required to take any action
with respect to such compliance on behalf of any Holder or Owner, including the provision of the notification described below.

 

Each Holder and Owner
agrees to comply with the provisions of applicable law, including in both the United States and Israel, which may require that
persons who hold a direct or indirect interest in 5% or more of the voting securities of the Company (including persons who hold
such an interest through the holding of American Depositary Shares) give written notice of their interest and any subsequent changes
in their interest to the Company.

 

As of the date of this
Deposit Agreement, each Owner and Holder agrees, if it instructs the Depositary to exercise voting rights with respect to deposited
Shares, that it will comply with any applicable Israeli law requiring it to, inter alia, disclose any personal interest it might
have in the matter on the agenda of the general meeting. The Company undertakes no obligations to update any statements in this
Section regarding disclosure requirements under United States or Israeli law.

 

    	 	-14-	 

     

    

 

ARTICLE 4.          THE
DEPOSITED SECURITIES

 

SECTION 4.1.          Cash
Distributions.

 

Whenever the Depositary
receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the provisions
of Section 4.5, convert that dividend or other distribution into Dollars and distribute the amount thus received (net of the fees
and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, in proportion to the number of
American Depositary Shares representing those Deposited Securities held by them respectively; provided, however,
that if the Custodian or the Depositary shall be required to withhold and does withhold from that cash dividend or other cash distribution
an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares
representing those Deposited Securities shall be reduced accordingly. However, the Depositary will not pay any Owner a fraction
of one cent, but will round each Owner’s entitlement to the nearest whole cent.

 

The Company or its agent
will remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and owing to such agency.
The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request
to enable the Company or its agent to file necessary reports with governmental agencies. Each Owner and Holder agrees to indemnify
the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates for, and hold each
of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest
arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.

 

If a cash distribution
would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares,
the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender
of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making
that cash distribution. A distribution of that kind shall be a Termination Option Event.

 

    	 	-15-	 

     

    

 

SECTION 4.2.          Distributions
Other Than Cash, Shares or Rights.

 

Subject to the provisions
of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in Section 4.1,
4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary
shall cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon
payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number of
American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary
deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing
the securities received); provided, however, that if in the opinion of the Depositary such distribution cannot be
made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement
that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that securities received
must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary, after consultation
with the Company, to the extent practicable, deems such distribution not to be lawful and feasible, the Depositary may adopt such
other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited
to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds
of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all
in the manner and subject to the conditions set forth in Section 4.1. The Depositary may withhold any distribution of securities
under this Section 4.2 if it has not received satisfactory assurances from the Company that the distribution does not require registration
under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property
it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and expenses in respect of that distribution.

 

If a distribution under
this Section 4.2 would represent a return of all or substantially all the value of the Deposited Securities underlying American
Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct
the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that distribution. A distribution of that kind shall be a Termination Option Event.

 

SECTION 4.3.          Distributions
in Shares.

 

Whenever the Depositary
receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the Depositary
may, and shall if the Company so requests in writing, deliver to the Owners entitled thereto, in proportion to the number of American
Depositary Shares representing those Deposited Securities held by them respectively, an aggregate number of American Depositary
Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of
the Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including withholding of
any tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the Depositary as provided in
Section 5.9 (and the Depositary may sell, by public or private sale, an amount of the Shares received (or American Depositary Shares
representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional
American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate of those fractions (or American
Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described
in Section 4.1. If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary
Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited
Securities represented thereby.

 

    	 	-16-	 

     

    

 

If the Company declares
a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities
or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation
with the Company, make that right of election available for exercise by Owners in any manner the Depositary considers to be lawful
and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory
assurances from the Company that doing so does not require registration of any securities under the Securities Act of 1933.

 

SECTION 4.4.          Rights.

 

(a)          If
rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant
of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company,
grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver
those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company,
deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the
net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of
under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

 

(b)          If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary
specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received
upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities.
The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit the purchased
Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver
or cause the purchased Shares or other securities to be delivered to or to the order of that Owner. The Depositary will not act
under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act
of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it to the effect that those
securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933.

 

    	 	-17-	 

     

    

 

(c)          If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the
rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can
be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law,
the Depositary will deliver those rights as requested by that Owner.

 

(d)          If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the
number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to
the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

 

(e)          Payment
or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the Depositary
and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds
under this Section 4.4.

 

(f)          The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to
or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights.

 

SECTION 4.5.          Conversion
of Foreign Currency.

 

Whenever the Depositary
or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities,
property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary
be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall
convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those
Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made upon an averaged or other practicable
basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary
Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9.

 

    	 	-18-	 

     

    

 

If a conversion of foreign
currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government or
agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.

 

If the Depositary, after
consultation with the Company to the extent practicable, determines that in its judgment any foreign currency received by the Depositary
or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or
license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary, or if
any required approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may
distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and
without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same.

 

If any conversion of
foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners
entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested
and without liability for interest thereon for the account of, the Owners entitled thereto.

 

The Depositary may convert
currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor,
broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it
will retain for its own account.  The revenue is based on, among other things, the difference between the exchange rate assigned
to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its affiliate receives when buying
or selling foreign currency for its own account.  The Depositary makes no representation that the exchange rate used or obtained
in any currency conversion under this Deposit Agreement will be the most favorable rate that could be obtained at the time or that
the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary’s obligations
under Section 5.3. The methodology used to determine exchange rates used in currency conversions is available upon request.

 

    	 	-19-	 

     

    

 

SECTION 4.6.          Fixing
of Record Date.

 

Whenever a cash dividend,
cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities are
issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance
with Section 4.4) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever the
Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary
to send a notice under Section 4.7, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the
Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary
otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable
to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall
be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions
for the exercise of voting rights at that meeting or (iii) who shall be responsible for that fee or charge or (iv) for any other
purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number
of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms and conditions of this Deposit Agreement,
the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with
respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number
of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for
which that record date was fixed, or be responsible for that fee or charge, as the case may be.

 

SECTION 4.7.          Voting
of Deposited Shares.

 

(a)          Upon
receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which
shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of meeting
received by the Depositary from the Company, (ii) a statement that the Owners as of the close of business on a specified record
date will be entitled, subject to any applicable provision of Israeli law and of the articles of association or similar documents
of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented
by their respective American Depositary Shares (iii) a statement as to the manner in which those instructions may be given
and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”).

 

(b)          Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the
Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as
practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance
with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches
to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.

 

    	 	-20-	 

     

    

 

(c)          There
can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above
in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

(d)          In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares,
if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary
notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders
of Shares in connection with the meeting not less than 30 days prior to the meeting date.

 

Notwithstanding anything
in this Section 4.7 to the contrary, the Depositary and the Company may modify, amend or adopt additional procedures relating to
voting of deposited Shares from time to time as they determine may be necessary to comply with applicable law.

 

SECTION 4.8.          Tender
and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.

 

(a)          The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do
so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 

(b)          If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash
in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company (unless otherwise agreed in writing between the Company and the Depositary), shall
(i) if required, surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption
date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding number
of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right
only to receive the money received by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities
to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares
in accordance with Section 2.5 or 6.2 and (iii) distribute the money received upon that Redemption to the Owners entitled to it
upon surrender by them of called American Depositary Shares in accordance with Section 2.5 (and, for the avoidance of doubt, Owners
shall not be entitled to receive that money under Section 4.1). If the Redemption affects less than all the Deposited Securities,
the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those American
Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall
allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings
of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no
fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited
Securities shall be a Termination Option Event.

 

    	 	-21-	 

     

    

 

(c)          If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a
holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), then the Depositary shall, if required, surrender
the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement,
the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those
new Deposited Securities if in the opinion of the Depositary, after consultation with the Company to the extent practicable, it
is not lawful or not practical for it to hold those new Deposited Securities under this Deposit Agreement because those new Deposited
Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public
or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited Securities had been
Redeemed under paragraph (b) above. A Replacement shall be a Termination Option Event.

 

(d)          In
the case of a Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary
may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities
and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented
by each American Depositary Share decreases as a result of a Replacement, the Depositary may, after consultation with the Company
to the extent practicable, call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser
number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions
of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

(e)          If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call
for surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a
Termination Option Event occurs.

 

    	 	-22-	 

     

    

 

SECTION 4.9.          Reports.

 

The Depositary shall
make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation material,
received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made
generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports and communications,
including any proxy soliciting material to which this Section applies, to the Depositary in English, to the extent those materials
are required to be translated into English pursuant to any regulations of the Commission.

 

SECTION 4.10.         Lists
of Owners.

 

Upon written request
by the Company, the Depositary shall, at the expense of the Company (unless otherwise agreed in writing between the Company and
the Depositary), furnish to it a list, as of a recent date, of the names, addresses and American Depositary Share holdings of all
Owners.

 

SECTION 4.11.         Withholding.

 

If the Depositary determines
that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor) is subject to
any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private
sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the amounts and manner
the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds
of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number of American
Depositary Shares held by them respectively.

 

ARTICLE 5.          THE
DEPOSITARY, THE CUSTODIANS AND THE COMPANY

 

SECTION 5.1.          Maintenance
of Office and Transfer Books by the Depositary.

 

Until termination of
this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the execution and delivery, registration,
registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement.

 

    	 	-23-	 

     

    

 

The Depositary shall
keep books for the registration of American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s
Office during regular business hours, provided that such inspection is not for the purpose of communicating with Owners
in the interest of a business or object other than the business of the Company or a matter related to this Deposit Agreement or
the American Depositary Shares.

 

The Depositary may close
the transfer books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties
under this Deposit Agreement (whereupon it shall notify the Company as promptly as practicable of any closure that is outside the
ordinary course of business).

 

If any American Depositary
Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars
for registry of those American Depositary Shares in accordance with any requirements of that exchange or those exchanges.

 

The Company shall have
the right, at all reasonable times, upon written request, to inspect transfer and registration records of the Depositary, the Registrar
and any co-transfer agents or co-registrars and to require such parties to supply, at the Company’s expense (unless otherwise
agreed in writing between the Company and the Depositary) copies of such portions of their records as the Company may reasonably
request.

 

SECTION 5.2.          Prevention
or Delay in Performance by the Depositary or the Company.

 

Neither the Depositary
nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or
Holder (i) if by reason of any provision of any present or future law or regulation of the United States or any other country,
or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the articles
of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the
Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond
its control, the Depositary or the Company is prevented from, forbidden to or delayed in, or could be subject to any civil or criminal
penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of this Deposit
Agreement or the Deposited Securities, it is provided shall be done or performed, (ii) by reason of any exercise of, or failure
to exercise, any discretion provided for in this Deposit Agreement (including any determination by the Depositary to take, or not
take, any action that this Deposit Agreement provides the Depositary may take), (iii) for the inability of any Owner or Holder
to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities but
is not, under the terms of this Deposit Agreement, made available to Owners or Holders, or (iv) for any special, consequential,
indirect or punitive damages for any breach of the terms of this Deposit Agreement. Where, by the terms of a distribution to which
Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies, or for any other reason, that distribution
or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on behalf
of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available
to Owners, and shall allow any rights, if applicable, to lapse.

 

    	 	-24-	 

     

    

 

SECTION 5.3.          Obligations
of the Depositary and the Company.

 

The Company, its officers,
directors, employees, agents and affiliates assume no obligation nor shall it nor any of them be subject to any liability under
this Deposit Agreement to any Owner or Holder or any other person (other than the Depositary), except that the Company agrees to
perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.

 

The Depositary its officers,
directors, employees, agents and affiliates assume no obligation nor shall it nor any of them be subject to any liability under
this Deposit Agreement to any Owner or Holder (including, without limitation, liability with respect to the validity or worth of
the Deposited Securities), except that the Depositary agrees to perform its obligations specifically set forth in this Deposit
Agreement without negligence or bad faith.

 

Neither the Depositary
nor the Company, nor any of their respective officers, directors, employees, agents or affiliates shall be under any obligation
to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of
the American Depositary Shares on behalf of any Owner or Holder or any other person.

 

Each of the Depositary
and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed
by it to be genuine and to have been signed or presented by the proper party or parties.

 

Neither the Depositary
nor the Company nor any of their respective officers, directors, employees, agents and affiliates shall be liable for any action
or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares
for deposit, any Owner or any other person believed by it in good faith to be competent to give such advice or information.

 

The Depositary shall
not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of
the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that
in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence
or bad faith while it acted as Depositary.

 

    	 	-25-	 

     

    

 

The Depositary shall
not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or
arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.

 

In the absence of bad
faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities, or for the manner in which any such vote is cast or the effect of any such vote.

 

The Depositary shall
have no duty to make any determination or provide any information as to the tax status of the Company, nor shall the Company or
the Depositary have any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding
American Depositary Shares, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries)
being treated as a “Passive Foreign Investment Company” (“PFIC”) (in each case as defined in the U.S. Internal
Revenue Code of 1986, as amended, and the regulations issued thereunder) or otherwise. The Company may have been in the past and
may be in the future a PFIC for U.S. Federal income tax purposes. Owners must consult their own tax advisers as to the potential
application of the PFIC rules.

 

No disclaimer of liability
under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.

 

SECTION 5.4.          Resignation
and Removal of the Depositary.

 

The Depositary may at
any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, to become effective
upon the appointment of a successor depositary and its acceptance of that appointment as provided in this Section. The effect of
resignation if a successor depositary is not appointed is provided for in Section 6.2.

 

The Depositary may at
any time be removed by the Company by 120 days’ prior written notice of that removal, to become effective upon the later
of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its
acceptance of its appointment as provided in this Section.

 

If the Depositary resigns
or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company
having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to the
Company an instrument in writing accepting its appointment under this Deposit Agreement. If the Depositary receives notice from
the Company that a successor depositary has been appointed following its resignation or removal, the Depositary, upon payment of
all sums due it from the Company, shall deliver to its successor a register listing all the Owners and their respective holdings
of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor. When
the Depositary has taken the actions specified in the preceding sentence (i) the successor shall become the Depositary and shall
have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor depositary
shall cease to be the Depositary and shall be discharged and released from all obligations under this Deposit Agreement, except
for its duties under Section 5.8 with respect to the time before that discharge. A successor Depositary shall notify the Owners
of its appointment as soon as practical after assuming the duties of Depositary.

 

    	 	-26-	 

     

    

 

Any corporation or other
entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution
or filing of any document or any further act.

 

SECTION 5.5.          The
Custodians.

 

The Custodian shall be
subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. The Depositary
in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter be
one of the Custodians under this Deposit Agreement. If the Depositary receives notice that a Custodian is resigning and, upon the
effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly
as practicable after receiving that notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian
under this Deposit Agreement. The Depositary shall require any Custodian that resigns or is removed to deliver all Deposited Securities
held by it to another Custodian.

 

SECTION 5.6.          Notices
and Reports.

 

On or before the first
date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares, or of any adjourned meeting
of those holders, or of the taking of any action in respect of any cash or other distributions or the granting of any rights, the
Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the form
given or to be given to holders of Shares.

 

The Company will arrange
for the translation into English, if not already in English, to the extent required pursuant to any regulations of the Commission,
and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications
which are made generally available by the Company to holders of its Shares. If requested in writing by the Company, the Depositary
will Disseminate, at the Company’s expense, unless otherwise agreed in writing between the Company and the Depositary, those
notices, reports and communications to all Owners or otherwise make them available to Owners in a manner that the Company specifies
as substantially equivalent to the manner in which those communications are made available to holders of Shares and compliant with
the requirements of any securities exchange on which the American Depositary Shares are listed. The Company will timely provide
the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time,
in order for the Depositary to effect that Dissemination.

 

    	 	-27-	 

     

    

 

The Company represents
that as of the date of this Deposit Agreement, the statements in Article 11 of the Receipt with respect to the Company’s
obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, are true and correct.
The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any of those statements.

 

SECTION 5.7.          Distribution
of Additional Shares, Rights, etc.

 

If the Company or any
affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights to subscribe
for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”),
the Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution
starts and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary either (i) evidence
satisfactory to the Depositary that the Distribution is registered under the Securities Act of 1933 or (ii) a written opinion from
U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating that the Distribution does not require,
or, if made in the United States, would not require, registration under the Securities Act of 1933.

 

The Company agrees with
the Depositary that neither the Company nor any company controlled by, controlling or under common control with the Company will
at any time deposit any Shares that, at the time of deposit, are Restricted Securities.

 

SECTION 5.8.          Indemnification.

 

The Company agrees to
indemnify the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold each of them harmless
from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting
such indemnity and the fees and the reasonable expenses of counsel) that may arise out of or in connection with (a) any registration
with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or
(b) acts performed or omitted, pursuant to the provisions of or in connection with this Deposit Agreement and the American Depositary
Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or
their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence
or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates.

 

    	 	-28-	 

     

    

 

The indemnities contained
in the preceding paragraph shall not extend to any liability or expense which arises solely and exclusively out of a Pre-Release
(as defined in Section 2.9) of American Depositary Shares in accordance with Section 2.9 and which would not otherwise have arisen
had such American Depositary Shares not been the subject of a Pre-Release pursuant to Section 2.9; provided, however,
that the indemnities provided in the preceding paragraph shall apply to any such liability or expense (i) to the extent that such
liability or expense would have arisen had the American Depositary Shares not been the subject of a Pre-Release, or (ii) which
may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy
statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the
offer or sale of American Depositary Shares, except to the extent any such liability or expense arises out of (i) information relating
to the Depositary or any Custodian (other than the Company), as applicable, furnished in writing and not materially changed or
altered by the Company expressly for use in any of the foregoing documents, or, (ii) if such information is provided, the failure
to state a material fact necessary to make the information provided not misleading.

 

The Depositary agrees
to indemnify the Company, its officers, directors, employees, agents and affiliates and hold them harmless from any liability or
expense that may arise out of acts performed or omitted by the Depositary or any Custodian or their respective directors, employees,
agents and affiliates due to their negligence or bad faith.

 

The obligations set forth
in this Section 5.8 shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto.

 

Any person seeking indemnification
under this Deposit Agreement (an “indemnified person”) shall notify the person from whom it is seeking indemnification
(the “indemnifying person”) of the commencement of any indemnifiable action or claim promptly after such indemnified
person becomes aware of such commencement (provided that the failure to make such notification shall not affect such indemnified
person’s rights to seek indemnification except to the extent the indemnifying person is materially prejudiced by such failure)
and shall consult in good faith with the indemnifying person as to the conduct of the defense of such action or claim that may
give rise to an indemnity under this Deposit Agreement, which defense shall be reasonable in the circumstances. No indemnified
person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without the consent of the indemnifying
person, which consent shall not be unreasonably withheld.

 

    	 	-29-	 

     

    

 

SECTION 5.9.          Charges
of Depositary.

 

The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom
American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared
by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American
Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration
fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company
or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian
or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission
fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the
conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion
thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American Depositary
Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash
distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and Section 4.8, (7)
a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to Section 4.4 (where the Depositary will
not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery
of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities under
this Deposit Agreement (for purposes of this item 7 treating all such securities as if they were Shares) but which securities are
instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item 6 above, a fee of $.05 or less per
American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in item 9 below,
and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary's or Custodian’s agents or the
agents of the Depositary's or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities
(which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 and
shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges
from one or more cash dividends or other cash distributions).

 

The Depositary may collect
any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed, to
Owners that are obligated to pay those fees.

 

In performing its duties
under this Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that
are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions.

 

The Depositary, subject
to Section 2.9, may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

    	 	-30-	 

     

    

 

SECTION 5.10.         Retention
of Depositary Documents.

 

The Depositary is authorized
to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at the times permitted
by the laws or regulations governing the Depositary.

 

SECTION 5.11.         Exclusivity.

 

Without prejudice to
the Company’s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance of depositary
shares, depositary receipts or any similar securities or instruments (for the avoidance of doubt, other than instruments or securities
issued directly by the Company) so long as The Bank of New York Mellon is acting as Depositary under this Deposit Agreement.

 

ARTICLE 6.          AMENDMENT
AND TERMINATION

 

SECTION 6.1.          Amendment.

 

The form of the Receipts
and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company
and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any amendment
that would impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex
or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing
right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days
after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder,
at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest
therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness
of an amendment to the form of Receipt, including a change in the number of Shares represented by each American Depositary Share,
the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of
American Depositary Shares to effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender
American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law.

 

    	 	-31-	 

     

    

 

SECTION 6.2.          Termination.

 

(a)          The
Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination
of this Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written
resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4, (ii)
an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred or will
occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners
of all American Depositary Shares then outstanding setting a date for termination (the “Termination Date”),
which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination Date.

 

(b)          After
the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9.

 

(c)          At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and
may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding,
and those Owners will become general creditors of the Depositary with respect to those net proceeds and that other cash. After
making that sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except (i) to account
for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary
Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions
of this Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 and
(iii) to act as provided in paragraph (d) below.

 

(d)          After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities
(that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited
Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the
fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American
Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental
charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.
After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of
withdrawal of Deposited Securities (that have not been sold) if in its judgment the requested withdrawal would interfere with its
efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited
Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers
of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the
Owners and need not give any further notices or perform any further acts under this Deposit Agreement except as provided in this
Section.

 

    	 	-32-	 

     

    

 

ARTICLE 7.          MISCELLANEOUS

 

SECTION 7.1.          Counterparts;
Signatures.

 

This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts shall constitute
one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be
open to inspection by any Owner or Holder during regular business hours.

 

Any manual signature
on this Deposit Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the Electronic Signatures
in Global and National Commerce Act, 15 U.S.C. § 7001, et. seq., shall for all purposes have the same validity, legal
effect and admissibility in evidence as an original manual signature, and the parties hereby waive any objection to the contrary.

 

SECTION 7.2.          No
Third Party Beneficiaries.

 

This Deposit Agreement
is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors and shall
not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.

 

SECTION 7.3.          Severability.

 

In case any one or more
of the provisions contained in this Deposit Agreement or in a Receipt should be or become invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that
Receipt shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION 7.4.          Owners
and Holders as Parties; Binding Effect.

 

The Owners and Holders
from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of this Deposit
Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein.

 

    	 	-33-	 

     

    

 

SECTION 7.5.          Notices.

 

Any and all notices to
be given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or sent by domestic
first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped
image of a signed writing, provided that receipt of the facsimile transmission or email has been confirmed by the recipient,
addressed to Cellect Biotechnology Ltd., 23 Ha’Taas Street, Kfar Saba, Israel, Attention: Mr. Ronen Twito, Deputy Chief Executive
Officer and Chief Financial Officer, or any other place to which the Company may have transferred its principal office with notice
to the Depositary.

 

Any and all notices to
be given to the Depositary shall be in writing and shall be deemed to have been duly given if in English and personally delivered
or sent by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a
pdf or similar bit-mapped image of a signed writing, addressed to The Bank of New York Mellon, 101 Barclay Street, New York,
New York 10286, Attention: Depositary Receipt Administration, or any other place to which the Depositary may have transferred
its Office with notice to the Company.

 

Delivery of a notice
to the Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a post-office
letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile transmission
or email shall be deemed effected when the recipient acknowledges receipt of that notice.

 

A notice to be given
to an Owner shall be deemed to have been duly given when Disseminated to that Owner. Dissemination in paper form will be effective
when personally delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at
the address of that Owner as it appears on the transfer books for American Depositary Shares of the Depositary, or, if that Owner
has filed with the Depositary a written request that notices intended for that Owner be mailed to some other address, at the address
designated in that request. Dissemination in electronic form will be effective when sent in the manner consented to by the Owner
to the electronic address most recently provided by the Owner for that purpose.

 

    	 	-34-	 

     

    

 

SECTION 7.6.          Appointment
of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.

 

The Company hereby (i)
designates and appoints the person named in Exhibit A to this Deposit Agreement, located in the State of New York, as the Company's
authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Deposit Agreement (a “Proceeding”), (ii) consents
and submits to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may be instituted
and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process
upon the Company in any Proceeding. The Company agrees to deliver to the Depositary, upon the execution and delivery of this Deposit
Agreement, a written acceptance by the agent named in Exhibit A to this Deposit Agreement of its appointment as process agent.
The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may
be necessary to continue that designation and appointment in full force and effect, or to appoint and maintain the appointment
of another process agent located in the United States as required above, and to deliver to the Depositary a written acceptance
by that agent of that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit
Agreement remains in force. In the event the Company fails to maintain the designation and appointment of a process agent in the
United States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service
of process in connection with a Proceeding may be made by certified or registered mail, return receipt requested, directed to the
Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed five
(5) days after the same shall have been so mailed.

 

EACH PARTY TO THIS DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR
THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING,
WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

SECTION 7.7.          Waiver
of Immunities.

 

To the extent that the
Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may
at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection
with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, the Company, to
the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any immunity
of that kind and consents to relief and enforcement as provided above.

 

    	 	-35-	 

     

    

 

SECTION 7.8.          Governing
Law.

 

This Deposit Agreement
and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof and thereof
shall be governed by the laws of the State of New York.

 

    	 	-36-	 

     

    

  

IN WITNESS WHEREOF, CELLECT
BIOTECHNOLOGY LTD. and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and year first set forth
above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest
therein.

 

	 	CELLECT BIOTECHNOLOGY LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Depositary
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

    	 	-37-	 

     

    

 

EXHIBIT
A

 

	 	AMERICAN DEPOSITARY SHARES
	 	(Each American Depositary Share represents 
	 	20 deposited Shares)

 

THE
BANK OF NEW YORK MELLON

AMERICAN
DEPOSITARY RECEIPT

FOR
ORDINARY SHARES OF

CELLECT
BIOTECHNOLOGY LTD.

(INCORPORATED
UNDER THE LAWS OF THE STATE OF ISRAEL)

 

The Bank of New York
Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that_________________________________________,
or registered assigns IS THE OWNER OF _____________________________

 

AMERICAN
DEPOSITARY SHARES

 

representing
deposited ordinary shares (herein called “Shares”) of Cellect Biotechnology Ltd., incorporated under the laws of the
State of Israel (herein called the “Company”). At the date hereof,
each American Depositary Share represents 20 Shares deposited or subject to deposit
under the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein called the “Custodian”)
that, as of the date of the Deposit Agreement, was Bank Hapoalim, located in Israel. The Depositary's Office is located at a different
address than its principal executive office. Its Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal
executive office is located at 225 Liberty Street, New York, N.Y. 10286.

 

THE
DEPOSITARY'S OFFICE ADDRESS IS 

101
BARCLAY STREET, NEW YORK, N.Y. 10286

 

    A-i

     

    

 

		1.	THE DEPOSIT AGREEMENT.

 

This American Depositary
Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and conditions
set forth in the deposit agreement dated as of _________, 2016 (herein called the “Deposit Agreement”) among
the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder, each
of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions
thereof. The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of
those Shares and held thereunder (those Shares, securities, property, and cash are herein called “Deposited Securities”).
Copies of the Deposit Agreement are on file at the Depositary's Office in New York City and at the office of the Custodian.

 

The statements made
on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject
to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit
Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.

 

		2.	SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL
OF SHARES.

 

Upon surrender at the
Depositary’s Office of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby
and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit
Agreement and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited
Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall
be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner,
of the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any money or
other property as to which a record date for distribution to Owners has passed. The Depositary shall direct the Custodian with
respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for doing so. That delivery
will be made, at the office of the Custodian, except that, at the request, risk and expense of the surrendering Owner, and
for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and
forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities
represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s Office or to
another address specified in the order received from the surrendering Owner.

 

    A-ii

     

    

 

		3.	REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES;
COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES.

 

The Depositary, subject
to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer books
upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary
Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii)
in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance
of doubt, instructions through DRS and Profile as provided in Section 2.10 of that Agreement), and, in either case, duly stamped
as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the
Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.

 

The Depositary, subject
to the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting
a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number
of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered.

 

The Depositary, upon
surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares,
shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that
the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper
instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit
Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American
Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt
evidencing the same number of certificated American Depositary Shares.

 

As a condition precedent
to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt
or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of
the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares
not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer
or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn)
and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it
as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish
consistent with the provisions of the Deposit Agreement.

 

    A-iii

     

    

 

The delivery of American
Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the registration
of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding
American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed,
or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because
of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement,
or for any other reason. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding
American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused
by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares
in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar
charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares
or to the withdrawal of the Deposited Securities. The Depositary shall notify the Company as promptly as practicable of any suspension
referred to in the preceding sentence that is outside the ordinary course of business. The Depositary shall not knowingly accept
for deposit under the Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.

 

		4.	LIABILITY OF OWNER FOR TAXES.

 

If any tax or other
governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American
Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction
to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be payable by the Owner of those
American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares
or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is made, and may withhold
any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited
Securities represented by those American Depositary Shares, and may apply those dividends or other distributions or the net proceeds
of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner shall
remain liable for any deficiency. The Depositary shall distribute any net proceeds of a sale made under Section 3.2 of the Deposit
Agreement that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1
of the Deposit Agreement. If the number of Shares represented by each American Depositary Share decreases as a result of a sale
of Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary may call for surrender of the American Depositary
Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary
Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the
net proceeds of that sale to the Owners entitled to them.

 

    A-iv

     

    

 

		5.	WARRANTIES ON DEPOSIT OF SHARES.

 

Every person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate therefor,
if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights
of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every
depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All
representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive the deposit of Shares and delivery
of American Depositary Shares.

 

		6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

 

Any person presenting
Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, taxpayer status, exchange control approval, or such information relating to the registration on the
books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and
warranties, as the Company or the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration
of transfer of any American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof
or the delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or
those representations and warranties are made.

 

    A-v

     

    

 

		7.	CHARGES OF DEPOSITARY.

 

The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom
American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared
by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American
Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental
charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally
on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary
or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT)
and facsimile transmission fees and expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred
by the Depositary in the conversion of foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or
less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section
2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2 of the
Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made
pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and 4.8 of the Deposit Agreement, (7)
a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement or of rights pursuant to Section 4.4
of that Agreement (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount
equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as
a result of the deposit of such securities under the Deposit Agreement (for purposes of this item 7 treating all such securities
as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged
under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which
will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary's
or Custodian’s agents or the agents of the Depositary's or Custodian’s agents, in connection with the servicing of
Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary
in accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing
those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions).

 

The Depositary may
collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed,
to Owners that are obligated to pay those fees.

 

The Depositary, subject
to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

From time to time,
the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising out of establishment
and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary or share
revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit Agreement, the Depositary may
use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the Depositary and
that may earn or share fees, spreads or commissions.

 

    A-vi

     

    

 

		8.	PRE-RELEASE OF AMERICAN DEPOSITARY SHARES.

 

Notwithstanding Section
2.3 of the Deposit Agreement, unless requested by the Company in writing to cease doing so, the Depositary may deliver American
Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”).
The Depositary may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary
Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary
knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu
of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from
the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares
or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other
collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’
notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American
Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American
Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that
limit from time to time as it deems appropriate.

 

The Depositary may
retain for its own account any compensation received by it in connection with Pre-Release.

 

		9.	TITLE TO AMERICAN DEPOSITARY SHARES.

 

It is a condition of
the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or holding the
same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied
by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New
York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities
under the laws of the State of New York. The Depositary and the Company, notwithstanding any notice to the contrary, may treat
the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution
of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes, and neither
the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder
of American Depositary Shares, but only to the Owner.

 

		10.	VALIDITY OF RECEIPT.

 

This Receipt shall
not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall
have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed
by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or the Registrar or a co-registrar.

 

    A-vii

     

    

 

		11.	REPORTS; INSPECTION OF TRANSFER BOOKS.

 

The Company is subject
to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the
Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission's EDGAR system
or at public reference facilities maintained by the Commission in Washington, D.C.

 

The Depositary will
make available for inspection by Owners at its Office any reports, notices and other communications, including any proxy soliciting
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities
and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports
and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary
in English, to the extent such materials are required to be translated into English pursuant to any regulations of the Commission.

 

The Depositary will
keep books for the registration of American Depositary Shares and transfers of American Depositary Shares, which shall be open
for inspection by the Owners at the Depositary’s Office during regular business hours, provided that such inspection
shall not be for the purpose of communicating with Owners in the interest of a business or object other than the business of the
Company or a matter related to the Deposit Agreement or the American Depositary Shares.

 

		12.	DIVIDENDS AND DISTRIBUTIONS.

 

Whenever the Depositary
receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of receipt thereof
any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars
transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other cash distribution into
Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof
and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto; provided, however, that if the Custodian
or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution an amount on account
of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those
Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of all or substantially all
the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American
Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is
also requiring surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution of that
kind shall be a Termination Option Event.

 

    A-viii

     

    

 

Subject to the provisions
of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution
described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion
or in lieu of Deposited Securities), the Depositary will cause the securities or property received by it to be distributed to the
Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental
charges, in any manner that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a
distribution of depositary shares representing the securities received); provided, however, that if in the opinion
of the Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any
other reason the Depositary, after consultation with the Company to the extent practicable, deems such distribution not to be lawful
and feasible, the Depositary may adopt such other method as it may deem equitable and practicable for the purpose of effecting
such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any
part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided
in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto all in the manner and subject
to the conditions set forth in Section 4.1 of the Deposit Agreement. The Depositary may withhold any distribution of securities
under Section 4.2 of the Deposit Agreement if it has not received satisfactory assurances from the Company that the distribution
does not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of
securities or other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in
respect of that distribution. If a distribution under Section 4.2 of the Deposit Agreement would represent a return of all of substantially
all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those
American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or
not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution. A distribution of
that kind shall be a Termination Option Event.

 

    A-ix

     

    

 

Whenever the Depositary
receives any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company
so requests in writing, deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing
the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of the Deposit Agreement
with respect to the deposit of Shares and issuance of American Depositary Shares, including the withholding of any tax or other
governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary
as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public or private sale,
an amount of Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses
in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount
of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute
the net proceeds, all in the manner and subject to the conditions described in Section 4.1of the Deposit Agreement. If and to the
extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each
American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities represented
thereby.

 

If the Company declares
a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities
or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation
with the Company, make that right of election available for exercise by Owners any manner the Depositary considers to be lawful
and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory
assurances from the Company that doing so does not require registration of any securities under the Securities Act of 1933.

 

If the Depositary determines
that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor) is subject to
any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private
sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the amounts and manner
the Depositary deems necessary and practicable to pay any those taxes or charges, and the Depositary shall distribute the net proceeds
of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number of American
Depositary Shares held by them respectively.

 

Each Owner and Holder
agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates
for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties
or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.

 

		13.	RIGHTS.

 

(a)          If
rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant
of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company,
grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver
those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company,
deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the
net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of
under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

 

    A-x

     

    

 

(b)          If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary
specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received
upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities.
The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit the purchased
Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver
or cause the purchased Shares or other securities to be delivered to or to the order of that Owner. The Depositary will not act
under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act
of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it to the effect that those
securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933.

 

(c)          If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the
rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can
be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law,
the Depositary will deliver those rights as requested by that Owner.

 

(d)          If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the
number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to
the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

 

(e)          Payment
or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the
expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities
or payment of cash proceeds under Section 4.4 of that Agreement.

 

    A-xi

     

    

 

(f)          The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to
or exercise rights on behalf of Owners in general or any Owner in particular , or to sell rights.

 

		14.	CONVERSION OF FOREIGN CURRENCY.

 

Whenever the Depositary
or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities,
property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary
be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall
convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those
Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made upon an averaged or other practicable
basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary
Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9
of the Deposit Agreement.

 

If a conversion of
foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government
or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.

 

If the Depositary determines,
after consultations with the Company to the extent practicable, that in its judgment any foreign currency received by the Depositary
or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or
license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary, or if
any required approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may
distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and
without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same.

 

If any conversion of
foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners
entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested
and without liability for interest thereon for the account of, the Owners entitled thereto.

 

    A-xii

     

    

 

The Depositary may
convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as
agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account.  The revenue is based on, among other things, the difference between the
exchange rate assigned to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its affiliate
receives when buying or selling foreign currency for its own account.  The Depositary makes no representation that the exchange
rate used or obtained in any currency conversion under this Deposit Agreement will be the most favorable rate that could be obtained
at the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary’s
obligations under Section 5.3. The methodology used to determine exchange rates used in currency conversions is available upon
request.

 

		15.	RECORD DATES.

 

Whenever a cash dividend,
cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities are
issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance
with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance of that kind will
be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company
has requested the Depositary to send a notice under Section 4.7 of the Deposit Agreement, or whenever the Depositary will assess
a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by
each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall fix
a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with
respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or
other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting,
(iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on
or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections
4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement, the Owners on a record
date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend
or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares
held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was
fixed, or be responsible for that fee or charge, as the case may be.

 

    A-xiii

     

    

 

		16.	VOTING OF DEPOSITED SHARES.

 

(a)          Upon
receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which
shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of meeting
received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be
entitled, subject to any applicable provision of Israeli] law and of the articles of association or similar documents of the Company,
to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective
American Depositary Shares (iii) a statement as to the manner in which those instructions may be given and (iv) the last date
on which the Depositary will accept instructions (the “Instruction Cutoff Date”).

 

(b)          Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the
Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as
practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance
with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches
to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.

 

(c)          There
can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above
in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

(d)          In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares,
if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary
notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders
of Shares in connection with the meeting not less than 30 days prior to the meeting date.

 

Notwithstanding anything
in Section 4.7 of the Deposit Agreement to the contrary, the Depositary and the Company may modify, amend or adopt additional procedures
relating to voting of deposit Shares from time to time as they determine may be necessary to comply with applicable law.

 

		17.	TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR
CANCELLATION OF DEPOSITED SECURITIES.

 

(a)          The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do
so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 

    A-xiv

     

    

 

(b)          If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash
in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company (unless otherwise agreed in writing between the Company and the Depositary), shall
(i) if required, surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption
date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding number
of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right
only to receive the money received by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities
to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares
in accordance with Section 2.5 or 6.2 of the Deposit Agreement and (iii) distribute the money received upon that Redemption to
the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 of that Agreement
(and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1 of that Agreement). If the
Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the
outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted into a right to
receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding
sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption,
except that the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to
any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event.

 

(c)          If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a
holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender
the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement,
the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those
new Deposited Securities if in the opinion of the Depositary, after consultation with the Company to the extent practicable, it
is not lawful or not practical for it to hold those new Deposited Securities under the Deposit Agreement because those new Deposited
Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public
or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited Securities had been
Redeemed under paragraph (b) above. A Replacement shall be a Termination Option Event.

 

    A-xv

     

    

 

(d)          In
the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary
may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities
and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented
by each American Depositary Share decreases as a result of a Replacement, the Depositary may, after consultation with the Company
to the extent practicable, call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser
number of American Depositary and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of
American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

(e)          If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for
surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a Termination
Option Event occurs.

 

		18.	LIABILITY OF THE COMPANY AND DEPOSITARY.

 

Neither the Depositary
nor the Company nor any of their respective officers, directors, employees, agents or affiliates shall incur any liability to any
Owner or Holder, (i) if by reason of any provision of any present or future law or regulation of the United States or any other
country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of
the articles of association or any similar document of the Company, or by reason of any provision of any securities issued or distributed
by the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances
beyond its control, the Depositary or the Company is prevented from, forbidden to or delayed in, or could be subject to any civil
or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms
of the Deposit Agreement or Deposited Securities, it is provided shall be done or performed, (ii) by reason of any exercise of,
or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the Depositary to
take, or not take, any action that the Deposit Agreement provides the Depositary may take), (iii) for the inability of any Owner
or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities
but is not, under the terms of the Deposit Agreement, made available to Owners or Holders, or (iv) for any special, consequential
or punitive damages for any breach of the terms of the Deposit Agreement. Where, by the terms of a distribution to which Section 4.1,
4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section 4.4 of the Deposit Agreement applies, or for
any other reason, that distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose
of that distribution or offering on behalf of such Owners and make the net proceeds available to Owners, then the Depositary shall
not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.

 

    A-xvi

     

    

 

Neither the Company
nor the Depositary nor any of their respective officers, directors, employees, agents and affiliates assume any obligation or shall
be subject to any liability under the Deposit Agreement to Owners or Holders, except that they agree to perform their obligations
specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be subject to any liability
with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company nor any of their respective
directors, officers, employees, agents and affiliates shall be under any obligation to appear in, prosecute or defend any action,
suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares, on behalf of
any Owner or Holder or other person. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any
written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper
party or parties. Neither the Depositary nor the Company nor any of their respective directors, officers, employees, agents and
affiliates shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to
be competent to give such advice or information. The Depositary shall not be liable for any acts or omissions made by a successor
depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter arising wholly
after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability
arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall
not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or
arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. In the absence of bad
faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities or for the manner in which any such vote is cast or the effect of any such vote. The Depositary shall have no duty to
make any determination or provide any information as to the tax status of the Company, nor shall the Company or the Depositary
have any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American
Depositary Shares, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being
treated as a “Passive Foreign Investment Company” (“PFIC”) (in each case as defined in the U.S. Internal
Revenue Code of 1986, as amended, and the regulations issued thereunder) or otherwise. The Company may have been in the past and
may be in the future a PFIC for U.S. Federal income tax purposes. Owners must consult their own tax advisers as to the potential
application of the PFIC rules. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of the
Deposit Agreement.

 

    A-xvii

     

    

 

		19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT
OF SUCCESSOR CUSTODIAN.

 

The Depositary may
at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company,
to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. The Depositary may at any time be removed by the Company by 120 days’ prior written notice of that removal, to
become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of
a successor depositary and its acceptance of its appointment as provided in the Deposit Agreement. The Depositary in its discretion
may at any time appoint a substitute or additional custodian or custodians.

 

		20.	AMENDMENT.

 

The form of the Receipts
and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and
the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment
that would impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex
or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing
right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days
after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder,
at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest
therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness
of an amendment to the form of Receipt, including a change in the number of Shares represented by each American Depositary Share,
the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of
American Depositary Shares to effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender
American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law.

 

		21.	TERMINATION OF DEPOSIT AGREEMENT.

 

(a)          The
Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination
of the Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written
resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of
that Agreement, (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event
has occurred or will occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of
termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination
Date”), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that
Termination Date.

 

    A-xviii

     

    

 

(b)          After
the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9 of that Agreement.

 

(c)          At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and
may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding,
and those Owners will become general creditors of the Depositary with respect to those net proceeds and that other cash. After
making that sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except (i) to account for
the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary
Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions
of the Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 of that
Agreement and (iii) to act as provided in paragraph (d) below.

 

(d)          After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities
(that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited
Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the
fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American
Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental
charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.
After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of
withdrawal of Deposited Securities (that have not been sold) if in its judgment the requested withdrawal would interfere with its
efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited
Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers
of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the
Owners and need not give any further notices or perform any further acts under the Deposit Agreement except as provided in Section
6.2 of that Agreement.

 

    A-xix

     

    

 

		22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION
SYSTEM.

 

(a)          Notwithstanding
the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof
to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated
securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature
of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary
to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares
to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
that transfer.

 

(b)          In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in paragraph (a) above
has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For
the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use
of the DRS/Profile. The parties agree that the Depositary’s reliance on and compliance with instructions received by the
Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute negligence
or bad faith on the part of the Depositary.

 

		23.	APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION
TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES.

 

The Company has (i)
appointed VCorp Services, LLC 25 Robert Pitt Drive, Suite 204 Monsey, New York 10952, located in the State of New York, as the
Company's authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares
or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction
of any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed
that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company
in any such suit or proceeding.

 

    A-xx

     

    

 

EACH PARTY TO THE DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR
THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING
WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

To the extent that
the Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving
of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with
respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted
by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement.

 

		24.	DISCLOSURE OF INTERESTS.

 

When required in order
to comply with applicable laws and regulations, the rules and requirements of the Tel Aviv Stock Exchange or the articles of association
or similar document of the Company, the Company may from time to time request each Owner and Holder to provide to the
Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of
any Holders or other persons or entities then or previously interested in those American Depositary Shares and the nature
of those interests and (c) any other matter where disclosure of such matter is required for that compliance.  
Each Owner and Holder agrees to provide all information known to it in response to a request made pursuant to this Section. 
Each Holder consents to the disclosure by the Owner or any other Holder through which it holds American Depositary Shares,
directly or indirectly, of all information responsive to a request made pursuant to this Section relating to that Holder that
is known to that Owner or other Holder.  The Depositary agrees to use reasonable efforts, at the Company's expense (unless
otherwise agreed in writing between the Company and the Depositary), to comply with written instructions requesting that the
Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it receives
in response to that request.

 

    A-xxi

     

    

 

Each Holder and Owner
agrees to comply with any applicable law, including in both the United States and Israel, with regard to the notification to the
Company of the holding or proposed holding of certain interests in Shares and the obtaining of certain consents, to the same extent
as if such Holder or Owner were a registered holder or beneficial owner of Shares. The Depositary is not required to take any action
with respect to such compliance on behalf of any Holder or Owner, including the provision of the notification described below.

 

Each Holder and Owner
agrees to comply with the provisions of applicable law, including in both the United States and Israel, which may require that
persons who hold a direct or indirect interest in 5% or more of the voting securities of the Company (including persons who hold
such an interest through the holding of American Depositary Shares) give written notice of their interest and any subsequent changes
in their interest to the Company.

 

As of the date of the
Deposit Agreement, each Owner and Holder agrees, if it instructs the Depositary to exercise voting rights with respect to deposited
Shares, that it will comply with any applicable Israeli law requiring it to, inter alia, disclose any personal interest it might
have in the matter on the agenda of the general meeting. The Company undertakes no obligations to update any statements in this
Article 24 regarding disclosure requirements under United States or Israeli law.

 

    A-xxiiExhibit 4.3

 

WARRANT AGENT AGREEMENT

 

WARRANT AGENT AGREEMENT (this “Warrant
Agreement”) dated as of ______, 2016 (the “Issuance Date”) between Cellect Biotechnology 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 _______, 2016, 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 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 ___________, 2016 (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. 333-212432, 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 ________, 2016;

 

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, registration of transfer 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.

 

2.1.1. Exchange of Interest in Global
Certificate for Definitive Certificate. Notwithstanding Section 2.1 above, a holder of a security entitlement in Warrants evidenced
by the Global Certificate has the right to elect at any time to exchange it for a Definitive Certificate evidencing the same number
of Warrants. Upon written notice by a Participant having Warrants credited to its DTC account for the exchange of some or all that
entitlement for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the form attached hereto
as Annex D (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate
Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the exchange made pursuant to
the Warrant Certificate Request Notice, a “Warrant Exchange”), and upon surrender by that Participant of the
Warrants to be exchanged to the Warrant Agent through DTC’s system, the Warrant Agent shall, without unreasonable delay,
effect the Warrant Exchange by issuing and delivering a Warrant Certificate for such number of Warrants in the name and mailed
to the address set forth in the Warrant Certificate Request Notice. Such Warrant Certificate shall be dated the original issue
date of the Warrants, shall be manually executed by an authorized signatory of the Company and shall be in the form attached hereto
as Exhibit A In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver,
the Warrant Certificate to the specified Holder within five (5) Business Days of the Warrant Certificate Request Notice pursuant
to the delivery instructions in the Warrant Certificate Request Notice (the “Warrant Certificate Delivery Date”).

 

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.

 

     

     

    

  

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 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 up to 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 _________, 2021 (“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:
Cellect Biotechnology Warrants, Swift Code MELNUS3P or (C) payment to the Warrant Agent through the DTC system.

 

     

     

    

  

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

 

(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, provided the funds in payment
of the Exercise Price have cleared (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.

 

3.3.6 Date of Issuance. (a) 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.

 

(b) Notwithstanding Section 3.3.6(a), the
Company will treat an exercising Holder, which Holder effected a Warrant Exchange pursuant to Section 2.1.1 prior to the Exercise
Date, as a beneficial owner of the Warrant Shares as of the Exercise Date, provided that the Warrant Agent receives the Deposit
Amount within one Trading Day of the Exercise Date. No exercising Holder, which Holder effected a Warrant Exchange pursuant to
Section 2.1.1 prior to the Exercise Date, shall be required to surrender its Warrant to the Warrant Agent, unless such exercise
is for the remaining numbers of ADSs issuable upon exercise of such Warrant, in which case the Holder shall deliver the Warrant
Certificate to the Warrant Agent within three (3) Business Days. For the purposes of this Section 3.3.6(b), “Exercise
Date” means the date on which the Warrant Agent receives the Election to Purchase from a Holder.

 

     

     

    

  

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.

 

     

     

    

  

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 of this Warrant Agreement.

 

     

     

    

  

3.3.10Beneficial 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 10 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.

 

     

     

    

  

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.

 

     

     

    

  

4.4. Adjustment Upon Issuance of ADSs
or Ordinary Shares. If and whenever on or after the Issuance Date and prior to _____, 20181
(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.

 

 

1
18 months from the date of issuance.

 

     

     

    

  

(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.

 

(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.

  

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 in this Warrant Agreement 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 under this Warrant Agreement; if, however, the Warrant Agent determines to take any legal action under
this Warrant Agreement, 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;

 

(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; “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;

 

(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 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.

 

(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
indemnified and held harmless and 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: Arlene Villareal, Relationship Manager, Cellect Biotechnology,
Telephone: 212-815-8162, Facsimile: 212-571-3050, with a copy to Computershare
Inc., 480 Washington Boulevard, Jersey City, New Jersey 07310, Attention: Matthew Attubato,
Telephone: 781-575-2628, Facsimile: 781-575-3146,
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.

 

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).

 

(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;

 

		(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) “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.

 

     

     

    

  

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

 

	 	CELLECT BIOTECHNOLOGY  LTD.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address for notices:
	 	23 Hata’as Street
	 	Kfar Saba 44425
	 	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

Annex D Form of Warrant Certificate Request Notice

 

     

     

    

 

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.]

 

CELLECT BIOTECHNOLOGY LTD.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER _________, 2021

 

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 Cellect Biotechnology 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 _________,
2021, 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 ___ 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 __________,
2016 (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 __________, 2016 (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.

 

	 	CELLECT BIOTECHNOLOGY LTD.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Dated: ______, 2016	 
	Countersigned:	 
	 	 	 
	THE BANK OF NEW YORK MELLON,	 
	as Warrant Agent	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

PLEASE DETACH HERE

  

 

 

Certificate No.:_________ Number of Warrants:__________

 

WARRANT CUSIP NO.: _________

 

CELECT BIOMED 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  

 

     

     

    

 

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

 

     

     

    

  

______________________________________________________________________________________.

 

Date: ___________________________________________________________

                                          (Signature of holder)

Place signature guarantee stamp here:

 

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.

 

     

     

    

 

ANNEX C

 

AUTHORIZED REPRESENTATIVES

 

	Name	 	Title	 	Signature
	
          
	 	 	 	 
	
          
	 	 	 	 
	
        

         
	 	 	 	 

 

     

     

    

  

ANNEX D

 

Annex D: Form of Warrant Certificate
Request Notice

 

WARRANT CERTIFICATE REQUEST NOTICE

 

To: The Bank of New York Mellon as Warrant
Agent for Cellect Biotechnology Ltd. (the “Company”)

 

The undersigned Holder of Series _____
American Depositary Share Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby
elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:

 

		1.	Name of Holder of Warrants in form of Global Warrants: _____________________________

 

		2.	Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants): ________________________________

 

		3.	Number of Warrants in name of Holder in form of Global Warrants: ___________________

 

		4.	Number of Warrants for which Warrant Certificate shall be issued: __________________

 

		5.	Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________

 

		6.	Warrant Certificate shall be delivered to the following address:

 

______________________________

 

______________________________

 

______________________________

 

______________________________

 

The undersigned hereby acknowledges and
agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is deemed to have
surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced
by the Warrant Certificate.

 

     

     

    

 

	[SIGNATURE OF HOLDER]	 
	 	 
	Name of Investing Entity: 	 
	 	 
	 	 
	Signature of Authorized Signatory of Investing Entity: 	 
	 	 
	 	 
	Name of Authorized Signatory: 	 
	 	 
	 	 
	Title of Authorized Signatory: 	 
	 	 
	 	 
	Date:

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